Akzo Nobel India Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Akzo Nobel India had received a GST demand order from the Karnataka GST Department in January 2024 for FY 2017-18, disallowing Input Tax Credit (ITC) under the CGST/SGST Act, with a total demand of Rs. 13.49 lakh (Rs. 5.58 lakh tax + Rs. 7.09 lakh interest + Rs. 0.82 lakh penalty). The company applied under the GST Amnesty Scheme and paid only the tax portion of Rs. 5.58 lakh. On 26 August 2025, it received the Amnesty Order dated 7 July 2025 from the Additional Commissioner of Commercial Taxes, Bangalore, granting a full waiver on interest and penalty. As a result, the original demand order stands annulled and the matter is fully closed.
This is a positive outcome for shareholders — the company settled the dispute by paying only the principal tax of Rs. 5.58 lakh, saving roughly Rs. 7.91 lakh in interest and penalty. The financial impact is immaterial to overall earnings, and closure removes a lingering compliance overhang on the stock.