Disclosure under Reg. 30 of SEBI LODR regarding receipt of order from Commissioner of CGST.
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Awaiting price reaction for this filing.
Kesar Terminals & Infrastructure has received an order from the Commissioner of Central GST (Kutch, Gandhidham) imposing a penalty of Rs. 4,46,15,929 (about Rs. 4.46 crore) under Section 74 of the CGST Act, 2017, along with recovery directions under Section 74(9). Section 74 penalties are typically issued in cases involving alleged short-payment, non-payment, or fraudulent collection of GST. The company has stated that it will challenge the order by filing an appeal, asserting that the order is not legally tenable. The disclosure was filed under SEBI's Regulation 30 listing obligations.
The penalty is material relative to the company (about Rs. 4.46 crore) but does not appear to threaten solvency. However, investors should watch for the appeal outcome and any further tax liabilities, as an adverse ruling could affect earnings and cash flows.