Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015
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Leela Palaces Hotels & Resorts has informed exchanges that its material subsidiary, Tulsi Palace Resort Private Limited (TPRPL), received an order from the Office of the Assistant Commissioner, Central GST Division, Jaipur East, on March 30, 2026. The order, passed under Section 74 of the CGST Act, 2017, confirms a tax demand of ₹39,07,974 along with applicable interest and penalty. The allegation relates to wrongful reduction of output tax liability through incorrect reporting of credit notes. The company has clarified there is no material impact on its financial, operational, or other activities. TPRPL is evaluating legal remedies and intends to file an appeal against the order.
The tax demand of roughly ₹39 lakh on a subsidiary is small relative to the company and management has stated no material impact. Shareholders should note the pending appeal, but this is unlikely to move the stock price meaningfully unless the demand is significantly escalated.