Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Leela Palaces Hotels & Resorts informed stock exchanges that its material subsidiary, Tulsi Palace Resort Private Limited (TPRPL), has received an Order-in-Original from the Office of the Assistant Commissioner, Central GST Division, Jaipur-East, dropping the proceedings in their entirety. The proceedings stemmed from a Show Cause Notice dated April 22, 2025, which had alleged a tax demand of approximately ₹1.97 crore along with applicable interest and penalty against TPRPL. Following TPRPL's submissions and a personal hearing, the tax authority ruled fully in favour of the subsidiary, with no penalty, interest, or compensation required to be paid. The company clarified there is no adverse impact on its financial position or operations.
This is a positive outcome for shareholders — a potential tax liability of nearly ₹2 crore (plus interest and penalty) on a material subsidiary has been fully extinguished, with no financial hit to the company.