Madhav Copper Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Madhav Copper Limited has disclosed pending GST-related litigation involving a demand of Rs. 137 Crore for alleged wrongful availment of Input Tax Credit (ITC). The matter dates back to a GST search on 07.07.2021, followed by a provisional attachment order on 21.07.2021. The Chairman, Nileshbhai Natubhai Patel, was arrested on 22.02.2022 but secured bail from the Gujarat High Court on 05.08.2022, which held that GST authorities cannot arrest based merely on 'reason to believe'. The provisional attachment on the company's properties was removed on 13.09.2024. Separately, SEBI issued a show cause notice dated 27.02.2025 for the company's earlier failure to fully disclose these GST actions, to which the company replied on 11.03.2025. Appeals regarding the Rs. 137 Crore ITC demand remain pending before the Dy. Commissioner of State Tax (Appeals), Bhavnagar.
Shareholders should note a potential Rs. 137 Crore tax demand is under appeal, but the removal of provisional attachment and grant of bail are positive developments. The SEBI show cause notice is procedural and stems from prior non-disclosure rather than the underlying GST case itself.