Mahindra Logistics Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company. Detailed intimation wrt the GST Order is attached.
MAHLOG · price
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On the reaction day the stock moved 1.5 pts more than Nifty Microcap 250 and 1.7 pts more than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mahindra Logistics has received an order from the State Tax Officer (GST), Ranchi-South, Jharkhand for the financial year 2021-22, alleging excess Input Tax Credit claims under the Jharkhand GST Act, CGST Act and IGST Act. The order demands a total of around Rs. 35.27 lakh, comprising Rs. 20.44 lakh in tax, Rs. 12.78 lakh in interest, and Rs. 2.04 lakh in penalty. The company plans to appeal before the next adjudicating authority or tribunal, based on advice from its legal counsel. The amount will be shown as a contingent liability in the financial statements, and the company does not expect any material financial or operational impact.
The financial impact is small relative to the company's size, and management is confident of a favourable outcome on appeal. Short-term share price impact is likely minimal, though investors should track the appeal process as adverse outcomes at higher forums could change this assessment.