MT Educare Limited has informed the Exchange regarding 'Disclosure Under Regulation 30 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015 ( SEBI LODR Regulations )'.
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MT Educare Limited has received a Show Cause Cum Demand Notice from the Maharashtra GST Authority under the Finance Act, 1994. The order, received on 2nd May 2025, demands a penalty of INR 56.18 Lakhs along with recovery of service tax for the financial years 2013-14 to 2015-16 and the period April 2016 to June 2017. The demand covers alleged non-compliance with service tax provisions under Sections 73, 75 and 76 of the Finance Act. The company has stated that the financial impact is limited to the amount demanded. Importantly, the company is already undergoing Corporate Insolvency Resolution Process (CIRP) since 16th December 2022, with a Resolution Professional currently managing its affairs.
The penalty of INR 56.18 Lakhs is relatively small, but it adds to the company's existing financial stress as it is already in active insolvency proceedings. Shareholders should note that the company is under CIRP, meaning its operations and recovery prospects are being managed by the Resolution Professional, and this GST demand will form part of the overall claims in the insolvency process.