Muthoot Microfin Limited has informed the Exchange about Action(s) taken or orders passed
MUTHOOTMF · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Muthoot Microfin received an order from the Regional Provident Fund Commissioner, Kochi, under the EPF Act, 1952, relating to delayed remittance of PF dues mostly during the COVID-19 lockdown period (April 2020). The company had paid advance salaries to employees during the lockdown and later accounted for them as salary in February 2021, remitting PF in March 2021; EPFO treated this as a delay. The company has paid penal damages of ₹40.08 lakh (Forty Lakhs Eight Thousand) to close the matter, and the proceedings now stand closed. The period covered by the order is April 2019 to March 2024. The company states there is no material impact on its financial position or operations beyond the amount paid.
A minor, one-time compliance cost of about ₹40 lakh that is already paid and closed; unlikely to affect the stock price or financials in any meaningful way. The disclosure itself is procedural and signals no broader governance concern.