Nuvoco Vistas Corporation Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Awaiting price reaction for this filing.
Nuvoco Vistas has received a show cause notice from the State Tax Officer of Chengalpattu Intelligence Division in Tamil Nadu, covering financial years 2018-19 and 2019-20. The notice alleges that the company's trial balance was wrongly interpreted, with expenses wrongly counted as income, and seeks an aggregate demand of Rs. 11.28 crores (Rs. 5.92 crores for FY 2018-19 and Rs. 5.36 crores for FY 2019-20). The company plans to file an appropriate reply contesting the notice, stating it will be supported by documents that prove the allegations incorrect. Management has stated the notice is expected to have no major financial impact on the company.
This is a routine tax dispute disclosure and not a material adverse event. The demand of Rs. 11.28 crores is small relative to the company's operations, and management believes the notice will not be sustained, suggesting limited impact on shareholders or stock price.