Nuvoco Vistas Corporation Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
NUVOCO · price
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Nuvoco Vistas has received a show cause notice from the Joint Commissioner (Prev), CGST & Central Excise, Raipur, covering FY 2019-20 to September 2024 of FY 2024-25. The notice alleges that Carrying and Forwarding Agents (C&FAs) issued invoices without actual supply of cement, based on typographical errors in vehicle number entries on computer operators' records. The tax authorities have raised a demand of Rs. 37.61 crore along with a penalty of Rs. 74.87 crore, totaling Rs. 112.48 crore. The company plans to file a reply before the Joint/Additional Commissioner and believes it has sufficient evidence to prove the genuineness of the transactions. Nuvoco expects the demand and penalties to be set aside with no financial impact.
This is an early-stage tax dispute (show cause notice) and not an order or ruling. While the total demand of Rs. 112.48 crore is sizeable, the company is confident of a favourable outcome. Short-term stock reaction may be mildly negative due to uncertainty, but no immediate financial hit is expected unless the matter escalates adversely.