Nuvoco Vistas Corporation Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
NUVOCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Joint Commissioner of CGST & Central Excise, Raipur has passed an order against Nuvoco Vistas on a show cause notice covering FY 2019-20 to September 2024. The authority partially accepted the company's arguments but still raised a demand, alleging that invoices raised by the company's Carrying and Forwarding Agents (C&FAs) were for cement that was not actually supplied, based on alleged data entry errors in vehicle numbers. The revised tax demand stands at Rs. 34.92 crore with a penalty of Rs. 69.84 crore, totaling Rs. 104.76 crore. The company has stated it will challenge the order at an appropriate forum, calling the demand legally unsustainable and expecting no financial impact. This is a regulatory disclosure under SEBI LODR and does not yet represent a final outcome.
Although the tax demand of Rs. 104.76 crore is material, the company has expressed confidence in overturning it through appeal. Short-term stock sentiment may be mildly negative due to the headline risk, but the financial impact is contingent on the appeal outcome. Shareholders should monitor the company's next steps in challenging the order.