Orient Electric Limited has informed the Exchange about Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations )
ORIENTELEC · price
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Awaiting price reaction for this filing.
Orient Electric Limited has received a demand order (DRC-07) dated August 22, 2025 from the Office of the Assistant Commissioner, Commercial Taxes Department, Tamil Nadu, demanding a total of ₹51.59 crore under the Tamil Nadu GST Act, 2017 and CGST Act, 2017 for FY 2021-22. The demand breaks down into tax of ₹29.34 crore, interest of ₹19.32 crore, and penalty of ₹2.93 crore. The tax authority has raised the demand mainly over alleged non-reversal of input tax credit on inter-unit balances remaining unpaid beyond 180 days, non-reversal of ITC on vendor credit notes, ineligible ITC, and unpaid trade payables beyond 180 days. The company states there is no material impact on its financial operations at this stage and believes the demand is without merit and unsustainable in law.
The company plans to file an appeal within the permissible timeline, so any financial hit is deferred and contingent on the appeal outcome. While the demand amount is significant, the company's view that it lacks merit may limit the actual impact, though near-term sentiment could be mildly negative until clarity emerges from the appeal process.