Pokarna Limited has informed the Exchange about General Updates
POKARNA · price
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Pokarna Limited received a demand notice from the District Mines & Geology Officer, Tirupati (Andhra Pradesh) alleging misuse of dispatch permits and unlawful excavation/transportation of colour granite under the APMMC Rules, 1966. The authorities have raised a demand aggregating to Rs. 33,39,58,289 (approx. Rs. 33.4 crore), comprising normal seigniorage fee of Rs. 4.67 crore, penalty of Rs. 27.96 crore, DMF of Rs. 58.3 lakh, merit of Rs. 9.3 lakh, and income tax at 2% of Rs. 9.3 lakh. The company, based on advice of legal advisors, considers the demand not maintainable and is in the process of filing an appeal against the notice.
The company claims no immediate financial or operational impact as it intends to appeal the demand notice. However, a Rs. 33.4 crore penalty demand, if upheld, could materially affect the company's financials and operations given the nature of the allegation.