Rane (Madras) 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.
Rane (Madras) Limited has received a Show Cause Notice under Section 73(1) of the CGST Act, 2017 from the Principal Commissioner of CGST and Central Excise, Chennai North. The notice relates to alleged excess or wrongful availment of Input Tax Credit (ITC), non-reversal of ITC on ineligible credits, and short payment of tax for the period April 2021 to March 2022. The expected financial implication is Rs 2.39 crore, excluding applicable interest and penalty. The company has stated it will file an appropriate reply before the concerned authority within the prescribed timelines.
This is a pending tax dispute and not a confirmed liability. Shareholders should monitor the outcome of the company's reply, as an adverse ruling could lead to additional interest and penalties beyond the Rs 2.39 crore demand. Near-term impact on the stock is likely limited given the relatively small amount versus the company's overall scale.