Disclosure under Regulation 30 0f SEBI (LODR) Regulations 2015 - The Company has received the order from Joint Commissioner, CGST Raipur Commissionerate for the FY 2018-19 & FY 2019-20 for the Tax and Penalty
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Refex Industries has received an order from the Joint Commissioner of CGST, Raipur Commissionerate, covering financial years 2018-19 and 2019-20. The order pertains to tax and penalty demands under GST regulations. The specific amount of the tax demand and penalty has not been disclosed in the headline. The company is making this disclosure under SEBI's Regulation 30, which requires listed companies to inform stock exchanges about material developments. The company may consider appealing or contesting the order through appropriate legal channels, though no such intent has been stated yet.
An adverse tax order with penalty is a negative for the company as it may require a cash outflow and could impact profitability for the relevant period. Shareholders should watch for the disclosed amount in the detailed order and any subsequent action by the company to contest it.