Ruchi Infrastructure Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
RUCHINFRA · price
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Awaiting price reaction for this filing.
Ruchi Infrastructure has disclosed receipt of two tax and customs demands totaling around Rs. 96.95 lakhs (including interest and fines). The Directorate of Commercial Taxes, West Bengal has demanded Rs. 44.23 lakhs plus Rs. 24.42 lakhs in interest on goods imported into West Bengal, following a recent Calcutta High Court order in the Pepsico India matter. Separately, the Commissioner of Customs (Export), Mumbai has imposed a Rs. 17.30 lakhs penalty (plus interest) and a Rs. 11 lakhs redemption fine under the Customs Act, 1962. Both matters relate to business transactions carried out about a decade ago. The company has stated it is contesting both demands and does not expect them to materially impact its operations or activities.
The financial impact is relatively small for a listed company and the matters are old, but the disputes are ongoing and being contested. Shareholders should watch for further updates on the resolution, though the company has indicated no material operational impact.