DISCLOSURE UNDER REGULATION 30OF SEBI LODR-COMMUNICATION RECEIVED FROM GST DEPARTMEN REGARDING PROVISIONAL ATTACHMENT OF COMPANY BANK ACCOUNT HELD WITH KOTAK MAHINDRA BANK AND CANARA BANK
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Salora International has disclosed that the GST Department has provisionally attached its bank accounts held with Kotak Mahindra Bank and Canara Bank under Section 83 of the CGST Act, 2017. The company clarifies that this communication is interim and provisional in nature and does not represent any final tax liability. Proceedings are at a preliminary stage and the company is in the process of filing objections and appeals before the competent authorities. The company is also cooperating with the GST authorities and is taking legal advice to challenge the order.
This is a negative development for shareholders as the company's bank accounts have been frozen, which could disrupt its day-to-day operations and cash flow. The company's shares may see short-term pressure, though the final outcome depends on the resolution of the GST matter through the legal process.