Sanofi India Limited has informed the Exchange about disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Refund Order
SANOFI · price
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The Assistant Commissioner of Central GST, Vadodara, has issued a refund order for the period August 2014 to June 2017. The order partially accepts Sanofi India's submissions and grants a refund of Rs. 52.08 lakh, comprising Rs. 33.97 lakh as principal and Rs. 18.11 lakh as interest. However, a refund claim of Rs. 11.63 lakh has been denied. The company had originally filed for a refund of Rs. 45.60 lakh related to a pre-deposit paid during an earlier appeal that was decided in its favour. Sanofi India intends to file an appeal before the appellate authorities for the ungranted portion of the refund.
This is a routine tax refund development with a minor positive cash inflow of Rs. 52 lakh; the small denied portion is immaterial and will be pursued through appeal, so minimal impact on shareholders or stock price.