Shemaroo Entertainment Limited has informed the Exchange about Action(s) taken or orders passed
SHEMAROO · price
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The Bombay High Court has allowed Shemaroo Entertainment's writ petition and set aside show cause notices and an Order-in-Original that had imposed penalties of Rs. 133.61 crores each on the company's Joint Managing Director, CEO and CFO. These penalties related to an alleged inadmissible Input Tax Credit (ITC) of Rs. 70.26 crores and an additional penalty of Rs. 63.35 crores under the CGST Act, 2017. The court held that the notices and the order, to the extent directed at the company's officers, were 'without jurisdiction and unsustainable in law.' The case stemmed from a GST demand involving Section 74(1) and Section 122 of the CGST Act. The company has stated there is no material financial impact from this order.
This is a positive outcome for shareholders, as the court has cleared the company's key officers of the hefty Rs. 133.61 crore personal penalties. While the underlying GST demand on the company itself may still require resolution, the removal of personal liability risk on leadership reduces a major overhang on the stock.