Shriram Finance Limited has informed the Exchange about Reduction in penalty imposed by By Office of the Commercial Tax Officer, Chennai South
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Shriram Finance Limited received Rectification Orders dated March 30, 2026 from the Commercial Tax Officer, Chennai South, significantly reducing penalties originally imposed on erstwhile Shriram City Union Finance Limited. For FY 2018-19, the penalty dropped from Rs. 13.03 crore to Rs. 70.42 lakh, and the total tax demand fell from Rs. 13.03 crore to Rs. 70.42 lakh with interest of Rs. 84.99 lakh. For FY 2019-20, the penalty was reduced from Rs. 24.06 crore to Rs. 1.02 crore, with total tax demand falling from Rs. 24.06 crore to Rs. 1.02 crore plus interest of Rs. 1.06 crore. This follows earlier show cause cum demand orders that the company had contested.
Positive development for the company as penalties and tax demands have been reduced by over 90% for both years, significantly lowering the financial liability. The matter relates to historical tax disputes from before the merger of Shriram City Union Finance with the company.