Sterling and Wilson Renewable Energy Limited has informed the Exchange about Action(s) initiated or orders passed by Deputy Commissioner of State Taxes Audit V Mumbai
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Sterling and Wilson Renewable Energy Limited has received an order from the Deputy Commissioner of State Taxes, Audit-V, Mumbai, relating to a mismatch in input tax credit and shortfall in taxes paid for the period April 2021 to March 2022. The total demand, including penalty and interest, is approximately INR 11.79 crores. A portion of this liability is covered under an indemnity agreement with Reliance New Energy Limited, Shapoorji Pallonji and Co. Private Limited, and Mr. Khurshed Daruvala, which limits the company's direct exposure. The company is currently evaluating the order and will decide on its next course of action, which may include filing an appeal. The order was received on December 31, 2025, and pertains to one financial year.
The direct financial impact on the company is partially cushioned by the indemnity agreement, but shareholders should monitor the company's response and any appeal. The amount is relatively modest and unlikely to materially affect the stock, though it adds to ongoing tax-related compliance concerns.