Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Part A of Schedule III and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November, 2024, the Company has received a Show Cause cum Demand Notice in Form DRC 01 received from the Office of the Commissioner of CGST & C.Ex, Mumbai East, under the CGST Act, 2017 and the IGST Act, 2017. The details are enclosed herewith as Annexure A to this disclosure.Kindly take this information on records.
SUPRIYA · price
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Supriya Lifescience has received a Show Cause cum Demand Notice (Form DRC-01) from the Office of the Commissioner of CGST & C.Ex, Mumbai East, alleging that the company claimed/received a 'double benefit refund' under the CGST and IGST Acts. The total demand raised is Rs. 60.38 crore, comprising Rs. 30.19 crore in tax and Rs. 30.19 crore in penalty, with no interest component. The notice was received on June 30, 2025. The company has stated that the demand is unjustified based on its assessment of facts and law, and it is already contesting the matter in the Mumbai High Court. The company has further stated that there is no material impact on its financials or operations from this notice.
This is a tax-related demand of about Rs. 60 crore (~3-4% of typical company revenues) which the company is contesting in court. Since the matter is sub-judice and the company claims no material impact, the immediate effect on shareholders may be limited, but a negative outcome could be a financial hit and may also weigh on the stock sentiment.