Thermax Limited has submitted intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
Thermax Limited received an assessment order from the Commercial Tax Officer, Chennai South (Tamil Nadu), covering FY 2018-19 to FY 2022-23. The order imposes a total penalty of Rs. 1,50,11,715 (around Rs. 1.5 crore) for disallowing Input Tax Credit (ITC) on supplier payments that remained unpaid beyond 180 days from the invoice date. The order for FY 2018-19 was received on April 22, 2024, and for FY 2019-20 to FY 2022-23 on April 30, 2024. The company states it is filing an appeal before the appropriate authority and does not foresee any material impact on its financials, operations, or other activities.
The penalty amount is small relative to Thermax's overall scale, and the company is contesting it through appeal. Shareholders should watch the appeal outcome, but no immediate material impact on the stock or operations is expected.