We wish to inform you that the Company has received an Order from Deputy Commissioner of State Tax (Appeals), Gujarat. The detail of the same is in the attached letter.
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Awaiting price reaction for this filing.
Timex Group India received a final order from the Gujarat State Tax (Appeals) authority regarding pending Form C and Form F submissions for FY 2011-12 under the Gujarat VAT Act, 2003. The original show cause notice from March 2016 had raised a demand of INR 1.10 crore, but the appellate order has reduced the demand drastically to just INR 5,332. The company has stated it will deposit this amount to close the proceeding. The disclosure was filed two working days late due to an internal delay between the concerned department and the Compliance Officer.
The financial impact is negligible at INR 5,332, and the outcome is materially favourable for shareholders since the original demand was reduced by over 99.95%. No meaningful effect on operations, earnings, or stock price is expected.