United Breweries Limited has informed the Exchange about Action(s) taken or orders passed
UBL · price
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Awaiting price reaction for this filing.
United Breweries Limited (UBL) has received orders and demand notices from the Deputy Commissioner of State Tax, Palakkad, Kerala, under Section 17(3) of the Kerala General Sales Tax Act, 1963, for financial years 2022-23 and 2023-24. The total tax demand is Rs. 18,60,45,394 (approximately Rs. 18.60 crore) plus applicable interest, related to alleged non-payment of turnover tax on the sale of beer. The company has stated that adequate provision has already been made in its financial statements for this demand. UBL is also exploring appropriate legal remedies to challenge the orders.
Since the demand is already provisioned in the books, there is no material financial impact on the company. Investors should monitor the outcome of the legal challenge, but this appears to be a routine tax dispute and not a significant event for the stock.