UNO Minda Limited has informed the Exchange about Action(s) taken or orders passed
UNOMINDA · price
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On the reaction day the stock moved 0.9 pts less than Nifty Midcap 150 and 0.3 pts less than its Auto Components & Equipments peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Uno Minda's subsidiary MI Torica India has received a GST order from the Office of the Assistant Commissioner of Central GST, Gurugram, alleging excess input tax credit availed and non-payment of Reverse Charge Mechanism tax on ocean freight for FY 2019-20. The total demand is Rs. 25.10 lakh, comprising Rs. 10.56 lakh in tax, Rs. 3.99 lakh in interest, and Rs. 10.56 lakh in penalty. MI Torica plans to contest the order on merits. The parent company has stated there is no material impact on its financial, operational, or other activities.
The demand amount of Rs. 25.10 lakh is negligible relative to Uno Minda's overall size and is unlikely to affect the stock price. However, investors should monitor the outcome of the subsidiary's challenge, as a sustained adverse ruling could set a precedent for similar GST scrutiny.