Welspun Enterprises Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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Welspun Enterprises' subsidiary, Welspun Sattanathapuram Nagapattinam Road Private Limited, has received Show Cause Notices (SCNs) from the Tamil Nadu State GST Authority for financial years 2021-22 to 2024-25. The total proposed tax demand is about Rs. 29.76 crore with additional interest and a penalty of about Rs. 23.84 crore, taking the combined potential exposure to roughly Rs. 53.6 crore. The dispute relates to an alleged mismatch between turnover reported by the company in Form GSTR-3B versus GST TDS details filed by its client in Form GSTR-7. The company says the mismatch is due to inaccurate reporting by the client, not the company, and it will file detailed replies contesting the notices.
While the individual-year demands are below the materiality threshold, the cumulative amount is being disclosed under SEBI's updated norms on correlated matters. The company believes the notices are without merit and expects them to be set aside, stating no material financial or operational impact is anticipated. Shareholders should monitor the outcome of the adjudication, as a worst-case adverse order could create a sizable contingent liability.