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Awaiting price reaction for this filing.
Zenith Fibres has received an Order-in-Original dated November 11, 2025 from the CGST & Central Excise Commissionerate in Vadodara, related to a previously issued Show Cause Notice covering FY 2017-18 to FY 2022-23. The order reduces the original proposed GST demand of Rs. 19.43 lakhs to Rs. 14.78 lakhs in disputed Input Tax Credit (ITC), along with applicable interest and an equivalent penalty of Rs. 14.78 lakhs. The company has stated it will file an appeal against the order after seeking legal advice. Management has indicated that materialization of this demand as a liability is 'very unlikely,' though the exact financial impact remains uncertain pending the appeal outcome.
The quantum involved (around Rs. 14.78 lakhs tax plus an equal penalty and interest) is relatively small for the company, and management is confident the demand will not stick, so material financial damage appears unlikely. However, the disclosure is mandatory and may cause mild short-term negative sentiment; investors should watch for updates on the appeal outcome.