Disclosure under regulation 30(1)/(4)(ii) of SEBI(Listing Obligations and Disclosure Requirements)Regulations, 2015:Intimation about receipt of Notice from the Office of the Principal Commissioner, Central Goods & Services Tax Commissonerate,Noida.
Pursuant to regulation 30(1)/(4)(ii) of SEBI (LODR) Regulations,2015, this is to intimate that the company has received on 7th November 2017 an order dated 30th October 2017 from the Office of the Principal Commissioner, Central Goods & Services Tax Commissonerate,Noida raising demand of Rs. 312.34 Crore under Rule 14 of the CENVAT Credit Rules read with the Proviso to Section 73(1) of the Finance Act, 1994. In addition to this, interest and equivalent amount of penalty has also been imposed separately under the relevant provisions of CENVAT Credit Rules read with Finance Act 1994.
The Company has obtained legal and expert opinions which support the stand of the Company. The Company will file an appeal before the Competent Authority.
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