Nesco Limited has reported receiving a communication from the Brihanmumbai Municipal Corporation (BMC) regarding property taxes. The communication includes an assessment tax and a penalty totaling ₹1,60,65,294 for properties in Goregaon (East), Mumbai. While the company stated this has no material impact on its finances or operations, it has engaged legal experts to assess the demand.
Municipal Tax Communication Received
Nesco Limited has disclosed receipt of a communication from the Brihanmumbai Municipal Corporation (BMC), specifically from the Assessment and Collection Department. This communication pertains to the payment of assessment tax for certain properties owned by the company situated at Goregaon (East), Mumbai. The total demand, including a penalty, amounts to ₹1,60,65,294.
Details of the Demand
The BMC’s communication relates to the period covering FY 2026-27 and earlier years. The company has identified a delay in the payment of earlier years’ assessment tax as the reason for this demand. The communication from the BMC does not indicate any aberrations or non-compliances beyond the delayed tax payment.
Financial and Operational Impact
According to Nesco Limited’s disclosure, the financial implications of this demand are stated to have no material impact on the company’s financial, operational, or other activities. There are no specified penalties or sanctions imposed by the authority in the communication.
Company’s Response
In response to the demand, Nesco Limited has taken action by engaging a legal expert. The purpose of this engagement is to assess the validity and implications of the demand. The company intends to pursue the matter appropriately based on the legal expert’s opinion.
Source: BSE
