Pidilite Industries announces that its subsidiary, Nina Percept Pvt Ltd, has received an order imposing a penalty of ₹1,97,11,453. The penalty relates to applicable provisions of the Central Goods and Services Tax Act for the financial years 2018-19 to 2020-21. The company is reviewing the order and evaluating its options, including a potential appeal. According to Pidilite, this will not have a material impact on the company’s financials or operations.
Penalty on Subsidiary
Pidilite Industries announced that its subsidiary, Nina Percept Pvt Ltd, has received an order from the Office of Assistant Commissioner, CGST & Central Excise, Division-III, Noida, imposing a penalty.
Financial Impact and Next Steps
The penalty amounts to ₹1,97,11,453 and is related to the Central Goods and Services Tax Act for the financial years 2018-19 to 2020-21. Pidilite is currently reviewing the order and assessing its options for appeal. The company maintains that this order will not have a material financial or operational impact.
Source: BSE
