J.B. Chemicals & Pharmaceuticals Ltd. has disclosed a recent regulatory order under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company received an order from the State Tax Officer of Kerala regarding an alleged issue with input tax credit for the fiscal year 2019-20.

Details of the Tax Order

Date of Receipt: August 30, 2024

Authority Involved: State Tax Officer, Kerala

Nature of the Order:

The order demands a payment of ₹16.85 lakhs due to an alleged mismatch in input tax credit claimed during FY 2019-20. This mismatch is said to involve discrepancies between the credits availed and the records maintained by the tax authorities.

Company’s Response and Impact

According to Sandeep Phadnis, Vice President – Secretarial & Company Secretary at J.B. Chemicals, the company believes it has a strong case on merit. J.B. Chemicals plans to file an appeal against the order, challenging the demand based on their internal assessments and legal advice.

Impact Assessment: The company has stated that there is no immediate impact on its financials, operations, or other activities due to this tax order. The situation is being managed with a view to resolving the issue through the appropriate legal channels, without affecting the company's ongoing operations or financial stability.

Company’s Assurance

J.B. Chemicals & Pharmaceuticals Ltd. reassures its stakeholders that the matter is under control and is being addressed with due diligence. The company's management is confident in its position and is committed to resolving the issue in compliance with regulatory requirements.

This disclosure is part of the company's commitment to transparency and adherence to SEBI's regulations, ensuring that all significant developments are communicated to the market.

Conclusion:

While the tax demand poses a challenge, J.B. Chemicals & Pharmaceuticals Ltd. is taking proactive steps to appeal the order and mitigate any potential issues. The company remains focused on its operations and aims to resolve the matter efficiently. For further updates, stakeholders are encouraged to monitor the company's disclosures and regulatory filings.

Contact Details: For more information, stakeholders can reach out to:

Sandeep Phadnis

Vice President – Secretarial & Company Secretary

J.B. Chemicals & Pharmaceuticals Ltd.

Also Read : Sun Pharmaceutical Receives Regulatory Orders for Tax Compliance Issues

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