WeP Solutions Limited, a prominent player in the IT and software solutions industry, has recently issued a clarification letter to the Bombay Stock Exchange (BSE) concerning the delayed filing of an intimation under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. This delay occurred due to the receipt of a tax demand order from the Excise and Taxation Officer of UT Chandigarh on a non-business day (Saturday, November 16, 2024). The company explained that the delay in submitting the required filing to the stock exchange was unintentional and arose from the need to verify the details of the demand order with their finance and legal teams. This verification process could only be carried out on a business day, which led to the delay in submitting the filing to the BSE.

The demand order relates to the VAT (Value Added Tax) and CST (Central Sales Tax) assessments for the financial years 2016-17 and 2017-18, with penalties for procedural non-compliance during the assessment. The order specifies amounts due under VAT, CST, and interest, along with penalties. For the 2017-18 assessment, the demand is minimal, amounting to only INR 1 for VAT, INR 2 for CST, and a penalty of INR 2,000 for procedural issues. For the 2016-17 assessment, the tax due is INR 3,602 for CST, with INR 1,657 in interest and a penalty of INR 10,000.

Despite the demand order, WeP Solutions has clarified that these amounts will not have any material impact on the company's financials, operations, or other activities. The company emphasized that the penalties relate only to procedural non-compliance during the tax assessment process and are not a reflection of any major financial or operational issues.

The delayed filing of the Regulation 30 intimation was promptly addressed by WeP Solutions, which has now resubmitted the clarification to the BSE, ensuring that all necessary information is disclosed in compliance with SEBI regulations. The company also assured that the late filing does not indicate any misinformation about the company's affairs and that they are fully committed to timely and accurate reporting.

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