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Srf Limited ( (IN:SRF) ) just unveiled an update.
SRF Limited has disclosed that the Additional Commissioner of CGST and Central Excise, Chennai North Commissionerate, has issued a demand order disallowing certain CENVAT credit claimed by the company for the period 2005 to 2011. The order seeks recovery of Rs 1.03 crore along with an equivalent penalty and applicable interest, following the tax authority’s finding that the company wrongly availed specific credits during those years.
The company said it is reviewing the order and plans to pursue appropriate legal remedies by filing an appeal in due course, indicating that the dispute may continue through appellate forums. Management has stated that it does not expect any material adverse impact on SRF’s financials or operations beyond the amount disclosed, suggesting that the liability is manageable within its existing financial framework and should not significantly alter its business trajectory.
More about Srf Limited
SRF Limited is an India-based industrial manufacturing company with a diversified portfolio spanning specialty chemicals, packaging films, technical textiles and other performance materials. Its products cater to domestic and international markets across sectors such as chemicals, packaging, automotive and industrial applications, making regulatory compliance and tax matters material to its stakeholders.
Average Trading Volume: 28,271
Technical Sentiment Signal: Hold
Current Market Cap: 739.5B INR
For detailed information about SRF stock, go to TipRanks’ Stock Analysis page.