Mumbai, February 28, 2025 – Indoco Remedies Limited (NSE: INDOCO-EQ, BSE: 532612) has issued a revised disclosure under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, in response to a recent Goods and Services Tax (GST) matter.
Key Financial and Regulatory Highlights:
Indoco Remedies has received an order from the Deputy Commissioner, LTU, Corporate Division, West Bengal, dated February 20, 2025, partially in its favor. This order significantly reduces a previously communicated GST demand.
| Particulars | Previous Demand | Revised Demand |
|---|
| GST Demand (incl. penalties) | ₹58.95 Lakhs | ₹15.85 Lakhs |
The original notice, issued on July 26, 2024, raised a demand of ₹58.95 Lakhs due to an alleged excess Input Tax Credit (ITC) claim. Following a review, authorities reduced the demand to ₹15.85 Lakhs, including interest and penalties.
Clarification on Disclosure Delay:
The company clarified that its initial disclosure erroneously stated the order receipt date as February 20, 2025. The correct date of receipt was February 25, 2025, at 12:30 PM. Thus, Indoco Remedies maintains there was no delay in regulatory disclosure, having promptly informed both the NSE and BSE upon actual receipt of the order.
Impact and Company’s Stand:
Indoco Remedies has indicated that the reduced GST demand of ₹15.85 Lakhs is not expected to materially impact its financial position. The company plans to appeal the order, asserting its position against the alleged contravention related to ITC claims.
Management Commentary:
Commenting on the matter, Ramanathan Hariharan, Company Secretary & Head - Legal, Indoco Remedies, stated:
"The company remains confident in its compliance procedures and is committed to resolving this matter favorably through the appropriate legal channels."
Strategic Outlook:
The company maintains a positive outlook, emphasizing robust internal compliance mechanisms and transparency. Investors can expect ongoing updates as the company navigates the appeal process.