Gurugram, February 1, 2025 – Shivam Autotech Limited (NSE: SHIVAMAUTO | BSE: 532776) has disclosed a regulatory development under
Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has received an
order under the Central Goods and Services Tax (CGST) Act, 2017 from the
Office of the Assistant Commissioner, Division Haridwar.
Key Regulatory Details
- Nature of Order: The order pertains to discrepancies identified under the CGST Act, 2017.
- Violations Alleged:
- Mismatch between GSTR-3B and GSTR-2A.
- Non-filing of GSTR-9 and GSTR-9C.
- Financial Impact:
- A total demand of ₹1,01,66,002, which includes a penalty of ₹3,61,005.
Company’s Response
Shivam Autotech has stated that it will
challenge the order based on strong merits and will file an appeal before the relevant authorities. The company also emphasized that
this notice will not have any material impact on its financial, operational, or other activities.
Market Implications
While the demand raised under the CGST Act is significant, Shivam Autotech's assertion of
no material impactsuggests limited immediate financial risk. Investors will closely monitor the appeal proceedings to assess potential liabilities in the coming quarters.
Outlook
Shivam Autotech remains confident in its legal position and is taking the necessary steps to address the matter. The outcome of the appeal will determine whether the company will need to make any provisions for the disputed amount.