Chennai, February 5, 2025 – Updater Services Limited (BSE: 543996, NSE: UDS) has informed stock exchanges about an order issued against its subsidiary, Washroom Hygiene Concepts Private Limited, under Section 74 of the CGST Act, 2017, for an amount of ₹23,37,712.
Regulatory Action Details
The Superintendent, Wazirpur, Delhi, issued the order due to a reconciliation difference in excess Input Tax Credit (ITC) claimed. The order was dated February 4, 2025.Financial and Operational Impact
The company has assessed the situation and believes the order lacks merit. The financial impact is expected to be NIL, and the subsidiary is actively exploring legal options, including filing a Writ Petition.Company Statement
"Based on our subsidiary’s assessment, we do not anticipate any financial liability arising from this order. We are pursuing all legal remedies available," Updater Services stated in its regulatory filing.Strategic Implications
The company’s move to challenge the order underscores its commitment to compliance and governance. Investors and stakeholders will be watching closely for further updates on the legal proceedings.This development follows SEBI Regulation 30 disclosures under the Listing Obligations and Disclosure Requirements (LODR), 2015.