Mumbai, February 28, 2025 – Zee Entertainment Enterprises Limited (ZEEL) has disclosed the receipt of adjudication orders under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding GST-related matters from two authorities:
- Assistant Commissioner of CGST & CEX, Mumbai Central
- Joint Commissioner, Central GST Noida
Key Details of the Orders:
| Authority | Order Details | Tax Demand | Interest & Penalty | Reason |
|---|---|---|---|---|
| CGST & CEX, Mumbai Central | Under Section 73(1) and Section 16 of the CGST Act, 2017 | ₹3.77 million | Interest (Sec. 50(3)) + ₹0.38 million penalty | Non-filing of GSTR-3B by vendors (April 2020 - March 2021) |
| Central GST Noida | Under Section 73(9) of CGST & UPGST Act, 2017 | ₹23.22 million | Interest (Sec. 50(3)) + ₹2.32 million penalty | Discrepancy in GSTR-3B vs GSTR-2A reconciliation (April 2020 - March 2021) |
Company Response:
- ZEEL, based on legal consultation, asserts that the company has strong grounds to contest the orders.
- The company will pursue an appeal through the appropriate legal channels.
- ZEEL has clarified that there is no material financial or operational impact due to these orders.