Zydus Wellness Products Limited, a wholly owned subsidiary company, had received an intimation from The Directorate General of Goods and Services Tax Intelligence, Surat Zonal Unit under section 74(5) of the Central Goods and Services Tax Act, 2017 alleging GST demand of ₹ 56.33 crores along with applicable interest and penalty, said Zydus Wellness Products Limited in their regulatory filing.
The Company has received a Show Cause Notice from DGGI, Surat on the above matter. The Company is likely to challenge the order before an appropriate authority. “ZWPL believes that there is a strong merit in the case and ZWPL is evaluating the next steps based on detailed review of the SCN,” Zydus Wellness Products said in their regulatory filing.
The Company believes, “The period covered by the SCN relates to the pre-acquisition period prior to January 30, 2019, and hence stands fully indemnified by Heinz Italia S.P.A.“
The disclosure before the exchange was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
