Kansai Nerolac Paints Limited — Others, 28-02-2025: Action(s) taken or orders passed

Kansai Nerolac Paints has announced a board meeting to address penalties imposed by the Deputy Commissioners of State Tax in Mumbai and Jalandhar, totaling ₹39.06 crores and ₹2.67 crores, respectively. These penalties stem from alleged short payments of tax and partial disallowance of Input Tax Credit (ITC) for FY 2020-21. The company asserts that it has paid the proper taxes and is preparing to appeal these decisions. Importantly, these developments are not expected to materially impact the company's operational or financial standing, which may lead to a neutral outlook among investors.