Manappuram Finance Limited — Important, 28-02-2025: General Updates

Manappuram Finance Limited has received an order from the Tamil Nadu authorities relating to the fiscal year 2020-21, resulting in a tax demand of ₹1.22 Cr, along with interest of ₹0.86 Cr and a penalty of ₹2.58 Cr. The order arises from issues regarding the non-updation of branch addresses in the GST portal and the non-reversal of ineligible Input Tax Credit (ITC) claimed. However, the company indicates there will be no material impact on its financials or operations, as it has paid the full GST for all branches involved. Stakeholders should maintain a positive outlook as the financial stability appears unaffected despite the demand.