MPS Limited — Important, 13-02-2025: General Updates

The company has received a GST demand order from the Deputy Commissioner in Noida, amounting to INR 54.69 lakh (16.50 lakh for tax demand, 21.69 lakh for interest, and 16.50 lakh for penalty). This relates to discrepancies between the company's GST returns for FY 2017-18, specifically highlighting a mismatch in the GST credit claimed versus what was reported by suppliers. The company believes the demand is not maintainable and plans to contest it before the appropriate authority, asserting no expected impact on its financials or operations. The delay in disclosing this information was due to the need for a thorough internal review, which involved retrieving historical records to assess the demand's validity. The company remains focused on maintaining corporate governance standards.