Nippon Life India Asset Management Limited — Important, 06-02-2025: General Updates

Nippon India Mutual Fund has received an order from the Joint Commissioner of CGST & CX Commissionerate, Mumbai-Central, regarding an alleged non-payment of GST on income received from the lending of securities. The order pertains to the period from 1st July 2017 to 30th September 2019, with a GST demand of ₹3.59 crore and a penalty of the same amount. The schemes of Nippon India Mutual Fund have already deposited ₹2.84 crore under protest. However, there is no material impact on the financials or operations of the company. The mutual fund plans to appeal the order with Appellate Authorities, indicating a proactive approach to manage the situation. Shareholders should stay informed about the developments in this matter.