Zaggle Prepaid Ocean Services Limited — Others, 04-02-2025: Action(s) initiated or orders passed

Zaggle has received an order from the Joint Commissioner of Rangareddy, Telangana, imposing penalties of ₹42.31 crore each under the CGST and SGST Acts for the 2017-18 financial year's assessment proceedings related to excess Input Tax Credit claims. The company plans to appeal the decision, expressing confidence in a favorable outcome, and does not expect a material financial impact from these penalties. This development might induce a neutral impact on investor sentiment, as the firm remains optimistic about resolving this issue effectively while focusing on its operational resilience.