RITES Limited — Important, 04-02-2025: Updates

RITES has received a Demand Order from the Office of Excise and Taxation Officer, Gurugram (East), for ₹3.81 Cr, following a Show Cause Notice related to tax inconsistencies. This Demand Order stems from the period of July 2017 to March 2018, with the original notice citing a much larger sum of ₹155.31 Cr. Importantly, the company has indicated that this order will not impact its financial or operational activities. RITES is contesting the demand and is in the process of filing an appeal with the appropriate authority. Stakeholders should keep an eye on the developments in this matter, as the outcome could influence future tax liabilities.