Mangalam Cement Limited — Others, 03-02-2025: Action(s) taken or orders passed

Mangalam Cement Ltd. has received an order from the Assistant Commissioner of the Central Goods and Services Tax Department imposing a penalty of ₹1,73,65,200 for wrongly availing ineligible Input Tax Credit (ITC). Additionally, an appeal concerning a prior Income Tax decision has been allowed for statistical purposes by the Income Tax Appellate Tribunal, which could result in a financial impact of ₹16,13,15,270 due to adjustments involving IT deductions. These developments may raise investor concerns regarding potential cash flow impacts and highlight the company's tax compliance challenges. A proactive appeal for the GST penalty indicates management's intent to mitigate financial repercussions.