Quess Corp Limited — Important, 01-02-2025: General Updates

Quess Corp Limited has received an order from the Office of the Commissioner of CGST, imposing a penalty of ₹111.26 crore (cr) for issuing invoices without the underlying supply of goods or services for the financial years 2017-18 to 2022-23. The company asserts that its submissions were not considered in the decision-making process. While the penalty appears significant, Quess Corp believes the order is not maintainable and intends to contest it in appropriate legal forums within the required timeframe. There is currently no impact on the company’s financial or operational activities, but investors should watch this situation closely for potential developments.