Nuvama Wealth Management Limited — Important, 30-01-2025: Updates

Nuvama Wealth Management Limited has received an order from the Additional Commissioner CGST & C.EX, Palghar, imposing a penalty of ₹35.25 Cr on its wholly-owned subsidiary, Nuvama Wealth and Investment Limited, for the wrongful passing on of Input Tax Credit from July 2017 to March 2022. The company plans to appeal this order with the Appellate Authority. However, it has stated that there will be no material impact on its financials or operations, indicating a manageable situation. Investors should watch closely for any developments regarding the appeal process and its outcomes.