Popular Vehicles and Services Limited — Others, 07-01-2025: Action(s) taken or orders passed

Popular Vehicles and Services Ltd disclosed that their wholly-owned subsidiary, Popular Mega Motors (India) Pvt Ltd, has received an order from the Assistant Commissioner (ST), Chennai Central, related to alleged excess Input Tax Credit (ITC) claims amounting to a tax liability of ₹12.66 Crore. This includes penalties and interest due to supposed infractions regarding GSTR 9 and delayed payments to creditors. The company plans to file a Rectification Petition/Appeal. This scenario introduces a potential risk for investors, considering the significant financial implications and ongoing legal uncertainties that may affect overall stakeholder sentiment.