Refex Industries Limited — Others, 31-12-2024: Action(s) initiated or orders passed

Refex Industries has received tax demand orders totaling approximately Rs. 10.39 crore from the Deputy Commissioner, Commercial Taxes Department for the fiscal years 2017-18 to 2021-22. The orders, issued on December 24 and 27, 2024, allege disallowance of Input Tax Credits amounting to Rs. 3.54 crore, along with interest and penalties. The company believes these demands are not maintainable and plans to appeal. Management asserts that this situation won't materially impact financials or operations, suggesting a neutral impact on investor sentiment in the short term.