Shivam Autotech Limited — Others, 28-11-2024: Delay/default in the payment of fines/penalties/dues etc. to authority

Shivam Autotech Ltd has announced a board meeting to discuss a Show Cause Notice received from the Central Board of Indirect Taxes and Customs concerning a discrepancy of ₹30.10 crore in Input Tax Credit (ITC). The company intends to challenge the notice, emphasizing its strong position. Notably, they foresee no material adverse impact on their operations or financial health, with any potential effects being limited to the final tax liability. This announcement may invoke a neutral impact on investor sentiment, as the company appears prepared to defend its position.