Akzo Nobel India Limited — Others, 27-11-2024: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

Akzo Nobel India Limited has reported receipt of a Show Cause Notice from the Karnataka GST Department regarding disallowance of Input Tax Credit (ITC) and tax dues totaling ₹44.49 crore, covering the period from April 2020 to March 2021. The notice details a tax liability of ₹23.94 crore, interest of ₹15.75 crore, and a penalty of ₹4.79 crore. The company is preparing a response to the notice, indicating ongoing engagement with the authorities. This situation poses a potential risk to Akzo Nobel's financial health and may affect investor sentiment, depending on the outcome of the dispute.