Thirumalai Chemicals Limited — Important, 26-11-2024: Updates

Thirumalai Chemicals Ltd has received a notice from the Commercial Tax Officer in Ranipet, Tamil Nadu, regarding alleged violations related to a mismatch in E-way bills and excess Input Tax Credit (ITC) availed. The total tax due is reported at ₹12.06 crore, with additional claims for tax interest of ₹9.02 crore and a penalty of ₹1.21 crore, leading to a total potential financial impact of ₹22.29 crore. The company asserts that it has followed the law's necessary procedures and believes it can contest the notice on its merits, indicating a potential positive outlook in addressing this issue. Investors should monitor this situation closely, as successful contestation could mitigate the financial implications.