Akzo Nobel India Limited — Others, 21-11-2024: Action(s) initiated or orders passed

Akzo Nobel India Limited has disclosed a pending litigation involving the West Bengal GST Department, relating to a Show Cause Notice for alleged disallowance of Input Tax Credit (ITC) and tax liabilities amounting to ₹17.86 crore. The claim comprises ₹9.97 crore in tax, ₹6.71 crore in interest, and ₹1.17 crore in penalties for the period from April 2020 to March 2021. The company plans to respond to the notice within the designated timeframe, indicating a proactive approach. This situation introduces potential risk regarding financial liabilities but highlights management’s willingness to engage with the authorities, possibly maintaining investor confidence.