The Phoenix Mills Limited — Others, 15-11-2024: Action(s) initiated or orders passed

Market City Resources Private Limited, a subsidiary of Phoenix Mills, has received a notice from the GST authorities regarding a tax liability amounting to ₹3.24 crore for the tax period from April 2020 to March 2021. This includes CGST, SGST, and IGST components, along with applicable interest and penalties. MCRPL plans to contest this notice at an appropriate forum, as they believe it does not materially affect the overall financial position of the parent company. This update presents a potential risk for financial exposure but is mitigated by the company’s strategic response, aiming to alleviate shareholder concerns.