Refex Industries Limited — Important, 29-03-2025: Updates

The company has received a tax demand order from the Additional Commissioner, CGST and Central Excise, Bhopal, related to the financial years 2018-19 to 2020-21, totaling approximately ₹29.32 crore. This demand includes ₹14.66 crore for disallowed GST Input Tax Credits (ITC). The management assesses that the demand is not maintainable and plans to appeal the order. They express confidence that this matter will not materially affect the company's financials, operations, or other activities. Potential risks are mitigated by the company's belief in the appeal process, suggesting a favorable outlook for ongoing operations. Watch closely for further developments on this issue.