R&B Denims Ltd — Updates, 18-04-2025: Company Update

R&B Denims Ltd has announced a board meeting to address the imposition of a penalty of ₹43,66,118 by the Gujarat Central Goods and Services Tax Department concerning issues related to availing of input tax credit (ITC). The company intends to appeal the order, which overall has a financial impact of approximately ₹87,32,236, considering tax and penalty. The delay in disclosing this information was due to a thorough internal review to assess the validity of the demand notice. Investors should note the potential risk related to compliance but also the company's commitment to uphold strong corporate governance standards, which could positively influence long-term confidence.