A rectification order dated 30.09.2026 reduced MRF’s CST demand for financial year 2014-15 from Rs. 91.53 crores to Rs.36.19 crores. The matter concerns export clearances and declaration forms under sales tax, and MRF said it is examining the order and may challenge the remaining demand.

Rs.36.19 croresRevised CST demand
Demand after the rectification order for financial year 2014-15
Rs. 91.53 croresPrevious CST demand
Demand before the rectification order for financial year 2014-15

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Fact

MRF’s decision on whether to challenge the remaining Rs.36.19 crores demand.
Further developments in the CST assessment for financial year 2014-15.

Full analysis Company memory

Shree Cement Ltd.SHREECEM17:25DeterioratingLow

Shree Cement to challenge upheld GST demand and penalty

Regulatorytax demand

As filed

SHREE CEMENT LIMITED has informed the Exchange about the Joint Commissioner (Appeals), Hyderabad has dismissed the appeal filed against the demand order passed by Superintendent, Central Tax, Punjagut

Why it matters

CapitSignal interpretation

The company faces an upheld GST demand and penalty, though it states that the order has no major financial impact. The matter remains subject to a planned appeal before the GST Appellate Tribunal.

What happened

Fact

The Joint Commissioner (Appeals), Hyderabad dismissed Shree Cement’s appeal against a Central Tax demand relating to alleged wrongful availment of input tax credit. The order upheld a tax demand of Rs. 9,88,093 along with a Rs. 1,16,685 penalty, while dropping a Rs. 37,083 tax demand and Rs. 641 penalty; the company plans to appeal before the GST Appellate Tribunal.

Rs. 9,88,093Tax demand upheld
GST tax demand upheld by the appellate authority
Rs. 1,16,685Penalty upheld
Penalty accompanying the upheld tax demand
Rs. 4,830Deposit
Deposit stated alongside the upheld demand
Rs. 37,083Tax demand dropped
GST tax demand dropped by the authority
Rs. 641Penalty dropped
Penalty dropped by the authority

Watch next

Fact

Filing of the planned appeal before the GST Appellate Tribunal
Outcome of the GST Appellate Tribunal proceedings

Full analysis Company memory

Bharat Forge Ltd.BHARATFORG17:06ImprovingMinor

Delhi High Court dismisses appeal in Bharat Forge arbitration litigation

Regulatorylitigation

As filed

Bharat Forge Limited has informed the Exchange about Update on Litigation

Why it matters

CapitSignal interpretation

The dismissal leaves the previously disclosed setting aside of the arbitral award intact, subject to any further legal developments not addressed in this filing.

What happened

Fact

The Delhi High Court’s Division Bench dismissed Mr. T K Jain’s appeal against the May 26, 2025 Single Judge order. That earlier order had set aside the arbitral award in question.

Watch next

Fact

Any further legal proceedings or appeals in the litigation involving Mr. Tarsem Jain.
Any subsequent disclosure quantifying the financial or operational implications of the case.

Full analysis Company memory

ICICI Lombard General InsuranceICICIGI10:53MixedLow

ICICI Lombard’s GST appeal order confirms ₹2.42 crore demand and ₹2.64 crore penalty

Regulatorytax demand

As filed

ICICI Lombard General Insurance Company Limited has informed the Exchange regarding 'Update on Disclosure under Regulation 30 of SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015

Why it matters

CapitSignal interpretation

The company said the demand, interest and penalty are already included in contingent liabilities, with no impact expected at this stage. The matter remains subject to further legal action by the company.

What happened

Fact

The Joint Commissioner (Appeals-I), Hyderabad confirmed a GST demand of ₹2,41,82,080/-, interest of ₹1,47,485/-, and a penalty of ₹2,64,01,686/- for July 2017 to March 2018. ICICI Lombard said it will pursue an appeal or evaluate other legal options, including a writ petition.

₹2,41,82,080/-GST demand confirmed
GST demand under the appellate order
₹1,47,485/-Interest confirmed
interest under the appellate order
₹2,64,01,686/-Penalty imposed
penalty under the appellate order

Watch next

Fact

Whether the company files a further appeal or writ petition
Outcome of any further legal proceedings
Any change in the contingent-liability treatment or stated financial impact

Full analysis Company memory

UFO Moviez India LimitedUFO08:57ImprovingMinor

UFO Moviez settles TSR Films dispute and signs new advertising rights buyout

Regulatorylitigation

As filed

Disclosure with respect to Settlement Deed entered into by the Company and TSR Films Private Limited on October 06, 2026, to settle all their disputes under the Advertisement Agreement dated 23rd Dece

Why it matters

CapitSignal interpretation

The company says the settlement and new buyout agreement will have a positive impact on its advertisement revenue potential. It also moves the ongoing arbitration toward resolution.

What happened

Fact

UFO Moviez India and TSR Films entered into a settlement deed on October 06, 2026, resolving disputes under their December 23, 2023 advertisement agreement for in-cinema advertising rights on TSR screens. The parties also signed a fresh Advertisement Rights Buyout Agreement on mutually agreed terms; the settlement will be placed before the arbitral tribunal for inclusion in its final award.

Watch next

Fact

The arbitral tribunal’s recording of the settlement terms in its final award
Execution and revenue contribution of the new Advertisement Rights Buyout Agreement

Full analysis Company memory

Latest

Wednesday, 7 October 2026

Latest

Wednesday, 7 October 2026

MRF’s Kerala sales-tax demand reduced to Rs.36.19 crore

Why it matters

What happened

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Shree Cement to challenge upheld GST demand and penalty

Why it matters

What happened

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Delhi High Court dismisses appeal in Bharat Forge arbitration litigation

Why it matters

What happened

Watch next

ICICI Lombard’s GST appeal order confirms ₹2.42 crore demand and ₹2.64 crore penalty

Why it matters

What happened

Watch next

UFO Moviez settles TSR Films dispute and signs new advertising rights buyout

Why it matters

What happened

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