PC Jeweller receives IT Refund of Rs.67.54 crore from Tax Department

PC Jeweller Ltd, a jewellery vendor, announced on Tuesday (September 10) that it has received an income tax refund of Rs.67.54 crore.

“The company is delighted to provide updates regarding receiving a refund of Rs.67.54 crores from the Income Tax Department, which stands credited to its account on September 06th, 2024,” according to a stock exchange filing.

In the month of July of this year, PC Jeweller said that Punjab National Bank had approved a one-time settlement of its outstanding dues.

PC Jeweller reported that “Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, has communicated its approval to the one-time settlement (OTS) proposal submitted by the company.”

PC Jeweller had chosen OTS to settle the outstanding balances with a group of banks. The authorized OTS’s terms and conditions include cash and equity components payable as part of the settlement, as well as the release of securities and mortgaged assets. PC Jeweller failed to include the outstanding balances with all banks, as well as the OTS data.

As of March 31, 2024, the company maintained a large network of 60 showrooms (including six franchisee showrooms) in 44 cities across 15 Indian states. PC Jeweller Ltd’s shares closed at Rs.26.80, down Rs.2.50 (1.93%) on the BSE.