Rs. 90.31 Cr Income Tax Bomb on Madhav Copper: Legal Battle Ahead

Madhav Copper Limited issued a disclosure dated June 28, 2025, to the Deputy Manager of the National Stock Exchange of India Limited (NSE) under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”), informing them that it has received an Intimation order DRC 01A dated June 27, 2025, from the SGST department.

The company has provided the following details under Regulation 30 and sub-para 20 of Para A of Part A of Schedule III of the SEBI Listing Regulations, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

The intimation order was issued by the Assistant Commissioner of the SGST department under Section 74 of the GST Act, 2017, for the financial year 2018-19. According to the authorities, the company is alleged to have wrongly claimed input tax credit (ITC). Notice has been demanded from the company for Rs. 903182973 along with interest and penalty.

The company has clarified that the designated action has no material impact on its financial and operational activities. The company disagreed with the intimation order and said it would take appropriate action to challenge the order by consulting a legal advisor.