Ujjivan Small Finance Bank (Ujjivan SFB) has received a demand order from the Joint Commissioner, Pune, Maharashtra, under the DRC07 order, imposing a penalty of ₹41,10,867.70 for disallowance of Input Tax Credit (ITC). The bank disclosed this information as part of compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Key Details of the Order
- Authority Involved: Joint Commissioner, Pune, Maharashtra
- Financial Year Concerned: 2020-2021
- Date of Order: February 19, 2025
- Order Number: ZD270225100458L
- Violation: Disallowance of Input Tax Credit (ITC)
Financial Impact on USFB
As per the details shared by the bank, the dispute involves a tax liability of ₹4.11 crore, and the total financial impact, including the penalty, stands at ₹4.52 crore. However, the company has not reported any interest component as part of the financial liability.
The bank has not yet specified whether it plans to appeal against the penalty or seek any legal recourse. It has, however, assured that all necessary regulatory disclosures have been made, and the official notice is also available on its website www.ujjivansfb.in.
This development comes at a time when regulatory compliance is a crucial aspect of corporate governance in the banking sector. Investors and stakeholders will be closely monitoring further updates regarding any potential financial or operational impact on Ujjivan SFB
Shares of Ujjivan Bank Trading 0.71% higher
Disclaimer
This article is for informational purposes only and should not be considered financial, legal, or investment advice. Readers are advised to conduct their own research or consult with a financial expert before making any decisions based on the information provided. Neither the author nor the publisher assumes any responsibility for actions taken based on this content.