Persistence Industrial Coating Faces Penalty of ₹1.15 Crores from CGST Authority

Pidilite Industries Limited has received an order from the Joint Commissioner of CGST & Central Excise in Indore, imposing a penalty of ₹ 1,15,88,015 in relation to the GST Audit for the years 2017-18, 2018-19, and 2019-20. The penalty is based on the Central Goods and Services Tax Act 2017. The company plans to appeal the order and will review the decision to determine its next steps. The company will exercise its right to appeal to the highest authority as permitted by law. This disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company’s stock market notice states that the order is appealable and the company is reviewing the order.