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Pantomath Capital names Namrata Shanbhogue as executive director – investment banking
Veteran banker with two decades of deal experience joins the firm
MUMBAI: Pantomath Capital has brought in a seasoned dealmaker to sharpen its investment banking edge. The firm has appointed Namrata Shanbhogue as executive director – investment banking, adding nearly two decades of experience across investment banking and payments to its leadership bench.
Shanbhogue joins from Axis Capital, where she served as senior vice president in the financial sponsor group. There, she worked closely with private equity and venture capital investors, leading private fund-raising mandates for corporates across sectors such as medical devices and fintech. Before that, she spent over five years with Axis Bank in senior roles.
Her longest stint was with Enam Securities, where she rose from analyst to vice president in just over a decade. During that period, she worked on a wide range of transactions including IPOs, private equity deals, rights issues, mergers and acquisitions, and structured finance assignments across industries such as media and entertainment, pharma, telecom, retail, power equipment and fintech. She was also closely involved in several high-profile fund-raising exercises for major corporate groups.
Mahavir Lunawat, chairman and managing director of Pantomath Capital, said the appointment would strengthen the firm’s investment banking franchise. He noted that Shanbhogue’s capital markets experience and execution track record would add significant value as the firm expands its sector focus and scale.
Shanbhogue said she was joining at a time when India’s capital markets were gaining depth and momentum. She added that the firm’s entrepreneurial culture and long-term client approach aligned closely with her professional outlook, and that she looked forward to working with the leadership team to deliver capital solutions across sectors.
She holds a PGDM in finance and general management from Mumbai Educational Trust and a Bachelor of Commerce in accounting and finance from R A Podar College.
The appointment comes amid a broader leadership build-out at Pantomath Capital, which recently brought in Mitul Shah as managing director for coverage and investment banking, focusing on industrials, engineering and the auto sector.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
