MAM
Madhav Sheth elevated to lead realme brand expansion in Latin America
Mumbai: Chinese smartphone brand realme has elevated its vice president (VP) and India and Europe CEO Madhav Sheth to spearhead the company’s business operations in the Latin America region.
Under the new designation of realme VP and India, Europe and Latin America CEO, Sheth will lead the product, marketing, brand-building, and sales functions in these regions, the company said in a statement on Thursday.
In Mexico and Brazil, realme will prioritise product development, which is always a top priority for the company and will aim towards building a strong local workforce in the Latin American region. In addition, realme will optimise its market and channel strategies in Mexico and Brazil.
“Under Sheth’s stewardship, realme has ascended to the top five vendors in Europe in Q2 2021 as per Strategy Analytics, and the company plans to do the same in Mexico and Brazil next year,” the brand said.
According to a report by Counterpoint Research, realme now ranks among the top six smartphone brands globally. It is the fastest brand ever to reach 100 million shipments in the history of the global smartphone market, as per Strategy Analytics. The brand ranks among the top five smartphone makers in 18 markets in Q2 2021, as per Canalys.
“The foray into a new and promising market reflects realme’s vision to bring trendsetting technology and leapfrogging performance to the consumers in the region, enabling it to achieve its ambition of gaining dual 100 million users by 2023 and build its way to a leading tech brand,” realme said.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â 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.
