MAM
Upendra Gadre joins Veedol as group CFO, strengthening financial leadership
MUMBAI: Veedol, a brand with a 100-year legacy in oils and lubricants, has appointed Upendra Gadre as its group chief financial officer (CFO). This strategic move reinforces the company’s commitment to financial excellence as it gears up for its next phase of growth.
With a track record of financial stewardship and strategic decision-making, Gadre is set to play a pivotal role in Veedol’s global operations. His appointment marks a significant milestone, reflecting the company’s focus on innovation, expansion, and operational efficiency in an evolving market.
Announcing his new role, Gadre shared his enthusiasm via Linkedin saying, “I’m happy to share that I’m starting a new position as Group Chief Financial Officer at Veedol!”
With over three decades in corporate finance, strategic planning, and digital transformation, Gadre has spearheaded financial operations at leading firms like Deepak Fertilizers, Tata Autocomp, and DGP Hinoday. At Veedol, he brings his expertise in profitability management, cost optimisation, and financial restructuring. As industries transition toward sustainability and digitalisation, his leadership will be instrumental in guiding Veedol’s financial strategy and operational agility.
Brands
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.
