MAM
Axis Bank moves media biz to MediaVest Worldwide
MUMBAI: Axis Bank has appointed MediaVest Worldwide as it media AoR. The Starcom MediaVest Group agency will handle the business from its Mumbai office.
The incumbent agency on the account was Madison Media.
Effective 1 August, the agency will cover media planning and buying for all Axis Bank campaigns.
Axis Bank CMO Manisha Lath Gupta said, “While evaluating, we realised SMG has robust planning tools which will help us integrate across different mediums. With their Human Experience Strategy and approach, we believe, they are well poised to handle the media challenges lying in front of Axis Bank for the future.”
SMG India CEO Malli CR said, “Axis Bank is a blue chip client and we are honored and delighted to have them on board. They have an exciting brand vision and we look forward to delivering their goals with SMG‘s future focused medi a product that is predicated on insights and analytics, digital and content.”
According to the official statement, SMG has been strengthening the MediaVest brand across Mumbai, Delhi and Bangalore and will soon announce a few senior management hires.
Axis has also announced earlier today that its digital duties will be handled by Publicis Groupe‘s Digitas India.
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.
