MAM
Capri Global acquires franchise in UAE’s T20 League
Mumbai: Capri Global Group on Wednesday announced that it has acquired a franchise in UAE’s T20 league.
Promoted by first-generation entrepreneur Rajesh Sharma, Capri Global has varied interests across sectors including key ventures such as a non-banking financial company, stressed assets fund and sports venture. Its subsidiary Capri Global Capital is a non-deposit-taking systemically important non-banking financial company with a $ one billion+ market cap, said the statement.
Capri Global Capital managing director Rajesh Sharma said the foray into sports franchising allows the company to leverage on the passion that the Indian audience has for cricket. “We see great synergy coming through this alliance, including a host of exciting moments that are set to elevate the cricketing experience for our Indian audience at the global platform. We believe that the land of opportunity through its sports IP has created an image that accurately depicts what represents the UAE,” he added.
“To have a partner who is acknowledged as one of India’s leading investment bankers, buying into the UAE’s T20 vision and investing into sports properties with a long-term investment perspective is a testament to the strength of UAE’s T20 League’s Business Model and its value proposition to its stakeholders and an ode to the UAE as the destination of choice for global sports events,” commented Emirates Cricket Board vice chairman and UAE T20 League chairman Khalid Al Zarooni.
“We are extremely pleased that a legendary investment professional like Rajesh Sharma has chosen to partner with the UAE’s T20 League. This is a resounding thumbs up to the unique opportunity that UAE’s T20 league offers,” added Emirates Cricket Board general secretary Mubashshir Usmani.
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.
