MAM
Carat India CEO Meenakshi Madhvani to bid adieu to her charge
MUMBAI: Meenakshi Madhvani, designated CEO, Carat Media Services India, is moving on. There is no information on Madhvani’s future moves but sources claim that she is heading abroad. Unconfirmed reports at the time of writing are that she may be even higher up in the Carat Media hierarchy.
Indian media independent Carat is believed to have a turnover of Rs 3 billion and its sister agency Carat Integra (a joint venture which handles the business of Percept Advertising) has a turnover of Rs 1.5 billion.
Carat Asia Pacific CEO David Liu briefed the Carat India team about this new development today. Sulina Menon, who is currently heading the Delhi office, has been appointed as CEO with immediate effect. Pratibha (Pat) Vinayak and Gita Ram have been promoted as general managers in charge of the Mumbai office. Recently, Shripad Kulkarni who owns M:Ideas was appointed as CEO of Carat Integra.
Madhvani was appointed head of Carat when it started operations in India in 1997. She assumed charge of Carat at a time when the concept of media specialist agencies was very new in India. Very few ad agencies, leave alone advertisers, had an understanding of the functioning of a media specialist major.
The fiesty Madhvani, however, took this environment as a challenge. She nurtured the startup, Carat, gradually creating awareness and educating the media and advertising community on outsourcing media planning and selling to and independent agency. She not only ensured that the agency managed to stay afloat but that it also grew at a scorching pace.
Her varied experience stood her in good stead. Initially, with Lintas as part of the account management team on Hindustan Lever Limited – one of the savviest users of media. She later hopped on to the media side at Zee Telefilms. There she headed the fledgling but rapidly growing network’s ad sales.
In 1999, Madhvani was elevated to Carat’s Asia Pacific Executive committee, an exclusive 12-member team which is responsible for steering the agency.
In India, Carat handles clients such as Cadburys, Asian Paints amongst others. Carat Asia Pacific is amongst the top ten largest media specialist network in Asia Pacific.
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.
