MAM
CNBC launches second edition of Asia Business Leader Awards
Business and financial channel CNBC in association with TNT, has invited entries for the second annual Asia Business Leader Awards 2002. The awards recognise achievement, innovation and leadership in regional business.
Global business school INSEAD will lead the judging panel. The selection methodology will focus on measuring the effectiveness and leadership impact a leader has on a company, says an official release.
The selection process will be spread over two phases. While the first phase concentrates on measurable criteria – the leadership effectiveness, and will be completed between 3 June and 12 July, INSEAD will shortlist candidates eligible for the second phase.
This phase concentrates on leadership impact. Objectivity will be the prime focus in evaluation. This phase of activity lasting a month, starts 22 July. The results of the second phase will generate the finalists, which will be forwarded to the judging panel, headed by Dr Schutte. The awards are sponsored by The Citigroup Private Bank and supported by host sponsor Invest Hong Kong.
Says INSEAD’s associate dean for executive education Asia Prof Schutte: “Judging will be determined based on leadership qualities, impact of leadership on the environment, and the performance of the company. All data will be compiled and processed by INSEAD with focus on the qualitative and quantitative aspects of leadership. Effective leadership, defined as achieving growth even under difficult circumstances, will be highly valued by the panel, especially in international markets.”
Entries are available on (852) 2331-4684 or (65) 6326-1796 or by writing to abla2002@insead.edu for an entry kit. For details visit www.cnbcasia.com/abla2002.
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.
