MAM
GroupM agrees to acquire majority stake in Filmworks China
MUMBAI: WPP has announced that its wholly-owned operating company GroupM, WPP’s global media investment management arm, has agreed to acquire Filmworks China, an entertainment marketing agency in China, subject to regulatory approval.
Founded in 2010, Filmworks’ service offering includes marketing of entertainment media properties, merchandise licensing, tie-in promotion, product placement and celebrity endorsements. It has a blue-chip client list that includes Electronics Arts, DreamWorks, TCL Television, Li Ning and Yili Group.
Filmworks’ unaudited revenues for the year ended 31 December 2011 were approximately RMB 12 million, with gross assets at the same date of approximately RMB 11 million.
This investment continues WPP’s strategy of developing its services in fast-growing and important markets and sectors. WPP has been committed to the Greater China region for over 20 years. Greater China remains one of the fastest growth markets for the company and is currently WPP’s third largest market with revenues of $1.3 billion and 14,500 people (including associates).
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.
