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Keki Mistry joins Kedaara Capital as independent operating advisor
MUMBAI: Private equity firm Kedaara Capital has roped in one of the savviest, most respected and experienced minds in Indian financial services. The PE firm has announced the appointment of Keki Mistry as an independent operating advisor to its funds. A chartered accountant and a veteran of the banking & financial services sector, Mistry brings over four decades of expertise, having played a pivotal role in shaping some of India’s leading financial institutions.
Mistry began his career with AF Ferguson & Co before joining HDFC in 1981, where he rose through the ranks to become vice-chairman & CEO from 2010 to 2023. Under his leadership, HDFC transformed into India’s largest financial services conglomerate, founding key entities such as HDFC Bank., HDFC Asset Management Co, HDFC Life Insurance Co, and HDFC ERGO General Insurance Co.
Following HDFC’s merger with HDFC Bank in 2023, Mistry joined the board of HDFC Bank as a non-executive director. He also holds board positions with several prominent companies, including Tata Consultancy Services, Flipkart, and Torrent Power.
At Kedaara Capital, Mistry will act as a strategic advisor, offering insights into financial services and guiding investments in the sector. His unparalleled experience and leadership are expected to provide significant value to Kedaara’s portfolio.
The PE typically invests between $25-75 million in each investment, and it can invest a significantly larger amount (>$200 million) in select situations.
Kedaara Capital is run by three founders & managing partners Manish Kejriwal, Sunish Sharma and Nishant Sharma. It is reputed to be amongst the top private equity firms in India.
In addition to his professional achievements, Mistry is known for his love of cricket, theater, and golden era Hindi music. His contributions to the industry have earned him numerous accolades, including the Lifetime Achievement award from the Financial Express and the Hall of Fame recognition from the Institute of Chartered Accountants of India.
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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.
