Brands
Kwality Wall’s scoops up heavyweight board ahead of HUL split
MUMBAI: India’s soon-to-be-independent ice cream giant has lined up seven directors to steer its course after breaking free from Hindustan Unilever Ltd on 1 December. Kwality Wall’s (India) Ltd announced the heavyweight appointments on 23 November signalling its readiness to compete as a standalone entity in the country’s fast-growing frozen desserts market.
The newly minted board brings together veterans from across consumer goods, finance and strategy. Ritesh Tiwari, global head of M&A, treasury and ventures at Unilever plc, joins as non-executive director. The 25-year industry stalwart previously served as executive director of finance and chief financial officer at HUL, where he championed digital transformation.
Two executive directors will drive day-to-day operations. Chitrank Goel, tapped as deputy managing director, brings over two decades in consumer packaged goods and 15 years specifically in ice cream, including stints at Unilever India and Europe before moving to Jubilant FoodWorks. Prashant Premrajka steps in as chief financial officer and executive director, armed with 22 years in consumer goods and previous experience as CFO of Kimberly-Clark Lever India.
The independent directors pack serious corporate firepower. Ravi Pisharody spent over a decade at Tata Motors, including as executive director, plus 18 years at Philips and eight at BP/Castrol. Madhavan Hariharan, group CFO at CK Birla Group, chairs the audit committee at Galaxy Surfactants. JV Raman logged nearly three decades at Unilever across multiple markets, heading businesses in Vietnam and Russia. Shukla Wassan brings three decades of expertise in strategic partnerships, mergers and acquisitions, and corporate governance across South Asia.
The board appointments follow the resignation of Toloy Tanridagli, who stepped down as additional non-executive director on November 21st citing professional commitments. The company also hired Vidhi Sanghvi as company secretary and compliance officer, effective December 5th, and appointed SN Ananthasubramanian & Co as secretarial auditors.
The demerger marks a strategic bet on focused value creation. Armed with marquee brands including Magnum and Cornetto, and backed by an expansive distribution network, Kwality Wall’s is positioning itself to accelerate growth in a category that’s heating up. The company will list on India’s two major stock exchanges in due course. For a business built on keeping things frozen, the pace is decidedly scorching.
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.
