MAM
LIC partners with Lotus Petal Foundation for sustainable development
Mumbai: Life Insurance Corporation of India (LIC) has partnered with Lotus Petal Foundation, a Gurugram-based NGO, to advance sustainable development and enhance quality education. Supported by the LIC Golden Jubilee Foundation, this collaboration has funded the installation of a 45 KW solar power system at the foundation’s 5-acre Education & Skill Development campus, which aims to educate 10,000 underserved children under one roof, making it one of India’s largest philanthropic schools.
The solar installation reflects LIC’s commitment to environmental responsibility by reducing the campus’s carbon footprint and energy costs. This initiative serves as a benchmark for institutions implementing green energy solutions, creating a sustainable and eco-friendly learning environment for students.
LIC India’s regional manager Manoj Atrishi emphasised the importance of sustainability:”LIC is honored to be part of this transformative journey and support a place like this which will become one of India’s largest philanthropic schools. We believe that by experiencing the benefits of clean energy, students will be inspired to build a greener future.”
Lotus Petal Foundation founder and managing trustee, Kushal Raj Chakravarty expressed gratitude:
“We are deeply grateful to LIC for their support in this critical phase of our journey,” he said. “The installation of solar panels is not just an investment in renewable energy; it is an investment in creating a sustainable and environmentally conscious campus where students can learn and thrive.”
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.
