MAM
Madhav Sheth named president of int’l business group at realme
Mumbai: Technology brand realme has elevated realme VP and realme India, Europe and Latin America CEO Madhav Sheth to the position of VP of the international business unit. With this promotion, Sheth’s new designation would now be realme India CEO, realme VP and realme international business group VP.
Sheth will be fully responsible for realme’s overseas business operation, reporting directly to realme founder ad CEO Sky Li. Helmed by his strategic vision and keen market acumen, realme will bring leap-forward technology and trendsetting design to the consumers in global regions. He will be fully responsible for realme’s business operations in Africa, Asia Pacific (excluding mainland China), Central and Eastern Europe, Latin America, Middle East, and Western Europe, said the brand in a statement.
“Madhav has made tremendous contributions to the development of realme’s overseas business in the past,” said Sky Li. “We fully believe that in the future, Madhav will lead realme to make new breakthroughs and bring realme’s products with leap-forward technologies and trend-setting designs to more young people around the world.”
realme was co-founded in 2018 by Madhav Sheth and Sky Li. A brand born in India, realme is spread to 61 markets worldwide. During his tenure as CEO of realme India and Europe, Sheth has led the team to continually increase realme’s presence in the Indian and European markets. The elevation marks a significant milestone with Sheth emerging as the first Indian Global CEO in the smartphone industry, hailing from India to the world, said the statement.
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.
