MAM
Madison Media launches 2 sub-brands; Punita made group CEO
MUMBAI: It’s action time at the Rs. 9 billion Madison Media. To begin with, Punita Arumugam has been elevated to Madison Media Group CEO. The home grown media agency has also launched two sub brands titled Madison Media Plus and Madison Media Infinity.
As part of a restructuring, Ajit Varghese has been appointed CEO of Madison Media Infinity and Basabdatta Chowdhuri CEO of Madison Media Plus.
Says Madison Communications CMD Sam Balsara, “Madison has always believed in hiring young people and entrusting them with responsibility and authority. The current set of organisation changes, perhaps the most dramatic since inception, is an extension of the same philosophy and recognizes the outstanding commitment and performance of these individuals.”
Punitha joined the company in January 1999 as media services director and has risen to the CEO’s post of Madison Media Group. Chowdhuri joined in April 1998 as media manager, while Varghese came to the company in July 1999 as media group.
Recently, Madison Media had also elevated Gopakumar Nair to the position of commercial director and Deepak Agharkar to the position of finance director.
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.
