MAM
Micromax brings on board Sanjay Kapoor as chairman
MUMBAI: Micromax brings on abroad Sanjay Kapoor, former CEO of Bharti Airtel, to the Micromax promoter group and chairman of the board with immediate effect.
This development reflects Micromax’s vision of stepping up to the next phase of growth of the company.
Commenting on the development Micromax co-founder Rahul Sharma said, “We are glad to have Sanjay to be a part of Micromax’s promoter group and on our board as the new Chairman. Sanjay is one of the most respected professionals in the Indian corporate world and has been instrumental in building some of the most successful technology brands in the country over the past three decades. I am confident that he will be able to provide required strategic direction to take our billion dollar business to the next level of growth and expansion.”
“Sanjay’s strategic and inspirational leadership skills will certainly provide strong impetus to Micromax as we pursue our aim to be the first Indian hardware brand driving success globally. He will be instrumental in building synergies for our existing international businesses and spearhead our foray into other international markets in the near future,” added Sharma.
On his appointment, Kapoor said, “I am excited as an entrepreneur to be a part of the promoter group and as a professional to lead the Micromax board & management. I look forward to adding value to all stakeholders leveraging my strengths in building scale, developing brands and understanding consumers. There is a tremendous potential for Micromax, a vibrant youth brand that has led the democratization of technology for masses, offering affordable innovations to the consumers.”
“Micromax is truly the new age brand that has made an indelible mark on the industry within a short time by changing the dynamics of the mobile eco-system. Proliferation in data services and cutting edge devices that make technology affordable for masses will be critical for next phase of growth and I am confident that Micromax will lead this transition,” mentioned Kapoor.
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.
