MAM
Nike renews Asian Football Confederation contract
MUMBAI: The Asian Football Confederation (AFC) has announced that sportswear manufacturer Nike has extended its commercial engagement with Asian football.
The Oregon-based company is a designer, marketer and distributor of athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. The company has been associated with AFC since 2005.
The agreement includes all AFC national competitions like the AFC Asian Cup as well as the qualifying tournaments for the 2014 FIFA World Cup, 2016 Olympic Games and the AFC Club programme.
AFC acting president Zhang Jilong said, “I couldn‘t be more excited about the extension of AFC‘s sponsorship agreement with Nike. Nike believed in the potential of Asian football and our alliance started in 2005. Nike‘s commitment is a good testimony to the great appeal of AFC tournaments as a superior marketing platform.”
World Sport Group East Asia president Nick Mould said, “It is a great pleasure to renew our relationship with Nike on behalf of Asian football. Since the beginning of their engagement with the AFC, Nike have been a proactive and innovative partner and we look forward to continuing to work closely together.”
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.
