MAM
Peps India to join Asia cup 2014 as Central Associate Sponsor
MUMBAI: Peps India, one of India’s leading mattress manufacturers announced that it will be the Central Associate sponsor for the prestigious Asia Cup that will commence on February 25, 2014 in Bangladesh. This will be the first time in India that a mattress brand will be a sponsor for an international cricket tournament. This will include branding for Restonic and (other mattresses brands that will be advertised).
Peps India’s involvement in the cricket scene and sponsorship of Asia Cup is about more than generating widespread exposure for its products through this globally popular sport. It is also a great opportunity to promote the company’s proven expertise when it comes to mattresses and other sleep products as they plan to expand their business in the Asian domain.
Mr K Madhavan, Managing Director, Peps India, said, “This is a momentous occasion for us to be associated with cricket. It’s a sport that I grew up watching and continue to follow it closely and it’s an extremely proud moment for me and the company.”
Asia Cup is a very important fixture on the international cricket calendar and the viewership across cricket watching nations is very high. As part of being the Central Associate sponsor Peps India will get to give away the sponsor trophy to the winning team at the end of the tournament apart from getting in stadium visibility and air time during the telecast of the entire tournament.
“Cricket is like a religion in India and there have been times when the entire country grinds to a halt when there is a game being played and we know that Peps India can only gain tremendously by this association”, added Mr Madhavan. “A fit body and mind is needed to play a sport like cricket and good sleep is an essential ingredient for a healthy and fit body and by that we see a great connect between cricket and our brand”.
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.
