MAM
Polycab India appoints Vivek Sharma as deputy managing director
Mumbai: Polycab India Ltd has appointed Vivek Sharma as deputy managing director, effective 4 October.
Sharma brings with him more than 35 years of rich corporate work experience having led large teams, for global and national brands of repute. He has strengthened businesses and brands across diverse sectors like FMEG, ECM, lighting and consumer durables, which saw accelerated industry-leading growth in both revenues and profits.
Prior to joining Polycab India, he was with Panasonic Life Solutions India as managing director for the electricals arm.
“Vivek brings with him an extensive work experience and diverse capabilities to contribute to our continue growth leadership,” said Polycab India chairman and MD Inder T Jaisinghani. “On behalf of the entire organization, I welcome him to Polycab India Ltd. and wish him unprecedented success.”
An alumnus of Symbiosis Institute of Business Management, Sharma has also done advanced management courses from IIM’s (Ahmedabad, Kolkata, and Bangalore). He is a TEDx speaker, acknowledged trainer, and ICF-trained coach.
“I am excited to be part of this outstanding Polycab team. We shall be bolstering the industry domain expertise and manufacturing capabilities that have now made Polycab India Ltd the growth leader across sectors,” said Sharma on his new role.
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.
