Brands
PVR receives shareholders’ nod to raise Rs 500 crore via NCDs
MUMBAI: Multiplex chain PVR has received shareholders’ approval to raise Rs 500 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
Additionally, the shareholders also approved a dividend of Rs 1 on each equity share for FY 2014-15 at its 20th annual general meeting (AGM).
It may be recalled that last year, the PVR board had approved a plan to raise Rs 500 crore via qualified institutional placement (QIP).
As of July 2015, PVR operates 474 screens across 106 locations in 43 Indian cities, which are spread across 15 States and one Union Territory.
For the quarter ended 30 June, 2015, PVR posted net profit of Rs 56.67 crore as compared to Rs 8.47 crore for the quarter ended 30 June, 2014. The company’s total income increased from Rs 343.24 crore for the quarter ended 30 June, 2014 to Rs 462.82 crore for the quarter ended 30 June, 2015.
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.
