MAM
Sheela Foam appoints Rakesh Chahar as deputy managing director
MUMBAI: Sheela Foam Ltd, a market leader in comfort and sleeping solutions in India, has appointed Rakesh Chahar as deputy managing director (Whole-time Director) with immediate effect. The appointment was announced at the Board of Directors’ meeting pursuant to the recommendation of the Nomination & Remuneration Committee. Mr. Chahar has more than three decades of robust institutional experience and leadership at Sheela Foam.
Sheela Foam, the owner of iconic brands Sleepwell, and recently acquired Kurlon Enterprises and Furlenco, is building its presence in different geographies at a steady pace. With its portfolio spread across heritage comfort solutions and new-generation tech-enabled lifestyle solutions, the company is heading to a pivotal stage of integrated growth in both Indian and foreign markets.
Chahar, who has been with Sheela Foam since 1990 and a Whole-Time Director since 2003, brings over 30 years of experience in scaling operations, building distribution strength, and delivering category growth. he has led transformational efforts that have solidified the group’s leadership status in polyurethane (PU) foam business. He has played a pivotal role in establishing Sleepwell as India’s most recognized and highest-selling mattress brand.
He has been the driving force to build Sheela Foam’s distribution muscle, establishing a robust network of distribution and retail partners across the nation – efforts that have greatly enhanced consumer reach and market share.
In his enhanced mandate, Chahar will lead the company’s growth strategy – to drive integrated operations, channel consolidation, and pan-India market reach. His leadership will also focus on expanding institutional and B2B verticals, while unlocking manufacturing and procurement synergies across the group’s production facilities.
Beyond his corporate responsibilities, Chahar also serves as Chairman of the Indian Sleep Products Federation (ISPF) – India’s first dedicated industry body for the mattress and sleep solutions sector.
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.
