MAM
Shoppers Stop checks out a new CFO as Pankaj Chaturvedi steps in
Retailer names Saregama finance chief to take charge from April 2026.
MUMBAI: In a classic case of numbers meeting new narratives, Shoppers Stop has pressed refresh on its finance leadership, appointing Pankaj Chaturvedi as chief financial officer with effect from April 1, 2026.
Chaturvedi will take over from Karunakaran Mohanasundaram, who has held the CFO role since 2018 and is stepping down to explore opportunities outside the company, the retailer said in a statement.
Currently the CFO at Saregama India Ltd, Chaturvedi brings with him a blend of consumer, media and telecom experience. Over the years, he has held senior finance roles at Vodafone and Reliance Jio, giving him a ringside view of large-scale operations, digital transitions and fast-evolving consumer businesses.
At Shoppers Stop, the appointment comes at a time when organised retail is navigating cautious spending, rising costs and sharper competition, making financial stewardship a central part of the growth story. Chaturvedi is expected to oversee the company’s finance strategy as it balances expansion ambitions with tighter margins and changing shopper behaviour.
Mohanasundaram’s departure marks the end of a steady seven-year tenure during which he guided the department store chain through pre-pandemic growth, Covid-led disruption and the gradual recovery that followed.
With a new CFO lined up well ahead of the handover, Shoppers Stop appears keen to ensure continuity at the till, even as it prepares for the next phase of its retail journey.
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.
