Brands
Shriram Finance says no binding deal with MUFG, dismisses $5bn stake rumours
MUMBAI: Shriram Finance has moved swiftly to quash market chatter that Japan’s MUFG was set to invest up to $5 billion for a 20 per cent stake. The company said it had already informed stock exchanges on December 16 about a board meeting on December 19 to consider fund-raising proposals via multiple avenues.
In line with SEBI’s May 2024 circular on industry standards for rumour verification, Shriram Finance said it is not obliged to confirm, deny or clarify reports surfacing between the pre-intimation and the board meeting. The company also closed its trading window for all designated persons from December 17.
“The company is on a growth trajectory and routinely explores opportunities aimed at enhancing shareholder value. as of now, no binding agreement, arrangement or understanding has been executed with any investor,” it said, stressing that nothing warrants a disclosure under regulation 30.
On queries about unpublished information explaining unusual stock movements, the company reiterated that, save for previously disclosed board meeting plans, no additional information exists. Regulatory or legal proceedings in relation to the news are also not applicable.
Shriram Finance reaffirmed that it follows robust corporate governance practices, keeping exchanges informed of material events while respecting SEBI guidelines.
The company’s statement leaves the market on edge, but firmly signals that any major deals will be announced only when ink hits paper.
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.
