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Sushant Bhandari elevated to VP at Citi institutional banking
MUMBAI: Citi has welcomed Sushant Bhandari as vice president in its Institutional Client Group, signalling a fresh wave of leadership and ambition within the bank’s institutional banking division.
Bhandari, who has been with Citi for nearly seven years, will focus on strengthening relationships with institutional clients, driving solution-led growth, and delivering integrated banking, cash management, and trade finance solutions across markets.
He has steadily climbed the Citi ladder, starting as a sales management associate in 2019, moving up to solution sales manager, then assistant vice president, and now stepping into his VP role. Along the way, he has been recognised multiple times for top performance, including accolades at the Top Performers Summit 2020 and Winners Circle.
Before joining Citi, Bhandari honed his skills through internships and live projects at organisations including Khaitan Electronics, pladis Global, EduShedu.com, and Children International, as well as contributing to the Finance Club at IMI Delhi.
In his new role based in Mumbai, Bhandari is set to bring a mix of experience, energy, and innovative thinking to Citi’s institutional banking operations, making the complex world of corporate finance a little more approachable for clients.
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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.
