Brands
United Breweries faces Rs 22.5 crore tax demand from Maharashtra VAT
Company plans appeal, says case strong despite levy on FY22 filings
MUMBAI: United Breweries Limited has received a tax demand totalling Rs 22.5 crore from the Maharashtra State VAT Department, adding a fresh twist to its regulatory disclosures.
The order, issued by the Deputy Commissioner of State Tax, relates to the financial year 2021-22 and stems from the alleged non-submission of declaration forms required for availing concessional tax rates under the Central Sales Tax Act, 1956.
The total demand includes additional tax of Rs 9.65 crore, interest of Rs 10.42 crore and a penalty of Rs 2.41 crore. The order was dated March 30, 2026 and received by the company on April 1.
United Breweries said it is currently evaluating its legal options and is preparing to challenge the demand before the appropriate appellate authority. The company maintains that it has a strong case on merits.
In its disclosure, United Breweries Limited company secretary and compliance officer Nikhil Malpani indicated that the company does not expect any material financial impact, apart from a statutory pre-deposit required to file the appeal.
The development highlights the continued scrutiny around indirect tax compliance, particularly legacy issues linked to documentation under earlier tax regimes. For United Breweries, the immediate focus will be on contesting the demand while keeping any financial exposure in check.
Brands
Ambit appoints Skanda Jayaraman as co-head of investment banking business
Leadership rejig sharpens ECM focus and expands sector-led advisory push
MUMBAI: Ambit Private Limited has strengthened its investment banking leadership with the appointment of Skanda Jayaraman as co-head of the division, signalling a sharper push into sector-led advisory and capital markets.
Jayaraman will share leadership responsibilities with Rahul Mody, as the firm looks to scale its advisory franchise and deepen client engagement across industries. The move is part of a broader leadership rejig aimed at expanding Ambit’s reach and execution capabilities in a competitive dealmaking environment.
With more than two decades of experience across fintech, investment banking and credit risk, Jayaraman brings a varied background to the role. He most recently founded Altflow Advisors, where he built a data-driven platform for the BFSI sector and advised mid-market clients on capital raising. Earlier, he served as CEO of Qapita Marketplace in Singapore and held a senior role at Spark Capital Advisors.
Alongside this appointment, Ambit has also realigned internal roles. Vikas Khattar will now focus exclusively on scaling the firm’s equity capital markets business while continuing to deepen its financial sponsors group coverage. The firm sees ECM as a key growth engine, driven by strong scalability and increasing capital market activity.
Commenting on the leadership changes, Ambit Private Limited group CEO Ashok Wadhwa said, “Skanda’s appointment marks an important step in driving the next phase of Ambit’s growth journey. His entrepreneurial mindset and strong execution track record will be instrumental as we partner with emerging and established leaders.”
The new structure is expected to enable more focused, sector-driven engagement, supported by dedicated leadership across key verticals. For Ambit, it is a case of tightening the top deck to play a bigger hand in India’s evolving M&A and capital markets landscape.
