MAM
Vanita Keswani exits Madison Media Sigma after 30 years
CEO bids farewell to Madison to begin independent venture
MUMBAI: After three decades of building brands, businesses and bonds, Vanita Keswani is stepping down as CEO of Madison Media Sigma and moving on from Madison World to begin an independent entrepreneurial chapter.
In a heartfelt note announcing her departure, Keswani reflected on her 30 year journey, writing, “They say time flies, but looking back at the last three decades, it feels more like time has built so much.” As she “steps out of the doors of Madison as an employee”, she says she leaves with “a trove of cherished memories and relationships”.
Keswani joined Madison in 1995 as an account manager on the Coca Cola business and steadily rose through the ranks. From account director on Godrej Consumer to business director and general manager, she went on to become COO in 2012 and was elevated to CEO in 2015. Over the last decade at the helm, she managed P and L, led the core business development and training teams, drove digital growth and championed media innovation aligned to client KPIs.
Her tenure saw significant new business wins and strong organic growth across existing accounts. Under her leadership, teams secured a gamut of media innovation awards across platforms including Emvies, Abby, Prime Time, OAC and Golden Mikes. She was also recognised among the top 50 most influential women in media by Impact magazine.
In her farewell message, Keswani thanked the “soul of the organisation” for its culture of transparency and growth. She acknowledged mentors who offered “tough love and honest feedback”, and teams who navigated midnight crises and midday celebrations alike. She also expressed gratitude to industry and media partners, noting that many professional associations evolved into genuine partnerships over time.
Before Madison, Keswani spent nearly four years at Bennett Coleman and Co. Ltd, part of the Times Group, where she worked across sales, marketing and product roles, including with Femina and Filmfare, and was involved in early radio brand initiatives at Times FM.
A marketing MBA from Times School of Marketing and a psychology graduate from Indraprasth College for Women, Keswani has also completed leadership programmes at ISB and with global coaches, and has been a regular panelist and visiting faculty member at industry and academic forums.
“I am leaving a piece of my heart here, as I take with me the lessons of a lifetime,” she wrote, adding that she is excited to apply her learning to her independent entrepreneurial work.
For Madison Media Sigma, it marks the end of an era. For Keswani, it appears to be the start of another.
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.
