MAM
Vikram Sakhuja to take up executive director position at Madison Media based in New Delhi
MUMBAI: With Ajit Varghese heading back to Madison Media, this time as partner and group CEO of Madison Media & OOH, questions were being asked about the role of long-serving group CEO Vikram Sakhuja. The suspense was laid to rest a short while ago when Madison promoter Sam Balsara confirmed that Sakhuja will continue as executive director, focusing on building organisational capability from New Delhi.
Meanwhile Balsara is quite confident about Varghese’s appointment as the agency’s leader. “Ajit has all the credentials to steer an agency like Madison into the future,” he said, citing Varghese’s stints at Madison, GroupM, a digital publisher, and most recently JioStar. Like Sakhuja, Varghese will hold a stake in the business.
Calling it a “homecoming”, Varghese said he was returning with a renewed mission. “The world of media is transforming at lightning speed, and Madison is uniquely poised to lead with its client-first thinking, independent spirit, and deep talent,” he said.
Madison Media, India’s largest homegrown communications agency, is ranked the world’s fourth-largest independent media agency by Recma. It manages media planning and buying for marquee clients including Marico, Asian Paints, Titan, TVS, Godrej Properties, Pidilite, Ceat, and the BJP. Through its 11 units, Madison World served some 500 advertisers last year.
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.
