MAM
Wealth of Experience as Debasish Mohanty Joins The Wealth Company
MUMBAI: They say knowledge compounds like interest and The Wealth Company just made a high-return hire. The Wealth Company has appointed Debasish Mohanty as Chief Strategy Officer for its Asset Management Arm, tapping into his 30-plus years of deep domain expertise in India’s mutual fund industry. Known among peers as a walking encyclopaedia of financial strategy, Mohanty’s arrival marks a pivotal chapter for the organisation as it aims to scale with innovation and insight.
Mohanty’s illustrious career includes leadership roles at UTI AMC, where he served as president and national head of sales, while also overseeing policy research, business transformation, corporate communication, and marketing functions. His name is also familiar in policy circles, having played an active role on various AMFI committees including those on operations & compliance, ARN, and common platform.
Currently serving as an independent director at LIC Pension Funds Ltd., regulated by PFRDA, Mohanty brings not just experience but a rare combination of academic rigour and practical strategy. A postgraduate and M.Phil in Economics from JNU, he also holds a Postgraduate Diploma in securities law, and wears many certified hats: CFP, CWM, and CAIIB. His executive education portfolio spans Kellogg School of Management, ISB Hyderabad, and IIM Ahmedabad.
In his new role, Mohanty will steer growth, innovation, and long-term value creation at The Wealth Company’s asset management operations. “My focus will be on strategic initiatives that elevate the company’s position in the market,” he said, underscoring plans to work closely with leadership on risk mitigation, opportunity identification, and stakeholder returns.
The Wealth Company MD & CEO Madhu Lunawat described Mohanty as “the encyclopedia of the mutual fund industry,” lauding his ability to operate seamlessly across public, private, and foreign fund categories.
With this appointment, The Wealth Company signals its intention to play the long game backed by a strategist who knows the terrain better than most.
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.
