Galaxy Supermarket Limited has made a disclosure to BSE Limited pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015. The company has received intimation from its bankers that they have received a communication from the Office of the Assistant Collector, Commercial Tax, Agra, regarding recovery of outstanding Commercial Tax dues.
The specific details of the notice are:
- Outstanding dues: ₹51,19,615/- (Rupees Fifty One Lakh Nineteen Thousand Six Hundred Fifteen Only)
- Additional liability: Applicable interest on the outstanding amount
- Period concerned: Financial years 2008-09 to 2010-11
The communication from the tax department instructs the banks to attach the company's bank account(s) to the extent of the outstanding dues and to make the attached amount available to the department through Demand Draft/Bank Pay Order.
The company's bankers have informed that a lien has been marked on the company's bank account(s) pursuant to the attachment notice.
The company states that this tax matter pertains to financial years 2008-09 to 2010-11 and that it was not in receipt of any recent communication from the Commercial Tax department prior to receiving this intimation from its bankers.
The company is currently in the process of examining the matter and taking appropriate steps. The company shall seek appropriate legal advice and take such further steps as may be considered necessary in the best interests of the company.
The company has committed to keep the exchange informed of any developments in this regard.
The disclosure was signed by Harsh Joshi, Company Secretary & Compliance Officer (Membership No.: A51905) on behalf of Galaxy Supermarket Limited.