This is a regulatory disclosure made under Regulation 30 of the SEBI Listing Regulations concerning an order received by an indirect, wholly-owned subsidiary of the Company.
Nature of the Event
The disclosure pertains to a penalty imposed by a foreign tax authority on SMR Automotive Systems USA Inc., USA (SMR USA).
Details of the Order
- Issuing Authority: The State of Michigan, Department of Treasury, USA.
- Recipient Entity: SMR Automotive Systems USA Inc., USA, an indirect wholly-owned subsidiary of Samvardhana Motherson International Limited.
- Nature of Order: The penalty was imposed pursuant to the conclusion of a Corporate Income Tax audit for the periods April 1, 2022, to March 31, 2024.
- Reason for Penalty: The penalty of USD 48,432 was levied due to a short payment of tax identified during the audit.
Financial Details
- Penalty Amount: USD 48,432 (US Dollar Forty Eight Thousand Four Hundred Thirty Two only).
- Equivalent in INR: INR 46,29,936.95 (Indian Rupees Forty Six Lakh Twenty Nine Thousand Nine Hundred Thirty Six and Paise Ninety Five only).
Timeline of Events
- Date of Receipt/Agreement: The outcome of the Corporate Income Tax audit was received and agreed to by SMR USA on September 11, 2026.
- Date of Payment: SMR USA made the payment of the penalty amount to the State of Michigan, Department of Treasury on September 11, 2026.
- Date of Disclosure to Exchanges: The parent company, Samvardhana Motherson International Limited, made this disclosure to the stock exchanges on September 13, 2026.
Stated Impact
- The company has explicitly stated that "There is no material impact on the financials or on operations or other activities of the Company."