Timex Group India Limited (BSE: 500414) has announced the resolution of a long-pending tax dispute under the Gujarat Value Added Tax Act, 2003. The Deputy Commissioner of State Tax (Appeals) issued a final order on April 14, 2025, reducing the original demand of ₹1.10 crore from a 2016 show-cause notice to ₹5,332.
The case pertained to pending Form C and Form F submissions for the financial year 2011-12. While the company acknowledged a two-working-day delay in disclosing this information due to internal communication gaps, it emphasized that the financial impact remains negligible. Timex India stated it will shortly deposit the revised amount to conclude the proceedings.
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Dhiraj Kumar Maggo, VP-Legal, HR & Company Secretary, confirmed the development in a regulatory filing under SEBI’s Listing Regulations. The company has instructed its concerned departments to ensure stricter adherence to disclosure timelines moving forward.
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