BASF India has informed that in further to letters dated 11th October, 2019 and 22nd October, 2019 regarding the receipt of demand notices from Commercial Tax Department, Karnataka for the periods 2006-2010, 2010-11 (2 months), 2014-15 by treating the stock transfers of the Company's Mangalore Plant as interstate sales to dealers and its subsequent stay granted by the Hon'ble Karnataka Appellate Tribunal. The Company has now received demand notices for the further periods i.e. 2010-13 from the Commercial Tax Department, Karnataka aggregating to Rs 211.25 crores (including interest & penalty) by treating the stock transfers of its Mangalore Plant as interstate sales to dealers. The Company has also received a Notice for Rs. 46.39 crores (including interest & penalty) for the period 2015-16 from Commercial Tax Department, Karnataka. The Company is in the process of filing its detailed reply/ submission/ appeals in response to these Notices. The Company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter. The intimation is under Regulation 30 of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The above information is a part of company’s filings submitted to BSE.
