 "Infosys receives Rs 26.5 lakh IGST demand; IHC to sell stake in Adani units")
Infosys in a regulatory filing today said that it has received a demand order for collection of GST along with interest and penalty. The total demand including penalty comes to Rs 37.75 lakh. The demand order cum penalty notice includes IGST of Rs 26.5 lakh. This also includes a penalty of Rs 2.65 lakh, and interest amount of Rs 8.6 lakh.
The reason for the demand from tax authorities is non-receipt of foreign inward remittance of export proceeds for the period between October 2021 – November 2021 within stipulated timelines, said the company in its filing on the Bombay Stock Exchanges.
“There is no material impact on financials, operations or other activities of the company,” said the company in the filing of the impact of the demand on its financials and operations.
IHC to sell stake in Adani Green, Adani Transmission
International Holding Company PJSC (IHC) of Abu Dhabi on Thursday informed stock exchanges that it has sold its shares in Adani Green Energy and Adani Transmission. It did not identify the buyer. IHC Capital Holding LLC, held a stake worth Rs 3,326 crore (at current market value) in Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission) as on September 28. In May last year, IHC had invested Rs 15,400 crore in three Adani companies – Adani Green Energy, Adani Transmission and flagship, Adani Enterprises (AEL) and had made the investment via the preferential allotment route. Meanwhile, Adani Power's promoter group entities Fortitude Trade and Investment and Emerging Market Investment DMCC, have hiked their stake in the power generation firm by 2.21 per cent, according to BSE filings.
Adani Group appoints new auditor for UK subsidiaries
Adani Group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co after previous auditor Crowe UK resigned in March, Financial Times reported. Ferguson Maidment & Co audited the annual accounts that Adani Energy Holdings and its subsidiaries filed with British government agency Companies House last month, FT reported. In August, Deloitte resigned as the auditor of Adani Ports, citing concerns over certain transactions flagged in the short-seller Hindenburg's report and after the company declined to undertake an independent inquiry on it.
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