Zee Entertainment Enterprises Limited (ZEEL) has disclosed to SEBI that it has received adjudication orders in connection with show cause notices issued by the Directorate General of GST Intelligence (DGGI) in a matter relating to disputed input tax credit (ITC) arising out of the availment of alleged wrongful GST credit by vendors.
In a regulatory filing to BSE and NSE, ZEEL said the tax demand, excluding interest and penalty, amounts to ₹869 million in one case and ₹327 million in another, aggregating to ₹1,196 million (Rs 119.6 cr).
The company stated that “adjudication has been completed for this SCN, and order has been passed by the adjudicating authority,” adding that the authority has “upheld tax demand of DGGI which is being contested by the Company on merits and based on legal advice.”
ZEEL clarified that there is no litigation against its promoters, key managerial personnel, or persons in control of the company in relation to the matter. It also noted that there has been no settlement of the proceedings.
The company reiterated that it is contesting the orders on merits and based on legal advice.