Unexpected Tax Twist: Thermax Limited Penalized ₹15 Million by Chennai Authorities

Thermax Limited has informed that it has received an order of assessment from the Commercial Tax Officer, Chennai South, Tamil Nadu, levying a penalty of ₹15 million. The company made this information available to the stock exchanges as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order, communicated to the company on May 1, 2025, pertains to tax issues falling under the domain of the tax authorities in Chennai.

 

Thermax's CFO, Rajendran Arunachalam, has confirmed receiving the order of assessment in a formal communication made to both BSE Limited and the National Stock Exchange of India Limited. The company has also said that all the details that are required have been furnished to the exchanges in the form of an annexure to the formal letter.

 

Although the reasons for the penalty have not been specified in the initial disclosure, Thermax Limited will go through the order and explore its options, which could include lodging an appeal with the concerned authorities. The company assured stakeholders that it is pursuing all necessary actions to resolve the issue and will make further announcements as necessary.

 

Source: NSE Corporate Filings