Latest news with #DeepeshBaxi

Business Standard

Castrol India shares climb 4% after resolving ₹4,131-crore sales tax case

Castrol India share price: Shares of Castrol India experienced a gain of 4 per cent, reaching an intraday high of ₹229.80 on Monday, following a positive verdict from the customs, excise and service tax appellate tribunal (CESTAT). The recent ruling resolves a long-running ₹4,131 crore tax case with the Maharashtra Sales Tax Department (MSTD). At 10:25 AM, Castrol India shares were trading at ₹228.20, up by 3.78 per cent on the National Stock Exchange. In comparison, the Nifty50 continued its range-bound trajectory, quoting 25,120.70. So far this year, the shares of the company have witnessed a decent double-digit rise of 11.6 per cent. As per data from the bourses, nearly 9.9 million shares have changed hands on the counter at the time of writing this report. Castrol India Tax Dispute Castrol India had received a tax demand order amounting to ₹4,131 crore from MSTD for the period 2007-08 to 2017-18. The dispute was centred around the movement of goods from the company's plants and warehouses in Maharashtra to clearing and forwarding agents (CFA) in other states. The MSTD alleged that these were inter-state sales based on pre-existing customer orders in the destination states. The company contested the claim and stated that no prior customer orders existed at the time of dispatch and that its tax practices were "legally valid." "The company received favourable orders from the Maharashtra Value Added Tax Act (MVAT) Tribunal in relation to the matter for all the 10 years. The MSTD however appealed before the CESTAT against the orders for the period 2007-08 to 2015-16 and 2017-18 (9 out of 10 years). For the year 2016-17, MSTD did not contest the order of MVAT Tribunal," Castrol India said in its exchange filing. Castrol new CFO appointment Just last week, the company announced the appointment of its new chief financial officer (CFO), Mrinalini Srinivasan. She replaced Deepesh Baxi, who resigned from the role earlier this year in March to pursue other opportunities. "The appointment shall take effect from 28 July 2025 for a period of 5 years and shall be subject to the approval of shareholders of the company," Castrol India stated in an exchange filing.