3M India Settles FY12 Tax Disputes Under Vivad Se Vishwas Scheme

1 min read     Updated on 27 Aug 2025, 03:58 PM
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Overview

3M India Limited has settled tax disputes for FY 2011-12 and FY 2012-13 through the Vivad Se Vishwas Scheme. For FY 2011-12, the company paid Rs 1.94 crore, while for FY 2012-13, it paid Rs 6.96 crore. The company received final settlement orders from the Principal Commissioner of Income Tax, Bengaluru-2. 3M India states that these settlements have no material impact on its operations or activities.

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*this image is generated using AI for illustrative purposes only.

3M India Limited , a diversified technology company, has successfully resolved its tax disputes for the fiscal year 2011-12 (FY12) through the government's Vivad Se Vishwas Scheme. The company recently received a final settlement order from the Principal Commissioner of Income Tax, Bengaluru-2, marking the conclusion of its tax-related matters for that fiscal year.

Settlement Details

The settlement was achieved under the Direct Tax Vivad Se Vishwas Scheme, 2024, which was introduced by the Finance (No. 2) Act, 2024 to resolve pending tax disputes. 3M India had opted to settle open tax litigations for the period from FY 2004-05 to FY 2013-14 through this scheme.

For FY 2011-12 specifically, the company had filed two separate applications to settle distinct tax disputes. The Principal Commissioner of Income Tax had previously accepted both applications and issued Certificates in Form 2. The latest development involves the receipt of the final order in Form 4, dated August 26, 2025, for the second application related to FY 2011-12.

Financial Implications

According to the disclosure made by 3M India to the stock exchanges:

  • The aggregate tax amount determined under the Scheme for the second application for FY 2011-12 was Rs 1.94 crore.
  • This amount has already been paid by the company.
  • 3M India has stated that this settlement has no material impact on the company's operations or activities.

Additional Settlement for FY 2012-13

In a separate but related development, 3M India also received a final settlement order for its tax disputes pertaining to FY 2012-13 on the same date. The details of this settlement include:

  • An aggregate tax amount of Rs 6.96 crore for FY 2012-13, which has also been paid.
  • Similar to the FY 2011-12 settlement, this resolution is reported to have no material impact on the company's operations.

Company's Stance

3M India's decision to participate in the Vivad Se Vishwas Scheme demonstrates the company's commitment to resolving long-standing tax issues and ensuring compliance with Indian tax laws. By settling these disputes, the company aims to reduce its legal and financial uncertainties related to past tax matters.

The resolution of these tax disputes under the Vivad Se Vishwas Scheme is expected to provide clarity on 3M India's tax position for the concerned fiscal years and potentially streamline its tax compliance processes going forward.

Investors and stakeholders may view this development positively, as it indicates the company's proactive approach to addressing and resolving regulatory matters.

Historical Stock Returns for 3M India

1 Day5 Days1 Month6 Months1 Year5 Years
+0.94%+0.69%-0.50%+16.97%-12.52%+51.79%
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3M India Appoints Aseem Joshi as President and Managing Director (Designate)

2 min read     Updated on 25 Aug 2025, 05:49 PM
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Reviewed by
Naman SharmaScanX News Team
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Overview

3M India Limited has announced the appointment of Aseem Joshi as President and Managing Director (Designate), effective October 13, 2025. Joshi brings 25 years of experience and will lead the company's growth strategy, focusing on commercial excellence, new product introduction, and operational enhancement. He will work closely with current Managing Director Ramesh Ramadurai during the transition. Joshi's background includes leadership roles at GMM Pfaudler, Honeywell, and Eaton Fluid Power Limited.

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*this image is generated using AI for illustrative purposes only.

3M India Limited, a subsidiary of the US-based 3M Company, has announced a significant leadership change. The company's Board of Directors has approved the appointment of Aseem Joshi as President and Managing Director (Designate), effective October 13, 2025. This decision comes as part of 3M India's strategic move to drive growth and innovation in the Indian market.

Key Appointment Details

Aseem Joshi brings approximately 25 years of diverse experience to his new role at 3M India. His appointment was approved by the Board of Directors based on recommendations from the Nomination and Remuneration Committee. In his new position, Joshi will be responsible for:

  • Leading the development and execution of 3M India's growth strategy
  • Focusing on commercial excellence
  • Introducing new products
  • Enhancing operational excellence

Transition Plan

As part of a carefully planned transition, Joshi will work closely with the incumbent Managing Director, Ramesh Ramadurai. The company has stated that Joshi will be designated as Managing Director at a future date, subject to necessary approvals from the Board of Directors and shareholders, in compliance with applicable laws and regulations.

Aseem Joshi's Background

Joshi's impressive career spans various industries and roles:

  • Most recently served as CEO of India Business at GMM Pfaudler from 2021 to 2025
  • Held leadership positions at Honeywell, including Global Smart Cities Business Leader
  • Worked with Eaton Fluid Power Limited in various capacities
  • Gained experience at McKinsey & Company as an Engagement Manager
  • Started his career at IBM in various engineering roles

His educational background includes:

  • Mechanical engineering degree from the University of Pune
  • MS in Industrial and Systems Engineering from Virginia Tech
  • MBA from INSEAD

Leadership Perspectives

Commenting on his new role, Aseem Joshi expressed his enthusiasm: "I am excited to join 3M and lead the growth of the India business. I have always admired 3M for its innovation and leadership in several sectors. I look forward to working with 3M's incredible local and global teams to deliver for our customers and all stakeholders."

Ramesh Ramadurai, the current Managing Director, welcomed Joshi, stating: "It is my pleasure to welcome Aseem to 3M India. His leadership and experience will be invaluable to the continued growth of the Company. I look forward to working with Aseem in the coming months and wish him all success."

About 3M India

3M India Limited, established in 1987, has its headquarters in Bengaluru with branch offices in Gurgaon. The company leverages global innovation expertise to develop homegrown solutions addressing the unique needs of diverse customers in India. With innovation centers in Bengaluru and Gurgaon, and manufacturing facilities across Bengaluru, Pune, and Ahmedabad, 3M India continues to play a crucial role in improving lives through its wide range of products and solutions.

As 3M India prepares for this leadership transition, the company aims to strengthen its position in the Indian market and continue its legacy of innovation and excellence under Aseem Joshi's guidance.

Historical Stock Returns for 3M India

1 Day5 Days1 Month6 Months1 Year5 Years
+0.94%+0.69%-0.50%+16.97%-12.52%+51.79%
like16
dislike
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