Grindwell Norton has announced that its board of directors has approved a decision to increase the company's investment in JRTPL to ₹8.60 million. This strategic move demonstrates the company's commitment to strengthening its investment portfolio in associated entities.

Investment Decision Details

The board's approval represents a significant step in Grindwell Norton's investment strategy. The decision to raise the investment amount to ₹8.60 million indicates the company's confidence in JRTPL's business potential and growth prospects.

Strategic Implications

This investment decision reflects Grindwell Norton's strategic approach to expanding its business interests through targeted investments. The board's unanimous agreement on this investment increase suggests alignment with the company's long-term business objectives and growth strategy.

The investment in JRTPL forms part of Grindwell Norton's broader portfolio management approach, allowing the company to diversify its business interests while maintaining focus on its core operations in the abrasives and industrial products sector.

Grindwell Norton Limited has received a favorable order from the Kerala State GST Department, completely dropping a demand of ₹3.49 lakh to nil for the financial year 2021-22. The company disclosed this development under Regulation 30 of the SEBI Listing Regulations.

GST Demand Resolution Details

The favorable order was received from the Office of the State Tax Officer, Tax Payer Service Circle, Kerala State Goods & Services Tax Department, Tripunithura, Ernakulam. The resolution pertains to a Show Cause Notice (SCN) issued earlier regarding the company's tax position for the financial year 2021-22.

Background and Resolution

The GST demand originated from a Show Cause Notice which questioned the Input Tax Credit (ITC) claimed by the company for FY2021-22. Following the department's review, the ITC claimed by Grindwell Norton was found to be eligible, leading to the complete withdrawal of the demand.

Regulatory Compliance

The company has confirmed that there are no violations or contraventions committed or alleged to be committed in this matter. The resolution validates the company's tax compliance practices and demonstrates the legitimacy of its ITC claims for the period in question.

Financial Impact

According to the regulatory disclosure, the favorable order has no quantifiable impact on the financial, operational, or other activities of the company. The resolution eliminates a potential liability and provides clarity on Grindwell Norton's tax position for FY2021-22, supporting its compliance framework and operational continuity.