Shree Digvijay Cement has recently addressed market speculations regarding potential interest from the Adani Group in its assets. The company has categorically stated that it is not aware of any interest from the Adani Group concerning its plant and port assets.

Company Statement

In a clear and concise communication, Shree Digvijay Cement has clarified its position on the rumored interest from the Adani Group. The cement manufacturer emphasized that it has no knowledge of any plans or intentions by the Adani Group to acquire or show interest in its plant facilities or port assets.

Market Implications

This statement from Shree Digvijay Cement comes amidst a backdrop of ongoing consolidation and acquisition activities in the Indian cement sector. The clarification serves to address and potentially quell any market rumors or speculations that may have arisen regarding a possible deal between the two entities.

Transparency in Corporate Communications

By promptly addressing these speculations, Shree Digvijay Cement demonstrates its commitment to transparent communication with its stakeholders. Such clarity helps in maintaining market integrity and prevents undue speculation that could potentially impact stock prices or investor decisions.

The company's straightforward denial of knowledge regarding any interest from the Adani Group underscores the importance of official corporate communications in dispelling market rumors and maintaining accurate information flow in the financial markets.

Shree Cement Limited , a prominent player in the Indian cement industry, has received a significant reduction in its income tax demand following a rectification order. The company's tax liability has been decreased to ₹221.72 crore, marking a favorable outcome for the cement manufacturer.

Tax Demand Reduction

The reduction in tax demand comes as a result of a rectification order issued under section 154 of the Income Tax Act. This development follows an earlier assessment order under section 143(3) of the Income Tax Act for the financial year 2021-22, which had initially raised a demand of ₹588.65 crore.

Key Points of the Rectification

Settlement and Company's Response

Shree Cement has confirmed that the revised demand of ₹221.72 crore has been fully paid through adjustments against pending refunds. However, the company has not accepted this as the final outcome. According to the disclosure made to the stock exchanges, Shree Cement has filed an appeal before the appellate authority against the disallowances made in the assessment order.

Company's Outlook

The cement manufacturer expressed optimism regarding further reduction in the tax demand. In its communication to the stock exchanges, Shree Cement stated, "Looking to the orders of authorities and appellate forum passed for preceding years, the company expects that the demand should further come down."

Implications and Next Steps

While the substantial reduction in tax demand is a positive development for Shree Cement, the ongoing appeal process suggests that the final tax liability may still be subject to change. Investors and stakeholders will likely keep a close watch on the progress of the company's appeal and any subsequent adjustments to the tax demand.

This development underscores the complexities of tax assessments in the corporate sector and highlights the importance of the rectification and appeal processes in resolving tax disputes between companies and tax authorities.