India's largest luggage company, VIP Industries Ltd, announced on Tuesday (February 24) that the Assistant Commissioner of State Tax, Maharashtra, initiated inspection and search proceedings at the company's registered office in Mumbai and its manufacturing unit in Nashik. According to the latest disclosure, the inspection/search proceedings are ongoing, and the company is extending full cooperation and assistance to the authorities. The company has confirmed that no communication has been received regarding any violations or contraventions at this stage.
The inspection was conducted under Section 67 of the Maharashtra Goods & Service Tax Act, 2017. As reported by ScanXNews, the company stated that no communication has been received regarding any violations or contraventions at this stage. VIP Industries confirmed that there is currently no material impact on its financials, business operations, or other activities due to the inspection. The company has fulfilled all regulatory requirements under Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring complete transparency with stakeholders regarding the ongoing proceedings.
Shares of VIP Industries Ltd ended at ₹364.95, down by ₹7.05, or 1.90%, on the BSE following the announcement. According to CNBC TV18, the company has assured that in the event there is any material update that requires intimation under the SEBI Listing Regulations, the company will make the necessary disclosures in accordance with regulatory provisions. The company has committed to making necessary disclosures in accordance with regulatory provisions if any material updates emerge that require intimation under the SEBI Listing Regulations.
