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United Spirits Limited — Regulatory Filings 2024
Mar 15, 2024
62402_rns_2024-03-15_12d7a963-554b-4992-b182-38ccdbd4ed71.pdf
Regulatory Filings
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United Spirits Limited
Registered Office: UB Tower #24, Vittal Mallya Road, Bengaluru 560 001
Tel: +91 80 2221 0705 Fax: +91 80 2224 5253 www.diageoindia.com
15[th] March 2024
BSE Limited Listing Department Dalal Street, Mumbai 400 001 Scrip Code: 532432
National Stock Exchange of India Ltd Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra East, Mumbai- 400051 Scrip Code: MCDOWELL-N
Dear Sirs,
Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Further to our disclosures dated 07[th] February 2024 and 13[th] February 2024 (copies enclosed), please find attached an update on the same.
This is for your information & records.
Thank you,
For United Spirits Limited
MITAL Digitally signed by MITAL ARVIND ARVIND SANGHVI Date: 2024.03.15 SANGHVI 13:52:54 +05'30' Mital Sanghvi Company Secretary
Encl: as above
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Corporate Identity Number: L01551KA1999PLC024991
United Spirits Limited
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| United Spirits L | ||
|---|---|---|
| Sn. | Description | Details |
| 1. | Opposing Party | The Collector (Excise)-cum-Joint Excise & Taxation Commissioner, Haryana, Panchkula |
| 2. | Forum(s) | The Excise and Taxation Commissioner, Haryana |
| 3. | Brief Description of Litigation | This is further to the Company’s Disclosure dated 07.02.2024 regarding penalties pertaining to its two Depots in Gurugram, Haryana. Vide two separate Orders both dated 07.03.2024, the Excise Commissioner dismissed Company’s Appeal and upheld the penalty imposed vide impugned orders dated 23.01.2024. The said Orders dated 07.03.2024 were served by hand to Company’s Representative under Memo no. 622 & 624 (both dated 13.03.2024) on 14.03.2024 around 12:00 PM. Please note that the delay is due to the fact that the Company was evaluating the contents of the order to understand the impact. |
| 4. | Expected Financial Implication | There is no material impact on the financial and operations of the Company. The Company has a strong case based on merits and is evaluating the order to determine legal options. Further, the Company does not expect any material disruption to its business activities. |
| 5. | Quantum of Claim | INR 1.20 Crores |
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Corporate Identity Number: L01551KA1999PLC024991
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United Spirits Limited
UB Tower #24, Vital Mallya Road, Bengaluru 560 001
Tel: +91 80 2221 0705 Fax: +91 80 2224 5253 www.diageoindia.com
13[th] February 2024
BSE Limited Listing Department Dalal Street, Mumbai 400 001 Scrip Code: 532432
National Stock Exchange of India Ltd Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra East, Mumbai- 400051 Scrip Code: MCDOWELL-N
Dear Sirs,
Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Further to our disclosure dated 7[th] February 2024 (copy enclosed), please find attached an update on the same.
This is for your information & records.
Thank you,
For United Spirits Limited
Digitally signed by MITAL ARVIND MITAL ARVIND SANGHVI SANGHVI Date: 2024.02.13 15:21:10 +05'30'
Mital Sanghvi Company Secretary
Encl: as above
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Corporate Iden�ty Number: L01551KA1999PLC024991
United Spirits Limited
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| United Spirits L | ||
|---|---|---|
| Sn. | Description | Details |
| 1. | Opposing Party | A. WRIT PETITION: A.1. State of Haryana through Additional Chief Secretary to Govt, Excise & Taxation Department, Haryana, A.2. The Collector (Excise)-cum-Joint Excise & Taxation Commissioner, Haryana, Panchkula B. APPEAL: The Collector (Excise)-cum-Joint Excise & Taxation Commissioner, Haryana, Panchkula |
| 2. | Forum(s) | A. Hon’ble High Court of Punjab & Haryana at Chandigarh, and B. The Excise Commissioner, Haryana |
| 3. | Brief Description of Litigation | The litigations have been preferred in continuation to the two Orders as reported under Disclosure dated 07.02.2024 (enclosed). The Company filed a Writ Petition against both Orders before the Hon’ble High Court of Punjab & Haryana on 08.02.2024 at about 4 PM for, amongst others, seeking stay on the operation of the Orders. The Writ was disposed off by the Court on 09.02.24 with a liberty to the Company to challenge the Orders in Appeal. The Order was uploaded on the Court’s website in the first half of 12.02.24. Consequently, on 12.02.2024 at around 12:45 PM, the Company has filed an Appeal before the Excise Commissioner, Haryana challenging the impugned Orders. The delay in intimation is due to the fact that it includes the filing of writ petition, outcome thereof, and filing of appeal by the Company. |
| 4. | Expected Financial Implication | There is no material impact on the financial & operations of the Company. |
| 5. | Quantum of Claim | INR 1.20 Cr |
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Corporate Iden�ty Number: L01551KA1999PLC024991
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United Spirits Limited
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7[th] February 2024
BSE Limited Listing Department Dalal Street, Mumbai 400 001 Scrip Code: 532432
National Stock Exchange of India Ltd Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra East, Mumbai- 400051 Scrip Code: MCDOWELL-N
Dear Sirs,
Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
In relation to the captioned subject, please take on record the disclosure in requisite format enclosed as Annexure 1.
Thank you,
For United Spirits Limited
MITAL Digitally signed by MITAL ARVIND ARVIND SANGHVI Date: 2024.02.07 SANGHVI 22:11:52 +05'30'
Mital Sanghvi Company Secretary
Encl: as above
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United Spirits Limited
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Annexure – 1
| Sn. | Particulars | Remarks |
|---|---|---|
| 1. | Name of the regulatory or licensing authority |
The Collector (Excise) – cum – Joint Excise and Taxation Commissioner, Panchkula, Haryana |
| 2. | Brief details of the approval/license obtained/ withdrawn/ surrendered. |
Two Depot Licenses issued by Haryana Excise: A. L-1AB License: Depot B. L-1B License: Depot |
| 3. | Impact/relevance of such approval/license to the listed entity |
The Company operates and maintains depots for storage & distribution of Company products in the State of Haryana. These Licenses are required for the Companyto operate its depots. |
| 4. | Withdrawal / cancellation or suspension of license / approval by the regulatory or licensing authority, with reasons for such action, estimated impact (monetary or otherwise) on the listed entity and penalty, if any. |
The Company has received two orders both dated 23.01.2024 and received by the Company on 06.02.2024 at approximately 12:15 pm. The orders are connected with an ongoing matter which is sub-judice before Punjab & Haryana High Court. The Company has already approached the authorities to ensure that there is no disruption to the business operations. The matter pertains to an alleged mismatch in physical stock in comparison to Depot records resulting in alleged loss of revenue. Also, the Orders refer to the cancellation of Depot Licenses and forfeiture of security deposit in case the Company does not pay the penalty as under: A. For L-1AB License: Rs 0.10 Cr; and B. For L-1B License: Rs 1.1 Cr, totalling toINR 1.20 Cr As mentioned above, the Company is engaging with the authorities on the matter. |
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United Spirits Limited
| United Spirits Li | ||
|---|---|---|
| Please note that the reason for the delay in notification is due to the fact that the Company was analysing the historical documents and evaluating potential financial as well as operational impact. |
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| 5. | Period for which such approval/license is/was valid. |
Both the licenses are valid up till 11.06.2024 and are renewed on an annual basis. |
| 6. | Subsequently, the listed entity shall inform the stock exchange(s), the actual impact (monetary or otherwise) along with corrective actions taken by the listed entity pursuant to the withdrawal, cancellation or suspension of the key license/ approval. |
The Company has a strong case based on merits and intends to challenge the two orders. Further, the Company does not expect any material disruption to its business activities. |
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