Poonawalla Fincorp Limited has confirmed that State Tax authorities have initiated an inspection of its records at its registered office in Pune, Maharashtra. This action was undertaken under Section 67 of the Central and Maharashtra Goods and Services Tax (CGST/MGST) Act, 2017.
Key Details of the Inspection:
- The Deputy Commissioner of State Tax, Pune, issued an authorization for inspection/search proceedings.
- The Assistant Commissioner of State Tax, Pune, conducted the inspection on March 3, 2025, at 11:50 AM.
- The company has extended full cooperation to the authorities and assured its commitment to compliance and governance standards.
Financial and Operational Impact
Poonawalla Fincorp has clarified that this inspection does not have any material impact on the financial, operational, or other activities of the company.
The company reaffirmed its commitment to maintaining high regulatory and statutory compliance standards, ensuring that all governance measures are upheld.
This development comes amid increased regulatory scrutiny in the financial sector, with authorities closely monitoring compliance adherence by NBFCs and other financial institutions.
