Sterling and Wilson Renewable Energy Limited (SWSOLAR) has received demand notices from various Goods and Services Tax (GST) authorities for a shortfall in tax payments amounting to ₹59.14 crore, along with an equal amount of penalty and interest. The tax demand pertains to the period from July 1, 2017, to December 31, 2018. However, the company has clarified that there will be no financial impact on its operations, as the liability is covered under an Indemnity Agreement signed between Sterling and Wilson, Reliance New Energy Limited, Shapoorji Pallonji and Co. Pvt. Ltd., and Mr. Khurshed Daruvala.
In a regulatory filing with the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), Sterling and Wilson Renewable Energy disclosed that the notices were received on February 8, 2025. The company has already taken legal action by filing a writ petition in response to the tax demand.
Sterling and Wilson Renewable Energy, a key player in India’s solar power sector, remains unaffected financially by this development, as per its official statement. The company continues to operate normally while addressing the matter through legal channels. Investors and stakeholders have been assured that the demand notice does not pose any immediate risks to the firm’s financial stability or business operations.
