Gillette India directed by NAA to deposit Rs 57.99 crore in Consumer Welfare Funds

Gillette India directed by NAA to deposit Rs 57.99 crore in Consumer Welfare Funds

Nov 26, 2020 04:11 IST capital market

Gillette India announced that the National Anti-Profiteering Authority (NAA) has uploaded an order dated 23 November 2020 on their official website on 25 November 2020. The Company is a respondent in the said matter.

The said order inter alia alleges that the Company has profiteered to the tune of Rs. 57,99,37,416/- and directs the Company to deposit the profiteered amount with interest in Consumer Welfare Funds. Its the position of the Company that it has passed on the net benefit of the reduced GST rates to its recipients and has not profiteered from it. The Company is reviewing the said order and will take appropriate steps in due course.

There is no material impact on the Company due to the said order.

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