General Insurance Corp Gets Show Cause Notice Worth Rs 1,112 Crore From Commissionerate

The General Insurance Corp. of India has received a show cause notice worth Rs 1,112 crore from the Additional Commissioner of the Mumbai South Commissionerate, as per an exchange filing on Wednesday.

The notice outlined allegations of a short payment of tax liability for the fiscal years 2018, 2019, and 2021, with a total shortfall of Rs 1,112 crore with interest and penalties to be added as applicable.

GICRE has intimated that the company will be filing appropriate responses and that there will be no material impact on the operations or financials of the corporation.

Shares of the company closed 3.68% higher at Rs 390 apiece on the NSE, compared to a 1.27% advance in the benchmark Nifty. The stock has risen 26.57% year-to-date and 79.18% over the past 12 months.