JK Tyre faces ₹2 Cr penalty/interest order from Rajasthan Stamps Collector

JK Tyre & Industries Ltd has received an order from the Collector of Stamps, Rajasthan, regarding stamp duty for the amalgamation of Cavendish Industries Ltd. The order mandates payment of stamp duty along with ₹2 Crore each for surcharges, penalty, and interest. While the company is making the stamp duty payment, it believes it has a strong case to appeal for the waiver of penalty and interest, as it approached for adjudication in a timely manner. The company does not foresee any significant financial implications arising from this order.