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Sapphire Foods gets Rs 56 lakh ESIC demand notice linked to pre-2016 dues
Sapphire Foods clarified that the notice does not have any material impact on its financials, operations, or other activities.
KFC India, Taco Bell and Pizza Hut operator Sapphire Foods on Wednesday said it has received a demand notice from the Employees’ State Insurance Corporation (ESIC) office in Chandigarh.
In a stock exchange filing, the quick-service restaurant operator said the demand amounts to Rs 56 lakh, including interest and associated costs.
The alleged dues relate to A.N. Traders Private Limited (ANTPL), with whom Sapphire Foods executed a business transfer agreement in August 2016.
“The Company has received a demand notice for recovery of outstanding dues along with interest and costs amounting to Rs 5.60 million under Sections 45(c) to 45(l) of the ESIC Act, 1948,” Sapphire Foods stated.
Authorities have alleged non-payment of ESIC contributions (including interest and costs) totalling Rs 5.60 million by ANTPL for the period prior to 2016.
Sapphire Foods clarified that the notice does not have any material impact on its financials, operations, or other activities. The company added that it is currently evaluating the notice and will take necessary steps, including challenging the recovery demand before the appropriate forums.
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