The person was a hired professional who joined ~3 qtrs back as the CEO of specific divison: CAB (consumer appliances business). The assigned line of business (CAB) did not show any improvement during his tenure.

I infer that it was a regular performance related attrition.

Disc: No position.

Hi @ranjan_r, here is my take on the tax related issues:

1. Sep 30 of 2023, Dec 31 of 2023 and Mar 31 of 2024 were important deadlines by the GST department to send tax notices pertaining to cases pertaining to FY18, FY19 and FY2020. This kind of forced the tax authorities to send notices across corporate India including likes of HUL, Zomato, etc. before the deadline. I have covered the deadline issue in detail in my gaming related blog:- Will Nazara receive a GST notice?

2. On the governance front, its tougher one to answer. Since Zomato is listed entity, it’s obliged to make the tax notices public. But considering the nature of notices they have received in past, I feel the issue is more inclined towards how the standard practice is followed by the players. So I won’t be surprised if Swiggy received bigger notices than Zomato as they had larger market share in previous years. (Zomato/Blinkit blog – Fast, faster, delivered!)

@Aditya_Grover what is your take on the continious GST penalty zomato is facing? We know consumer facing companies like HULetc sometimes receive tax demand but for zomato it is like every alternative week. Though zomato have enough cash balance to pay that but Can it be a governance issue?

Ratings downgrade.

Can you plz mention the source of it? There are many chemical companies though that provide hffr additives but not sure if any company manufactures hffr plastics.

HFFR plastics are used in datacenters, so this can act as a catalyst.
Do we know the margins for hffr plastics? couldn’t find it in company ppt.