Cloudtail said it received a show-cause notice from the Directorate General of Goods and Service Tax Intelligence dated December 27,2018, amounting to Rs. 54.5 crore, along with interest and penalties as applicable for service tax related matters. This has been considered as contingent liabilities as on March 31, 2020. Cloudtail told TOI that it had disputed the service tax claim and the matter is before the adjudicating authorities. "Cloudtail has been disclosing this as a contingent liability in its annual report since 2019 as per Indian accounting standards. Since this matter is sub judice, we are unable to comment any Further. Cloudtail reiterates that it is in full compliance with the laws of India, "the spokesperson said. The UK Chancellor's office said, "Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor. As may be verified from the said system, the status of demat, accounts are held in Active status in (the) NSDL system, a document from Adani group quoted from the mail it received from NSDL. All group companies informed the bourses that their registrar and transfer agents have also clarified that the demat accounts "in which the aforesaid funds hold the shares of the company are not frozen. Their combined investment in the listed Adani entities add up to Rs 43,000 crore. Sources said the accounts of these three FPIs, along with several others, were frozen as a result of a Sebi order of 2016 relating to depository receipts that is Global Depository Receipts and American Depository Depository Receipts. At the end of each month, depositories come out with the list of demat accounts which are frozen by it due to various reasons including regulatory directives and nondisclosures.
