LEADING FMCG player Hindustan Unilever Limited (HUL) said that it has received a demand notice of ₹9.62 billion (£86.64m) crore from the Income Tax Department and will go in for an appeal against the order.

The notice relates to non-deduction of tax deduction at source (TDS) on payment of ₹30.45 billion (£274m) to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.