Nature of Disclosure: Regulatory filing pursuant to SEBI LODR Regulation 30, providing an update on a previously disclosed Goods and Services Tax (GST) demand.
Background and Key Quantitative Figures: The disclosure is a continuation of earlier intimations dated February 01, 2025, and February 03, 2025. Those communications detailed an initial GST Order for the financial years 2017-18 and 2018-19 (covering the period from July 2017 to March 2019). The order, issued by the Joint Commissioner, CGST & Central Excise, Thane Commissionerate, Maharashtra, on January 27, 2025, comprised a tax demand of ₹38.82 crore, applicable interest, and an equivalent penalty of ₹38.82 crore, resulting in a total confirmed demand of ₹77.64 crore.
Update and Parties Involved: The company has now received an order from the appellate authority, the Commissioner (Appeals Thane), CGST & Central Excise, Thane Commissionerate, Maharashtra, dated October 14, 2026. This appellate order has confirmed the total tax demand, applicable interest, and penalty as originally stipulated in the aforementioned GST Order.
Stated Financial Impact and Rationale: The company's management has assessed that this order is "not expected to have any material adverse impact on the financials, operations or other activities of the Company."
Forward-Looking Action: The company intends to challenge this confirmed order. The stated course of action is to pursue further legal remedies by filing an appeal before the GST Appellate Tribunal (GSTAT).