Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Key Developments
- The company filed appeals against GST demand orders dated July 25, 2024
- Deputy Commissioner (Appeals), Hosur issued various orders dated August 21, 2026, reducing the GST demand
- Four different sets of orders were received from the GST Authority on August 21, 2026
Quantitative Details
Original Demand (as of March 2024):
- Total Demand: ₹51,44,54,266
- Tax: ₹19,30,78,831
- Penalty: ₹19,30,78,831
- Interest: ₹12,82,96,604
After High Court Intervention (July 25, 2024):
- Total Demand Set Aside: ₹50,96,18,740
- Remaining Demand: ₹1,01,11,740
After Appellate Authority Order (August 21, 2026):
- Total Demand Set Aside: ₹85,70,150
- Final Outstanding Demand: ₹15,41,590
- Tax: ₹5,79,549
- Penalty: ₹5,79,549
- Interest: ₹3,82,492
Financial Impact Assessment
The company states: "There is no material impact on the financials, operations or other activities of the Company. The Company is examining the orders and will take an appropriate course of action in the future."
Authority Details
- Name: Deputy Commissioner (Appeals), Hosur
- Nature of Action: Orders for intimation of revised demand under Section 74 of the CGST Act, 2017 for various years
Violation Details
"Non-payment/reversal of GST on certain items as per the GST Department"
Timeline
- Original Orders Received: March 1-8, 2024
- High Court Orders: July 25, 2024
- Appellate Authority Orders: August 21, 2026
- Company Receipt of Orders: August 21, 2026