NSE/BSE Codes: 532935/ARIES

Summary of Key Information:

Nature of Event / Disclosure:

Regulatory filing pursuant to SEBI Listing Regulations (Regulation 30) to disclose an update on litigation concerning a GST demand.

Involved Parties / Authorities:

  • Opposing Party: Assistant Commissioner of State Tax, D-032, Mazgaon, Mumbai
  • Adjudicating Authority: GST Appellate Authority, Mazgaon, Mumbai
  • Next Appellate Forum: Goods and Services Tax Appellate Tribunal (GSTAT)

Date / Timeline of Event:

  • Date of Order: 4th September 2026
  • Financial Year in Dispute: 2018-2019
  • Date of Disclosure: 4th September 2026

Brief Description of Outcome / Dispute:

The GST Appellate Authority, Mazgaon, Mumbai, has confirmed a demand order against the company. The dispute relates to the availment of Input Tax Credit (ITC) on inward supplies of inputs purchased during FY 2018-19 from vendors whose GST registrations were subsequently cancelled retrospectively.

Impact of Outcome:

Financial Impact:

The confirmed financial demand is ₹3,96,45,090 (₹3.96 Crore). This amount includes the principal tax demand, interest, and penalty. The impact on the company's financials for the period in which the liability is provided for or paid will be ₹3.96 Crore.

Operational / Business / Strategic Impact:

No material disclosures in this section.

Other Implications:

The outcome represents a confirmed regulatory compliance failure related to the verification of vendor GST credentials. The company's decision to appeal indicates a dispute of the authority's interpretation or findings.

Next Steps / Required Actions:

The company will file an appeal against the confirmed order before the Goods and Services Tax Appellate Tribunal (GSTAT).