Date: June 11, 2026
Regulatory Disclosure Update
Legal Proceedings Update
The company has received an appellate order dated June 10, 2026 (received at 01:34 p.m. on same day) from the Office of the Additional Commissioner of State Tax (Appeal), State Tax Chhattisgarh.
The appellate authority has partially accepted the company's submissions and reduced the original GST demand of ₹1.34 crore to ₹92.89 lakh. This reduced amount includes a general penalty of ₹4.28 lakh.
The original order dated April 25, 2024 was issued by the Deputy Commissioner of State Tax, Division-02, Raipur, Chhattisgarh under Section 73 of the Chhattisgarh State Goods and Services Tax Act, 2017, read with relevant sections of CGST Act, 2017 and IGST Act, 2017.
The original demand for FY 2018-19 was based on four grounds: (i) alleged difference in tax payable; (ii) alleged difference in input tax credit (ITC); (iii) alleged difference in B2B tax declared; and (iv) alleged difference in credit notes.
Management Response
The management is evaluating appropriate legal remedies available under law, including:
- Filing an appeal before the appropriate appellate tribunal
- Initiating writ proceedings before the Hon'ble High Court against the Appeal Order
Financial and Operational Impact Assessment
The financial impact, if materialized, would be limited to the extent of the demand raised (₹92.89 lakh) and penalty levied thereunder (₹4.28 lakh included in total).
There is no impact on the operational, financial, or other activities of the Company on account of this order/assessment.
Compliance Statement
The disclosure is made in accordance with the Company's Policy on the Determination of Materiality for Disclosure of Events or Information and under sub-para 8 of Para B and/or sub-para 20 of Para A, Part A of Schedule III of SEBI Listing Regulations.