NSE/BSE Codes: NSE: EMMVEE, BSE: 544608

Summary of Key Information:

Nature of Event / Disclosure:

Regulatory disclosure under SEBI Listing Regulations Regulation 30 regarding receipt of Show Cause Notice from Karnataka State GST Department for alleged excess availment of Input Tax Credit.

Involved Parties / Authorities:

  • Karnataka State GST Department (issuing authority)
  • Emmvee Energy Private Limited (material subsidiary company)
  • Emmvee Photovoltaic Power Limited (listed entity)

Date / Timeline of Event:

  • Show Cause Notice dated: September 30, 2026
  • Date of receipt: September 30, 2026
  • Disclosure date to exchanges: October 1, 2026
  • Financial year involved: 2022-23

Brief Description of Outcome / Dispute:

The Karnataka State GST Department has issued a Show Cause Notice alleging excess availment of Input Tax Credit by Emmvee Energy Private Limited for the financial year 2022-23. The notice proposes recovery of GST amounting to ₹20,39,04,267 together with interest of ₹16,01,84,958 and penalty of ₹2,03,90,427, aggregating to ₹38,44,79,651.

Impact of Outcome:

Financial Impact:

  • Total proposed demand: ₹38,44,79,651 (₹38.44 crore)
  • GST amount: ₹20,39,04,267 (₹20.39 crore)
  • Interest: ₹16,01,84,958 (₹16.02 crore)
  • Penalty: ₹2,03,90,427 (₹2.04 crore)
  • Company's claimed eligible Input Tax Credit: ₹11,51,16,900 (₹11.51 crore)
  • The company states that based on preliminary assessment, no material financial impact is expected from the Show Cause Notice

Operational / Business / Strategic Impact:

  • The company is required to file an appropriate response before the concerned authority within the prescribed timeline
  • The company will pursue appropriate legal remedies if necessary
  • No operational disruption or business impact disclosed

Other Implications:

  • Regulatory compliance requirement under SEBI LODR Regulations
  • Potential reputational impact from GST dispute disclosure
  • No governance implications disclosed

Next Steps / Required Actions:

  • The company is in the process of filing an appropriate response before the concerned authority within the prescribed timeline
  • The company will pursue appropriate legal remedies as necessary
  • Ongoing compliance with SEBI disclosure requirements