NSE/BSE Codes: BSE: 543482 (EUREKAFORB), NSE: EUREKAFORB
Summary of Key Information:
Nature of Event / Disclosure:
Regulatory disclosure under Regulation 30 of SEBI Listing Regulations regarding update on a Show Cause Notice from Uttar Pradesh GST Authorities. The company received a favorable Rectification Order that significantly reduced the alleged tax liability.
Involved Parties / Authorities:
State Tax Department, Uttar Pradesh, specifically the Office of the Deputy Commissioner, State Tax, Sector-1, Lucknow.
Date / Timeline of Event:
- Original SCN dated: September 25, 2026
- Previous disclosure reference: EFL/BSE/2026-27/40 and EFL/NSE/2026-27/40 dated September 28, 2026
- Rectification Order received: October 01, 2026
- Financial year in question: 2022-23
Brief Description of Outcome / Dispute:
The UP GST authorities issued a rectification order under Section 161 of Uttar Pradesh Goods and Services Tax Act, 2017 that reduced the aggregate liability from ₹273.40 crore to ₹4.50 crore. The original SCN alleged tax liability of ₹149.21 crore plus interest of ₹109.27 crore and penalty of ₹14.92 crore. The rectified amounts are tax of ₹3.19 crore, interest of ₹0.99 crore, and penalty of ₹0.32 crore.
Impact of Outcome:
Financial Impact:
The potential financial liability has been reduced from ₹273.40 crore to ₹4.50 crore. The company states it does not envisage any material impact on financials at this stage.
Operational / Business / Strategic Impact:
No material impact on operations or other activities of the company is envisaged according to the disclosure.
Other Implications:
The company maintains that the rectified SCN is "devoid of merits, not sustainable on facts or in law or in procedure" and intends to contest it comprehensively.
Next Steps / Required Actions:
The company intends to contest the rectified SCN comprehensively within the prescribed timelines.