Indian Railway Finance Corporation Ltd. (IRFC) has submitted a regulatory disclosure to the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 read with Para B of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. SEBI/ HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
The disclosure concerns a development in litigation. The Hon'ble Madras High Court passed an order dated 27.07.2026 (received by IRFC on 29.07.2026). The court order states: "the impugned order and recovery notice are set aside and the matter is remanded for reconsideration. After providing a reasonable opportunity to the petitioner, including a personal hearing, a fresh order shall be issued within three months from the date of receipt of a copy of this order."
As a result of this order, a specific GST demand of ₹353.18 crores raised by the Assistant Commissioner (State Tax), Chennai, has been set aside. The demand was related to Input Tax Credit (ITC) available in GSTR 2A but not claimed (lapsed), among other issues. The matter has been remanded back for fresh reconsideration.
The disclosure confirms that the terms of settlement, compensation/penalty paid, and the impact of settlement on the financial position of the listed entity are not applicable, as the matter has been remanded for a fresh proceeding rather than settled.
The disclosure was signed by Vijay Babulal Shirode, Company Secretary & Compliance Officer, for Indian Railway Finance Corporation Limited.