Nature of Disclosure: Regulatory filing pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding material litigation update.

Legal Proceedings: The Hon'ble High Court of Orissa, Cuttack pronounced its judgment on 16th October, 2026 in Writ Petition No. 36871 of 2020 filed by JSW Cement Limited against the State of Orissa and others.

Subject Matter: The writ petition challenged the amendment to Industrial Policy Resolution 2015 ("IPR 2015") dated 18th August, 2020, which retrospectively excluded cement manufacturing/grinding units from availing reimbursement of State Goods and Services Tax ("SGST") with effect from 1st July, 2017. The Company sought continuation of reimbursement benefits under IPR 2015.

Court Judgment: The Hon'ble High Court of Orissa allowed the writ petition filed by the Company. The Court held that:

  • The Company shall be treated as having obtained deemed approval of its application dated 16th August, 2017 for grant of Priority Sector status under IPR 2015
  • The amendment dated 18th August, 2020 retrospectively excluding cement manufacturing and grinding units from SGST reimbursement is arbitrary, unconstitutional and contrary to the doctrines of promissory estoppel and legitimate expectation
  • The Court set aside the said amendment
  • The Company's claims for SGST reimbursement under Clause 5.4.5(a) of IPR 2015 had accrued and crystallised

Court Directions: The Court directed that the Company's claim for SGST reimbursement under IPR 2015, along with applicable interest, be determined and released within four weeks.

Regulatory Compliance: The disclosure is made in compliance with Regulation 30 of SEBI Listing Regulations and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The details are provided in Annexure I as required.

Financial Impact: The disclosure indicates potential financial benefit through SGST reimbursement with applicable interest, though the exact quantum is not specified in this filing. The state authorities are required to determine the amount within four weeks.