This is an intimation to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, providing an update on a previously disclosed litigation matter.
The disclosure provides a follow-up to an intimation made on December 19, 2025, regarding a letter received by the company's unit, Mawana Sugar Works (MSW), Mawana. The letter was received on December 18, 2025, from the Office of the Superintendent, Central Goods & Service Tax, Range Mawana, DIV-II, Muzaffarnagar, Uttar Pradesh.
Development in Proceedings
The company filed an appeal against the demand notice, which was related to an allegation of wrongly availed Input Tax Credit (ITC).
The Office of the Commissioner, Central Goods & Services Tax (Appeals), Meerut, has issued an order on the appeal. The appellate authority accepted the company's contentions after examining the matter. It held that the allegation was not sustainable in view of the facts and evidence available on record.
As a result, the authority has set aside the entire demand. The demand that has been quashed consisted of:
- Input Tax Credit Demand: ₹4,82,792/-
- Penalty: ₹4,82,792/- (imposed as per Section 74(1) of the CGST Act read with Section 20 of the IGST Act)
- Interest: The interest levied as per section 50 of the CGST Act read with Section 20 of the IGST Act for availing the wrong Input Credit Tax (ITC)
The disclosure confirms that the matter is now settled and that the terms of settlement, compensation, or financial impact sections are not applicable.