NSE/BSE Codes: NSE: MAXESTATES

Summary of Key Information:

Nature of Event / Disclosure:

Regulatory disclosure regarding receipt of show cause notice from GST authorities under SEBI Listing Regulations 30.

Involved Parties / Authorities:

  • Opposing Party: State Tax Department, Government of Uttar Pradesh
  • Agency: Office of the Deputy Commissioner, State Tax, Sector-3, Gautam Buddha Nagar, Uttar Pradesh

Date / Timeline of Event:

  • Show cause notice date: September 26, 2026
  • Date of occurrence of event: October 7, 2026 at 13:33 hrs (IST)
  • Disclosure filing date: October 8, 2026
  • Financial year involved: FY23

Brief Description of Outcome / Dispute:

The Company received a show cause notice in form GST DRC-01 issued under Section 73 of the Central Goods and Services Tax Act, 2017 and the Uttar Pradesh Goods and Services Tax Act, 2017, read with Section 20 of the Integrated Goods and Services Tax Act, 2017. The notice pertains to GST return/reconciliation matters for FY23 relating to Max Ventures and Industries Limited, which was merged into Max Estates Limited effective July 31, 2023 (with appointed date of merger being April 1, 2022). The issues include differences in annual return/reconciliation statement, input tax credit related reconciliations, credit note related details, and other GST reconciliation matters.

Impact of Outcome:

Financial Impact:
  • Proposed demand aggregate: ₹2.59 Crores
  • Tax component: ₹1.35 Crores
  • Interest component: ₹97.25 Lakhs
  • Penalty component: ₹26.65 Lakhs
  • The matter is at show cause notice stage with no final demand or order passed
  • Final financial impact will depend on outcome of adjudication proceedings
Operational / Business / Strategic Impact:
  • No impact on operations or other activities of the Company at this stage
  • The notice relates to historical matters of merged entity (Max Ventures)
Other Implications:
  • Regulatory compliance requirement under GST laws
  • Requirement to respond to show cause notice

Next Steps / Required Actions:

  • Company is reviewing the matter
  • Will file reply in accordance with applicable laws
  • Will keep stakeholders informed about material developments
  • Adjudication proceedings to determine final outcome