NSE/BSE Codes: BSE: 543334 (NUVOCO), NSE: NUVOCO

Summary of Key Information:

Nature of Event / Disclosure:

Regulatory disclosure under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 regarding a show cause notice received from GST authorities.

Involved Parties / Authorities:

  • Issuing Authority: Assistant Commissioner, CT & GST Circle Jajpur, Odisha
  • Recipient: NU Vista Limited (wholly owned subsidiary of Nuvoco Vistas Corporation Limited)
  • Regulatory Reference: SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated July 11, 2023 (as amended)

Date / Timeline of Event:

  • Notice Receipt Date: September 30, 2026
  • Disclosure Date: October 01, 2026
  • Financial Year in Question: FY 2022-23

Brief Description of Outcome / Dispute:

The Assistant Commissioner, CT & GST Circle Jajpur, Odisha has issued a show cause notice to NU Vista Limited proposing:

1. Revision of turnover based on alleged incorrect calculation of yield from raw material to finished product

2. Treatment of turnover reflected in Form 26AS as taxable turnover

3. Denial of input tax credit due to loss of moisture in the raw material

The notice proposes a tax demand of ₹24,98,84,511 for FY 2022-23 along with interest and 10% penalty.

Impact of Outcome:

Financial Impact:
  • Proposed tax demand: ₹24,98,84,511 (approximately ₹25 crore)
  • Additional interest charges applicable
  • Additional penalty: 10% of tax demand
  • Company states: "It will have no major financial impact on the Company"
  • No compensation quantum specified
Operational / Business / Strategic Impact:
  • Company will file an appropriate reply against the Show Cause Notice
  • Company maintains necessary supporting documents and legal precedents
  • Company contends the demand is due to incorrect calculations and against provisions of law
  • No operational disruption mentioned
Other Implications:
  • Regulatory compliance requirement under SEBI Listing Regulations
  • Disclosure made available on company website at www.nuvoco.com

Next Steps / Required Actions:

  • Company will file an appropriate reply before the Assistant Commissioner
  • The company expects the Show Cause Notice will not be sustained