Date: June 02, 2026
Regulatory Disclosure
Authority Details
The company received communication from: Office of the Deputy Commissioner (S.I.B./Enforcement), State Tax Department, Uttarakhand, Roshanabad, Haridwar.
Nature of Communication
Type: Show Cause Notices
Date of receipt: May 30, 2026
Applicable period: FY 2022-23
Material Contents
The show cause notices allege availing of wrongful ineligible Input Tax Credit (ITC) and other discrepancies. The notices demand:
- Tax amount: ₹4,07,16,282/- (comprising ₹1,14,32,784/- SGST, ₹1,14,32,784/- CGST, and ₹1,78,50,714/- IGST)
- Penalty: ₹72,55,70,769/-
- Applicable interest under provisions of applicable GST laws
The notices were issued under Section 74(1) read with Section 50 and 122 of the Uttarakhand Goods and Services Tax Act, 2017 and the Central Goods and Services Tax Act, 2017.
Company Response and Status
The company is in the process of submitting appropriate responses in consultation with its tax advisors. The company believes it has adequate grounds to substantiate its position and will file an appropriate response before the relevant authority within the prescribed timelines.
Financial Implications
As of now, the company does not expect any financial liability. However, exact financial implications cannot be determined till the completion of the proceedings.
Additional Details
No penalties or restrictions have been imposed pursuant to the communication at this stage. The disclosure was made in compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated February 25, 2025 and SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
Not Specified Sections
- KMP / Board / Auditor Changes
- Dividend Declaration or Non-Declaration
- Board Meeting Outcomes
- Financial Results (Standalone & Consolidated)
- Auditor's Report
- Disinvestment / Strategic Actions
- Media Release / Investor Communication
- Other Operational / Legal / Strategic Disclosures