NSE/BSE Codes: NSE: SAPPHIRE / BSE: 543397
Summary of Key Information:
Nature of Event / Disclosure:
Regulatory disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding receipt of a rectified GST order from the Commercial Tax Department, Karnataka.
Involved Parties / Authorities:
- Joint Commissioner, Commercial Tax Department, Karnataka
- National Stock Exchange of India Limited
- BSE Limited
- SEBI (as regulatory framework)
Date / Timeline of Event:
- Previous intimation date: 1st July 2025 (appeal dismissal order)
- Rectified order date: 11th November 2026
- Disclosure date: 12th November 2026
- Period under dispute: April 2019 to March 2020
Brief Description of Outcome / Dispute:
The Company received a rectified order (APL-04) under Section 107(11) of CGST Act 2017 confirming a total demand of ₹43.89 million. The authority in their original order had disallowed utilization of eligible input tax credit post 14th November 2017.
Impact of Outcome:
Financial Impact:
- Total confirmed demand: ₹43.89 million
- Breakdown of demand:
- Tax: ₹17.38 million
- Recomputed Interest: ₹24.72 million
- Penalty: ₹1.74 million
- The amount represents a material financial obligation arising from GST proceedings for the period April 2019 to March 2020
Operational / Business / Strategic Impact:
No material disclosures in this section regarding operational, business, or strategic impacts beyond the financial obligation.
Other Implications:
The disclosure is made in compliance with SEBI LODR Regulation 30 requirements, indicating the matter is considered material for investor disclosure.
Next Steps / Required Actions:
No specific next steps or required actions are disclosed in the document. The company has fulfilled its disclosure obligation by informing the exchanges.