NSE/BSE Codes: BSE-Scrip code 500215, NSE-Symbol SUNDROP, Series EQ-Rolling Settlement

Summary of Key Information:

Nature of Event / Disclosure:

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

Involved Parties / Authorities:

  • Deputy Commissioner (SGST), Sector-7, Ghaziabad I, Uttar Pradesh
  • State Tax, Uttar Pradesh Goods and Services Tax, Ghaziabad Zone-1

Date / Timeline of Event:

  • Notice received: September 29, 2026 at 16:34 hours
  • Company intimation filed: September 30, 2026
  • Financial year under scrutiny: 2022-23

Brief Description of Outcome / Dispute:

The Company received a Show Cause Notice (ref no: ZD090926462434W) issued under Section 73 of the UPGST/CGST Act, 2017 based on scrutiny of GST returns for FY 2022-23. The notice raises a total GST demand of ₹26,37,65,281.41 inclusive of penalty of ₹2,39,78,661.93.

Impact of Outcome:

Financial Impact:
  • Total demand raised: ₹26,37,65,281.41
  • Penalty component: ₹2,39,78,661.93
  • The Company states it does not envisage any financial, operational, or other implications at present
Operational / Business / Strategic Impact:

No material operational or business impact disclosed. The Company is continuing normal operations while preparing its response to the notice.

Other Implications:

No reputational, legal, regulatory, or market perception effects explicitly stated in the document.

Next Steps / Required Actions:

  • The Company is in the process of replying to the show cause notice
  • Will file explicit submissions/replies supported by documentary evidence
  • Response will be filed within the prescribed timeline mentioned in the SCN
  • The Company will rebut allegations and contest the stated demand on grounds that the authority has not considered GST liability already discharged on:
  • Deemed supplies
  • Export under Letter of Undertaking (LUT)
  • Reverse Charge Mechanism for FY 2022-23