Vishal Fabrics Limited has filed a regulatory disclosure pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company received a Final Order from the Office of the Commissioner (Appeals) Central GST, Appeal Commissionerate, Ahmedabad, dated July 6, 2026, which determined the demand after issue of order as zero.
Background of the Case:
- The company initially received an order from the authority on December 31, 2025, imposing a penalty of ₹24,26,74,876 under provisions of section 74(9) of the CGST/Gujarat GST Act, 2017 read with section 20 of the IGST Act, 2017 and Section 11 of the GST (Compensation to States) Act, 2017 read with section 122(2)(b) of the CGST/Gujarat GST Act, 2017.
- This initial order was intimated to BSE on December 31, 2025.
- Subsequently, the company received a Rectification Order from the authority imposing a revised penalty of ₹21,35,65,819 under provisions of section 74(9) of the CGST/Gujarat GST Act, 2017 read with section 122(2)(b) of the CGST/Gujarat GST Act, 2017 read with section 20 of the IGST Act, 2017.
Final Outcome:
The Final Order from the Commissioner (Appeals) has determined the demand as zero, effectively nullifying the previously imposed penalties.
Financial Impact Assessment:
Based on the company's assessment of prevailing law and advice from counsel, the company believes that no material financial impact on the company may come from this matter in monetary terms.