Integrated Filing-Governance



General information about company

Scrip Code 543187
NSE Symbol POWERINDIA
MSEI Symbol NOTLISTED
ISIN INE07Y701011
Name of the entity HITACHI ENERGY INDIA LIMITED
Date of start of financial year 01-Apr-2025
Date of end of financial year 31-Mar-2026
Reporting Quarter Yearly
Date of Quarter Ending 31-Mar-2026
Type of company Equity
Whether Annexure I (Part A) of the SEBI Circular dated December 31, 2024 related to Compliance Report on Corporate Governance is applicable to the entity? Yes
Whether Annexure I (Part B) of the SEBI Circular dated December 31, 2024 related to Investor Grievance Redressal Report is Applicable to the entity? Yes
Whether Annexure I (Part C) of the SEBI Circular dated December 31, 2024 related to Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies is Applicable to the entity? No
Reason For Part C Of Annexure I Disclosure Of Acquisition Of Shares OrVotingRightsInUnlistedCompaniesIsNotApplicableToTheEntity The Company has not acquired shares or voting rights in unlisted Company therefore it is not applicable during the quarter ended March 31, 2026.
Whether Annexure I (Part D) of the SEBI Circular dated December 31, 2024 related to Disclosure of Imposition of Fine or Penalty is Applicable to the entity? Yes
Whether Annexure I (Part E) of the SEBI Circular dated December 31, 2024 related to Disclosure of Updates to Ongoing Tax Litigations or Disputes is Applicable to the entity? Yes
Whether Annexure I (Part F) of the SEBI Circular dated December 31, 2024 related to Disclosure Of Loans / Guarantees / Comfort Letters / Securities Etc. is Applicable to the entity? No
Reason For Part F Of Annexure I Disclosure Of Loans Or Guarantees Or Comfort Letters Or Securities Etc Is Not Applicable To The Entity During the period under review, the Company has not granted any loans, guarantees or investments within the meaning of Section 186 of the Companies Act, 2013
Risk management committee Yes
Market Capitalisation as per immediate previous Financial Year Top 500 listed entities
Is SCORE ID Available ? Yes
SCORE Registration ID COMZ00713
Reason For No SCORE ID
Type of Submission Original
Remarks (website dissemination)



Annexure I
Annexure I to be submitted by listed entity on quarterly basis
I. Composition of Board of Directors
Disclosure of notes on composition of board of directors explanatory
Whether the listed entity has a Regular Chairperson Yes
Whether Chairperson is related to MD or CEO No Disqualification of Directors under section 164 of the Companies Act, 2013
Sr Title (Mr / Ms) Name of the Director PAN DIN Category 1 of directors Category 2 of directors Category 3 of directors Date of Birth Whether the director is disqualified? Start Date of disqualification End Date of disqualification Details of disqualification Current status Whether special resolution passed? [Refer Reg. 17(1A) of Listing Regulations] Date of passing special resolution Initial Date of appointment Date of Re-appointment Date of cessation Tenure of director (in months) No of Directorship in listed entities including this listed entity (Refer Regulation 17A of Listing Regulations) No of Independent Directorship in listed entities including this listed entity [with reference to proviso to regulation 17A(1) & 17A(2)] Number of memberships in Audit/ Stakeholder Committee(s) including this listed entity (Refer Regulation 26(1) of Listing Regulations) No of post of Chairperson in Audit/ Stakeholder Committee held in listed entities including this listed entity (Refer Regulation 26(1) of Listing Regulations) Reason for Cessation Notes for not providing PAN Notes for not providing DIN
1 Mr. MUKESH HARI BUTANI 01452839 Non-Executive - Independent Director Not Applicable 02-May-1964 No Active NA 24-Dec-2019 24-Dec-2022 75.08 6 6 8 5
2 Ms. AKILA KRISHNAKUMAR 06629992 Non-Executive - Independent Director Not Applicable 31-Mar-1962 No Active NA 24-Dec-2019 24-Dec-2022 75.08 4 4 2 0
3 Ms. MEENA GANESH 00528252 Non-Executive - Independent Director Not Applicable 31-Aug-1963 No Active NA 24-May-2023 24-May-2023 34.08 5 5 7 2
4 Mr. NUGURI VENU 07032076 Executive Director Not Applicable CEO-MD 17-Sep-1965 No Active NA 02-Dec-2019 02-Dec-2022 1 0 2 0
5 Mr. ISMO ANTERO HAKA 08598862 Non-Executive - Non Independent Director Chairperson related to Promoter 16-May-1963 No Active NA 25-Feb-2021 25-Feb-2021 1 0 1 0 Textual Information(1)
6 Mr. JAN NIKLAS PERSSON 11239092 Non-Executive - Non Independent Director Not Applicable 11-Sep-1973 No Active NA 20-Aug-2025 20-Aug-2025 1 0 0 0 Textual Information(2)



Text Block
Textual Information(1) PAN details of Mr. Ismo Antero Haka is not provided because he is a foreign national.
Textual Information(2) PAN details of Mr. Jan Niklas Persson is not provided because he is a foreign national.



Annexure 1

II. Composition of Committees
Disclosure of notes on composition of committees explanatory



Audit Committee Details
Whether the Audit Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 01452839 MUKESH HARI BUTANI Non-Executive - Independent Director Chairperson 24-Dec-2019
2 06629992 AKILA KRISHNAKUMAR Non-Executive - Independent Director Member 24-Dec-2019
3 00528252 MEENA GANESH Non-Executive - Independent Director Member 24-May-2023
4 07032076 NUGURI VENU Executive Director Member 24-Dec-2019



Nomination and remuneration committee
Whether the Nomination and remuneration committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 06629992 AKILA KRISHNAKUMAR Non-Executive - Independent Director Chairperson 24-Dec-2019
2 01452839 MUKESH HARI BUTANI Non-Executive - Independent Director Member 24-May-2023
3 11239092 JAN NIKLAS PERSSON Non-Executive - Non Independent Director Member 20-Aug-2025



Stakeholders Relationship Committee
Whether the Stakeholders Relationship Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 00528252 MEENA GANESH Non-Executive - Independent Director Chairperson 24-May-2023
2 01452839 MUKESH HARI BUTANI Non-Executive - Independent Director Member 24-Dec-2019
3 07032076 NUGURI VENU Executive Director Member 24-Dec-2019
4 08598862 ISMO ANTERO HAKA Non-Executive - Non Independent Director Member 26-Feb-2021



Risk Management Committee
Whether the Risk Management Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 01452839 MUKESH HARI BUTANI ID Chairperson 24-Dec-2019
2 00528252 MEENA GANESH ID Member 24-May-2023
3 08598862 ISMO ANTERO HAKA NED Member 26-Feb-2021
4 07032076 NUGURI VENU ED Member 24-Dec-2019
5 99999999 AJAY SINGH CFO Member 24-Dec-2019 Textual Information(1)



Text Block
Textual Information(1) Mr. Ajay Singh, Chief Financial Officer of the Company is the Member of Risk Management Committee



Annexure 1
III. Meeting of Board of Directors
Disclosure of notes on meeting of board of directors explanatory
Sr Date(s) of meeting (Enter dates of Previous quarter and Current quarter in chronological order) Maximum gap between any two consecutive (in number of days) Notes for not providing Date Whether requirement of Quorum met (Yes/No) Total Number of Directors as on date of the meeting Number of Directors present* (All directors including Independent Director) No. of Independent Directors attending the meeting*
1 03-Nov-2025 Yes 6 6 3
2 05-Feb-2026 93 Yes 6 6 3



Annexure 1
IV. Meeting of Committees
Disclosure of notes on meeting of committees explanatory
Sr Name of Committee Date(s) of meeting (Enter dates of Previous quarter and Current quarter in chronological order) Maximum gap between any two consecutive (in number of days) Name of other committee Reson for not providing date Whether requirement of Quorum met (Yes/No) Total Number of Directors in the Committee as on date of the meeting Number of Directors Present (All Directors including Independent Director) No. of Independent Directors attending the meeting* No. of members attending the meeting (other than Board of Directors)
1 Stakeholders Relationship Committee 03-Nov-2025 Yes 4 4 2 0
2 Stakeholders Relationship Committee 05-Feb-2026 93 Yes 4 4 2 0
3 Audit Committee 03-Nov-2025 Yes 4 4 3 0
4 Audit Committee 05-Feb-2026 93 Yes 4 4 3 0
5 Nomination and remuneration committee 05-Feb-2026 Yes 3 3 2 0
6 Risk Management Committee 03-Nov-2025 Yes 4 4 2 1



Annexure 1
VI. Affirmations
Sr Subject Compliance status (Yes/No)
1 The composition of Board of Directors is in terms of SEBI (Listing obligations and disclosure requirements) Regulations, 2015 Yes
2 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015 a. Audit Committee Yes
3 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. b. Nomination & remuneration committee Yes
4 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. c. Stakeholders relationship committee Yes
5 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. d. Risk management committee (applicable to the top 1000 listed entities) Yes
6 The committee members have been made aware of their powers, role and responsibilities as specified in SEBI (Listing obligations and disclosure requirements) Regulations, 2015. Yes
7 The meetings of the board of directors and the above committees have been conducted in the manner as specified in SEBI (Listing obligations and disclosure requirements) Regulations, 2015 Yes
8 This report and/or the report submitted in the previous quarter has been placed before Board of Directors. Yes
9 Any comments/observations/advice of Board of Directors may be mentioned here:



Annexure 1
Sr Subject Compliance status
1 Name of signatory Poovanna Ammatanda
2 Designation Company Secretary and Compliance Officer



Details of Cyber security incidence
Whether as per Regulation 27(2)(ba) of SEBI (LODR) Regulations, 2015 there has been cyber security incidents or breaches or loss of data or documents during the quarter No
Other details of cyber security incidence or breaches or loss of data event
Number of cyber security incidence or breaches or loss of data event occurred during the quarter
Sr Date of the event Brief details of the event



Annexure II to be submitted by listed entity at the end of the financial year (for the whole of financial year)
I. Disclosure on website in terms of LODR Regulation
Sr Item Compliance status (Yes/No/NA) If status is No details of non-compliance may be given here. Web address
1.1 Details of business Yes https://www.hitachienergy.com/in/en/company
1.2 Memorandum of Association and Articles of Association Yes https://publisher.hitachienergy.com/preview?DocumentID=8DBR002210&LanguageCode=en&DocumentPartId=&Action=launch
1.3 Brief profile of board of directors including directorship and full time positions in body corporates Yes https://www.hitachienergy.com/in/en/investor-relations/board-of-directors
2 Terms and conditions of appointment of independent directors Yes https://www.hitachienergy.com/in/en/investor-relations/board-of-directors
3 Composition of various committees of board of directors Yes https://www.hitachienergy.com/in/en/investor-relations/board-of-directors
4 Code of conduct of board of directors and senior management personnel Yes https://www.hitachienergy.com/in/en/investor-relations/board-of-directors
5 Details of establishment of vigil mechanism or whistle blower policy Yes https://www.hitachienergy.com/in/en/investor-relations/corporate-governance#policies
6 Criteria of making payments to non-executive directors NA
7 Policy on dealing with related party transactions Yes https://www.hitachienergy.com/in/en/investor-relations/corporate-governance#policies
8 Policy for determining material subsidiaries Yes https://www.hitachienergy.com/in/en/investor-relations/corporate-governance#policies
9 Details of familiarization programmes imparted to independent directors Yes https://www.hitachienergy.com/in/en/investor-relations/board-of-directors
10 Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances Yes https://www.hitachienergy.com/in/en/investor-relations#contact-us
11 Email address for grievance redressal and other relevant details Yes https://www.hitachienergy.com/in/en/investor-relations#contact-us
12 Financial results Yes https://www.hitachienergy.com/in/en/investor-relations/financial-results
13 Shareholding pattern Yes https://www.hitachienergy.com/in/en/investor-relations/shareholder-information#share-holding-pattern
14 Details of agreements entered into with the media companies and/or their associates NA
15.1 Schedule of analyst or institutional investor meet and presentation prepared by listed entity for analyst or institutional investor meet Yes https://www.hitachienergy.com/in/en/investor-relations/analyst-section
15.2 Audio or video recordings and transcripts of post earnings/quarterly calls Yes https://www.hitachienergy.com/in/en/investor-relations/analyst-section
16 New name and the old name of the listed entity Yes https://www.hitachienergy.com/in/en/investor-relations
17 Advertisements as per regulation 47 (1) Yes https://www.hitachienergy.com/in/en/investor-relations/general-meetings
18 Credit rating or revision in credit rating obtained Yes https://www.hitachienergy.com/in/en/investor-relations/corporate-governance#other-reports
19 Separate audited financial statements of each subsidiary of the listed entity NA
20 Secretarial compliance report Yes https://www.hitachienergy.com/in/en/investor-relations/corporate-governance#other-reports
21 Materiality policy as per regulation 30 (4) Yes https://www.hitachienergy.com/in/en/investor-relations/corporate-governance#policies
22 Disclosure of contact details of KMP who are authorized for the purpose of determining materiality as required under regulation 30(5) Yes https://www.hitachienergy.com/in/en/investor-relations/communications-to-stock-exchange
23 Disclosures under regulation 30(8) Yes https://www.hitachienergy.com/in/en/investor-relations/communications-to-stock-exchange
24 Statements of deviation(s) or variations(s) as specified in regulation 32 Yes https://www.hitachienergy.com/in/en/investor-relations/communications-to-stock-exchange
25 Dividend distribution policy as specified in regulation 43A (1) Yes https://www.hitachienergy.com/in/en/investor-relations/corporate-governance#policies
26.1 Annual return as provided under section 92 of the Companies Act 2013 Yes https://www.hitachienergy.com/in/en/investor-relations/general-meetings#annual-general-meeting
26.2 Employee benefit scheme documents framed in terms of SEBI (SBEB) regulations 2021
27 Confirmation that the above disclosures are in a separate section as specified in regulation 46(2) Yes https://www.hitachienergy.com/in/en/investor-relations/disclosures-under-regulation-46-of-the-sebi-lodr
28 Compliance with regulation 46(3) with respect to accuracy of disclosures on the website and timely updation Yes https://www.hitachienergy.com/in/en/investor-relations
29 Disclosure of notes on website in terms of Listing Regulations explanatory


Annexure II
II. Annual Affirmations
Sr Particulars Regulation Number Compliance status (Yes/No/NA) If status is No details of non-compliance may be given here.
1 Independent director(s) have been appointed in terms of specified criteria of independence and/or eligibility 16(1)(b) Yes
2 Board Composition 17(1), 17(1A) & 17(1C), 17(1D) & 17(1E) Yes
3 Meeting Of Board Of Directors 17(2) Yes
4 Quorum of board meeting 17(2A) Yes
5 Review of Compliance Reports 17(3) Yes
6 Plans for orderly succession for appointments 17(4) Yes
7 Code of Conduct 17(5) Yes
8 Fees/compensation 17(6) Yes
9 Minimum Information 17(7) Yes
10 Compliance Certificate 17(8) Yes
11 Risk Assessment & Management 17(9) Yes
12 Performance Evaluation of Independent Directors 17(10) Yes
13 Recommendation of Board 17(11) Yes
14 Maximum number of Directorships 17A Yes
15 Composition of Audit Committee 18(1) Yes
16 Meeting of Audit Committee 18(2) Yes
17 Role of Audit Committee and information to be reviewed by the audit committee 18(3) Yes
18 Composition of nomination & remuneration committee 19(1) & (2) Yes
19 Quorum of Nomination and Remuneration Committee meeting 19(2A) Yes
20 Meeting of Nomination and Remuneration Committee 19(3A) Yes
21 Role of Nomination and Remuneration Committee 19(4) Yes
22 Composition of Stakeholder Relationship Committee 20(1), 20(2) & 20(2A) Yes
23 Meeting of Stakeholders Relationship Committee 20(3A) Yes
24 Role of Stakeholders Relationship Committee 20(4) Yes
25 Composition and role of risk management committee 21(1),(2),(3),(4) Yes
26 Meeting of Risk Management Committee 21(3A) Yes
27 Quorum of Risk Management Committee meeting 21(3B) Yes
28 Gap between the meetings of the Risk Management Committee 21(3C) Yes
29 Vigil Mechanism 22 Yes
30 Policy for related party Transaction 23(1), (1A), (5), (6), & (8) Yes
31 Prior or Omnibus approval of Audit Committee for all related party transactions 23(2), (3) Yes
32 Approval for material related party transactions 23(4) Yes
33 Disclosure of related party transactions on consolidated basis 23(9) Yes
34 Composition of Board of Directors of unlisted material Subsidiary 24(1) NA
35 Other Corporate Governance requirements with respect to subsidiary of listed entity 24(2),(3),(4),(5) & (6) NA
36 Alternate Director to Independent Director 25(1) NA
37 Maximum Tenure 25(2) Yes
38 Appointment, Re-appointment or removal of an Independent Director through special resolution or the alternate mechanism 25(2A) Yes
39 Meeting of independent directors 25(3) & (4) Yes
40 Familiarization of independent directors 25(7) Yes
41 Declaration from Independent Director 25(8) & (9) Yes
42 Directors and Officers insurance 25(10) Yes
43 Confirmation with respect to appointment of Independent Directors who resigned from the listed entity 25(11) Yes
44 Memberships in Committees 26(1) Yes
45 Affirmation with compliance to code of conduct from members of Board of Directors and Senior management personnel 26(3) Yes
46 Policy with respect to Obligations of directors and senior management 26(2) & 26(5) Yes
47 Approval of the Board and shareholders for compensation or profit sharing in connection with dealings in the securities of the listed entity 26(6) NA
48 Vacancies in respect Key Managerial Personnel 26A(1) & 26A(2), 26A(3) NA
Any other information to be provided - Add Notes



Annexure II
III. Affirmations
Sr Particulars Compliance status (Yes/No/NA)
1 The Listed Entity has approved Material Subsidiary Policy and the Corporate Governance requirements with respect to subsidiary of Listed Entity have been complied NA
Any other information to be provided



Annexure II
1 Name of signatory Poovanna Ammatanda
2 Designation Company Secretary and Compliance Officer



Additional Half yearly Disclosure
Any Other Information for Disclosure of Loans / Guarantees / Comfort Letters / Securities Etc.
I. Disclosure of Loans/ guarantees/comfort letters /securities etc.refer note below
(A)Any loan or any other form of debt advanced by the listed entity directly or indirectly to
Entity Aggregate amount advanced during six months Balance outstanding at the end of six months
Promoter or any other entity controlled by them
Promoter Group or any other entity controlled by them
Directors (including relatives) or any other entity controlled by them
KMPs or any other entity controlled by them
(B) Any guarantee / comfort letter (by whatever name called) provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed By
Entity Type (guarantee, comfort letter etc.) Aggregate amount of issuance during six months Balance outstanding at the end of six months(taking into account any invocation)
Promoter or any other entity controlled by them
Promoter Group or any other entity controlled by them
Directors (including relatives) or any other entity controlled by them
KMPs or any other entity controlled by them
(C) Any security provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed by
Entity Type of security (cash, shares etc.) Aggregate value of security provided during six months Balance outstanding at the end of six months
Promoter or any other entity controlled by them
Promoter Group or any other entity controlled by them
Directors (including relatives) or any other entity controlled by them
KMPs or any other entity controlled by them
(D) Additional Information
II. Affirmations
Affirmations Compliance Status Company Remarks
All loans (or other form of debt), guarantees, comfort letters (by whatever name called) or securities in connection with any loan(s) (or other form of debt) given directly or indirectly by the listed entity to promoter(s), promoter group, director(s) (including their relatives), key managerial personnel (including their relatives) or any entity controlled by them are in the economic interest of the company. $intratedCg.get("CG_YN_$!integratedFillingMasterDto.cgMasterVO.anx4aAffirmComplStatus")
Name
Designation
Place
Date



Signatory Details
Name of signatory Poovanna Ammatanda
Designation of person Company Secretary and Compliance Officer
Place Bengaluru
Date 16-Apr-2026


Investor Grievance Details
No. of investor complaints pending at the beginning of Quarter 0
No. of investor complaints received during the Quarter 6
No. of investor complaints disposed off during the Quarter 2
No. of investor complaints those remaining unresolved at the end of the Quarter 4


Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies-
The details of acquisition of shares or voting rights in unlisted companies during the quarter in terms of sub-para 1 of para A of Part A of Schedule III are given below
Any Other Information for Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies
Sr. No. Name of the unlisted company in which shares or voting rights have been acquired Date of acquisition Aggregate holding (% shares or voting rights) as at the end of the previous quarter % shares or voting rights acquired during the quarter Aggregate holding (% shares or voting rights) as at the end of the quarter


Disclosure of Imposition of Fine or Penalty
The details of imposition of fine or penalty during the quarter in terms of sub-para 20 of para A of Part A of Schedule III are given below:
Any Other Information for Disclosure of Imposition of Fine or Penalty
Sr. No. Name of the authority Nature and details of the action(s) taken or order(s) passed Date of receipt of direction or order, including any ad interim or interim orders, or any other communication from the authority Details of the violation(s)/ contravention(s) committed or alleged to be committed Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible
1 State Tax Oficer (2), Songadh Mobile Squad, ENF-8, Surat, Gujarat The Sales Tax Officer detained detained the vehicle bearing registration number RJ47-GA-3211 at Songadh check post due to discrepancies in the e-Way Bill and issued Form GST MOV‑01 and MOV‑02 on March 26, 2026 26-Mar-2026 The E‑Waybill had been generated with an incorrect vehicle type and transaction type The Company has duly paid the penalty of Rs. 50,000, pursuant to which the vehicle bearing registration number RJ47-GA-3211 has been released. The Company does not intend to pursue any further litigation in this matter.
2 State Tax Oficer (2), Songadh Mobile Squad, ENF-8, Surat, Gujarat The Sales Tax Officer detained detained the vehicle bearing registration number RJ06-GB-5316 at Songadh check post due to discrepancies in the e-Way Bill and issued Form GST MOV‑01 and MOV‑02 on March 26, 2026 26-Mar-2026 The E‑Waybil had been generated with an incorrect vehicle type and transaction type The Company has duly paid the penalty of Rs. 50,000, pursuant to which the vehicle bearing registration number RJ06-GB-5316 has been released. The Company does not intend to pursue any further litigation in this matter.
3 State Tax Oficer (2), Songadh Mobile Squad, ENF-8, Surat, Gujarat The Sales Tax Officer detained detained the vehicle bearing registration number RJ06-GB-9386 at Songadh check post due to discrepancies in the e-Way Bill and issued Form GST MOV‑01 and MOV‑02 on March 26, 2026 26-Mar-2026 The E‑Waybill had been generated with an incorrect vehicle type and transaction type The Company has duly paid the penalty of Rs. 50,000, pursuant to which the vehicle bearing registration number RJ06-GB-9386 has been released. The Company does not intend to pursue any further litigation in this matter.
4 State Tax Officer (2), Bhilad Mobile Squad, Balitha, Vapi, Gujarat The Sales Tax Officer detained the vehicle bearing registration number MH46-AF-9529, containing the consignment bearing Bill of Entry number 8071210 at the Bhilad check post due to discrepancy in the e‑Way Bill and issued FORM GST MOV‑01 and MOV‑02 on March 25, 2026 25-Mar-2026 E‑Waybill was generated without Part‑B (Transport details like Vehicle No.or Transporter ID) The Company has duly paid the penalty of Rs. 50,000, pursuant to which the vehicle bearing registration number MH46-AF-9529, containing the consignment bearing Bill of Entry number 8071210 has been released. The Company does not intend to pursue any further litigation in this matter.
5 State Tax Officer (2), Bhilad Mobile Squad, Balitha, Vapi, Gujarat The Sales Tax Officer detained the vehicle bearing registration number MH46-AF-9529, containing the consignment bearing Bill of Entry number 8072373 at the Bhilad check post due to discrepancy in the e‑Way Bill and issued FORM GST MOV‑01 and MOV‑02 on March 25, 2026 25-Mar-2026 E‑Waybill was generated without Part‑B (Transport details like Vehicle No.or Transporter ID) The Company has duly paid the penalty of Rs. 50,000, pursuant to which the vehicle bearing registration number MH46-AF-9529, containing the consignment bearing Bill of Entry number 8072373 has been released. The Company does not intend to pursue any further litigation in this matter.
6 Court of Hon'ble Labour Court, Jamnagar The Company has received the complaint from the office of the Labour Enforcement Officer for alleged under Minimum Wages Act, for breach of following: Rule-22 - Display of notice in Hindi and English at the work place Rule: Wages not paid within the statutory time limit Rule-25(2) & 26 (1) - Maintenance of Wage Register (Form B). Rule 21 (4) - Maintenance of register for loan/recoveries in Form C. Rule 21 (4) - Maintenance of attendance register (Form D). Accordingly Rs. 500 penalty was imposed for violation of the same 25-Mar-2026 The Company has received the complaint from the office of the Labour Enforcement Officer for alleged under Minimum Wages Act, for breach of following: Rule-22 - Display of notice in Hindi and English at the work place Rule: Wages not paid within the statutory time limit Rule-25(2) & 26 (1) - Maintenance of Wage Register (Form B). Rule 21 (4) - Maintenance of register for loan/recoveries in Form C. Rule 21 (4) - Maintenance of attendance register (Form D). The Company has initially received a show cause notice dated September 22, 2025 pursuant to an inspection conducted on September 18, 2025 by the Labour Enforcement Officer, Rajkot at a premises of a third party wherein our Company was appointed to undertake contract work. During the Inspection certain irregularities in relation to compliance with the Minimum Wages Act, 1948 & Central Rules, 1950 were observed. In our reply dated September, 26, 2025, we informed to the authority that appropriate compliances are made in place and requested to drop the further proceedings on the reference notice. Subsequently, a complaint dated March 12, 2026 was filed before the Hon'ble Labour Court, Jamnagar by the Labour Enforcement Officer (Central) under the Minimum Wages Act, 1948. Accordingly, the Company will be paying the penalty amount of Rs. 500 on the next hearing date, i.e., April 20, 2026. The Company will be paying the penalty amount of Rs. 500 on the next hearing date, i.e., April 20, 2026, to close the case.
7 Deputy Commissioner of Customs, Drawback(DRC), New Custom House, Mumbai Order‑in‑Original No. 157/PJ/DC/DRC/NCH/2025‑26 dated 06.02.2026 passed by the Deputy Commissioner of Customs, Drawback Recovery Cell, New Custom House, Mumbai, pursuant to Show Cause Notice No. 72/2024‑25 dated 21.03.2025, alleging ineligible availing of Drawback and Remission of Duties and taxes on Exported Products (RoDTEP) benefit under the provisions of the Customs Act, 1962, Customs and Central Excise Duties Drawback Rules, 2017 and Notification No. 76/2021‑Customs (N.T.). 06-Feb-2026 The Company allegedly failed to realise export proceeds within the stipulated period under FEMA and RBI guidelines in respect of certain Shipping Bills, resulting in: Short realisation of export proceeds for some Shipping Bills Delay / non‑realisation of export proceeds for certain Shipping Bills. Accordingly, proportionate recovery of Drawback and RoDTEP along with interest was proposed under Rule 18(2) of the Drawback Rules, 2017 and Notification No. 76/2021‑Customs (N.T.). Financial impact: Recovery of Drawback & RoDTEP amounting to INR 28,12,516/‑ Penalty imposed of INR 1,00,000/‑ (Interest applicable as per law) Based on assessment of facts and prevailing law, the Company has filed an appeal before the Appellate Authority on April 06, 2026.


Disclosure of Updates to Ongoing Tax Litigations or Disputes
The updates on tax litigations or disputes in terms of sub-para 8 of para B of Part A of Schedule III read with corresponding provisions of Annexure 18 of the Master Circular are given below:

Any Other Information for Disclosure of Updates to Ongoing Tax Litigations or Disputes
Sr. No. Name of the opposing party Date of initiation of the litigation / dispute Status of the litigation / dispute as per last disclosure Current status of the litigation / dispute
1 The Deputy Commissioner of Income Tax 30-Jun-2025 After the completion of scrutiny assessment for FY 2020-21, the Company had received a show cause notice under section 148A (procedure before issuance of notice u/s 148) for re-assessment under section 147 on March 29, 2025. The Company had responded to the said notice in April 2025 with full explanation highlighting that there is no escapement of income during the assessment proceedings. However, the Assessing Officer did not take the same into account and initiated the reassessment proceedings by passing the order u/s 148A(3) on June 30, 2025. In the said order, the Assessing Officer has proposed an adjustment to taxable income to the tune of Rs. 28,06,45,970 with corresponding tax impact of Rs. 9,39,41,860 including interest. As per the Income-tax law provisions, the proceedings u/s 148 of the Act should be carried out though automated allocation and under faceless assessment manner. Hence, the Company believes that the notice and the order issued by the Jurisdictional Assessing Officer u/s 148 of the Act are bad in law and are liable to be quashed. Notwithstanding the same, the Company had filed a revised return u/s 148 on August 25, 2025 (replica of the original return) as required under the provisions of the Act. Further, the Company is in the process of responding to the notice with all necessary supporting documents to justify that the expenses claimed by the Company were in order and are allowable under the provisions of the Act. The Company is confident of getting the favorable outcome in this matter and hence, no additional provision would be required. The Company has responded to the notice in the month of October, 2025, with all necessary supporting documents to justify that the expenses claimed by the Company were in order and are allowable under the provisions of the Act. The re-assessment proceedings are yet to be disposed off. Further, there is no update during the quarter ended March 31, 2026.
2 The Deputy Commissioner of Income Tax 21-Jan-2026 Not Applicable This case was selected for scrutiny assessment for FY2021-22, pursuant to which the Assessing Officer (“AO”) referred the matter to the Transfer Pricing Officer (“TPO”) for carrying out the transfer pricing assessment. The transfer pricing assessment was concluded and the TPO proposed a transfer pricing adjustment aggregating to INR 113.2 crores on account of alleged low margins in the manufacturing segment, system integration segment and deemed interest on delayed receivables. The transfer pricing order was issued on January 23, 2025. Subsequently, the AO passed a draft assessment order under section 144C(1) of the Income‑tax Act, 1961 on March 4, 2025, incorporating the proposed transfer pricing adjustments. In addition, the AO disallowed Group Management Fees amounting to INR 69.95 crores, without duly considering the submissions made by the Company. Aggrieved by the draft assessment order, the Company filed objections before the Dispute Resolution Panel (“DRP”) on April 2, 2025. The DRP issued its directions on December 26, 2025, largely confirming the adjustments proposed by the TPO. However, with respect to the Group Management Fees, while the DRP confirmed the disallowance made by the AO, it directed that the said fees should not be considered while computing the margins for the manufacturing segment and system integration segment. Pursuant to the directions of the DRP, the AO passed the final assessment order on January 21, 2026, wherein the Group Management Fees amounting to INR 699.5 million and interest on delayed receivables amounting to INR 16.4 million were disallowed. On account of these disallowances, the segmental margins improved and were within the range determined by the TPO. Consequently, the transfer pricing adjustment aggregating to INR 1,114.8 million was deleted, resulting in a reduced tax demand of INR 260.9 million as against the earlier demand of INR 435.8 million. The Company is of the view that no addition is warranted in respect of the disallowance of Group Management Fees and notional interest on delayed receivables. Accordingly, the Company has preferred an appeal before the Income‑tax Appellate Tribunal (“ITAT”) on March 25, 2026 against the aforesaid additions.
3 Assistant Commissioner of Commercial Taxes, Bengaluru 02-Sep-2024 The Company received an order from GST authorities in respect of GST audit conducted for Karnataka in relation to FY 2019-20. There is tax demand of INR 46.29 Crore (GST – INR 24.41 Crore plus interest & penalty – INR 21.87 Crore). The Company filed an Appeal on December 2, 2024 before Joint Commissioner of Commercial Taxes, Bengaluru. Hearing for appeal filed on December 2, 2024 before Joint Commissioner of Commercial Taxes, Bengaluru is concluded. The Company awaits the order. The Appeal filed on on December 2, 2024, before Joint Commissioner of Commercial Taxes, Bengaluru, has been rejected on March 11, 2025. Accordingly, awaiting the formation of Goods and Service Tax Tribunal for filing appeals against the Joint Commissioner of Commercial Taxes (Appeals) order. There is no update during the quarter ended March 31, 2026.
4 Assistant Commissioner of Commercial Taxes, Bengaluru 02-Mar-2022 Post de-merger, non-novated transactions were carried out with ABB India Limited ('ABB') in FY 2019-20 & FY 2020-21 and offshore sales by transfer of documents of title to the goods were transacted. The goods moved from a country (other than India) and where destined for Nepal / Bangladesh / Sri Lanka. While raising invoice on ABB we had charged GST. However, since these transactions were carried out entirely outside India, no GST should have been charged. Accordingly, The Company had issued credit Note to ABB and lodged refund claim of INR 14.41 Crores with GST authorities. The Company filed an Appeal on June 3, 2022 before Joint Commissioner of Commercial Taxes, Bengaluru and same was rejected on December 26, 2023 and September 24, 2024. Awaiting the formation of Goods and Service Tax Tribunal for filing appeals against the Joint Commissioner of Commercial Taxes (Appeals) order. There is no update during the quarter ended March 31, 2026.
5 Deputy Commissioner of Commercial Taxes, Vadodara 28-Oct-2023 In respect of Q2 FY 2022-23, refund claim of INR 19.39 Crores has been rejected by Deputy Commissioner of Commercial Taxes, Vadodara. The Company is eligible for refund in respect of export turnover of both goods and services. However, turnover relating to services was not considered by tax authorities. Further, Input Tax Credit (ITC) amount was considered as NIL in refund computation. Accordingly, the Company filed an Appeal on January 24, 2024 before Additional Commissioner (Appeals), Vadodara and the same has been rejected on October 25, 2024. Awaiting the formation of Goods and Service Tax Tribunal for filing appeal against the order. There is no update during the quarter ended March 31, 2026.
6 Deputy Commissioner of Commercial Taxes, Vadodara 03-Nov-2023 In respect of Q3 & Q4 of FY 2021-22, Input Tax Credit (ITC) refund of INR 10.51 crores was received. Subsequently, pursuant to internal review by Goods and Service Tax authorities, they filed an appeal before Additional Commissioner of GST seeking to deny the refund. The Company filed cross objection on April 17, 2024 before Additional Commissioner (Appeals), Vadodara and the same has been rejected on October 25, 2024. Awaiting the formation of Goods and Service Tax Tribunal for filing appeal against the order. There is no update during the quarter ended March 31, 2026.
7 Assistant Commissioner of GST, Nandanam, Chennai 27-Feb-2025 The Company has received an order from Assistant Commissioner (State Tax), Nandambakkam Assessment Circle, Chennai, Tamil Nadu (“GST Authority”) based on GST Assessment for the FY 2020-21 with the demand of Penalty of Rs. 74,91,593/- under applicable provisions of the Central Goods and Services Tax Act, 2017, the Integrated Goods & Services Tax Act, 2017, the Tamil Nadu Goods & Services Tax Act, 2017 and rules made thereunder. There is a total demand of INR 13.45 Crores (GST – INR 7.49 Crore plus interest & penalty – INR 5.96 Crores). The Company has received the order from the aforesaid authorities for alleged excess availment of Input Tax Credit (ITC) in GSTR-3B returns. Based on assessment of facts and prevailing law, the Company is of the view that the penalty levied is, arbitrary, unjustified and unsustainable in law. Accordingly, the Company has filed an appeal before Deputy Commissioner of State Taxes, Chennai on May 27, 2025 against the order passed by Assistant Commissioner of GST, Nandanam, Chennai. Pursuant to the appeal filed by the Company before the Deputy Commissioner of State Taxes, Chennai on May 27, 2025, against the assessment order issued by the Assistant Commissioner of GST, Nandanam, Chennai, a personal hearing was conducted on December 31, 2025. Pursuant to the hearing, Order-in-Appeal was passed on February 02, 2026 by the Deputy Commissioner (Appeals), Chennai, partially allowing the Company’s appeal and reducing the total demand from INR 13.45 Crores to INR 3.21 Crores (comprising GST of INR 1.69 Crores, interest of INR 1.35 Crores and penalty of INR 16.98 Lakhs). For the balance portion of the demand that has been disallowed, the Company proposes to file an appeal before the GST Appellate Tribunal, Chennai, once the Tribunal is constituted
8 Joint Commissioner, CGST & CE, Vadodara-I 08-Aug-2025 Demand raised in respect of departmental appeal for Q3 & Q4 of FY 2020-21, Q1 of 2021-22 wherein Input Tax Credit refund was already received by the Company. Subsequently, pursuant to internal review by Goods and Service Tax (GST) authorities, GST Department filed an appeal before Additional Commissioner of GST seeking to deny the aforesaid refund and demanding INR 25.26 crores (INR 22.96 crores GST and INR 2.30 crores Penalty). The Gujarat High Court has quashed the appellate orders passed by the Additional Commissioner of GST on the main issue i.e., litigation dated May 17, 2023 and the Company will be filing an application for rectification of mistake before Joint Commissioner, CGST & CE, Vadodara-I to recall/rectify the Demand Order. Accordingly, Writ Petition has been filed before Gujarat High Court on December 22, 2025. The Joint Commissioner, CGST & Central Excise has passed the Rectification of Mistake Order on January 22, 2026, declaring the demand of INR 25.26 Crores as inoperative and unenforceable. Accordingly, the matter stands closed.
9 Joint Commissioner, CGST & CE, Vadodara-I 07-Aug-2025 Demand raised in respect of departmental appeal for Q3 & Q4 of FY 2021-22, Q1 & Q2 of 2022-23 wherein Input Tax Credit refund was already received by the Company. Subsequently, pursuant to internal review by Goods and Service Tax (GST) authorities, GST Department filed an appeal before Additional Commissioner of GST seeking to deny the refund and demanding INR 19.66 crores (INR 17.87 crores GST and INR 1.79 crores Penalty). The Company intends to file an appeal before Joint Commissioner, CGST & CE, Vadodara-I by November 07, 2025 against the Commissioner (Appeals), Vadodara An appeal was filed by the Company before the Joint Commissioner, CGST & CE, Vadodara-I on January 08, 2026. Personal hearing was duly attended on January 21, 2026. The matter is currently pending for receipt of the order.
10 Deputy Commissioner State Tax, Sector-20, Lucknow, Uttar Pradesh 10-Dec-2025 The Company has received the order from GST authorities in respect of GST audit conducted for Uttar pradesh in relation to FY 2021-22 for alleged: - short payment of Tax on outward supply for the difference of value declared in TDS return and GST return - ITC availed on cancelled dealer invoices - Input tax availed and utilized on blocked Input tax credit Total Tax Demands: GST: Rs. 9,02,10,392.00, Penalty: Rs. 90,21,037.00 plus Interest as per UP SGST Act, 2017 (not quantified) Based on assessment of facts and prevailing law, the Company is of the view that the Tax Demand and Penalty levied is arbitrary, unjustified and unsustainable in law. The Company will file necessary appeal with the Appellate Authority in this regard within the permissible timeline. The Company has filed an appeal before the appellate authority in this regard on March 11, 2026. Hearing awaited.
11 Deputy Commissioner of Commercial Taxes, (Large Taxpayers Unit)-III, Bengaluru 29-Dec-2025 The Company has received the order from GST authorities in respect of GST audit conducted for Karnataka in relation to FY 2021-22 for alleged: - Non-payment of GST on E-way bill transactions - Wrong payment of GST on supplies to Solar project - Non-Payment of GST on Non-GST supplies (Import of Services) Total Tax Demands: GST: Rs. 75,49,347.00, Interest: Rs. 58,11,549.00 Penalty: Rs. 7,66,295.00 Based on assessment of facts and prevailing law, the Company is of the view that the Tax Demand and Penalty levied is arbitrary, unjustified and unsustainable in law. The Company will file necessary appeal with the Appellate Authority in this regard within the permissible timeline. The Company has filed an appeal before the appellate authority in this regard on March 29, 2026. Hearing awaited.
12 Assistant Commissioner (ST), Nandambakkam Assessment Circle, Chennai, Tamil Nadu 29-Dec-2025 The Company has received the order from GST authorities in respect of GST audit conducted for Tamil Nadu in relation to FY 2021-22 for alleged: - Excess ITC reversal reported in Form GSTR-09 - ITC claimed from cancelled dealers, return defaulters & tax non payers - Interest on ITC reversed under Rule 37 Total Tax Demands: GST: Rs. 69,046.00, Interest: Rs. 1,61,903.00, Penalty: Rs. 20,000.00 Based on assessment of facts and prevailing law, the Company is of the view that the Tax Demand and Penalty levied is arbitrary, unjustified and unsustainable in law. The Company will file necessary appeal with the Appellate Authority in this regard within the permissible timeline. The Company has filed an appeal before the appellate authority in this regard on March 29, 2026. Hearing awaited.
13 State Tax Officer, Ludhiana Division, Punjab 18-Dec-2025 A Demand Order has been issued by the State of Punjab for the reversal of Input Tax Credit (ITC) available in the Electronic Credit Ledger as on December 18, 2025. Since we have surrendered our registration, the department has directed us to reverse the excess credit balance accumulated in the Electronic Credit Ledger. The GST demand amounts to INR 1,68,685.00. The Company is currently evaluating the matter and will determine the appropriate course of action. As the amount has been debited from the Electronic Credit Ledger, no further litigation is being pursued and the matter stands closed.