Integrated Filing-Governance



General information about company

Scrip Code 532835
NSE Symbol ICRA
MSEI Symbol NOTLISTED
ISIN INE725G01011
Name of the entity ICRA 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 During the quarter ended March 31, 2026, there were no instances of acquisition of shares or voting rights in unlisted companies.
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? No
Reason For Part D Of Annexure I Disclosure Of Imposition Of Fine Or Penalty Is Not Applicable To The Entity No updates during the quarter ended March 31, 2026.
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 Not Applicable
Risk management committee Yes
Market Capitalisation as per immediate previous Financial Year Top 1000 listed entities
Is SCORE ID Available ? Yes
SCORE Registration ID i00010
Reason For No SCORE ID
Type of Submission New
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 The initial date of appointment for the Directors has been taken as the original date of appointment when the Director was inducted on the Board of Directors of ICRA Limited. In case of the Independent Directors, such date has been reckoned as the date from which their initial appointment was approved by the members of ICRA Limited in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder.
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. Palamadai Sundararajan Jayakumar 01173236 Non-Executive - Independent Director Chairperson 08-Apr-1962 No Active NA 01-Nov-2024 01-Nov-2024 17 7 7 7 3
2 Mr. Pradip Manilal Kanakia 00770347 Non-Executive - Independent Director Not Applicable 04-Jun-1960 No Active NA 01-Nov-2024 01-Nov-2024 17 6 6 7 4
3 Ms. Anuranjita Kumar 05283847 Non-Executive - Independent Director Not Applicable 02-Nov-1971 No Active NA 01-Dec-2024 01-Dec-2024 16 3 3 5 2
4 Ms. Wendy Huay Huay Cheong 08927070 Non-Executive - Non Independent Director Not Applicable 24-Oct-1977 No Active NA 06-Nov-2020 03-Aug-2023 1 0 1 0
5 Ms. Shivani Priya Mohini Kak 09486147 Non-Executive - Non Independent Director Not Applicable 13-Jan-1973 No Active NA 18-Feb-2022 23-Jul-2024 1 0 1 1
6 Mr. Stephen Arthur Long 09595066 Non-Executive - Non Independent Director Not Applicable 22-Dec-1963 No Active NA 13-May-2022 04-Aug-2022 1 0 0 0 Textual Information(1)
7 Mr. Brian Joseph Cahill 10615493 Non-Executive - Non Independent Director Not Applicable 27-Jan-1965 No Active NA 01-Aug-2024 01-Aug-2024 1 0 0 0 Textual Information(2)
8 Mr. Ramnath Krishnan 09371341 Executive Director Not Applicable CEO-MD 10-Jan-1963 No Active NA 23-Oct-2021 23-Oct-2024 1 0 1 0



Text Block
Textual Information(1) Foreign director not having PAN
Textual Information(2) Foreign director not having PAN



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 00770347 Pradip Manilal Kanakia Non-Executive - Independent Director Chairperson 01-Nov-2024
2 01173236 Palamadai Sundararajan Jayakumar Non-Executive - Independent Director Member 01-Nov-2024
3 08927070 Wendy Huay Huay Cheong Non-Executive - Non Independent Director Member 25-Nov-2020



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 05283847 Anuranjita Kumar Non-Executive - Independent Director Chairperson 01-Dec-2024
2 00770347 Pradip Manilal Kanakia Non-Executive - Independent Director Member 01-Nov-2024
3 08927070 Wendy Huay Huay Cheong Non-Executive - Non Independent Director Member 25-Nov-2020



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 09486147 Shivani Priya Mohini Kak Non-Executive - Non Independent Director Chairperson 18-Feb-2022
2 05283847 Anuranjita Kumar Non-Executive - Independent Director Member 01-Aug-2025
3 09371341 Ramnath Krishnan Executive Director Member 26-Oct-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 09595066 Stephen Arthur Long NED Chairperson 13-May-2022
2 00770347 Pradip Manilal Kanakia ID Member 01-Nov-2024
3 09371341 Ramnath Krishnan ED Member 26-Oct-2021



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 28-Oct-2025 Yes 8 7 2
2 28-Jan-2026 91 Yes 8 8 3
3 17-Mar-2026 47 Yes 8 8 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 Audit Committee 28-Oct-2025 Yes 3 3 2 0
2 Audit Committee 28-Jan-2026 91 Yes 3 3 2 0
3 Risk Management Committee 28-Jan-2026 Yes 3 3 1 0



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: The report of the previous quarter was placed before the Board of Directors and the Board of Directors took note of the same.



Annexure 1
Sr Subject Compliance status
1 Name of signatory S. Shakeb Rahman
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.icra.in/AboutUs#profile
1.2 Memorandum of Association and Articles of Association Yes https://www.icra.in/InvestorRelation/ShowCorporateGovernanceFile?Id=28
1.3 Brief profile of board of directors including directorship and full time positions in body corporates Yes https://www.icra.in/AboutUs/BoardOfDirector#board_of_directors
2 Terms and conditions of appointment of independent directors Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
3 Composition of various committees of board of directors Yes https://www.icra.in/InvestorRelation/ShowDisclosuresUnderRegulationFile?Id=18
4 Code of conduct of board of directors and senior management personnel Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
5 Details of establishment of vigil mechanism or whistle blower policy Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
6 Criteria of making payments to non-executive directors Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
7 Policy on dealing with related party transactions Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
8 Policy for determining material subsidiaries Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
9 Details of familiarization programmes imparted to independent directors Yes https://www.icra.in/InvestorRelation/ShowDisclosuresUnderRegulationFile?Id=12
10 Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
11 Email address for grievance redressal and other relevant details Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
12 Financial results Yes https://www.icra.in/InvestorRelation/Index?tabname=FINANCIALRESULT
13 Shareholding pattern Yes https://www.icra.in/InvestorRelation/Index?tabname=SHAREHOLDINGPATTERN
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.icra.in/InvestorRelation/Index?tabname=FNANALYSTPRESENTATION
15.2 Audio or video recordings and transcripts of post earnings/quarterly calls Yes https://www.icra.in/InvestorRelation/Index
16 New name and the old name of the listed entity NA
17 Advertisements as per regulation 47 (1) Yes https://www.icra.in/InvestorRelation/Index?tabname=CORPORATEANNOUNCEMENT
18 Credit rating or revision in credit rating obtained NA
19 Separate audited financial statements of each subsidiary of the listed entity Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
20 Secretarial compliance report Yes https://www.icra.in/InvestorRelation/Index#breadcrumbs
21 Materiality policy as per regulation 30 (4) Yes https://www.icra.in/RegulatoryDisclosure/ShowCodePolicyReport?id=8®ulatoryDisclosureReportId=544
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.icra.in/InvestorRelation/Index
23 Disclosures under regulation 30(8) Yes https://www.icra.in/InvestorRelation/Index
24 Statements of deviation(s) or variations(s) as specified in regulation 32 NA
25 Dividend distribution policy as specified in regulation 43A (1) Yes https://www.icra.in/InvestorRelation/Index
26.1 Annual return as provided under section 92 of the Companies Act 2013 Yes https://www.icra.in/InvestorRelation/Index?tabname=ANNUALRETURN
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.icra.in/InvestorRelation/Index
28 Compliance with regulation 46(3) with respect to accuracy of disclosures on the website and timely updation Yes https://www.icra.in/InvestorRelation/Index
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) Yes
35 Other Corporate Governance requirements with respect to subsidiary of listed entity 24(2),(3),(4),(5) & (6) Yes
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) NA
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) Yes
48 Vacancies in respect Key Managerial Personnel 26A(1) & 26A(2), 26A(3) Yes
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 Yes
Any other information to be provided



Annexure II
1 Name of signatory S. Shakeb Rahman
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 S. Shakeb Rahman
Designation of person Company Secretary and Compliance Officer
Place Gurugram
Date 25-Apr-2026


Investor Grievance Details
No. of investor complaints pending at the beginning of Quarter 0
No. of investor complaints received during the Quarter 1
No. of investor complaints disposed off during the Quarter 1
No. of investor complaints those remaining unresolved at the end of the Quarter 0


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


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 Centralized Processing Center-Income Tax Department 24-Jan-2024 ICRA Limited (the Company or ICRA) has received an intimation on January 24, 2024 under section 143(1) from the Income Tax Department for the A Y 2023-24, wherein credit for tax deducted at source as claimed by ICRA has not been given resulting in a demand of Rs. 20.67 crores ICRA Limited (the Company or ICRA) has received an assessment order on March 02, 2026 under section 143(3) r.w.s. 144B from the Income Tax Department for the AY 2023-24, wherein no addition has been made to the return of income filed by ICRA. Pursuant to the order, a refund of Rs. 8.81 crores (including interest of Rs. 1.34 crores) has now become due to ICRA and the tax demand of Rs 20.67 crores stands deleted. On perusal of computation sheet annexed with the assessment order, there are certain computational errors therein and accordingly, ICRA has preferred an appeal before the Hon’ble Commissioner of Income Tax (Appeals) [‘CIT(A)’] and also filed a rectification application before the tax officer. Presently, the same are pending for disposal.
2 Assistant Commissioner of Income Tax, Delhi-Income Tax Department 11-Jun-2024 Received order dated 25.07.2025 for giving effect of assessment order as per Vivad se Vishwas Act, 2020 and the outstanding demand of INR 51.92 Cr got deleted from the income tax e-filing portal ICRA Limited (the Company or ICRA) has received an order from Tribunal dated January 28, 2026 for AY 2017-18, wherein appeal has been decided in favor of ICRA and the rectification order passed under section 154 has been set aside. Pursuant to the same, the demand of INR 51.92 Cr stands deleted.
3 Superintendent of Central Taxes, Range DND-1, North Division - I, Bangalore North Commissionerate, Bengaluru 29-Aug-2024 (i) Demand of Rs.11.56 lakhs in terms of section 73 of the CGST/KGST Act, 2017. (ii) Interest 111 terms of section 50(1) of the CGST/KGST/IGST Act, 2017 on the said demand - Rs. 11.27 lakhs. (iii) Penalty of Rs. 1.58 lakhs under section 73(9) of the CGST/KGST Act, 2017 on the said demand. ICRA Limited (the Company or ICRA) has received an appeals order dated March 24, 2026 under section 107(11)of the CGST Act 2017, wherein authorities confirmed demand of Rs. 10.57 lakhs along with interest and penalty of Rs. 1.18 lakhs and dropped the demand of Rs. 0.99 lakhs along with interest and penalty of Rs. 0.40 lakhs.