Integrated Filing-Governance



General information about company

Scrip Code 509567
NSE Symbol GOACARBON
MSEI Symbol NOTLISTED
ISIN INE426D01013
Name of the entity GOA CARBON 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, Goa Carbon Limited did not acquire any Shares or Voting Rights in any Unlisted Company, aggregating to 5% or any subsequent change in holding exceeding 2% in terms of the provisions of Para A (1) of Part A of Schedule III of SEBI (LODR) Regulations, hence Annexure I (Part C) of the SEBI Circular dated December 31, 2024 related to Disclosure of Acquisition of of Shares or Voting Rights in Unlisted Companies is not applicable.
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 During the quarter, there were no such instances of imposition of any fine or penalty on the Entity, therefore Annexure I (Part D) of the SEBI Circular dated December 31, 2024 related to Disclosure of Imposition of Fine or Penalty is not applicable.
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 No
Market Capitalisation as per immediate previous Financial Year Top 2000 listed entities
Is SCORE ID Available ? Yes
SCORE Registration ID g00121
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
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. Shrinivas Vasudeva Dempo 00043413 Non-Executive - Non Independent Director Chairperson related to Promoter 02-Feb-1969 No NA 30-Dec-2006 17-Aug-2023 3 1 2 1
2 Mr. Nagesh Dinkar Pinge 00062900 Non-Executive - Independent Director Not Applicable 01-Oct-1958 No NA 06-May-2019 06-May-2024 82.26 4 4 7 4
3 Mr. Subodh Satchitanand Nadkarni 00145999 Non-Executive - Independent Director Not Applicable 02-Apr-1956 No NA 07-Jan-2021 07-Jan-2021 62.25 2 2 2 0
4 Mr. Rajesh Soiru Dempo 05143106 Non-Executive - Non Independent Director Not Applicable 29-Nov-1975 No NA 08-Jan-2016 09-Sep-2025 1 0 1 1
5 Mr. Jagmohan Jagdishlal Chhabra 01007714 Non-Executive - Non Independent Director Not Applicable 17-Apr-1962 No NA 01-Apr-2022 10-Sep-2024 1 0 1 0
6 Mr. Subhrakant Panda 00171845 Non-Executive - Independent Director Not Applicable 05-Jan-1971 No NA 28-May-2022 28-May-2022 46.04 4 3 1 0
7 Ms. Kshama Fernandes 02539429 Non-Executive - Independent Director Not Applicable 13-Nov-1968 No NA 07-Jul-2025 07-Jul-2025 8.25 3 2 4 0
8 Mr. Anupam Misra 09615362 Executive Director Not Applicable 24-Feb-1972 No NA 28-May-2022 28-May-2025 1 0 1 0



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 00062900 Nagesh Dinkar Pinge Non-Executive - Independent Director Chairperson 06-May-2019
2 00145999 Subodh Satchitanand Nadkarni Non-Executive - Independent Director Member 07-Jan-2021
3 01007714 Jagmohan Jagdishlal Chhabra Non-Executive - Non Independent Director Member 01-Apr-2024
4 02539429 Kshama Fernandes Non-Executive - Independent Director Member 08-Jul-2025



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 00043413 Shrinivas Vasudeva Dempo Non-Executive - Non Independent Director Member 12-Apr-2018
2 00145999 Subodh Satchitanand Nadkarni Non-Executive - Independent Director Chairperson 07-Jan-2021 Textual Information(1)
3 00171845 Subhrakant Panda Non-Executive - Independent Director Member 08-Jul-2025

Text Block
Textual Information(1) Mr. Subodh S. Nadkarni has been appointed as Chairperson of the Nomination and Remuneration Committee of the Company with effect from 08-July-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 05143106 Rajesh Soiru Dempo Non-Executive - Non Independent Director Chairperson 08-Jan-2016 Textual Information(1)
2 09615362 Anupam Misra Executive Director Member 28-May-2022
3 02539429 Kshama Fernandes Non-Executive - Independent Director Member 08-Jul-2025



Text Block
Textual Information(1) Mr. Rajesh S. Dempo has been appointed as Chairperson of the Stakeholders Relationship Committee of the Company with effect from 12-Apr-2018.



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 29-Oct-2025 Yes 8 8 4
2 21-Jan-2026 83 Yes 8 8 4



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 29-Oct-2025 Yes 4 4 3 0
2 Audit Committee 21-Jan-2026 83 Yes 4 4 3 0
3 Stakeholders Relationship Committee 29-Oct-2025 Yes 3 3 1 0
4 Stakeholders Relationship Committee 21-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) NA
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 Pravin Satardekar
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.goacarbon.com/index.php
1.2 Memorandum of Association and Articles of Association Yes https://goacarbon.com/downloads/NEW_Memorandum_Articles_of_Association_GCL.pdf
1.3 Brief profile of board of directors including directorship and full time positions in body corporates Yes https://www.goacarbon.com/board-of-directors.php
2 Terms and conditions of appointment of independent directors Yes https://goacarbon.com/downloads/Draft_Letter_of_Appointment_Reappointment_ID.pdf
3 Composition of various committees of board of directors Yes https://goacarbon.com/downloads/Board%20Committees.pdf
4 Code of conduct of board of directors and senior management personnel Yes http://www.goacarbon.com/downloads/Code_of_Conduct_Board.pdf
5 Details of establishment of vigil mechanism or whistle blower policy Yes http://www.goacarbon.com/downloads/Vigil_Mechanism_Whistle_Blower_Policy.pdf
6 Criteria of making payments to non-executive directors Yes https://goacarbon.com/downloads/Nomination%20and%20Remuneration%20Policy_GOA%20CARBON%20LIMITED.pdf
7 Policy on dealing with related party transactions Yes http://www.goacarbon.com/downloads/Related_Party_Transaction_Policy.pdf
8 Policy for determining material subsidiaries Yes http://www.goacarbon.com/downloads/Policy%20for%20determining%20material%20subsidiaries_GOA%20CARBON%20LIMITED.pdf
9 Details of familiarization programmes imparted to independent directors Yes https://goacarbon.com/downloads/Familiarization_Programme_for_Independent_Directors.pdf
10 Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances Yes https://www.goacarbon.com/shareholders-information.php
11 Email address for grievance redressal and other relevant details Yes https://www.goacarbon.com/shareholders-information.php
12 Financial results Yes https://www.goacarbon.com/financial-results.php
13 Shareholding pattern Yes https://www.goacarbon.com/shareholding-pattern.php
14 Details of agreements entered into with the media companies and/or their associates Yes https://goacarbon.com/downloads/Agreement_with_Media_Companies.pdf
15.1 Schedule of analyst or institutional investor meet and presentation prepared by listed entity for analyst or institutional investor meet Yes http://goacarbon.com/downloads/GCL_Presentation_-_Aug_2008.pps
15.2 Audio or video recordings and transcripts of post earnings/quarterly calls NA
16 New name and the old name of the listed entity NA
17 Advertisements as per regulation 47 (1) Yes https://www.goacarbon.com/extract-of-financial-results.php
18 Credit rating or revision in credit rating obtained Yes https://www.goacarbon.com/disclosures-to-stock-exchange.php
19 Separate audited financial statements of each subsidiary of the listed entity Yes https://www.goacarbon.com/annual-reports.php
20 Secretarial compliance report Yes https://www.goacarbon.com/secretarial-compliance-report.php
21 Materiality policy as per regulation 30 (4) Yes http://www.goacarbon.com/downloads/Policy%20for%20Determination%20of%20Material%20Events%20or%20Information.pdf
22 Disclosure of contact details of KMP who are authorized for the purpose of determining materiality as required under regulation 30(5) Yes https://goacarbon.com/downloads/Policy%20for%20Determination%20of%20Material%20Events%20or%20Information.pdf
23 Disclosures under regulation 30(8) Yes https://www.goacarbon.com/disclosures-to-stock-exchange.php
24 Statements of deviation(s) or variations(s) as specified in regulation 32 NA
25 Dividend distribution policy as specified in regulation 43A (1) NA
26.1 Annual return as provided under section 92 of the Companies Act 2013 Yes https://www.goacarbon.com/annual-reports.php
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://goacarbon.com/
28 Compliance with regulation 46(3) with respect to accuracy of disclosures on the website and timely updation Yes https://goacarbon.com/
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) NA
26 Meeting of Risk Management Committee 21(3A) NA
27 Quorum of Risk Management Committee meeting 21(3B) NA
28 Gap between the meetings of the Risk Management Committee 21(3C) NA
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) NA
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) 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) 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 Pravin Satardekar
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 Pravin Satardekar
Designation of person Company Secretary and Compliance Officer
Place Panaji
Date 27-Apr-2026


Investor Grievance Details
No. of investor complaints pending at the beginning of Quarter 0
No. of investor complaints received during the Quarter 0
No. of investor complaints disposed off during the Quarter 0
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 State of Goa 14-Sep-2023 1) The Company filed a Special Leave Petition before the Hon'ble Supreme Court on 11th November 2023. The Supreme Court, via its interim order dated 7th December 2023, directed the Company to pay 50% of the demand to the State Government while staying the payment of the remaining 50% pending a final order. 2) The Company received assessment orders cum demand notices for FY 2014-15 to FY 2023-24 from the Goa State Tax Authorities and the company has deposited 50% of the demand under protest. 3) Pursuant to Hon’ble High Court's order, the Company filed an appeal for FY 2014-15 to FY 2019-20 on 15th April 2024 before the Deputy/Additional Commissioner (Appeals-North) of State Tax, citing the limitation period as a key issue. The matters were heard by the Deputy Commissioner/Additional Commissioner (Appeals-North) before whom company made its oral and written submissions. All matters from FY 2014-15 to FY 2019-20 are dismissed by the Additional Commissioner (Appeals - North)/ Deputy Commissioner of State tax department. A brief status of the matter is as under: The Company has filed appeals for FY 2014-15 to FY 2019-20 before the Administrative Tribunal at Panaji Goa. The Company has also submitted a representation to the Government of Goa for a waiver of the Green Cess on RPC/ CPC, invoking their powers under section 8 of the Act. Assessment for FY 2024-25 was completed on 28.05.2025, the company has deposited 50% of the demand amounting to Rs 0.31 crores under protest. For FY 2025-26, the company is filing voluntary returns and depositing 50% of the self-assessed cess amounting to Rs. 0.28 crores, for the period from April 2025 to March 2026. Hearings are ongoing
2 Asst. Commissioner CGST & Central Excise, Cuttack 16-Oct-2024 1) Matter is related to rejection of refund of ITC for FY 2017-18 for Rs.48,37,468/- 2) The Company had availed input tax credit of CVD of Rs 48,37,468/- paid against unfulfilled export obligations which has been disallowed for taking input credit, for which credit should have been availed under TRAN-1. 3) During GST Audit for FY 2017-18, it was disallowed by the GST Officer as input credit. Accordingly, the Company paid the ITC availed and applied for refund to Asst Commissioner Central GST & CES Department Cuttack vide its application dated 05.01.2024. 4) Asst Commissioner Central GST & CEX vide its order dated 16.10.2024 rejected the refund of ITC paid. 5) Accordingly, the Company has filed an Appeal to Commissioner of Central Excise (Appeals) Bhubaneswar on 02.01.2025 on the similar lines of Goa Plant. Personal hearing was held on 18.06.2025 before the Commissioner (Appeals). Decision in this matter is pending
3 Commercial Tax, Cuttack-II Range, Cuttack 05-Jan-2023 1) The matter is relating to VAT Assessment for the period from 01.04.2005 to 28.02.2007. 2) In assessment orders, the department disallowed ITC on FO and some other material of Rs.33 Lacs. 3) Company filed appeal against the assessment order. The Appellate Authority allowed the ITC on FO and disallowed the other consumable ITC of Rs.2 Lacs and charged penalty of Rs.5 Lacs. 4) Again, we had filed the appeal before the Sales Tax Tribunal for waiver off the Penalty. The Tribunal allowed the appeal and issued order for payment of Tax and waived the penalty. 5) The Company has paid the entire Tax demand. Then the Sales Tax Deptt filed appeal in Hon'ble High Court against the Tribunal Order for recovery of penalty of Rs 5 Lacs The matter is pending for hearing.
4 Dy. Commis-sioner of Income Tax Panaji 18-Jul-2011 AY 1994-95 1) The Asstt. Commissioner of Income Tax, Panaji passed an order dated 18.07.2011 for AY 1994-95 giving effect to the ITAT Order dated 18.03.2011 disallowing 100% depreciation on the leased assets. Consequently, a tax demand of Rs. 2,47,44,414/- has been raised. 2) The Income Tax Department has recovered the tax demand to the extent of Rs. 2.47 crores against the refund orders of the other assessment years. The Company filed a rectification application on 29.05.2012 to give effect to the ITAT Order and a reminder letter has been submitted on 5th August 2025. The Company also submitted application on CPGRAM portal on 12.12.2025 to fast track the resolution. The Department vide CPGRAM reply dated 21.01.2026 has communicated stating that Department has considered all aspects and effects in the OGE dated 18.07.2011, accordingly, no further action or refund is pending. As per our assessment and as advised by our consultants, the chances of getting relief are negligible. Therefore we have provided this amount in our books of accounts during Q 3 FY 2025-26. We are in the process of filing a Writ Petition before the Bombay High Court at Goa.
5 Dy. Commissioner, Income Tax, Panaji. 23-Dec-2018 AY 2016-17 1) The Joint Commissioner of Income Tax, Range-I, Panaji has passed an Order dated 23.12.2018 for AY 2016-17 u/s 143(3), disallowing the following expenses: Exchange difference – Rs. 8,95,99,583/- (ii) Forward Premium Expenses – Rs. 5,50,394/- (iii) Guarantee Commission – Rs. 60,00,000/- (iv) Disallowance u/s 14A – Rs. 21,85,005/-. The Company had filed an Appeal against the Order with the C.I.T. (Appeals), Panaji on 29.12.2018. 2) After the hearings held in March 2019, the C.I.T. (Appeals) passed an Order on 29.03.2019, partly in favour of the Company i.e. The disallowance of Exchange difference, Forward Premium Expenses and Guarantee Commission of Rs.8,95,99,583/-, Rs. 5,50,394/- and Rs. 60,00,000/- respectively, were deleted. 3) The Joint Commissioner of Income Tax, Special Range, Panaji, filed an appeal against the order of the Commissioner of Income Tax (Appeals) dated March 29, 2019. At the hearing held on September 4, 2023, the matter was decided in favor of the company and remanded back to the Assessing Officer through the ITAT order dated September 20, 2023, for both AY 2013-14 and AY 2016-17. This remand was in accordance with the directions outlined in the ITAT order for AY 2011-12, allowing expenses after verifying the forward cover against which foreign exchange losses and forward cover expenses were incurred. 4) On 22nd July 2024, GCL received a letter from the Assessing Officer requesting its appearance to pass an order in line with the ITAT's directions. In response, GCL submitted the required documents for verification. Following the ITAT’s directions, the Assessing Officer issued an order on 28th October 2024, approving the forward premium expenses and exchange losses, and granting remaining refund of Rs. 62,760/- as the refund of Rs 46,85,830/- was already granted on 27th March 2018. The Company has received the said refund amounts. The only remaining issue is Guarantee Commission of Rs 60 Lacs. The Company has again submitted an application on 24th December 2024, to the AO to pass an Order Giving Effect to the CIT(A)'s decision dated March 29, 2019 for allowing Guarantee Commission. The Order giving effect is awaited.
6 Dy. Commis-sioner of Income Tax Panaji. 04-Aug-2021 AY 1995-96, 1997-98, 1998-99, 2000-01, 2001-02 & 2003-04 Pursuant to the Order passed by the Hon’ble High Court of Bombay at Goa in favour of the Company, the Asstt. Commissioner of Income Tax, Panaji while giving effect to the said Order has erred in restricting the claim of deduction of the Company under Section 80HHC of the Income Tax Act, 1961 as follows: i) To Rs. 34,84,383/- instead of Rs. 66,84,194/- for AY 1995-96; ii) To Rs. 9,42,853/- instead of Rs. 1,75,83,131/- for AY 1997-98 iii) To Rs. 3,02,51,863/- instead of Rs. 4,54,42,599/- for AY 1998-99 iv) To Rs. 2,61,82,642/- instead of Rs. 3,28,99,174/- for AY 2000-01 v) To Rs. 1,30,90,892/- instead of Rs. 2,00,28,130/- for AY 2001-02 vi) To Rs. 65,99,005/- instead of Rs. 67,60,312/- for AY 2003-04 1) The Company has filed appeals with the Commissioner of Income Tax (Appeals), Panaji-Goa on 13.06.2011 & 23.11.2011. 2) The Commissioner of Income Tax (Appeals), Panaji-Goa has disposed off the Company’s appeals for the AY 1995-96, 1997-98, 1998-99, 2000-01, 2001-02 & 2003-04 against the Company, giving relief for expenditure. Appeals with the Income Tax Appellate Tribunal have been filed on 01.09.2016. 3) ITAT vide its order dated 23.11.2016 confirmed the order passed by CIT(A) in respect of AY 1995-96, 1997-98 & AY 1998-99 and vide order dated 17.08.2022 in respect of AY 2000-01, AY 2001-02 & AY 2003-04. 4) The Company’s appeals were admitted by the Hon’ble Bombay High Court of Panaji Bench for AY 1995-96, AY 1997-98 & AY 1998-99 in 2017 with Tax Appeal Nos. 146, 148 & 149 of 2017. 5) The above Tax appeals nos. 146,148 & 149 were decided against the Company vide order dated 4th August 2021. No further appeals were filed. 6) The Company’s appeals in respect of AY 2000-01, AY 2001-02 & AY 2003-04 in 2023 with Tax appeal Nos. 2, 4 & 5 of 2023. were admitted by the Hon’ble Bombay High Court of Panaji Bench in January 2023. 7) The above Tax appeals nos. 2, 4 & 5 have been decided against the Company vide order dated 31st July 2023. 8) The Company has filed the SLPs before the Supreme Court SLP(C) No. 027570 - / 2023 (Diary No. 45516/2023) (pertaining to TXA 2/2023) and SLP(C) No. 027568 - 027569 / 2023 (Diary No. 45522/2023) (pertaining to TXA 4 & 5/2023) on 31.10.2023. Matter is pending for hearing.
7 Assessing Officer (faceless assessment unit) 25-Mar-2024 AY 2022-23 The Assessing Officer under faceless assessment has passed an Order dated 25.03.2024 for AY 2022-23 u/s 143(3), disallowing the following expenses: (i)Sponsorship (Advertisement)– Rs. 1,43,00,000/- (ii) Difference in Exchange Loss – Rs 3,35,51,351/- (iii) Guarantee Commission – Rs. 83,89,808/- The Company had filed an Appeal against the Order with the C.I.T. (Appeals), on 15.04.2024. 1) The company filed appeals with the Commissioner of Income Tax (Appeals), Panaji-Goa, on April 15, 2024. 2) The company discussed with the department and deposited 20% of the demand amount (Rs 35 Lacs) under protest to obtain a stay on penal proceedings under Section 270A of the Income Tax Act, 1961. 3) The Appeal is yet to be heard.
8 Assessing Officer (faceless assessment unit) 25-Aug-2025 AY 2023-24 Pursuant to the directions of the Hon’ble High Court of Bombay at Goa, the Income Tax Department issued fresh show cause notice. The Company submitted its detailed response and was granted a personal hearing via video conference. After considering the submissions and the material on record, the Department dropped the additions related to unsecured loan of 74 crores and interest thereon of Rs. 5.65 crores and issued a fresh assessment order dated 25.08.2025 raising a demand of Rs 31.89 lakhs. The AO has passed an order u/s 143(3) dated 25.08.2025 for AY 2023-24 disallowing the following expenses: 1)Sponsorship (Advertisement) of Rs. 1,25,00,000/- 2) Misc Expenses Rs. 1,71,000/- 1)The AO has passed an order u/s 143(3) dated 25.08.2025 for AY 2023-24 disallowing the following expenses: Sponsorship (Advertisement) of Rs. 1,25,00,000/- and Misc Expenses Rs. 1,71,000/- 2)The Company has filed an appeal with the Commissioner of Income Tax (Appeals) on 20.09.2025 and deposited 20% of the demand amount, i.e. Rs.6,40,000/-, under protest. A stay has been obtained on the penalty proceedings u/s 270A and on balance demand, considering the pending refunds due from the Income Tax Department. 4) Appeal is yet to be heard.
9 Assessing Officer (faceless assessment unit) 11-Mar-2025 AY 2024-25 Assessing officer under faceless assessment, passed an order u/s 143(3) dated 11.03.2025 disallowing the following expenses: 1. Club membership expenses Rs.6,64,001/- 2. Sponsorship (Advertisement) Rs. 2,35,41,000/- 3. Right issues expenses written off Rs. 28,56,000/- 4. Bad Debts written off Rs. 7,77,233/- 5. Repair & Maintenance expenses Rs. 50,98,055/- The Company has filed an Appeal against the said Order before the C.I.T. (Appeals), on 21.03.2026. Further, the Assessing Officer has passed the order without granting credit for the self-assessment tax challan of Rs. 2,00,00,000/- paid on 30.05.2024, thereby incorrectly raising a demand of Rs. 3,19,66,260/-. 1) The company filed an Appeal with the Commissioner of Income Tax (Appeals), on 21.03.2026. 2) The Company has also filed a rectification application with the Jurisdictional Assessing Officer on 27.03.2026, requesting grant of credit for self-assessment tax challan paid amounting to Rs. 2,00,00,000/- and seeking rectification of the computation sheet and the demand notice.
10 Deputy Commissioner of Income Tax 20-Nov-2025 AY 2010-11 For AY 2009 10, the AO enhanced closing stock by INR 302.29 lakhs, which was upheld by the High Court As a consequence of the above Order, the Company sought consequential relief in the following year i.e AY 2010-11 by increasing the opening stock, resulting in a corresponding reduction in profit, which resulted in a refund of INR 76.15 lakhs vide Order Giving Effect to CIT(A) dated 20.11.2025 However, in the above OGE the AO did not grant interest on refund u/s 244A to GCL. Further, while computing the refund, AO has reduced interest on refund granted in earlier OGE’s dated 27.08.2015 and 19.06.2025 from the principal tax amount. Subsequently the Company filed its grievance on CPGRAMS portal for non granting of interest. In response the department stated that interest has been denied on the ground that error/mistake was attributable to assessee and not on the part of department, thereby denying interest. Aggrieved by the above, the Company has filed a Writ Petition on 17.02.2026 before the Hon’ble High Court of Bombay at Goa 1)Hearings in this matter are ongoing