Integrated Filing-Governance



General information about company

Scrip Code 500067
NSE Symbol BLUESTARCO
MSEI Symbol NOTLISTED
ISIN INE472A01039
Name of the entity Blue Star 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 There were no transactions by the Company which are required to be reported for 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? No
Reason For Part D Of Annexure I Disclosure Of Imposition Of Fine Or Penalty Is Not Applicable To The Entity There is no penalty imposed on the Company 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 There are no loans/guarantees/securities/comfort letter provided to Promoter/Promoter Group/Directors (including relatives/KMP and any entity controlled by them except loan to Directors which are part of their employment terms and conditions.
Risk management committee Yes
Market Capitalisation as per immediate previous Financial Year Top 500 listed entities
Is SCORE ID Available ? Yes
SCORE Registration ID b00205
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 Yes 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. Vir S Advani 01571278 Executive Director Chairperson related to Promoter MD 20-Aug-1975 No Active NA 01-Jul-2010 01-Apr-2021 1 0 0 0
2 Mr. Thiagarajan Balasubramanian 01790498 Executive Director Not Applicable MD 25-May-1957 No Active NA 13-May-2013 01-Apr-2021 1 0 0 0
3 Mr. Ponnada Venkata Rao 09177075 Executive Director Not Applicable 01-Jul-1963 No Active NA 07-Aug-2024 07-Aug-2024 28-Feb-2026 0 0 0 0 Others
4 Mr. Dinesh Nanik Vaswani 00306990 Non-Executive - Non Independent Director Not Applicable 17-Jul-1962 No Active NA 01-Dec-2016 06-Aug-2025 1 0 0 0
5 Mr. Rajiv Lulla 06384402 Non-Executive - Non Independent Director Not Applicable 24-Apr-1968 No Active NA 01-Dec-2016 03-Aug-2023 1 0 1 0
6 Ms. Sunaina Murthy 07865860 Non-Executive - Non Independent Director Not Applicable 15-Feb-1974 No Active NA 01-Apr-2019 06-Aug-2024 1 0 1 0
7 Mr. Sam Baman Balsara 00076942 Non-Executive - Independent Director Not Applicable 12-Jan-1951 No Active Yes 06-Jun-2022 20-Jun-2017 20-Jun-2022 31-Jan-2026 103 0 0 0 0 Tenure Completion
8 Mr. Anil Harish 00001685 Non-Executive - Independent Director Not Applicable 19-Mar-1954 No Active NA 22-Nov-2017 22-Nov-2022 99 3 3 7 3
9 Mr. Arvind Kumar Singhal 00709084 Non-Executive - Independent Director Not Applicable 10-Aug-1958 No Active NA 05-Feb-2019 05-Feb-2024 86 2 2 4 1
10 Ms. Anita Ramachandran 00118188 Non-Executive - Independent Director Not Applicable 28-Apr-1955 No Active NA 13-Jun-2022 13-Jun-2022 46 6 6 8 2
11 Mr. Murlidhar Gangadharan 03601196 Non-Executive - Independent Director Not Applicable 27-Jul-1960 No Active NA 30-Jan-2024 30-Jan-2024 26 1 1 2 0
12 Mr. Vipin Sondhi 00327400 Non-Executive - Independent Director Not Applicable 27-Apr-1960 No Active NA 30-Jan-2024 30-Jan-2024 26 3 3 2 2
13 Mr. M S Unnikrishnan 01460245 Non-Executive - Independent Director Not Applicable 27-Jul-1960 No Active NA 29-Jan-2026 29-Jan-2026 2 4 3 2 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 00001685 Anil Harish Non-Executive - Independent Director Chairperson 22-Nov-2017
2 00709084 Arvind Kumar Singhal Non-Executive - Independent Director Member 01-Aug-2019
3 03601196 Murlidhar Gangadharan Non-Executive - Independent Director Member 02-May-2024
4 01790498 Thiagarajan Balasubramanian Executive Director Member 10-Nov-2016 29-Jan-2026



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 00118188 Anita Ramachandran Non-Executive - Independent Director Chairperson 13-Jun-2022
2 00306990 Dinesh Nanik Vaswani Non-Executive - Non Independent Director Member 25-Jan-2017
3 00327400 Vipin Sondhi Non-Executive - Independent Director Member 29-Jan-2026
4 00076942 Sam Baman Balsara Non-Executive - Independent Director Chairperson 11-Aug-2017 29-Jan-2026



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 00709084 Arvind Kumar Singhal Non-Executive - Independent Director Chairperson 28-Oct-2021
2 06384402 Rajiv Lulla Non-Executive - Non Independent Director Member 25-Jan-2017
3 07865860 Sunaina Murthy Non-Executive - Non Independent Director Member 28-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 01571278 Vir S Advani ED Chairperson 21-Oct-2014
2 06384402 Rajiv Lulla NED Member 01-Apr-2019
3 00001685 Anil Harish ID Member 04-Aug-2021
4 01790498 Thiagarajan Balasubramanian ED Member 21-Oct-2014 29-Jan-2026



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 05-Nov-2025 Yes 12 12 6
2 29-Jan-2026 84 Yes 13 12 7
3 18-Mar-2026 47 Yes 11 11 6



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 17-Nov-2025 Yes 3 3 1 0
2 Stakeholders Relationship Committee 25-Mar-2026 127 Yes 3 3 1 0
3 Nomination and remuneration committee 31-Oct-2025 Yes 3 3 2 0
4 Nomination and remuneration committee 15-Jan-2026 75 Yes 3 3 2 0
5 Audit Committee 04-Nov-2025 Yes 4 4 3 0
6 Audit Committee 28-Jan-2026 84 Yes 4 4 3 0
7 Audit Committee 16-Mar-2026 46 Yes 3 3 3 0
8 Risk Management Committee 05-Dec-2025 Yes 4 4 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:



Annexure 1
Sr Subject Compliance status
1 Name of signatory Rajesh Parte
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 Yes
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 1
Sr Date of the event Brief details of the event
1 31-Jan-2026 An AWS S3 bucket associated with our organization was identified as publicly accessible over the internet without authentication. This was reported by an independent security researcher through external security monitoring. Upon notification, we promptly took corrective action to restrict access and secure the resource. There has been no material impact on the Company’s financials, operations, or other business activities.



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.bluestarindia.com/about-us/our-company/company-profile
1.2 Memorandum of Association and Articles of Association Yes https://www.bluestarindia.com/media/394584/blue-star-moa-and-aoa.pdf
1.3 Brief profile of board of directors including directorship and full time positions in body corporates Yes https://www.bluestarindia.com/about-us/governance-structure/corporate-management
2 Terms and conditions of appointment of independent directors Yes https://www.bluestarindia.com/media/6097/draft-appointment-letter-of-ids.pdf
3 Composition of various committees of board of directors Yes https://www.bluestarindia.com/media/292474/committee-charter.pdf
4 Code of conduct of board of directors and senior management personnel Yes https://www.bluestarindia.com/media/271526/code-of-conduct.pdf
5 Details of establishment of vigil mechanism or whistle blower policy Yes https://www.bluestarindia.com/media/271525/whistle-blower-policy.pdf
6 Criteria of making payments to non-executive directors Yes https://www.bluestarindia.com/media/217800/blue-star-nrc-policy.pdf
7 Policy on dealing with related party transactions Yes https://www.bluestarindia.com/media/78799/policy-for-transaction-with-related-parties.pdf
8 Policy for determining material subsidiaries Yes https://www.bluestarindia.com/media/6017/policy-for-determining-material-subsidiaries-26022019.pdf
9 Details of familiarization programmes imparted to independent directors Yes https://www.bluestarindia.com/media/56472/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.bluestarindia.com/media/343070/shareholder-inquiries-contact-person.pdf
11 Email address for grievance redressal and other relevant details Yes https://www.bluestarindia.com/media/343069/shareholder-inquiries-email.pdf
12 Financial results Yes https://www.bluestarindia.com/investors/quarterly-financials
13 Shareholding pattern Yes https://www.bluestarindia.com/investors/shareholding-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.bluestarindia.com/investors/schedule-of-analysts-or-institutional-investors-meet
15.2 Audio or video recordings and transcripts of post earnings/quarterly calls Yes https://www.bluestarindia.com/investors/schedule-of-analysts-or-institutional-investors-meet
16 New name and the old name of the listed entity NA
17 Advertisements as per regulation 47 (1) Yes https://www.bluestarindia.com/investors/newspaper-advertisements
18 Credit rating or revision in credit rating obtained Yes https://www.bluestarindia.com/investors/credit-rating
19 Separate audited financial statements of each subsidiary of the listed entity Yes https://www.bluestarindia.com/investors/financial-statements-of-subsidiary-companies
20 Secretarial compliance report Yes https://www.bluestarindia.com/investors/secretarial-compliance-reports
21 Materiality policy as per regulation 30 (4) Yes https://www.bluestarindia.com/media/254728/blue-star-policy-on-criteria-for-determining-materiality-of-events.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://www.bluestarindia.com/media/343071/authority-to-kmp-policy-for-materiality-of-events.pdf
23 Disclosures under regulation 30(8) Yes https://www.bluestarindia.com/investors/announcements
24 Statements of deviation(s) or variations(s) as specified in regulation 32 Yes https://www.bluestarindia.com/media/394631/monitoringagencyreportq3fy25.pdf
25 Dividend distribution policy as specified in regulation 43A (1) Yes https://www.bluestarindia.com/media/104569/dividend-distribution-policy.pdf
26.1 Annual return as provided under section 92 of the Companies Act 2013 Yes https://www.bluestarindia.com/investors/annual-returns
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.bluestarindia.com/investors/disclosures-under-regulation-46-and-62-of-the-lodr#
28 Compliance with regulation 46(3) with respect to accuracy of disclosures on the website and timely updation Yes https://www.bluestarindia.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) 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) 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 Yes
Any other information to be provided



Annexure II
1 Name of signatory Rajesh Parte
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 Rajesh Parte
Designation of person Company Secretary and Compliance Officer
Place Mumbai
Date 29-Apr-2026


Investor Grievance Details
No. of investor complaints pending at the beginning of Quarter 0
No. of investor complaints received during the Quarter 4
No. of investor complaints disposed off during the Quarter 4
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 Customs, Excise, and Service Tax Appellate Tribunal, Kolkata (CESTAT) 22-Jul-2016 The disputes with the Service Tax Authority, West Bengal was with respect to short payment of service tax and incorrect CENVAT credit availed. The Company had disclosed the contingent liability of Rs 91.24 crores under the said matter. Aggrieved by the order passed by the Commissioner against the Company, appeal was filed by the Company along with a pre-deposit of Rs.4.95 crores for the said case. The matter was heard by CESTAT on February 7, 2024. Upon hearing both the parties, the CESTAT passed an order remanding the matter back to the Adjudicating Authority to, inter alia, examine the documents filed by the Company and to pass an appropriate order within 180 days from the date of receipt of Order after considering all the issues on merits as well as on limitation. The final order was received from the Office of the Principal Commissioner of CGST & CE, Central GST Kolkata North Commissionerate, significantly reducing the total tax liability from Rs. 91.24 crores to Rs. 0.45 crores. This revised amount includes a principal demand of Rs.0.35 crores and an equivalent penalty which can be reduced to Rs. 0.09 crores, if paid within 30 days from receipt of the order, excluding interest. During the quarter there is no update in status of matter. The status given for previous quarter was as follows: The Company has requested Deputy Commissioner Central Tax to adjust principal demand and applicable interest and penalty against the pre-deposit and refund the balance advance after said adjustment along with applicable Interest. The Company has received the pre deposit refund along with interest to the extent of Rs 5.53 crores on February 19, 2025. However, the refund order passed by Assistant Commissioner was error prone, result of which legitimate refund was short received by Rs 67 lakhs. The Company has filed an appeal against the order with commissioner Appeal on April 11, 2025.
2 Customs, Excise, and Service Tax Appellate Tribunal, Kolkata (CESTAT) 10-Jul-2019 The Service Tax Authority, West Bengal has alleged that the Company has not reversed the CENVAT Credit availed on input services used in providing both taxable and non-taxable services and accordingly raised a demand of Rs 19.34 crores against which the Company has filed an appeal. During the quarter there is no update in status of matter. The status given for previous quarter was as follows: On quarter ended March 31, 2025, the Company had intimated that the Service Tax Authority, West Bengal had alleged that the Company has not reversed the CENVAT Credit availed on input services used in providing both taxable and non-taxable services and accordingly raised a demand of Rs 9.68 crores and equivalent penalty of Rs. 9.68 crores aggregating total demand of approx. Rs 19.35 crores. The matter was heard on April 21, 2025. Out of total 5 issues raised in the demand notice, Hon'ble Kolkata CESTAT ruled two issues in favor of the Company resulting in reduction of total demand by Rs 9.65 crores and 100% reduction in the penalty demand of Rs. 9.68 crores. The balance three issues demand amounts to Rs 3 lakh plus interest. The Company has decided not to contest for the three notices and agreed to pay the same along with Interest. During the quarter ended June 20, 2025 the Company has submitted a letter to the competent jurisdictional Authority to adjust the differential Tax along with interest with the pre deposit amount lying with Central Excise Department. During the quarter ended September 30, 2025, the Company received Pre-deposit refund of Rs.69 lakhs after adjusting the demand. The Company also received interest of Rs.26 lakh on this refund of pre-deposit which was credited as other income during FY 2024-25 financials. There was short receipt of refund by Rs.9 lakh due to wrong interest calculation by department for which appeal has been filed before the commission on September 15, 2025.
3 Income-tax Department 29-Jan-2019 The Company has received an assessment order demanding tax liability of Rs 37.03 crores under section 143(3) of Income-tax Act, 1961 for AY 2015-16 wherein certain additions / disallowances have been made to returned income by the Ld. Assessing Officer. The Company has filed an appeal before Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC) against the said assessment order. During the quarter there is no update in status of matter. The status given for previous quarter was as follows: Matter pending before the Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC).
4 Income-tax Department 24-Jan-2020 The Company has received an assessment order demanding tax liability of Rs 13.47 crores under section 143(3) of Income-tax Act, 1961 for AY 2016-17 wherein certain additions / disallowances have been made to returned income by the Ld. Assessing Officer. The Company has filed an appeal before Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC) against the said assessment order. During the quarter there is no update in status of matter. The status given for previous quarter was as follows: Matter pending before the Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC).