5095672025-04-012025-06-305095672025-06-305095672025-04-012025-06-30CompositionOfBoardOfDirectors15095672025-06-30CompositionOfBoardOfDirectors15095672025-04-012025-06-30CompositionOfBoardOfDirectors25095672025-06-30CompositionOfBoardOfDirectors25095672025-04-012025-06-30CompositionOfBoardOfDirectors35095672025-06-30CompositionOfBoardOfDirectors35095672025-04-012025-06-30CompositionOfBoardOfDirectors45095672025-06-30CompositionOfBoardOfDirectors45095672025-04-012025-06-30CompositionOfBoardOfDirectors55095672025-06-30CompositionOfBoardOfDirectors55095672025-04-012025-06-30CompositionOfBoardOfDirectors65095672025-06-30CompositionOfBoardOfDirectors65095672025-04-012025-06-30CompositionOfBoardOfDirectors75095672025-06-30CompositionOfBoardOfDirectors75095672025-04-012025-06-30CompositionOfBoardOfDirectors85095672025-06-30CompositionOfBoardOfDirectors85095672025-04-012025-06-30CompositionOfCommittees145095672025-06-30CompositionOfCommittees145095672025-04-012025-06-30CompositionOfCommittees155095672025-06-30CompositionOfCommittees155095672025-04-012025-06-30CompositionOfCommittees165095672025-06-30CompositionOfCommittees165095672025-04-012025-06-30CompositionOfCommittees175095672025-06-30CompositionOfCommittees175095672025-04-012025-06-30CompositionOfCommittees415095672025-06-30CompositionOfCommittees415095672025-04-012025-06-30CompositionOfCommittees425095672025-06-30CompositionOfCommittees425095672025-04-012025-06-30CompositionOfCommittees435095672025-06-30CompositionOfCommittees435095672025-04-012025-06-30CompositionOfCommittees685095672025-06-30CompositionOfCommittees685095672025-04-012025-06-30CompositionOfCommittees695095672025-06-30CompositionOfCommittees695095672025-04-012025-06-30CompositionOfCommittees705095672025-06-30CompositionOfCommittees705095672025-04-012025-06-30CompositionOfCommittees1225095672025-06-30CompositionOfCommittees1225095672025-04-012025-06-30CompositionOfCommittees1235095672025-06-30CompositionOfCommittees1235095672025-04-012025-06-30CompositionOfCommittees1245095672025-06-30CompositionOfCommittees1245095672025-06-30MeetingOfBoardOfDirectors15095672025-04-012025-06-30MeetingOfBoardOfDirectors15095672025-06-30MeetingOfBoardOfDirectors25095672025-04-012025-06-30MeetingOfBoardOfDirectors25095672025-04-012025-06-30MeetingOfCommittees15095672025-06-30MeetingOfCommittees15095672025-04-012025-06-30MeetingOfCommittees25095672025-06-30MeetingOfCommittees25095672025-04-012025-06-30MeetingOfCommittees35095672025-06-30MeetingOfCommittees35095672025-04-012025-06-30MeetingOfCommittees45095672025-06-30MeetingOfCommittees45095672025-04-012025-06-30MeetingOfCommittees55095672025-06-30MeetingOfCommittees55095672025-03-315095672025-06-30OngoingTaxLitigationsOrDisputesDomain15095672025-06-30OngoingTaxLitigationsOrDisputesDomain25095672025-06-30OngoingTaxLitigationsOrDisputesDomain35095672025-06-30OngoingTaxLitigationsOrDisputesDomain45095672025-06-30OngoingTaxLitigationsOrDisputesDomain55095672025-06-30OngoingTaxLitigationsOrDisputesDomain65095672025-06-30OngoingTaxLitigationsOrDisputesDomain75095672025-06-30OngoingTaxLitigationsOrDisputesDomain8xbrli:pure509567GOACARBONNOTLISTEDINE426D01013Goa Carbon Limited2025-04-012026-03-31Quarterly2025-06-30EquitytruetruefalseDuring 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 applicablefalseDuring 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.truefalseTop 2000 listed entitiestrueg00121OriginaltruefalseMrShrinivas Vasudeva Dempo******00043413Non-Executive - Non Independent DirectorChairperson related to Promoter1969-02-02falseNA2006-12-302023-08-174221MsKiran Dhingra******00425602Non-Executive - Independent DirectorNot Applicable1953-01-12falseNA2015-07-082020-09-23119.234451MrNagesh Dinkar Pinge******00062900Non-Executive - Independent DirectorNot Applicable1958-10-01falseNA2019-05-062024-05-0673.256685MrSubodh Satchitanand Nadkarni******00145999Non-Executive - Independent DirectorNot Applicable1956-04-02falseNA2021-01-072021-01-0753.242220MrRajesh Soiru Dempo******05143106Non-Executive - Non Independent DirectorNot Applicable1975-11-29falseNA2016-01-082022-07-281011MrJagmohan Jagdishlal Chhabra******01007714Non-Executive - Non Independent DirectorNot Applicable1962-04-17falseNA2022-04-012024-09-101010MrSubhrakant Panda******00171845Non-Executive - Independent DirectorNot Applicable1971-01-05falseNA2022-05-282022-05-2837.034310MrAnupam Misra******09615362Executive DirectorNot Applicable1972-02-24falseNA2022-05-282025-05-281010truetruetruetrueAudit Committee00062900Nagesh Dinkar PingeNon-Executive - Independent DirectorChairperson2019-05-06Audit Committee00425602Kiran DhingraNon-Executive - Independent DirectorMember2018-04-12Audit Committee00145999Subodh Satchitanand NadkarniNon-Executive - Independent DirectorMember2021-01-07Audit Committee01007714Jagmohan Jagdishlal ChhabraNon-Executive - Non Independent DirectorMember2024-04-01Nomination and remuneration committee00043413Shrinivas Vasudeva DempoNon-Executive - Non Independent DirectorMember2018-04-12Nomination and remuneration committee00425602Kiran DhingraNon-Executive - Independent DirectorChairperson2019-04-01Ms. Kiran Dhingra has been appointed as Chairperson of the Nomination and Remuneration Committee of the Company with effect from 9-Apr-2021.Nomination and remuneration committee00145999Subodh Satchitanand NadkarniNon-Executive - Independent DirectorMember2021-01-07Stakeholders Relationship Committee05143106Rajesh Soiru DempoNon-Executive - Non Independent DirectorChairperson2016-01-08Mr. Rajesh S. Dempo has been appointed as Chairperson of the Stakeholders Relationship Committee of the Company with effect from 12-Apr-2018.Stakeholders Relationship Committee00425602Kiran DhingraNon-Executive - Independent DirectorMember2020-02-02Stakeholders Relationship Committee09615362Anupam MisraExecutive DirectorMember2022-05-28Corporate Social Responsibility Committee00043413Shrinivas Vasudeva DempoNon-Executive - Non Independent DirectorChairperson2014-10-17Corporate Social Responsibility Committee00171845Subhrakant PandaNon-Executive - Independent DirectorMember2022-05-28Corporate Social Responsibility Committee09615362Anupam MisraExecutive DirectorMember2022-05-282025-01-30true8842025-05-0796true884Audit Committee2025-01-30true4430Audit Committee2025-05-0796true4430Nomination and remuneration committee2025-05-07true3320Stakeholders Relationship Committee2025-01-30true3310Stakeholders Relationship Committee2025-05-0796true3310truetruetruetrueNAtruetruetruePravin SatardekarCompany Secretary and Compliance OfficerfalsePravin SatardekarCompany Secretary and Compliance OfficerPanaji2025-07-2804400State of Goa2023-09-14Goa Green Cess Matter The Government of Goa vide notifications dated 22.05.2013 and 18.02.2014, enacted the Goa Cess on Products and Substances Causing Pollution (Green Cess) Act, 2013 & Goa Cess on Products and Substances Causing Pollution (Green Cess) (Functions and Duties of the Competent Authority, Assessment, Levy and Collection of Cess) Rules, 2014 respectively, imposing Green Cess on Petroleum Coke at 2% of the sale value. Further vide notification dated 12.09.2014, the Cess rate was revised to 0.5% of the sale value. The Company has since, begun collection the Green Cess from its customers, however, the amount has not been deposited with the State Government as the registration formalities could not be initiated on account of the concerned government department being unable to provide us the required assistance. In the meanwhile, it was learnt that two companies i.e. M/s. South West Port Ltd. and Vedanta Ltd. filed Writ Petitions before the Hon’ble High Court challenging the constitutional validity of the afore-said Act for which the Hon’ble High Court has passed interim order directing no coercive steps against the petitioners in connection with the disputed claim. Based on the above actions, the Company also filed Writ Petition before the Hon’ble High Court on the same grounds. However, Hon'ble High Court vide its Order dated 14 Sept 2023 dismissed the writ petition filed by the Company on 7 Oct 2019 and vacating the stay order on the proceedings of Goa Green Cess as levied by the Government of Goa, the Company had received show cause notices (SCN) dated 22 Sept 2023 for the period FY 2014-15 to FY 2019-20 for principal amount of Cess along with interest and penalty on the same u/s 54,55,57,58,59 of the Goa Value Added Tax Act, 2005. Subsequently, Assessment Orders Cum Demand Notices for FY 2014-15 to FY 2023-24 were received by the Company. The Total Demanded Goa Green Cess Amount from FY 2014-15 to FY 2023-24 is about Rs 6.28 Crore. Further the company has also received an Assessment order for FY 2024-25 with demand of Rs. 0.62 crores.A brief status of the matter is as under: 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 matter was heard by the Deputy/Additional Commissioner (Appeals-North) before whom company made its oral and written submissions. The matters related to FY 2015-16, FY 2017-18, FY 2018-19 & FY 2019-20 are dismissed by the state tax department Additional Commissioner (Appeals-North). Matters related to FY 2014-15 & FY 2016-17 are yet to be heard. 4) The company has filed appeals for FY 2015-16, FY 2017-18, FY 2018-19 & FY 2019-20 before the Administrative Tribunal against the orders passed by the Additional Commissioner (Appeals - North). 5) The Company has also submitted a representation to the Government of Goa for a waiver of the Green Cess on the sale of CPC, invoking their powers under section 8 of the Act. 6) Assessment for FY 2024-25 was completed on 28.05.2025, the company has deposited 50% of the demand amounting to Rs 30.94 lacs under protest. For FY 2025-26, the company is filing voluntary returns and depositing 50% of the Cess amount.Asst. Commissioner CGST & Central Excise, Cuttack2024-10-161) 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 an Appeal to Commissioner of Central Excise (Appeals) Bhubaneswar on 02.01.2025 on the same lines of Goa Plant.Personal hearing was held on 18.06.2025 before the Commissioner (Appeals). Decision in this matter is pendingCommercial Tax, Cuttack-II Range, Cuttack2023-01-051) 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 LacsThe matter is pending for hearing.Dy. Commis-sioner of Income Tax Panaji2011-03-18AY 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. The Company is following up with the department for the same. Dy. Commis-sioner of Income Tax Panaji2018-12-23AY 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. Dy. Commis-sioner of Income Tax Panaji.2021-08-04AY 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 2003-041) 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 bearing Diary No. 45516/2023 (pertaining to TXA 2/2023) and Diary No. 45522/2023 (pertaining to TXA 4 & 5/2023) on 31.10.2023. Matter to be admitted and to be scheduled for hearing.Assessing Officer (faceless assessment unit)2024-03-25AY 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.Assessing Officer (faceless assessment unit)2025-03-19AY 2023-24 A.O. (Assessment Unit, Income Tax Department - under Faceless Assessment Scheme) has passed an assessment order bearing DIN ITBA/AST/S/143(3)/2024-25/1074691771(1) dated 19.03.2025 without proper service of the statutory show cause notice mandated under Section 144B of the IT Act, thereby denying the Company an opportunity to be heard and present its case. A.O. assessed the taxable income of the Company for the said AY at Rs. 1,91,66,44,697/- as against the returned income at Rs. 1,12,01,42,778/- by: i) adding Rs. 74,00,00,000/- under Section 68 read with Section 115BBE of the Income Tax Act, 1961 (‘IT Act’) in respect of the unsecured loan availed from its promoter Mr. Shrinivas Dempo for meeting working capital requirement based on the conclusion of the AO that Mr Shrinivas Dempo does not have the credit worthiness to provide such unsecured loan to Goa Carbon Ltd and ii) disallowing expense amounting to Rs. 5,65,01,919/- under Section 37 of the IT Act in respect of the interest paid on the aforesaid loan to the lender of the unsecured loan Mr Shrinivas Dempo based on the conclusion made by the AO, that Mr Shrinivas Dempo has not offered entire interest income for taxability during the assessment year. Consequently, the Assessing Officer has raised total demand of Rs. 73,70,76,740/- vide Demand Notice bearing number ITBA/AST/S/156/2024- 25/1074691846(1) issued under Section 156 of the IT Act and initiated penalty proceedings against the Company under Section 270A and Section 271AAC(1) of the IT Act. The Company has filed a writ petition (bearing lodging number 928/2025) before the Hon’ble Bombay High Court, Goa Bench on 01.04.2025. The petition was on the Grounds of violation of principles of natural justice The impugned assessment order has been passed by the Assessing Officer without proper service of the statutory show cause notice as required under Section 144B of the Income-tax Act, 1961. Consequently, the Company was denied a fair opportunity to be heard and to present its case. The Hon’ble Bombay High Court at Goa, vide its order dated 14th July 2025 in Writ Petition No. 928 of 2025 – Filing, has quashed and set aside both the Order and the Demand Notice for an amount of Rs. 73,70,76,740/- on the grounds that they were issued without affording the Company an opportunity to be heard, thereby violating the principles of natural justice. The Hon’ble High Court has directed the Income Tax Department to serve a fresh notice upon the Company and thereafter to pass a fresh assessment order after taking into consideration the Company’s submissions. The Income Tax Department has been granted a period of eight weeks to complete this process. The order of the Hon’ble Bombay High Court dated 14th July 2025 was uploaded on the Hon’ble High Court’s website on 18th July 2025.