Disclosure under Regulation 30 of SEBI(LODR) regarding order by Additional Commissioner, CGST & CE, Surat Commissionerate. Details enclosed herewith.

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Price reactionminutes from the announcement price · days from the prior close

-2.9%Reaction day

₹24.35

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Nifty Microcap 250market · in no size index; the smallest one is used+1.3%-4.1% vs market

Industrial Minerals peers, median of 12sector+1.5%-4.4% vs sector

On the reaction day the stock moved 4.1 pts less than Nifty Microcap 250 and 4.4 pts less than its Industrial Minerals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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-2.9+1.3-4.1+1.5-4.4

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+0.0+0.4-0.4-1.5+1.5

+2.3+0.3+1.9-1.1+3.3

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+5.5+16.9-11.4+7.3-1.8

-7.6+12.5-20.2+8.0-15.6

UpDownMarket · Nifty Microcap 250Sector · Industrial Minerals peers, median of 12Pending

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AI summary

Raw Edge Industrial Solutions Ltd has been penalized Rs. 10.61 crore (Rs. 10,61,46,804) by the Additional Commissioner, CGST & CE, Surat Commissionerate under Section 73(9) of the CGST Act, 2017 and SGST Act, 2017. The order was received by the company on February 3, 2025, but was disclosed to the stock exchange only on May 6, 2025 — a delay of roughly three months. The dispute involves alleged issues with GST liability, Input Tax Credit (ITC) claims, and penalties. The company says the delayed disclosure was due to time needed for an internal review to assess the order's validity, and has characterized the delay as inadvertent.

Likely market impact

A Rs. 10.61 crore penalty is a significant financial blow that will dent profits and cash flows of this small-cap company. The three-month delay in disclosing a material regulatory order is a red flag on governance and transparency. Shareholders should watch for whether the company files an appeal, as the penalty's final impact depends on the outcome of any challenge.