REVISED DISCLOSURE UNDER REGULATIONN 30 OF SEBI LODR- COMMUNICATION RECEIVED FROM GST DEPARTMENT REGARDING PROVISIONAL ATTACHEMENT OF COMPANY BANK ACCOUNT HELD WITH KOTAK MAHINDRA BANK ....
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On the reaction day the stock moved 6.1 pts less than Nifty Microcap 250 and 7.8 pts less than its Trading & Distributors peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Salora International informed BSE that on March 20, 2026, it received a communication from the GST Department provisionally attaching its bank accounts held with Kotak Mahindra Bank and Canara Bank under Section 83 of the Central GST Act, 2017. The company first disclosed this to the stock exchange on March 21, 2026, within 24 hours, and has now issued a revised disclosure on March 23, 2026. The company stated it is pursuing legal remedies, including filing objections and appeals before the competent authorities. It clarified that the order is purely interim and provisional, does not represent a final tax liability, and the matter is at a preliminary stage subject to due process of law.
Negative near-term impact as the provisional attachment restricts access to funds in two bank accounts, potentially affecting working capital and day-to-day operations. The stock may see some pressure, though the company is actively contesting the order and the attachment is not a final ruling.