Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 Filing of Special Civil Application in the High Court of Gujarat at Ahmedabad.
SARLAPOLY · price
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On the reaction day the stock moved 0.5 pts less than Nifty Microcap 250 and 0.6 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Sarla Performance Fibers has challenged a GST order dated July 31, 2025, issued by the Additional Commissioner of Central GST & Central Excise, Surat, before the High Court of Gujarat at Ahmedabad. The tax authorities allege the company wrongly claimed an IGST refund of about ₹9.45 crore on exports and an unused input tax credit refund of about ₹11.34 crore on tax-free exports. The total tax demand raised is ₹20,78,59,147, with an equal penalty of the same amount under Section 74 of the CGST Act, plus applicable interest. The company says it has strong factual and legal grounds and expects the entire demand to be set aside, with no expected impact on its financial position or operations. This is the latest update on the matter that was first disclosed to the stock exchanges on July 31, 2025.
While the combined tax demand and penalty of roughly ₹41.6 crore is significant on paper, the company is confident the order will be quashed and reports no financial impact at this stage. Shareholders should monitor the High Court proceedings, as an adverse ruling could materially affect the company's financials, while a favourable outcome would remove this overhang.