Disclosure under Regulation 30 of SEBI (LODR), 2015
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Shervani Industrial Syndicate Ltd has received an order dated 24 March 2026 from the Assistant Commissioner, CGST & Central Excise Division-II, Allahabad, demanding Rs. 1,33,96,340 (about Rs. 1.34 crore) plus interest and equivalent penalty under Sections 74 and 50 of the CGST Act, 2017. The demand relates to alleged non-payment of GST under Reverse Charge on purchases of FAR (likely Fixed Assets/Aircraft-related) for three financial years — 2020-21, 2021-22 and 2022-23. The original show-cause notice was issued on 28 August 2025. The company has stated it is aggrieved by the order and will file an appeal within the timeline allowed under the law. Despite the demand, the company has officially stated there is no monetary impact on its financial position, operations or other activities.
Short-term overhang from a tax demand of ~Rs. 1.34 crore plus interest and penalty; however, the company plans to appeal and claims no material financial impact, so the final outcome will depend on the appellate authority's decision.