Everest Industries receives ₹13.34 crore GST show-cause notice
As filed · Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations ) read with Part A of Schedule III and SEBI Master Circular No. HO/49/14/14(
What happened
FactEverest Industries received a GST show-cause notice for FY 2022-23 proposing recovery of ₹13,34,35,202. The notice cites alleged excess input-tax credit, differences between GST returns, and lower outward-tax discharge versus e-way bill liability.
Why it matters
CapitSignal interpretationRegulatory action carries direct monetary penalties and can restrict how the business operates until it is resolved.
What management said before
Prior statements by this company that CapitSignal has recorded changing.
Guidance
WithdrawnThe Shareholders may note that the Board of Directors of the Company, at its Meeting held on May 19, 2025, has recommended a final dividend @25% i.e. Rs.2.50/- per equity share of Face Value of Rs.10/- each for the Financial Year ended March 31, 2025, subject to the approval of the Shareholders at the AGM.
I am now very confident that the Company will only grow from strength to strength across all its three businesses, and that FY 2026-27 will be a year that you will be proud of.
Change
FactImplication
CapitSignal interpretationWatch next
Fact- Quantum of penalty and whether it is appealed
- Any restriction placed on operations or licences
- Timeline given by the regulator
- NARMADESH BRASS INDUSTRIES LIMITED is proposing, subject to applicable regulatory and statutory requirements, (management committed by FY26)
- I am now very confident that the Company will only grow from strength to strength across all its three busines (management committed by FY27)
Evidence
How CapitSignal classified this
- Reasoning:
- The notice creates a potential tax exposure of ₹13.34 crore, although no liability has been determined at this stage. The company says it has legal and factual grounds to defend the matter and does not expect a material financial impact.
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 75%