AYM Syntex has received a Show Cause Notice (SCN) from the Deputy Commissioner of State Tax, Maharashtra, proposing a recovery of ₹2.32 crore for F.Y. 2022-23. The notice, issued under Section 73(1) of the CGST/MGST Act, 2017, follows GST audit proceedings and was uploaded to the GST portal on September 30, 2026.

The company stated that there is no immediate financial impact at this stage. AYM Syntex is evaluating the SCN and, based on advice from its tax advisors, will file a detailed reply with the adjudicating authority within prescribed timelines. The company intends to pursue all legal remedies available to it.

Breakdown of Proposed Recovery

The total quantum of claims amounts to ₹2,31,85,885, comprising tax, interest, and penalty components identified during the audit.

Nature of Audit Objections

The SCN cites several specific irregularities identified during the GST audit for F.Y. 2022-23. These objections relate to compliance issues in input tax credit and reverse charge mechanisms.

Key areas flagged by the authority include:

• Delayed payment interest
• Disallowance of credit notes
• Reverse Charge Mechanism (RCM) on import of services
• Ineligible Input Tax Credit (ITC)
• ITC reversal for payments made after 180 days
• RCM on renting of motor vehicles and travelling expenses
• ITC disallowance on insurance claims
• Disallowance of Input Service Distributor (ISD) credit due to non-production of relevant documents

Regulatory Compliance and Next Steps

This disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was issued by the Office of the Deputy Commissioner of State Tax, THA-AUD-E-0004 (Thane Audit_504), Department of Goods and Services Tax, Government of Maharashtra.

As of the date of the disclosure, no penalty, restriction, or sanction has been imposed. The proposed penalty of ₹14.94 lakh remains subject to adjudication. The company has not provided any further details regarding the timeline for the adjudication process or potential outcomes beyond its intention to contest the notice.

AYM Syntex Limited disclosed the combined voting results of its 43rd Annual General Meeting held on September 28, 2026. All four resolutions passed with requisite majority, securing over 99.99% assent from participating shareholders.

The meeting, conducted via video conferencing, saw participation from 49 shareholders through VC, including 3 from the promoter group and 46 public shareholders. No shareholders attended in person or through proxy. The record date for determining entitlement to vote was September 18, 2026, with a total of 8,916 shareholders on record.

Voting outcome by category

The voting data reveals distinct participation levels across shareholder categories. Promoters voted on 100% of their holding, while public institutions voted on 94.23% of their shares. Public non-institutional shareholders showed lower participation, voting on only 10.74% of their total holding.

Resolutions transacted

The following ordinary and special business items were transacted at the meeting:

1. Adoption of audited standalone and consolidated financial statements for FY26 (Ordinary Resolution)
2. Reappointment of Rajesh Mandawewala (DIN: 00007179) as director retiring by rotation (Ordinary Resolution)
3. Ratification of remuneration for cost auditor for FY27 (Ordinary Resolution)
4. Payment of remuneration to James Robert McCallum (DIN: 11195781), Non-Executive Independent Director (Special Resolution)

All resolutions were passed with 99.9999% votes in favour and 0.0001% against. The dissenting votes, totaling 44 shares, originated entirely from the public non-institutional category.

Scrutinizer's report and compliance

Hitesh J. Gupta, practicing company secretary, served as the scrutinizer. The remote e-voting period ran from September 23, 2026, to September 27, 2026. E-voting facilities were also provided during the AGM for members present via VC who had not participated remotely.

Kaushal Patvi, Company Secretary and Compliance Officer, confirmed that the meeting complied with Ministry of Corporate Affairs circulars and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditor’s report and secretarial audit report contained no qualifications or adverse remarks.