Bajaj Electricals Limited has informed stock exchanges about receiving an adverse appeal order from GST authorities, demanding Rs 3.45 crore including penalties for alleged tax discrepancies related to FY 2018-19 filings.

Appeal Order Details

The company received the adverse appeal order dated March 27, 2026, on April 6, 2026, issued by the Office of the Commissioner (Appeals), Central Excise, Customs & CGST, Jaipur under Section 107 of the CGST Act 2017. The appellate authority rejected the company's submissions and upheld the demand based on alleged short payment of tax due to discrepancies between GSTR 1 and GSTR 3B filings.

Financial Demand Breakdown

The GST authorities have raised a gross demand of Rs 3.45 crore, which includes penalty components for the alleged tax discrepancies.

Background and Timeline

This development follows an earlier assessment order received on April 30, 2024, from the Additional Commissioner, Jaipur, under section 73 of the Goods and Services Act 2017. The original assessment had raised a similar gross demand of Rs 3.45 crore with a penalty of Rs 31.39 lakh for the same FY 2018-19 discrepancies.

Company's Response Strategy

The management is currently evaluating multiple legal remedies to challenge the adverse appeal order:

• Filing an appeal before the appropriate appellate tribunal
• Submitting a writ petition before the Hon'ble High Court
• Exploring other appropriate legal options

Impact Assessment

Bajaj Electricals has clarified that if the demand materializes, the financial impact would be limited to the Rs 3.45 crore demand amount and associated penalties. The company emphasized that there would be no impact on its operational, financial, or other business activities due to this order.

The disclosure was made under Regulation 30 of SEBI Listing Regulations, demonstrating the company's commitment to transparency in material developments affecting stakeholder interests.

Bajaj electricals Limited has submitted its mandatory quarterly compliance certificate to the stock exchanges for the quarter ended March 31, 2026. The filing, dated April 6, 2026, was submitted to both BSE Limited and the National Stock Exchange of India Limited as part of the company's regulatory obligations.

Regulatory Compliance Certificate

The certificate pertains to Regulation 74(5) of the Securities & Exchange Board of India (Depositories and Participants) Regulations, 2018. This regulation mandates listed companies to confirm their compliance with depository and participant regulations on a quarterly basis.

Certificate Details and Confirmations

The certificate was issued by MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, which serves as the company's Registrar and Transfer Agent. The certificate confirms several key compliance aspects:

• Securities received from depository participants for dematerialisation during the quarter were properly confirmed to the depositories
• All securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialisation were confirmed or rejected within prescribed timelines
• Security certificates were mutilated and cancelled after due verification by depository participants
• Names of depositories were substituted in the register of members as registered owners within prescribed timelines

Filing Authorities and Documentation

The compliance certificate was signed by Prashant Dalvi, Chief Compliance Officer & Company Secretary of Bajaj Electricals Limited, and submitted to both major Indian stock exchanges. The certificate from MUFG Intime India was signed by Ashok Shetty, Vice President – Corporate Registry.

This quarterly filing represents part of the ongoing regulatory compliance requirements for listed companies in India, ensuring transparency and proper handling of securities dematerialisation processes. The submission demonstrates the company's adherence to SEBI's depositories and participants regulations framework.