The Joint Commissioner of State Tax (Appeals), Cum-Appellate Authority in Rohtak has accepted an appeal filed by Bansal Steel & Power Limited (BSPL), a wholly owned subsidiary of bansal wire industries , reducing a Goods and Services Tax (GST) interest demand to NIL. The order, received on July 25, 2026, resolves a long-standing tax dispute concerning input tax credit (ITC) claims from the financial year 2017-18, eliminating a potential liability of ₹16,88,804 for the subsidiary. This outcome confirms that the case carries no residual financial, operational, or business impact on the parent company, providing clarity on a regulatory matter disclosed over a year ago.

The resolution follows a series of regulatory actions initiated by tax authorities against BSPL. In February 2025, Bansal Wire Industries Limited informed stock exchanges that BSPL had received a GST Notice in Form GST DRC-07 under Section 74 of the GST Act, 2017. The original notice imposed a penalty of ₹50,99,895 along with a tax liability of ₹57,77,896 and interest of ₹89,94,666. Subsequently, the tax authorities issued a rectification demand for ₹16,88,804 in interest, while reducing the principal GST liability to NIL. This rectification was previously disclosed by the company in its Integrated Corporate Governance Report submitted to the stock exchanges.

Regulatory Proceedings and Outcome

The final order was issued under Section 107 of the CGST/SGST Act, 2017 read with Section 20 of the IGST Act, 2017. The appellate authority reviewed BSPL’s appeal against the remaining interest demand of ₹16,88,804 and ruled in favor of the subsidiary. The order explicitly states that the interest demand is reduced to NIL and that the case is now closed. The company received the order at 10:44 A.M. IST on July 25, 2026.

Compliance Disclosure

Bansal Wire Industries Limited made this disclosure in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company emphasized that the closure of this matter ensures there are no pending liabilities related to this specific GST notice. Sumit Gupta, Company Secretary and Compliance Officer of Bansal Wire Industries Limited, signed the intimation, which was simultaneously made available on the company’s website. The successful resolution removes a contingent liability from the books of its subsidiary, reinforcing the company’s compliance standing with tax authorities.

Bansal Wire Industries has confirmed that its promoters and promoter group did not create any encumbrance on the equity shares held by them during the financial year ended March 31, 2026. This disclosure was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The confirmation ensures that the shareholding structure remains free from pledged or hypothecated assets for the specified period.

The declaration was submitted by Arun Gupta, Promoter and Chairman & Whole Time Director of the company, on behalf of the promoter and promoter group. The document was addressed to the BSE Limited and the National Stock Exchange of India Limited for their information and records. Sumit Gupta, the Company Secretary & Compliance Officer, facilitated the submission to the exchanges on April 7, 2026.

Promoter and Promoter Group Details

The disclosure encompasses a comprehensive list of individuals and entities classified as either promoters or members of the promoter group. The list includes 51 distinct names, ranging from individual family members to various private limited companies and trusts associated with the promoters.

Category Breakdown

The following table outlines the key individuals and entities included in the promoter group as per Annexure-A of the filing:

The list further extends to include numerous other private limited companies such as Balaji Wires Private Limited, Manglam Wires Private Limited, and SFIL Stock Broking Limited, among others. It also includes entities like Bansal Enterprises Inc., S S Bansal Charitable Foundation, and Krishan Kumar HUF, covering a wide network of business interests and family holdings.