BGR Energy Systems Limited has disclosed the receipt of orders under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017 and the Uttar Pradesh Goods and Services Tax (SGST) Act, 2017, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The orders were issued by the Office of the Joint Commissioner, Corporate Circle, Kanpur-I, Uttar Pradesh, and pertain to alleged variation in turnover across multiple financial years. The date of the orders is 07-05-2026, and the company received them on 11-05-2026.

GST Demand Details

The GST authorities have raised demands against BGR Energy Systems alleging variation in turnover for FY 2020-21, FY 2021-22, and FY 2023-24. The demands include tax, interest, and penalty components. The table below summarises the financial year-wise demand amounts:

All three demands include tax, interest, and penalty as levied by the GST authorities.

Regulatory Disclosure

The disclosure was made in accordance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The key details of the regulatory action are outlined below:

Company's Response and Financial Impact

BGR Energy Systems has stated that the orders are not expected to have any material financial impact on the company. The company has indicated that it is planning to appeal against all the above-mentioned orders. The disclosure was signed by S. Sundar, Company Secretary and Compliance Officer, on 11th May 2026.

BGR Energy Systems Limited has received a significant reprieve as the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, suspended the operation of the NCLT order that had admitted Corporate Insolvency Resolution Process (CIRP) proceedings against the company. The development was formally communicated to stock exchanges under Regulation 30 of the SEBI Listing Regulations.

NCLAT Order and Settlement Discussions

The NCLAT passed the suspension order during proceedings on April 30, specifically citing ongoing settlement discussions between the parties. The tribunal noted that Respondent No.1 (National Asset Reconstruction Company Ltd.) had confirmed that a settlement proposal extended by the appellant was under consideration, subject to revision in the offer.

Appeal Background and Parties

The appeal was filed by Arjun Govind Raghupathy, Suspended Director of BGR Energy Systems, against National Asset Reconstruction Company Ltd. and others. The original NCLT order had admitted a Section 7 application against the company vide order No. CP (IB)/58/7/AMR/2024 dated April 17.

Current Status and Next Steps

The NCLAT clarified that the suspension order should not be construed as merit adjudication of the stay application. The tribunal emphasized that the decision was made exclusively based on the ongoing settlement negotiations. Accordingly, the CIRP proceedings are presently stayed and inoperative until the next hearing.

The matter has been scheduled for the second week of June, with the tribunal directing respective counsels to inform about developments arising from settlement steps taken by the parties. The impugned order of April 17 will not be given effect until the next date of listing on June 15.

Source: None/Company/INE661I01014/d3e36804bf504ade.pdf