Dalmia Bharat Limited has disclosed that its wholly owned subsidiary, Dalmia Cement (Bharat) Limited (DCBL), has received two significant GST orders from tax authorities regarding Input Tax Credit disallowances. The orders, received on March 26, 2026, pertain to adjudication proceedings for FY 2019-20 and impose substantial financial demands on the subsidiary.

GST Order Details

The two orders were issued by different tax authorities under Section 74 of the Central Goods and Services Tax Act, 2017, along with respective state GST acts:

Order Receipt Timeline

DCBL received both orders on the same day with specific timestamps:

Company's Response Strategy

DCBL has indicated confidence in contesting both orders, stating it has good grounds to challenge the decisions. The company plans to file appeals against both orders before the respective Appellate Authorities within the prescribed timelines. According to the disclosure, DCBL believes it has a strong case on merits to defend the matter before the Appellate Authority.

Financial Impact Assessment

The company has assessed that these orders do not constitute a major financial impact on DCBL's operations. The impact is characterized as limited to the extent of the aforementioned tax demands, interest, and penalty amounts. Both orders relate to the same financial year (FY 2019-20) and involve similar allegations regarding Input Tax Credit disallowances.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided detailed annexures containing comprehensive information about both orders, including the nature of violations alleged, authority details, and potential financial implications as required under the listing regulations.

Dalmia Bharat Limited has responded to BSE's inquiry regarding the significant increase in trading volume of its shares across exchanges in recent times. The company provided clarification through a formal communication dated March 25, 2026, addressing concerns about the unusual market activity.

Regulatory Compliance and Disclosure

In response to BSE's email seeking clarification on volume movement, Dalmia Bharat confirmed its commitment to regulatory compliance. The company stated that currently there are no events or information requiring disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Promoter Group Share Transfers

The company attributed the volume surge to specific transactions involving its promoter group entities. These entities undertook inter-se transfer of shares among themselves through the block deal mechanism on BSE during March 24, 2026 and March 25, 2026.

Regulatory Disclosures

Dalmia Bharat assured that all requisite disclosures for these block deal transactions, as per applicable SEBI regulations, will be filed with exchanges within the prescribed timeframe. The company emphasized its commitment to maintaining transparency and complying with all regulatory requirements.

The company secretary Rajeev Kumar signed the clarification document, reaffirming the company's dedication to prompt disclosure of any material developments as and when they arise. This response demonstrates the company's proactive approach to addressing market inquiries and maintaining investor confidence through transparent communication.