Deepak builders & engineers India Limited has received a GST summons from tax authorities, marking a significant regulatory development for the construction and engineering company. The summons relates to an ongoing inquiry following inspection proceedings conducted at the company's registered office.

GST Summons Details

The company received the hard copy summons on March 20, 2026 at 6:00 PM at its registered office in New Delhi, issued by CGST Delhi South. The summons has been issued under Section 70 of the Central Goods and Service Tax Act, 2017, requiring compliance from the company's management.

Nature of Inquiry and Required Documentation

The GST summons requires the director to appear in connection with inspection proceedings. The inquiry officer, Govind Bhardwaj (Superintendent/Appraiser/Senior Intelligence Officer), has requested specific documentation and testimony.

The summons requires:

• Tender statement
• Turnover reconciliation as per GSTR-3B and GSTR-7
• Purchase/Sales records with payment and transportation proofs
• Personal appearance or authorized representative attendance

Regulatory Compliance and Disclosure

Deepak Builders has fulfilled its disclosure obligations under Regulation 30 of SEBI Listing Regulations, providing detailed information as required by SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company informed both NSE and BSE about this development through a formal communication dated March 21, 2026.

Financial Impact Assessment

The company has stated that since only a summons has been issued and the inquiry remains at a preliminary stage without specific allegations of violations being formally established, it cannot determine the financial impact in monetary terms at this time. The summons does not allege any violations or contraventions as the inquiry is at an initial stage following the inspection proceedings conducted on March 20, 2026.

Deepak Builders & Engineers India Limited has submitted its quarterly compliance report to stock exchanges, confirming complete adherence to IPO fund utilization objectives for the quarter ended 31st December, 2025. The company raised Rs. 2600.43 million through its public issue, with allotment completed on 24th October, 2024, and listing on 28th October, 2024.

Complete Fund Utilization Achieved

The company has successfully utilized the entire allocated amount of Rs. 1962.21 million across all three primary objectives outlined in its prospectus. The utilization demonstrates disciplined capital deployment in line with stated business plans.

Issue Expenses and Remaining Funds

From the total gross proceeds of Rs. 2172.10 million, issue expenses amounted to Rs. 209.89 million (revised from original Rs. 254.84 million). The company has utilized Rs. 208.55 million for issue expenses, leaving Rs. 1.34 million unutilized.

Regulatory Compliance and Oversight

The statement was filed pursuant to Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. CRISIL Ratings Limited serves as the monitoring agency for the IPO proceeds utilization. The Audit Committee reviewed the fund utilization statement at its meeting held on 13th February, 2026, with no adverse comments.

Fund Deployment Strategy

The company has deployed the unutilized proceeds of Rs. 1.34 million in bank accounts, including Public Issue and Cash Credit accounts. This conservative approach ensures liquidity while maintaining compliance with regulatory requirements for IPO fund management.

The company confirmed that issue proceeds have been utilized strictly as per objects mentioned in the prospectus, with no deviations from the original plan. This adherence to stated objectives reflects strong corporate governance and disciplined capital allocation practices.