Deepak fertilisers & petrochemicals Corporation Limited has announced the re-appointment of Ernst & Young LLP as its internal auditors for the financial year 2026-27. The decision was approved by the company's Board of Directors during a meeting held on 26th March, 2026, following a recommendation from the Audit Committee.

Board Meeting Outcome

The board meeting, which commenced at 11:00 a.m. and concluded at 3:55 p.m., focused on the re-appointment of the internal audit firm. The company disclosed this information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Internal Auditor Details

Ernst & Young LLP brings significant expertise to the role as the company's internal auditor. The firm is structured as a Limited Liability Partnership, registered under the Limited Liability Partnership Act, 2008 in India. EY operates as a global leader across multiple service areas including assurance, tax, transaction and advisory services.

Regulatory Compliance

The announcement was made in accordance with the provisions of Regulation 30, read with Part A of Schedule III and other applicable provisions of the SEBI Listing Regulations. The company also referenced compliance with SEBI Master Circular bearing No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, dated 30th January, 2026.

The information has been made available on the company's website at www.dfpcl.com , ensuring transparency and accessibility for stakeholders. Company Secretary Rabindra Purohit, with membership number FCS 4680, signed the disclosure document in his capacity as VP – Legal, Compliance & Company Secretary.

Deepak fertilisers & petrochemicals Corporation Limited has secured a significant victory for its subsidiary, with tax authorities substantially reducing a demand notice by over 99%. The company informed stock exchanges about this development on 26th March, 2026.

Major Tax Demand Reduction

The tax demand against Mahadhan AgriTech Limited, a wholly-owned material subsidiary of Deepak Fertilisers, has been dramatically reduced following a rectification order. The company had filed an application under Section 161 of the CGST Act, 2017, challenging the original assessment.

Regulatory Background

The original assessment order was passed by the Assistant Commissioner of Commercial Taxes (Audit)-6.3, DGSTO-6, Bengaluru, against Mahadhan AgriTech Limited. Deepak Fertilisers had previously disclosed this matter to the exchanges on 31st December, 2025, as required under SEBI regulations.

The rectification process was initiated through a formal application filed under the CGST Act provisions. The tax authority's decision to substantially reduce the demand demonstrates the effectiveness of the company's legal challenge to the original assessment.

Timeline and Compliance

The company received official communication about the rectification order via email from tax authorities at 2:56 p.m. on 25th March, 2026. This information was promptly disclosed to BSE and NSE on 26th March, 2026, in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Impact Assessment

This development significantly reduces the financial liability for Mahadhan AgriTech Limited, with the demand now standing at just ₹1,04,048 compared to the original ₹1,84,40,339. The substantial reduction eliminates a major contingent liability that could have impacted the subsidiary's financial position.

The rectification order provides clarity on the tax matter and removes uncertainty that may have been affecting business operations. The company has made this information available on its official website at www.dfpcl.com for stakeholder reference.