Delta Corp Limited and its subsidiaries have received GST demand orders totaling ₹116.43 crore from the Additional Commissioner, Central GST, Goa Commissionerate. The orders, dated September 25, 2026, cover the period from July 2017 to March 2022.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The demand arises from differential tax payments related to actionable claims and mixed supplies in casino operations. The company stated it is evaluating the orders and may file appeals within prescribed timelines.

Breakdown of GST Demand

The total demand comprises differential GST, interest, and penalties across Delta Corp and its subsidiaries, Hightstreet Cruises and Entertainment Private Limited (HCEPL) and Delta Pleasure Cruise Company Private Limited (DPCCPL).

The Authority levied interest at 18% per annum on the differential GST amounts for actionable claims from October 1, 2023, until payment. For mixed supply demands, interest is levied at 18% per annum from the due date until payment.

Valuation and Tax Rates Applied

For actionable claims, the GST differential was calculated based on the value of chips sold, following Supreme Court directions. The tax rate applied was 18% for July 1, 2017, to January 24, 2018, and 28% for January 25, 2018, to March 31, 2022, under Rule 31C of the CGST Rules, 2017.

Regarding mixed supply, the Authority determined that casino entry packages constitute a mixed supply taxable at 28%. A penalty equivalent to the differential GST demand for mixed supply was imposed under Section 74 of the CGST Act.

Pending Proceedings in Sikkim

Delta Corp noted that proceedings related to notices for its Sikkim casino for the same period (July 2017 to March 2022) remain pending. The company will make further disclosures upon completion of those proceedings.

What the Numbers Show

The penalty imposed equals the entire differential GST demand for mixed supplies (₹37.11 crore), effectively doubling the liability for this specific component. This indicates a strict interpretation of tax evasion provisions under Section 74, where the penalty mirrors the tax shortfall. The total financial exposure of ₹116.43 crore represents a significant one-time charge against past earnings, though the final impact depends on the outcome of potential appeals.

Delta Corp shareholders approved a final dividend of ₹0.50 per equity share for the financial year ended March 31, 2026, during its 35th Annual General Meeting. The payout represents a 50% dividend on the face value of ₹1 per share.

The meeting was held on Thursday, September 10, 2026, through Video Conferencing/Other Audio-Visual Means (OAVM). Mr. Jaydev Mody, Chairman, presided over the proceedings. Remote e-voting was conducted from September 7 to September 9, 2026.

Key Resolutions Passed

Shareholders approved several ordinary and special business items during the AGM:

• Adoption of audited standalone and consolidated financial statements for FY26 along with board and auditor reports.
• Re-appointment of Mr. Jaydev Mody as a Director, retiring by rotation.
• Appointment of M/s. M S K C & Associates LLP as Statutory Auditors.
• Approval for payment of commission to Non-Executive Directors.

Mr. Ashish Kumar Jain of M/s. A K Jain & Co. served as the scrutinizer for the voting process. Results were disseminated to stock exchanges and uploaded on the company website and NSDL portal within stipulated timelines.