Emmvee Photovoltaic Power reported that its material subsidiary, Emmvee Energy Private Limited, received a show cause notice from the Karnataka State GST Department on September 30, 2026. The notice alleges excess availment of Input Tax Credit for the financial year 2022-23.

The department has proposed a total demand of ₹38.44 crore. This amount comprises a tax demand of ₹20.39 crore, along with applicable interest and penalty. The company stated that the allegations are not sustainable and expects no material financial impact.

Breakdown of the Proposed Demand

The Karnataka State GST Department detailed the components of the proposed recovery in its notice. The table below outlines the specific financial implications disclosed by the company:

Company's Stance and Response

Emmvee Energy Private Limited maintains that it availed only the eligible Input Tax Credit of ₹11.51 crore as per applicable GST provisions. Consequently, the company asserts that the additional tax demand, interest, and penalty are not payable.

The subsidiary is in the process of filing an appropriate response before the concerned authority within the prescribed timeline. It also intends to pursue other legal remedies if necessary. Based on a preliminary assessment, the company does not anticipate any material adverse effect on its financial position or operations from this notice.

What the Numbers Show

A comparison of the figures reveals a significant divergence between the company's claimed eligible credit and the department's proposed tax demand. Emmvee claims an eligible Input Tax Credit of ₹11.51 crore, whereas the department proposes a tax recovery of ₹20.39 crore. This suggests the authority believes the company claimed nearly double the amount it deems eligible. Furthermore, the interest component of ₹16.01 crore is substantial relative to the base tax demand, indicating a prolonged period of non-payment or dispute as calculated by the department.

Emmvee Photovoltaic Power Limited shareholders voted in favour of all four resolutions proposed at the company's 19th Annual General Meeting (AGM), held on September 25, 2026. The meeting, conducted via video conferencing, saw a total of 62,89,53,055 votes polled out of 69,23,45,033 outstanding shares.

The resolutions covered the adoption of financial statements, declaration of dividend, appointment of a director, and ratification of cost auditor remuneration. The scrutinizer’s report confirmed that each resolution was passed with the requisite majority under the Companies Act, 2013 and SEBI Listing Regulations.

Voting participation details

The record date for the meeting was September 18, 2026, with 1,64,652 shareholders on the register. Voting was conducted through remote e-voting and electronic voting at the AGM, facilitated by National Securities Depository Limited (NSDL).

Resolution outcomes

All four items on the agenda were classified as ordinary business or special business requiring ordinary resolution status. Promoter and promoter group members voted in favour of all resolutions without dissent.

Adoption of financial statements

The adoption of financial statements received overwhelming support. Out of 62,89,53,055 total votes polled, 62,89,21,656 were in favour and 31,399 were against. Public institutions held 87.25% of their shares in vote, while public non-institutions participated with only 0.24% of their holding.

Declaration of dividend

The resolution regarding the declaration of dividend was also approved. A total of 62,89,52,949 votes were polled, with 62,89,52,871 in favour and just 78 against. The margin of support was near-unanimous across all shareholder categories.

Appointment of director

Mr. Suhas Donthi Manjunatha was appointed as a director liable to retire by rotation. This resolution saw the highest dissent among the four items. Of the 62,89,52,919 votes polled, 62,47,97,739 were in favour and 41,55,180 were against. Public institutions recorded 5.56% dissent, while public non-institutions recorded 0.99% dissent.

Ratification of cost auditor remuneration

The ratification of remuneration payable to cost auditors for FY27 was approved with 62,89,52,518 votes in favour and 401 against. The low number of dissenting votes indicates strong shareholder alignment on governance costs.

What the numbers show

A comparison of voting patterns reveals a distinct divergence in shareholder engagement based on institutional status. While public institutions participated actively, casting 87.25% of their eligible votes on most resolutions, public non-institutional shareholders demonstrated significantly lower engagement, casting only 0.24% of their eligible votes. This suggests that retail or individual investors had minimal impact on the outcome compared to institutional holders. Furthermore, the appointment of Mr. Suhas Donthi Manjunatha attracted notably higher dissent from public institutions (5.56%) compared to other routine administrative resolutions, which saw negligible opposition (<0.1%).