Eternal Limited has received two significant GST orders from tax authorities totaling ₹10.97 crore in confirmed tax liabilities, along with substantial interest and penalties. The company disclosed this development on March 18, 2026, pursuant to Regulation 30 of the SEBI Listing Regulations.

GST Order Details

The company received two separate adjudication orders on the same day from different tax authorities covering distinct periods:

Legal Framework and Violations

The first order was issued under Section 74 of the Central Goods and Services Tax Act, 2017 and Haryana Goods and Services Tax Act, 2017. The second order was passed under Section 73 of the Central Goods and Services Tax Act, 2017 and Jharkhand Goods and Services Tax Act, 2017.

Both orders relate to alleged short payment of tax, with the authorities imposing interest and penalties accordingly. The total financial exposure includes:

Company's Response Strategy

Eternal Limited has expressed confidence in challenging these orders, stating it believes in having "a strong case on merits." The company plans to file appeals against both orders before the appropriate authority. Management does not expect any financial impact on the company, indicating confidence in successful resolution through the appellate process.

Regulatory Compliance

The disclosure was made in compliance with SEBI circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. Company Secretary and Compliance Officer Sandhya Sethia signed the disclosure from Gurugram, ensuring full regulatory transparency regarding these tax matters.

Eternal Limited has successfully concluded its postal ballot process with shareholders approving all five proposed resolutions on March 13, 2026. The company, formerly known as Zomato Limited, conducted the voting entirely through remote e-voting in compliance with regulatory requirements.

Board Restructuring Approved

Shareholders demonstrated strong support for the company's board restructuring initiatives. The postal ballot covered five key resolutions, including the re-appointment of four independent directors and the appointment of a new Vice Chairman.

Voting Process Details

The remote e-voting period commenced on February 12, 2026, at 9:00 AM and concluded on March 13, 2026, at 5:00 PM. The cut-off date for determining eligible shareholders was February 6, 2026. MUFG Intime India Private Limited served as the Registrar and Share Transfer Agent, facilitating the e-voting process through their platform.

Independent Director Appointments

The re-appointment of independent directors received varying levels of support from shareholders. Aparna Popat Ved's re-appointment garnered the highest approval rate at 98.72%, with 7,27,34,50,799 votes in favor. Kaushik Dutta's re-appointment, while approved, received the lowest support at 76.23%, indicating some shareholder concerns. Namita Gupta and Sutapa Banerjee secured strong approval rates of 94.55% and 97.74% respectively.

Leadership Changes

The appointment of Deepinder Goyal as Vice Chairman and Non-Executive Director received overwhelming shareholder support with 99.65% approval. This resolution attracted 7,34,22,03,836 votes in favor, representing the strongest mandate among all proposals.

Voting Statistics

The postal ballot process involved 22,95,003 shareholders on the record date. The total number of shares considered for voting was 9,11,33,10,523, with participation rates varying across resolutions. Notably, 53,70,40,124 equity shares held by the Employee Benefit Trust were excluded from the voting process as per regulatory requirements.

Regulatory Compliance

Nitesh Latwal, Partner of PI & Associates, served as the scrutinizer for the postal ballot process. The company fulfilled all regulatory obligations under the Companies Act, 2013, and SEBI Listing Regulations. The voting results and scrutinizer's report are available on the company's website and the e-voting platform for transparency.