Everest Industries Limited has paid ₹112.93 crore as the first and final call amount to its wholly owned subsidiary, Everest Buildpro Private Limited (EBPL). This payment converts 1,54,150 partly paid-up equity shares held by the parent company into fully paid-up equity shares.

The transaction was executed on October 15, 2026, following the first and final call notice issued by EBPL. The payment aligns with the company's earlier intimation dated March 27, 2026, and complies with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholding structure remains unchanged

Prior to and after this subscription, Everest Industries continues to hold 100% of the equity share capital of EBPL. Consequently, there is no change in the shareholding pattern of the subsidiary. The company noted that due to the lack of change in ownership structure, this specific disclosure is not mandatorily required under the listing regulations, though it was filed for informational purposes.

Transaction details

The financial movement involves a direct capital infusion from the parent entity to its subsidiary, solidifying the subsidiary's paid-up capital base.

This move reflects continued financial support for the subsidiary's operations, with the parent maintaining full control over the entity.

Everest Industries Limited has received a show cause notice from the Goods and Services Tax (GST) department demanding ₹13.34 crore in tax, interest, and penalty for the financial year 2022-23.

The notice was issued by the Deputy Commissioner of State Tax, Ambad_502, Nashik, Maharashtra, on September 24, 2026. The regulatory filing cites discrepancies in Input Tax Credit (ITC) claims and liability declarations under Section 73(1) of the CGST Act, 2017, and MGST Act, 2017.

Nature of the Dispute

The GST department raised objections regarding three primary areas of non-compliance identified during their review of the company's filings for FY23:

• Excess ITC availed in GSTR-3B compared to amounts available in GSTR-2B and GSTR-2A.
• Short liability declared in GSTR-3B and GSTR-9 relative to liability shown in GSTR-1.
• Outward tax liability discharge in GSTR-3B and GSTR-9 being less than the liability per generated E-way bills.

The total demand comprises tax, interest, and penalty components as detailed below:

Company Response and Financial Impact

The company stated that it maintains strong legal and factual grounds regarding the matter. Everest Industries is currently preparing a response to defend its position before the relevant authorities.

The management asserted that there is no expected material financial impact at this stage. The company does not consider it likely that this potential demand will materialize as a claim resulting in a final liability. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.