Garware Hi-Tech Films Limited has announced a significant change in its senior management team with the resignation of Mr. Yogesh Chavan from his position as President - Corporate HR. The company formally disclosed this development to BSE and NSE on April 07, 2026, in compliance with SEBI Listing Regulations.

Senior Management Change Details

The resignation was communicated through proper regulatory channels, with the company filing the requisite disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The notification was signed by Company Secretary Awaneesh Srivastava and submitted to both stock exchanges where the company is listed.

Reason for Departure

In his resignation letter addressed to Chairman & Managing Director Shri. S. B. Garware, Mr. Chavan stated that he was leaving to pursue further career growth opportunities. He specifically confirmed that there were no other material reasons for his resignation beyond what he had mentioned.

Regulatory Compliance

The company ensured full compliance with regulatory requirements by providing comprehensive documentation to the stock exchanges. This included the formal disclosure format as required under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, along with a copy of the resignation letter.

Professional Acknowledgment

In his farewell message, Mr. Chavan expressed gratitude for the guidance and support extended to him by seniors, peers, and colleagues during his tenure at Garware Hi-Tech Films Limited. The resignation reflects a professional transition as he seeks new opportunities for career advancement.

The company has fulfilled its disclosure obligations by informing both BSE (Scrip Code: 500655) and NSE (Trading Symbol: GRWRHITECH) about this senior management personnel change, ensuring transparency for all stakeholders.

Garware Hi-Tech Films Limited has informed stock exchanges about receiving a significant income tax demand notice of ₹18.37 crore from the Income Tax Department for Assessment Year 2020-21. The company disclosed this development through a regulatory filing under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Communication Details

The company received the order under Section 154 along with a notice of demand under Section 156 of the Income Tax Act, 1961 on March 30, 2026 at 03:29 p.m. The order was originally dated March 10, 2026 but was received by the company through email on March 30, 2026.

Company's Position and Grounds for Challenge

Garware Hi-Tech Films has expressed confidence in challenging the demand, citing multiple procedural and computational errors. The company believes it has strong merit to oppose the order through a rectification application.

Key grounds for challenge include:

• Procedural Violations: No prior notice was given before passing the order
• Natural Justice: Opportunity of being heard was not provided
• MAT Credit Error: Credit of Minimum Alternate Tax of ₹15.12 crore was not considered in computation
• Erroneous Addition: Addition of ₹1.41 crore is incorrect

Financial Impact Assessment

The company has stated that based on its preliminary assessment, it believes it has a good case on merits and is confident of a favorable outcome at the appellate stage.

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. The company has confirmed that no penalties, restrictions, or sanctions have been imposed pursuant to this communication, and no aberrations or non-compliances were identified by the authority.

The company plans to file a rectification application to contest the demand, emphasizing that the total demand of ₹18.37 crore is incorrect due to the computational and procedural errors identified.