Goa Carbon Limited shareholders approved the adoption of audited financial statements for FY26 and the reappointment of Mr. Shrinivas Dempo as Director at its 58th Annual General Meeting held on September 9, 2026.

The meeting concluded at 3:52 pm via video conferencing after transacting all agenda items. The Board also secured ratification for cost auditor remuneration for the upcoming fiscal year.

Key Resolutions Passed

The meeting addressed three primary items of business under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015. All resolutions were passed with member consent.

Mr. Shrinivas V. Dempo, Chairman, chaired the proceedings. Due to his interest in his own reappointment, he entrusted the conduct of that specific item to Mr. Subodh Nadkarni, a non-interested Director, before resuming the chair.

Voting Results and Participation

The company reported a total of 30,014 shareholders on the cut-off date of September 2, 2026. Participation was primarily driven by the promoter group, which holds 5,464,989 shares and voted in favor of all resolutions via e-voting.

Public non-institutional shareholders participated with 1,349 votes polled out of 3,683,811 shares held. Public institutions did not cast any votes.

Governance and Audit Highlights

The Company Secretary informed members that Statutory Auditors’ and Secretarial Audit Reports contained no qualifications or adverse remarks. Shivaram Bhat, Practicing Company Secretary, served as the scrutinizer for the remote e-voting process.

Independent Director Mr. Subhrakant Panda was unable to attend due to prior commitments. The requisite quorum was present, allowing the meeting to proceed in compliance with Ministry of Corporate Affairs and SEBI circulars regarding virtual meetings.

Goa Carbon Limited received a rectification order on August 27, 2026, allowing a statutory interest refund of ₹1.20 crore for Assessment Year 2010-11. The order was passed by the Deputy Commissioner of Income Tax, Circle-1(1), Panaji, Goa.

The development resolves a dispute over interest payable under Section 244A of the Income-tax Act, 1961. The company had previously filed a grievance after an earlier order granted a principal refund but denied the associated statutory interest.

Rectification Order Details

The Deputy Commissioner issued the order dated July 10, 2026, which rectified a prior decision from November 20, 2025. That earlier order had granted a refund of ₹76.15 lakh for Assessment Year 2010-11 but excluded the statutory interest component.

Following the company’s grievance and subsequent departmental rejection, Goa Carbon filed Writ Petition (L) No. 485 of 2026 before the Hon’ble Bombay High Court, Goa Bench. The new rectification order determines that an additional refund of ₹1,20,44,555 is payable to the company.

Legal Evaluation

The company is currently evaluating the legal propriety of the July 10, 2026, order. Key areas of review include:

• Whether the interest granted has been correctly computed.
• Whether any further or additional interest under Section 244A is payable.
• The appropriate course of action regarding the pending writ petition in light of this development.

What the Numbers Show

The total refundable amount for Assessment Year 2010-11 now stands at approximately ₹1.97 crore, combining the initial principal refund of ₹76.15 lakh with the newly allowed interest refund of ₹1.20 crore. This indicates that the interest component constitutes roughly 61% of the total recovered value, highlighting the significance of statutory interest claims in long-pending tax assessments.