Gujarat State Petronet Limited has received an Income Tax assessment order under Section 143(3) read with Section 144B of the Income-Tax Act, 1961, for Assessment Year 2024-25 (FY 2023-24). The company informed stock exchanges about this development on March 23, 2026, in compliance with SEBI listing regulations.

Assessment Order Details

The scrutiny assessment order was issued by the Assessment Unit of the Income Tax Department under order number ITBA/AST/S/143(3)/2025-26/1087736929(1) dated March 23, 2026. The order was accompanied by a computation sheet and notice of demand under Section 156 of the Income-Tax Act.

Computational Error and Demand

While the Income Tax department accepted the company's returned income as assessed income without making any additions or disallowances, a significant error occurred in the computational part of the order. The tax computation sheet erroneously recorded the total income as Rs. 1683 crores instead of the correct figure of Rs. 1435 crores, which was both the returned and assessed income.

Company's Response and Expected Resolution

Gujarat State Petronet has clarified that this demand of Rs. 77.76 crores arose due to a mistake apparent on record by the tax department in its tax computation sheet. The company emphasized that no violation of law was committed on its part.

The company does not anticipate any material financial implications at this stage, given the clear computational error. Gujarat State Petronet plans to take appropriate remedial steps, including:

• Filing an application for rectification of the mistake
• Seeking a stay of demand before the Assessing Officer
• Pursuing resolution through proper legal channels

Management Outlook

The company expressed confidence that the erroneous demand will be nullified once the rectification application is processed by the Assessing Officer. This optimism is based on the clear discrepancy between the accepted income figure and the computational error in the tax department's records.

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding this regulatory development.

Gujarat state petronet Limited has announced a key senior management appointment, bringing in experienced industry professional Shri Saarthak Gautam to strengthen its operational leadership team. The appointment reflects the company's continued focus on enhancing its management capabilities across critical business functions.

Appointment Details

The company has disclosed the appointment under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The following table summarizes the key appointment parameters:

Professional Background

Shri Saarthak Gautam brings relevant industry experience to his new role at Gujarat State Petronet Limited. Prior to joining GSPL, he was working with Gujarat State Petroleum Corporation Limited, where he served as General Manager handling M&L, C&P and E&C functions. This background provides him with comprehensive understanding of the petroleum and petrochemicals sector operations.

Role and Responsibilities

In his new position, Gautam will oversee multiple critical business areas including:

• Design & Engineering (D&E) operations
• Procurement functions
• Operations & Maintenance (O&M) activities
• Health, Safety and Environment (HSE) oversight
• Department head responsibilities

The appointment strengthens GSPL's operational management structure by consolidating key functions under experienced leadership. His role as Head of Department indicates significant operational authority within the organization's hierarchy.

Regulatory Compliance

Gujarat State Petronet Limited has fulfilled its disclosure obligations by informing both BSE Limited and National Stock Exchange of India about this senior management change. The company has provided comprehensive details as required under SEBI regulations, including the appointee's background, role specifications, and reporting structure. This information will also be made available on the company's official website at www.gspcgroup.com for stakeholder access.