Jindal Steel Limited has received an order from the Additional Commissioner (Appeals), CT and GST, Cuttack, concerning the disallowance of input tax credit (ITC) claimed under the Odisha Value Added Tax Act, 2004. The order, received on July 28, 2026, pertains to capital goods and certain other items, with the company disclosing the development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Management stated that the amounts involved are not material and are not expected to have any material impact on the financial, operational, or other activities of the company.

The Additional Commissioner (Appeals) alleged the utilisation of excess ITC of Rs. 5,69,02,242 as per Section 20 of the OVAT Act. Consequently, a penalty under Section 45(2) of the OVAT Act was imposed at twice the disputed amount, totaling Rs. 11,38,04,484. The company is currently evaluating the order and intends to take necessary action, including filing an appeal, as considered appropriate.

Financial Implications and Appeal Process

As the order is appealable, the tax and penalty are not immediately payable, resulting in no immediate financial impact. However, to file an appeal, the company is required to make a pre-deposit of 10% of the disputed tax amount. This mandatory pre-deposit stands at Rs. 56,90,224. The company noted that this amount will be refundable in case a favourable order is passed upon appeal.

The disclosure was signed by Damodar Mittal, Wholetime Director of Jindal Steel Limited, formerly known as Jindal Steel & Power Limited. The company’s registered office is located in Hisar, Haryana, while its corporate office is in New Delhi.

Jindal Steel company name appointed Aabha Bakaya and V. Sehgal as Additional Directors in the category of Non-Executive Independent Directors, effective July 29, 2026. The Board of Directors approved the appointments through resolutions passed by circulation, based on the recommendation of the Nomination and Remuneration Committee. Both appointments are for a term of two consecutive years and are subject to the approval of the shareholders of the company.

The new appointments coincide with the conclusion of the tenures of Mrs. Shivani Wazir Pasrich and Ms. Kanika Agnihotri, who served as Independent Directors. Pasrich and Agnihotri were appointed for their second term of three consecutive years effective July 29, 2023, and their terms concluded upon completion on July 28, 2026. The Board recorded its appreciation for their guidance and contributions during their respective tenures.

New Appointees

Aabha Bakaya brings over two decades of experience in business journalism, content curation, news reporting, and live broadcasting. She is the Founder and Chief Executive Officer of Ladies Who Lead, a network for women leaders in India. Her career includes senior editorial and anchoring positions at India Today Group/Business Today TV, ET NOW, Bloomberg TV India, NDTV Profit, CNBC TV18, and Business Today Magazine. She holds a bachelor’s degree in media and communications from the University of New South Wales, Sydney, and a certificate in Creative Writing and Screenwriting from Columbia University, New York. She was recognized as the Best Business News Anchor in 2022.

V. Sehgal is a global industrials advisor with over two decades of experience in capital allocation, cross-border mergers and acquisitions, restructuring, and strategic transformation across the Americas, Europe, and Asia. He serves as Global Head of Automotive and Executive Vice Chairman at Rothschild & Co, advising boards across automotive, industrial, metals, and manufacturing sectors. He currently serves on the Boards of Cyient Limited. Previously, he was a Partner at Booz Allen Hamilton and held positions at Ford Motor Company and Daewoo Motors. He holds degrees in Mechanical Engineering from the University of Delhi, Industrial Engineering from the University of Florida, Engineering from the Massachusetts Institute of Technology, and an MBA from the University of Chicago.

Regulatory Disclosure

The disclosure was made under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing also references SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company confirmed that neither Bakaya nor Sehgal is debarred from holding the office of Director by virtue of any order passed by SEBI or any other authority. Details regarding the appointments are provided in Annexure A and Annexure B of the filing, while details regarding the cessation of Pasrich and Agnihotri are in Annexure C and Annexure D.

Both new directors are not related to any other Director of the Company. The intimation is available on the company’s website at www.jindalsteel.in .