JSW Dulux received an appeal order nullifying a ₹14.76 crore Goods and Services Tax (GST) demand raised by the Karnataka GST Department. The Joint Commissioner of LGSTO 38 in Bengaluru issued the order on September 19, 2026, which the company received on September 21, 2026.

The ruling completely annuls the original demand notice issued in April 2026 for the financial year 2019-20. The company had filed an appeal with supporting documents within the required timeframe after receiving the initial demand order.

Litigation Details

The original demand order dated April 21, 2026, cited an aggregate amount of ₹14,75,83,468. This figure comprised multiple components related to the tax period of 2019-20.

The appeal order reviewed these submissions and determined that the entire demand was invalid. Consequently, the original demand notice stands annulled with no further financial obligation arising from this specific proceeding.

Regulatory Disclosure

The company disclosed this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The update aligns with SEBI circular SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023, regarding pending litigation updates.

This disclosure follows an earlier announcement made on April 22, 2026, regarding the initiation of the dispute. The resolution removes a contingent liability from the company’s pending litigation portfolio.

JSW Dulux Limited has secured shareholder approval for its proposed share split and alterations to its capital clauses. The company announced on September 21, 2026, that all three resolutions submitted via postal ballot were passed with the requisite majority.

The e-voting process, which concluded on September 20, 2026, saw significant participation from institutional investors. Out of 51,038 shareholders on the cut-off date of August 7, 2026, 499 members cast their votes. This represents a total of 39,071,143 votes polled out of 45,540,314 outstanding shares, indicating an overall participation rate of approximately 85.8%.

Voting Results Breakdown

Promoter group participation was absolute, with the promoters holding 27,871,723 shares voting unanimously in favor of all three resolutions. Public institutions also showed strong support, casting 11,176,599 votes in favor across the board. Non-institutional public shareholders participated to a lesser extent but still delivered decisive results.

Resolution Details

The first resolution, an ordinary resolution, sought approval for the sub-division of the face value of the company's equity shares. It received near-unanimous support, with only 345 votes cast against it, primarily from non-institutional public shareholders.

The second resolution, also ordinary, pertained to the alteration of the Capital Clause in the Memorandum of Association (MoA). This resolution passed with 39,070,753 votes in favor and 390 votes against.

The third resolution, classified as a special resolution, addressed the alteration of the Capital Clause in the Articles of Association (AoA). It secured 39,070,603 votes in favor, with 540 votes against. The slight variation in dissenting votes across resolutions reflects minor differences in individual shareholder preferences, though the outcome remained unchanged.

Next Steps

The Scrutinizer, Mr. A K Labh, submitted his report on September 21, 2026, confirming the validity of the voting process. JSW Dulux will now proceed with the implementation of the share split and the necessary regulatory filings to update its MoA and AoA. The detailed voting results and Scrutinizer's report are available on the company's website and the NSDL e-voting platform.