KEI Industries Limited received a GST demand order from the Central GST Ahmedabad South authority on September 30, 2026. The order pertains to non-payment of tax on unbilled revenue during FY23.

The Superintendent, Range-IV, Division-IV, raised a demand for tax of ₹8,55,352 under Section 74(9) of the CGST/GGST Act, 2017. This is accompanied by applicable interest under Section 50(1) and a penalty of ₹8,55,352 under Section 74. The total financial exposure amounts to ₹17,10,704 excluding interest.

Regulatory disclosure details

The company disclosed this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was received from the Office of Superintendent, Range-IV, Division-IV, Central GST, Ahmedabad South.

Company response and impact

KEI Industries assessed the demand as not maintainable. The company is evaluating all legal options, including filing an appeal against the order. Management stated that it does not envisage any relevant impact on the financials, operations, or other activities of the company resulting from this demand.

What the numbers show

The penalty amount is exactly equal to the principal tax demand of ₹8,55,352. This symmetry suggests the authority applied a standard penalty provision under Section 74, effectively doubling the immediate cash outflow risk before interest calculations. However, given the absolute value is under ₹20 lakh, the materiality to a large-cap industrial player like KEI Industries remains low unless part of a broader pattern of regulatory scrutiny across multiple periods.

KEI Industries Limited shareholders approved all five resolutions tabled at the company's 34th Annual General Meeting (AGM), held on September 28, 2026. The meeting confirmed the final dividend of ₹4.50 per equity share and ratified key director appointments.

The AGM was conducted through Video Conference / Other Audio Visual Means (VC/OAVM) in compliance with Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) guidelines. Remote e-voting was facilitated by National Securities Depository Limited (NSDL), commencing on September 25, 2026, and ending on September 27, 2026.

Key Resolutions Passed

The Board of Directors placed several items of business before the members for approval. These included the adoption of standalone and consolidated financial statements, as well as administrative appointments. The following resolutions were tabled:

1. Adoption of Audited Standalone and Consolidated Financial Statements for FY26.
2. Confirmation of interim dividend of ₹4.50 per equity share as the final dividend for FY26.
3. Re-appointment of Anil Gupta (DIN: 00006422) as Director retiring by rotation.
4. Ratification of remuneration for Cost Auditors M/s. S. Chander & Associates for FY27.
5. Re-appointment of Akshit Diviaj Gupta (DIN: 07814690) as Whole-time Director for five years.

Voting Results Breakdown

According to the Scrutinizer's Report submitted by Mr. Sumit Kumar, all resolutions passed with significant support. The dividend confirmation saw near-unanimous approval, while the re-appointment of Anil Gupta received 92.04% votes in favour.

Participation and Attendance Details

The meeting recorded participation from both promoter group and public shareholders via physical presence and virtual means. The total number of shareholders on the record date (September 21, 2026) stood at 1,79,438.

Anil Gupta, Chairman-cum-Managing Director, delivered a formal speech on company performance and future outlook. Pawan Kumar Agarwal, Statutory Auditor from M/s. Pawan Shubham & Co., confirmed no qualifications in the Audit Report for FY26. Mr. Sumit Kumar served as the Scrutinizer for the e-voting process.

Voting results, along with the Scrutinizer’s Report and Minutes, have been submitted to stock exchanges and displayed on the company website.