Kolte Patil Developers Ltd has closed its trading window for dealing in its securities, effective from July 1, 2026, until 48 hours after the declaration of the unaudited financial results for the quarter ended June 30, 2026. The restriction applies to designated persons and is intended to prevent insider trading during the period leading up to the results announcement. The company will declare the results in accordance with Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance

The closure of the trading window is pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015. This measure is part of the company's Code to Regulate, Monitor and Report trading by Insiders. The decision ensures compliance with regulatory standards aimed at maintaining market integrity and preventing the misuse of unpublished price-sensitive information.

Key Dates and Details

The company has informed the National Stock Exchange of India Limited and BSE Limited regarding the closure of the trading window. The communication was signed by Vinod Patil, Company Secretary and Compliance Officer of Kolte Patil Developers .

Kolte Patil Developers received a show cause notice from the Office of the Assistant Commissioner of State Tax, Mumbai, demanding a total GST liability of Rs 103.82 Cr. The notice, dated 19 June 2026, pertains to financial years from 01-04-2020 to 31-03-2026 and includes interest and penalties. The company stated that the demand is not maintainable and plans to evaluate all possible legal options to contest it.

The show cause notice was issued under Section 74(1) of the CGST/MGST Act, 2017. It follows an earlier intimation received on 04 June 2026 under Section 74/74A of the same Act, which the company had previously disclosed to the stock exchanges. The recent communication increases the penalty amount by Rs 39.40 Cr.

Reasons for the Demand

The GST authority has raised the demand based on the ascertainment of tax liability related to specific activities. These include the purchase of Transferable Development Rights (TDR), construction services provided to society members under redevelopment projects, and development rights procured from society members in lieu of construction services.

Financial Implications and Penalty

The total demand stands at Rs 103.82 Cr, inclusive of interest and penalties. The specific penalty component amounts to Rs 46.35 Cr. The company has disclosed that it does not envisage any relevant impact on its financials, operations, or other activities as it believes the levy is erroneous.

Company Response

Kolte Patil Developers maintains that the levy of GST, along with interest and penalty, is wholly erroneous and unsustainable in law. The company asserts that the notice was issued without appreciating the facts of the case. It has reasonable grounds to defend its position and intends to take appropriate legal action within the permissible timelines.