Nilkamal Limited disclosed that Seetha Kumari disposed of 8,09,224 equity shares, representing 5.42% of the company's shareholding, through an off-market inter-se transfer by way of gift to Krithika Jain on September 21, 2026.

The transaction was executed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Following this disposal, the combined holding of the acquirer and persons acting in concert (PACs), which includes Krithika Jain and Madanlal Jain, remained at 8,39,841 shares (5.62%). The specific holding of Seetha Kumari reduced from 8,39,841 shares (5.62%) to 30,617 shares (0.20%).

Transaction details

The shares were transferred as a gift rather than through an open market purchase or preferential allotment. The acquirer does not belong to the promoter or promoter group. The persons acting in concert with Krithika Jain include Madanlal Jain and Seetha Kumari.

Capital structure impact

The equity share capital of Nilkamal remained unchanged at ₹14,92,25,250, comprising 1,49,22,525 equity shares of face value ₹10 each. The total diluted share capital also remained not applicable or unchanged relative to the pre-disposal status, indicating no new issuance of shares occurred during this specific transaction.

What the numbers show

The shift in ownership highlights a significant consolidation of stakes within a non-promoter group. While the absolute number of shares acquired is substantial, the pre-existing holding was minimal at 0.20%. The jump to 5.62% places Jain among notable individual shareholders, though the mechanism of transfer (gift) suggests an internal reallocation of wealth rather than a market-driven accumulation of control.

Nilkamal Limited received an appellate order on September 10, 2026, rejecting its challenge to a Goods and Services Tax (GST) penalty of ₹7.22 lakh. The Joint Commissioner CGST & Central Excise (Appeals), Siliguri Appeal Commissionerate, upheld the original demand raised in November 2025.

The appellate authority confirmed the tax dues and penalty under Section 74(1) of the CGST Act, 2017, read with Section 20 of the IGST Act, 2017. The dispute centered on the alleged wrongful availment and utilization of Input Tax Credit (ITC) for the fiscal years 2018-19 and 2019-20 in West Bengal.

Order Details

The breakdown of the confirmed demand is as follows:

The original order was issued by the Superintendent of CGST & Central Excise, Barjora Bankura, West Bengal. Nilkamal had filed an appeal against this decision, which was dismissed vide the Order-in-Appeal dated August 31, 2026.

Financial Impact

Nilkamal stated that the company will take necessary course of action based on professional advice. The firm disclosed that there is no material impact on its financial or operational activities due to this order.

What the Numbers Show

The penalty amount equals the tax dues exactly, reflecting the standard 100% penalty structure often applied in cases of suppressed turnover or wrongful ITC claims under Section 74. Given the total exposure of less than ₹1 lakh relative to the company’s scale, the financial implication remains negligible.