Orchasp Limited Receives GST Audit Notice Worth ₹12.59 Crore for Import Services Non-Payment

Orchasp Limited has received a GST audit spot memo from tax authorities involving a substantial financial exposure of ₹12,58,59,446. The company disclosed this development to stock exchanges on March 28, 2026, in compliance with SEBI listing regulations.

GST Audit Notice Details

The spot memo was issued by the Office of the Commissioner of Goods and Services Tax (Central Tax), Hyderabad Audit, Hyderabad. The notice was received via email on March 27, 2026, at 15:49 hours and relates to GST audit proceedings for a four-year period from 2020-21 to 2023-24.

Parameter:	Details
Issuing Authority:	Commissioner of GST (Central Tax), Hyderabad Audit
Nature of Action:	GST Audit Spot Memo
Audit Period:	2020-21 to 2023-24
Receipt Date:	March 27, 2026 at 15:49 hrs
Receipt Method:	Email

Alleged Violations and Financial Impact

The tax authorities have alleged non-payment of GST on import of services under the Reverse Charge Mechanism. This violation falls under Section 74 of the CGST/SGST Act 2017, read with Section 20 of the IGST Act 2017.

Financial Component:	Amount
Principal Amount:	₹12,58,59,446
Interest:	Not yet quantified
Penalty:	Not yet quantified
Total Exposure:	₹12,58,59,446 plus interest and penalty

Company Response and Next Steps

Orchasp Limited has stated that it is currently in the process of evaluating the spot memo and its consequences. The company has not provided any timeline for resolution or indicated its stance on the allegations at this stage.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically under sub-paragraph 8 of paragraph B of Part A of Schedule III. The company also referenced SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, in its compliance filing.

Regulatory Compliance

The disclosure was signed by P. Chandra Sekhar, Managing Director and CFO of Orchasp Limited (DIN: 01647212), and submitted to both BSE Limited and The National Stock Exchange of India Limited. The company's scrip code is 532271 on BSE and symbol ORCHASP on NSE.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-5.48%	-7.59%	-21.29%	-19.77%	-18.18%	-42.18%

Orchasp Limited has announced significant board-level changes following its board meeting held on March 6, 2026. The company has appointed a new Independent Director and reconstituted its board committees to strengthen corporate governance and oversight mechanisms, as communicated to BSE Limited and The National Stock Exchange of India Limited under Regulation 30 of SEBI (LODR) Regulations, 2015.

Independent Director Appointment

The board of directors, based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Ravi Prasad Muthyam (DIN: 06603818) as an additional director designated as an Independent Director. The appointment details are structured as follows:

Parameter:	Details
Effective Date:	March 6, 2026
Term Duration:	5 years (March 6, 2026 to March 5, 2031)
Appointment Status:	Subject to shareholder approval
Director Category:	Independent Director, not liable to retire by rotation

Professional Background

Mr. Ravi Prasad Muthyam brings extensive expertise to the board with over 26 years of combined experience in the banking and financial services sector. His professional journey includes:

Banking Experience: 11 years with reputed banking and financial institutions
Consulting Experience: Over 15 years as a professional financial consultant
Educational Background: MBA in Business Management
Current Role: Director at Moneytree Corp Consulting India Private Limited since 2013

His company has been successfully providing financial consultancy and assisting corporates in fundraising activities across India. Mr. Muthyam has extensive experience in banking operations, financial advisory, and corporate funding. The company confirmed that he is not related to any other director and is not debarred from holding the office of director by any regulatory authority.

Board Committee Reconstitution

Following the new appointment, Orchasp Limited has reconstituted its board committees effective March 6, 2026. The new committee compositions are:

Audit Committee

Position:	Name	Category
Chairperson:	Mr. Ravi Prasad Muthyam	Non-Executive - Independent Director
Member:	Mr. Srinivasu Sunkara	Non-Executive - Independent Director
Member:	Mr. Ravikishore Vithaleswara Brahmananda Bhattiprolu	Non-Executive - Independent Director

Nomination and Remuneration Committee

Position:	Name	Category
Chairperson:	Mr. Ravikishore Vithaleswara Brahmananda Bhattiprolu	Non-Executive - Independent Director
Member:	Mr. Srinivasu Sunkara	Non-Executive - Independent Director
Member:	Mrs. Sirisha Pattapurathi	Non-Executive & Non-Independent Director

Stakeholders Relationship Committee

Position:	Name	Category
Chairperson:	Mr. Krishna Shankar Kanamarlapudi	Non-Executive & Non-Independent Director
Member:	Mrs. Sirisha Pattapurathi	Non-Executive & Non-Independent Director
Member:	Mr. Ravi Prasad Muthyam	Non-Executive - Independent Director

Corporate Social Responsibility Committee

Position:	Name	Category
Chairperson:	Mr. Ravikishore Vithaleswara Brahmananda Bhattiprolu	Non-Executive - Independent Director
Member:	Mr. Krishna Shankar Kanamarlapudi	Non-Executive & Non-Independent Director
Member:	Mr. Chandra Sekhar Pattapurathi	Executive Director

Meeting Details and Compliance

The board meeting was conducted on Friday, March 6, 2026, commencing at 03:00 PM IST and concluding at 05:00 PM IST. The decisions were communicated to both BSE Limited and The National Stock Exchange of India Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has made the information available on its website at www.orchasp.com and submitted all required documentation to the stock exchanges for record. The communication was digitally signed by P. Chandra Sekhar, Managing Director & CFO (DIN: 01647212).