Panchmahal Steel Limited has filed an appeal before the Goods and Services Tax Appellate Tribunal (GSTAT), Ahmedabad. The company is challenging the Order-in-Appeal passed by the Deputy Commissioner of State Tax, Appeal-5, Vadodara.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This filing follows an earlier communication dated July 14, 2026. The legal proceedings relate to disputes under the Central Goods and Services Act, 2017, the Integrated Goods & Services Tax Act, 2017, and the State Goods & Services Tax Act, 2017.

Details of the Legal Proceedings

The appeal addresses two specific orders issued by the Deputy Commissioner of State Tax. The company has contested these rulings in the appellate tribunal to seek relief from the imposed liabilities.

Regulatory Compliance and Disclosure

Panchmahal Steel stated that the updates comply with Regulation 30(7) of the SEBI Listing Regulations. The disclosure also adheres to the SEBI Master Circular HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026.

The company confirmed that no litigation exists against key management personnel, promoters, or ultimate persons in control regarding these proceedings. Consequently, details regarding settlements or impacts on financial position from such personal litigations are marked as not applicable.

Procedural Status

The intimation has been submitted to the BSE Limited Corporate Relationship Department. Panchmahal Steel will upload this information to its official website for public access. The document was signed by Deepak Nagar, AVP (Legal) & Company Secretary, on September 30, 2026.

Panchmahal Steel Limited adopted its audited standalone financial statements for the financial year ended March 31, 2026, during its 53rd Annual General Meeting held on September 25, 2026. All five resolutions proposed at the meeting were duly approved by shareholders through e-voting.

The meeting was conducted via video conferencing in compliance with Ministry of Corporate Affairs and SEBI circulars. The session commenced at 11:00 am and concluded at 11:35 am, including time allotted for e-voting. Ashok Malhotra chaired the proceedings, confirming that all statutory registers were available for electronic inspection by members.

Key resolutions passed

Members passed several ordinary and special resolutions concerning financial adoption, board composition, and managerial remuneration. The voting results were declared in accordance with Regulation 44 of the Listing Regulations.

Voting details and participation

The scrutinizer's report, prepared by CS Niraj Trivedi, confirmed that all resolutions received requisite majority support. Out of 2,567 shareholders on record as of September 18, 2026, a total of 36 participants attended the meeting via video conferencing, including three from the promoter group and 33 public shareholders.

Voting was conducted entirely through remote e-voting via the Central Depository Services (India) Limited (CDSL) platform. No votes were cast during the live meeting or through postal ballot.

Resolution-wise voting summary

The following table summarizes the aggregate voting results across all shareholder categories:

Promoter and promoter group shareholders cast 13,712,809 votes in favour of all resolutions, representing 97.38% of their holding. Public non-institutional shareholders voted 2,234,833 shares, with only six votes recorded against each resolution.

Governance and audit updates

The Chairman noted that there were no qualifications or adverse observations in the Statutory Auditors' Report or the Secretarial Audit Report for FY26, except for disclosures provided in Form MR-3, which were described as self-explanatory. The statutory auditors, CNK & Associates LLP, and secretarial auditors were present at the meeting.

Suchita Shah, who could not attend due to pre-occupation, was re-appointed through e-voting. The resolution approving her continued directorship after attaining 75 years of age highlights a specific governance provision under the Companies Act, 2013, allowing such continuance subject to shareholder approval.