Sapphire Foods India Ltd has successfully defended itself against a goods and services tax (GST) demand of ₹977.06 million raised by the Tamil Nadu commercial tax department. The Assistant Commissioner, Koyambedu, passed an order in favour of the company, dismissing the demand related to the periods April 2022 to March 2023 and April 2023 to March 2024. The authority confirmed that the company did not avail excessive input tax credit and had correctly claimed eligible credits.

The dispute originated from a show cause notice issued under Section 73 of the Tamil Nadu SGST Act, 2017, via DRC-01. The company had previously intimated the exchanges regarding this notice on May 27, 2026. The recent orders dated June 23, 2026, and June 26, 2026, conclusively settled the matter in the company's favour.

Details of the Order

The Assistant Commissioner (Appeals) examined the claims and held that the company's input tax credit availed was valid. Consequently, the cumulative demand of ₹977.06 million was dismissed. A separate order for the period April 2022 to March 2023 involving ₹2.06 million was received on June 23, 2026, but was not disclosed earlier as the amount was below the regulatory threshold.

The settlement of this proceeding removes a significant financial contingency for the company. There is no impact on the financial position as no penalty or compensation was paid.

Sapphire Foods India Ltd has appointed Vikram Agarwal as a Non-Executive Nominee Director on its Board, effective June 19, 2026, following the resignation of Vinod Nambiar. The change was communicated to the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Agarwal represents the promoter shareholder, Sapphire Foods Mauritius Limited, and his appointment is subject to the approval of the company's members.

Vinod Nambiar resigned from the office of Non-Executive Nominee Director on June 19, 2026, citing certain pre-existing professional engagements as the reason. His resignation was accepted by the Board of Directors, and he has also stepped down from the membership of any Board Committees he was part of. There were no other material reasons stated for his resignation.

The appointment of Vikram Agarwal was approved by the Board based on the recommendation of the Nomination and Remuneration Committee. He has been designated as an Additional Director in the capacity of Non-Executive Nominee Director. His term is liable to retire by rotation. Agarwal is a Chartered Accountant and a commerce graduate with over 18 years of experience in private equity.

Profile of Vikram Agarwal

Vikram Agarwal is currently the Managing Director and Chief Financial Officer at Samara India Advisors Private Limited. He oversees financial reporting, compliance, legal, and governance work within the firm. Previously, he spent over seven years in the tax and regulatory practice at PwC Delhi. He is not related to any other Director of the company and is not debarred from holding the office of Director by any SEBI order or other authority.

Board Changes Summary