Saurashtra Cement Limited has received a favourable appeal effect order from the Income Tax Department regarding Assessment Year 2017-18. The company disclosed this development through a regulatory filing dated 24th April 2026, in compliance with SEBI listing regulations.

Appeal Order Details

The appeal effect order was received from the Office of the Assistant Commissioner of Income Tax, Jamnagar, and was passed under Section 250 of the Income-tax Act, 1961. The order specifically allows the company's claim for deduction under Section 80IA, including on enhancement of income.

Financial Impact Assessment

The company has assessed that there is no material impact on its financials, operations, or other activities due to this appeal effect order. This indicates that the favourable ruling aligns with the company's existing financial provisions and expectations for this particular assessment year.

Ongoing Legal Proceedings

While receiving this favourable order, Saurashtra Cement Limited has clarified that it has already filed an appeal against the appellate order specifically on issues relating to enhancement of income. This suggests that while the deduction under Section 80IA has been allowed, there may be other aspects of the assessment that the company continues to contest.

Regulatory Compliance

The disclosure was made in accordance with Clause 8 of Para B of Part A of Schedule III of SEBI (LODR) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023. The company has also made this information available on its website for stakeholder access.

The appeal effect order represents a positive development for the company in its tax proceedings for Assessment Year 2017-18, providing clarity on the deduction claims while maintaining transparency with investors and regulatory authorities.

Saurashtra cement Limited has announced the resignation of Mr. Mahendra Nanjibhai Mehta from his position as Chairman Emeritus (Non-Executive Non-Independent Director). The resignation, effective from the close of business hours on 23rd April 2026, was formally communicated to both stock exchanges through a comprehensive regulatory filing.

Resignation Details and Documentation

Mr. Mahendra Nanjibhai Mehta, holding Director Identification Number (DIN) 00632865, submitted his resignation letter on 23rd April 2026. In his resignation letter addressed to the Board of Directors, he specifically cited ageing and health issues as the primary reasons for stepping down from his role as Chairman Emeritus.

Regulatory Compliance and Stock Exchange Notification

Saurashtra Cement Limited fulfilled its regulatory obligations by notifying both BSE Limited (Stock Code: 502175) and National Stock Exchange of India Limited (Stock Symbol: SAURASHCEM) on 23rd April 2026. The notification was made in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and complied with the updated SEBI Master Circular dated 30th January 2026.

Company Confirmation and Documentation

The company received formal confirmation from Mr. Mahendra Nanjibhai Mehta that there are no material reasons for his resignation beyond those mentioned in his resignation letter dated 23rd April 2026. This confirmation ensures transparency regarding the circumstances surrounding his departure and provides clarity to stakeholders about the nature of the resignation.

Leadership Transition

The resignation represents a significant transition in Saurashtra Cement Limited's leadership structure as Mr. Mehta steps down from his emeritus role. The company has provided comprehensive documentation including the original resignation letter and requisite disclosures as mandated under SEBI regulations. The formal filing included detailed annexures containing the resignation letter and complete regulatory disclosures required for director cessation events.