Shemaroo Entertainment has notified the stock exchanges of an upcoming Board of Directors meeting, scheduled for Saturday, May 16, 2026, pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting has been convened to consider and approve the audited standalone and consolidated financial results of the company for the period ended March 31, 2026.

Board Meeting Details

The key details of the scheduled board meeting are outlined below:

Trading Window Closure

In connection with the board meeting, Shemaroo Entertainment has also communicated the closure of the Trading Window for dealing in the company's securities. This measure is in accordance with the company's Code of Conduct for Prevention of Insider Trading, read with the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended.

The Trading Window closure applies to the following categories of individuals:

• All designated persons of the company
• Immediate relatives of designated persons
• All connected persons covered under the aforesaid code

The Trading Window shall remain closed up to 48 hours after the declaration of the financial results.

Regulatory Filing

The intimation, bearing reference number 23/SEL/MP/2026 and dated May 13, 2026, was submitted to both the National Stock Exchange of India Limited and BSE Limited. The filing was signed by Meenakshi A. Pansari, Company Secretary & Compliance Officer (ICSI Membership No. A53927), on behalf of Shemaroo Entertainment Limited.

Shemaroo Entertainment Limited has updated stock exchanges regarding a significant development in its ongoing GST litigation matter. The Bombay High Court has referred the company's writ proceedings to a Larger Bench for adjudication, ensuring continued interim protection from enforcement actions.

Court Proceedings Update

Through an order dated April 17, 2026, the Hon'ble High Court of Judicature at Bombay has referred the questions of law arising in the writ proceedings filed by the company to a Larger Bench for adjudication. This development follows the company's previous disclosures made on August 03, 2024, February 05, 2025, December 08, 2025, and February 14, 2026.

The court has specifically directed that all interim orders passed in the matter shall continue to remain in force until the Larger Bench decides the issues. Most importantly, the direction that no further action shall be taken pursuant to the impugned show cause notice or order will continue until final orders are pronounced.

GST Demand and Penalty Details

The litigation centers around substantial GST demands and penalties imposed on the entertainment company:

The primary issue involves the demand and recovery of allegedly inadmissible Input Tax Credit (ITC) amounting to Rs. 70.26 crores, along with applicable interest and penalty equal to the tax amount. Additionally, authorities have imposed a separate penalty of Rs. 63.35 crores under multiple sections of the CGST Act.

Current Status and Impact

The referral to a Larger Bench represents a significant procedural development in the case. The continuation of interim relief provides crucial protection for the company during the adjudication process.

Financial and Operational Impact

In view of the continuation of interim relief granted by the Hon'ble High Court, no coercive action can presently be taken pursuant to the impugned proceedings. The matter now remains pending adjudication before the Larger Bench, ensuring the company's operations continue without immediate financial disruption from enforcement actions.

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, keeping stakeholders informed of this important legal development. The case will now await final determination by the Larger Bench of the Bombay High Court.