Shree Renuka Sugars Limited has informed stock exchanges about receiving a significant penalty order from tax authorities for alleged Input Tax Credit (ITC) violations. The company disclosed this development under SEBI Listing Regulations, providing detailed information about the penalty and its planned response.

Penalty Details and Authority

The penalty order was issued by the Office of the Assistant Commissioner of State Tax Unit-103, Gandhidham under Section 74 of CGST Act, 2017. The order, dated 18th March 2026, was received by the company on 20th March 2026.

Nature of Alleged Violations

The penalty has been imposed for alleged wrongful availment of Input Tax Credit (ITC). According to the company's disclosure, the penalties relate to alleged violations of the provisions of the CGST Act and Rules made thereunder regarding various ITC-related issues mentioned in the order.

Company's Response and Impact Assessment

Shree Renuka Sugars has expressed confidence in its position, stating it has a bona-fide view that it possesses strong merit in the matter. The company is currently in the process of filing an appeal before the appellant authority to challenge the penalty order.

Regarding the financial impact, the company has assessed that there is no material impact on its financial operations or other activities. The financial impact, if any, will be limited to the extent of the final penalty amount after the appeal process is completed.

Disclosure Timeline and Compliance

The company disclosed this matter to stock exchanges on 23rd March 2026, pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations. The disclosure was made in accordance with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026.

The company explained that the delay in disclosure was due to its detailed review of the order and evaluation of the next steps in the matter. This information has been provided to both the National Stock Exchange of India Limited and BSE Limited as part of the company's regulatory compliance obligations.

Shree Renuka Sugars Limited has announced comprehensive leadership restructuring following its board meeting held on 17th March 2026. The changes mark a significant transition in the company's executive structure, with new appointments across key leadership positions as communicated to NSE and BSE through regulatory filing under Regulation 30.

Board Meeting Outcomes

The board meeting, conducted on the recommendation of the Nomination and Remuneration Committee, approved several critical leadership changes effective from April 2026. The meeting commenced at 2:30 pm and concluded at 3:45 pm on 17th March 2026.

Atul Chaturvedi's Transition

Atul Chaturvedi will step down from his role as Executive Director and Chairman, transitioning to Non-Executive Director (Non-Independent) effective 1st April 2026. In his resignation letter dated 25th February 2026, Chaturvedi cited his advancing age as the primary reason for his inability to devote full time to managing the company's day-to-day affairs.

Chaturvedi brings over four decades of extensive experience in the agri-commodities sector, including edible oils, oilseeds, sugar, grains and allied value chains. He previously held senior leadership positions within the Adani Group, including CEO of Adani Wilmar Limited and CEO – Agri Business at Adani Enterprises Limited.

New Leadership Appointments

Madhu Rao as Chairman

Madhu Rao, currently serving as an Independent Director, has been designated as the new Chairman of the Board effective 1st April 2026. Rao is a fellow member of the Institute of Chartered Accountants of India and was previously associated with Shangri-La Hotels & Resorts for approximately 30 years in various senior roles including CFO, President & Vice Chairman and Executive Director. His current term as Independent Director runs from 27th June 2023 to 26th June 2028.

Susheel Kumar Kamboj as MD & CEO

The company has appointed Susheel Kumar Kamboj as Chief Executive Officer effective 23rd March 2026 and as Managing Director & CEO for a 5-year term beginning 1st April 2026. Kamboj holds a B.Sc. in Agriculture from Haryana Agricultural University and an MBA in Agri Business Management from Symbiosis Institute of International Business, Pune.

Regulatory Compliance and Approvals

All leadership changes comply with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026. The board has confirmed that none of the appointed individuals are debarred from holding their respective offices by SEBI or any other regulatory authority.

The changes in Chaturvedi's designation and Kamboj's appointment as Managing Director are subject to shareholder approval through postal ballot. The company has filed the necessary intimation with NSE (Symbol: RENUKA) and BSE (Scrip Code: 532670).