Shri Gang Industries and Allied Products Limited has informed BSE Limited of a significant development in its ongoing tax dispute, pursuant to a disclosure originally made on April 01, 2026. The company has filed a Writ Petition with the Hon'ble High Court of Judicature at Allahabad, challenging a tax order issued by the Deputy Commissioner, State Tax, Sikandrabad, Uttar Pradesh.

Background of the Tax Order

The matter pertains to an order received under Section 9(2) of the Central Sales Tax, 1956 and Section 28(2)(ii) of the UP VAT Act, issued by the Deputy Commissioner, State Tax, Sikandrabad, Uttar Pradesh. The company had first disclosed the receipt of this order on April 01, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

High Court Proceedings and Interim Relief

Following the filing of the Writ Petition, the Hon'ble High Court of Judicature at Allahabad has passed interim directions in the matter. The key directives issued by the court are summarised below:

The interim stay granted by the High Court means that the tax order currently has no operative effect on the company until the matter is taken up again for hearing.

Regulatory Disclosure

The update was communicated to BSE Limited on May 07, 2026, under Regulation 30 of the SEBI Listing Regulations, by Kanishka Jain, Company Secretary and Compliance Officer of Shri Gang Industries and Allied Products Limited. The disclosure references the earlier intimation dated April 01, 2026, ensuring continuity of information provided to the exchange regarding this legal matter.

Shri Gang Industries and Allied Products Limited has received formal requests from four promoter group members seeking reclassification of their shareholding status under SEBI regulations. The company informed BSE Limited on April 14, 2026, about receiving these significant corporate governance requests.

Reclassification Request Details

Four individuals from the promoter group have submitted formal applications to reclassify their holdings from "Promoter and Promoter Group" category to "Public" category pursuant to Regulation 31A of SEBI Listing Regulations. The requests were submitted by:

Regulatory Compliance and Undertakings

Each applicant has provided comprehensive undertakings as required under SEBI Regulation 31A, confirming their eligibility for reclassification. The key confirmations include:

• No holding of more than ten percent of total voting rights in the company
• No exercise of control over company affairs, directly or indirectly
• Absence of special rights through formal or informal arrangements
• No representation on the board of directors or nominee director positions
• Not acting as key managerial personnel of the company
• Neither classified as wilful defaulters nor fugitive economic offenders under RBI guidelines

Current Status and Next Steps

The company has confirmed that all four requests will be placed before the board of directors in their ensuing meeting. Company Secretary and Compliance Officer Kanishka Jain signed the intimation to BSE Limited, stating that the company will accordingly apply for and obtain requisite approvals following board consideration.

Shareholder Declarations

All four applicants have declared that they are not directly or indirectly associated with the company's business operations and do not exercise any control over company affairs. They have also confirmed no representation over the board of directors or key managerial personnel. Each individual has committed to abide by applicable conditions mentioned in Regulation 31A(4) of the Listing Regulations post receipt of reclassification approval.

The reclassification process represents a significant corporate governance development that will alter the company's shareholding pattern once approved by the board and regulatory authorities.