Skipper Limited disclosed the sudden and sad demise of its Independent Director, Mr. Ashok Bhandari, on August 3, 2026. The company notified the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This loss impacts the governance structure of the company, as Bhandari held significant positions across multiple board committees.

Mr. Ashok Bhandari (DIN: 00012210) had been serving as an Independent Director since September 6, 2017. During his tenure, he played a significant role in the strategic growth and governance of the company. His unexpected passing represents an irreparable loss to the organization, with all directors and employees expressing deep sympathy and condolences to his family.

Consequent to his demise, Mr. Bhandari ceased to be a member of the following committees of the Board of Directors with effect from August 3, 2026:

• Audit Committee
• Nomination and Remuneration Committee
• Those Charged with Governance Committee

The disclosure was made by Anu Singh, Company Secretary & Compliance Officer of Skipper Limited. The information required under Regulation 30 read with SEBI Circular No HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, has been enclosed as Annexure I for record purposes.

Key Details of the Demise

The company has requested the exchanges to take this information on record. No further details regarding the immediate appointment of a successor were provided in this filing.

Skipper Limited has successfully concluded a prolonged indirect tax dispute, with the Principal Commissioner (Appeals) CGST & CX, Appeal-I, Kolkata setting aside the appeal filed by the tax department on July 16, 2026. The order, received by the company on July 23, 2026, effectively extinguishes a proposed tax demand of ₹10,21,17,234 that had been raised under Section 74 of the CGST Act, 2017. The demand pertained to alleged discrepancies in unbilled revenue for the fiscal years 2017-18 and 2018-19. By overturning the department’s challenge to the initial acquittal, the appellate authority has removed a material contingent liability from Skipper’s balance sheet, providing clarity on its past tax obligations.

The legal proceedings began in April 2025 when the Office of the Additional Commissioner, CGST & Central Excise, Kolkata South Commissionerate, issued Show Cause Notice No. 01/GST/KOL-SOUTH/SCN/ADC/25-26 dated April 16, 2025. This notice proposed the substantial tax demand based on the alleged revenue differences. However, in a preliminary victory for the company, the Additional Commissioner subsequently passed Order No. 09/ADC/CGST&CX/South/Kol/25-26 on December 1, 2025, which dropped the said demand along with all related proceedings.

Despite this initial dismissal, the tax department exercised its right to appeal under Section 107(2) of the GST Act, 2017. The Office of the Assistant Commissioner, Park Street Division, Kolkata, informed Skipper Limited of this appeal via a letter dated June 3, 2026, which the company received on June 9, 2026. The appeal challenged the December 2025 order that had favored the company, keeping the potential liability in limbo until the recent appellate decision.

The final resolution came through an order dated July 16, 2026, by the Principal Commissioner (Appeals) CGST & CX, Appeal-I, Kolkata. This authority reviewed the department’s arguments and ultimately set aside the appeal, thereby upholding the original decision to drop the demand. This outcome is material for investors as it prevents any future cash outflow or provision requirement related to this specific GST matter.

Litigation Status Update

Skipper Limited disclosed these developments pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure aligns with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, requiring listed entities to update the status of ongoing litigation. The following table summarizes the current status of the proceedings:

What the Numbers Show

The resolution of this case eliminates a potential liability of ₹10,21,17,234, which represents a direct saving to the company’s bottom line had the demand been enforced. Since the original order from December 2025 had already dropped the demand, it is likely that no provision was maintained against this specific amount in the interim financial statements, assuming management believed the case to be strong. The finality of the appellate order now allows Skipper Limited to focus on operational growth without the distraction of this specific regulatory uncertainty. The absence of any penalty or interest component in the final order further underscores the complete dismissal of the department’s claims.