Symphony Limited has received a highly favorable VAT order that dramatically reduces the company's tax liability from ₹13.70 crore to just ₹12,563. The air cooling solutions manufacturer disclosed this development through a regulatory filing under Regulation 30 of SEBI (LODR) Regulations, 2015.

VAT Authority Order Details

The CST/VAT department in Lucknow, Uttar Pradesh passed the favorable order on March 28, 2026, which was received by the company on April 9, 2026. The order pertains to FY 2016-17 and represents a successful outcome of Symphony's appeal process.

Background and Appeal Process

As previously informed in the company's June 5, 2024 submission, the VAT department had initially passed an order for FY 2016-17 with incorrect enhancement in turnover, disallowing credit notes and not considering monthly payments. Symphony contested this assessment through an appeal process.

Regulatory Compliance and Impact

The authority reviewed Symphony's appeal positively, resulting in this substantial reduction in tax liability. The company has confirmed that except for the revised amount of ₹12,563, there will be no material impact on the company's financials, operations, or other activities. Symphony will pay the revised amount within the prescribed time limit.

Filing Details

The disclosure was signed by Mayur Barvadiya, Company Secretary and Head – Legal, on April 10, 2026, and submitted to both NSE (Symbol: Symphony) and BSE (Security Code: 517385) in compliance with SEBI listing regulations.

This favorable resolution removes a significant tax liability from Symphony's books and provides clarity on a long-standing tax matter, which is expected to be viewed positively by stakeholders.

Symphony Limited has filed its quarterly compliance certificate with stock exchanges, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026.

Regulatory Submission Details

The company submitted the mandatory certificate on April 07, 2026, to both National Stock Exchange of India Limited and BSE Limited. The submission was made pursuant to Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

Certificate Confirmation

Bigshare Services Private Limited, serving as the company's Registrar and Transfer Agent, provided the confirmation certificate. The registrar confirmed that securities received from depository participants for dematerialization up to March 31, 2026 were properly processed and confirmed to the depositories.

The certificate validates several key compliance aspects:

• Securities received for dematerialization were accepted or rejected as per regulations
• All securities in the certificates have been listed on stock exchanges where earlier issued securities are traded
• Security certificates received for dematerialization were mutilated and cancelled after proper verification
• Depository names were substituted in the register of members as registered owners within the mandated 15-day timeline

Corporate Compliance Framework

The submission was signed by Mayur Barvadiya, Company Secretary and Head - Legal, demonstrating the company's commitment to maintaining proper corporate governance standards. This quarterly filing represents part of the ongoing regulatory compliance framework that listed companies must adhere to under SEBI guidelines.

The certificate from Bigshare Services Private Limited, authorized signatory Akash Shamal, confirms the registrar's role in ensuring proper dematerialization processes and maintaining accurate investor records throughout the quarter.