Timex Group India Limited has received an appellate order (Form GST APL-04) from the Additional Commissioner, Appellate Authority, CBIC, Chandigarh, pertaining to an order-in-appeal dated February 10, 2026, issued by the Office of the Commissioner (Appeals), Central Goods & Services Tax Appeals Commissionerate, Chandigarh. The order was received by the company on May 12, 2026, and relates to a matter that has been remanded back for reassessment against Order No. 07/GST/AC/Div Baddi/2024-25 dated July 30, 2024, passed by the Assistant Commissioner, CGST Division, Baddi. The company made this disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in reference to its earlier letters dated January 3, 2024, August 1, 2024, and February 18, 2026.

Appellate Authority Partially Allows Appeal

The Appellate Authority has partially allowed the appeal in favour of Timex Group India Limited, resulting in a significant reduction of the GST demand. The final demand raised against the company now stands at INR 10,04,471/-, compared to the total disputed amount of INR 56,70,750/-. The following table summarises the key details of the appellate order:

Financial and Operational Impact

The financial impact on Timex Group India Limited as a result of this order includes a GST amount of INR 10,04,471/- along with a penalty of INR 1,00,447/- and interest, if any. The company is currently assessing the full impact of the order with the assistance of legal counsel and is in the process of filing an appropriate response to the concerned authority. The disclosure was made by Dhiraj Kumar Maggo, Vice President-Legal, HR & Company Secretary of the company.

Timex Group India Limited has announced a key senior management change with the resignation of Mr. Sanjeev Kumar Swain from his position as Vice President - Sales, Offline Channels. The resignation became effective on April 30, 2026, marking the end of his tenure with the company.

Resignation Details

The company disclosed that Mr. Sanjeev Kumar Swain submitted his resignation due to personal reasons, with April 30, 2026 serving as his last working day. The resignation was processed with immediate effect from the date of submission.

Regulatory Compliance

Timex Group India Limited informed the BSE about this senior management change in accordance with regulatory requirements. The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company also referenced SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, in its disclosure. The announcement was made in compliance with the company's Policy on Determination of Materiality for Disclosure of Events or Information.

Formal Documentation

The resignation was formally documented through proper channels, with Mr. Sanjeev Kumar Swain submitting his resignation letter to Managing Director Deepak Chhabra. In his resignation letter, he expressed gratitude for the opportunities provided and acknowledged the support received during his tenure with the organization.

The disclosure was signed by Dhiraj Kumar Maggo, Vice President - Legal, HR and Company Secretary, who holds ICSI Membership No. F7609. The formal communication included all required details under SEBI regulations for changes in senior management personnel.