Triveni Engineering & Industries Ltd received a penalty of ₹22.92 lakh from the Central Goods and Services Tax (CGST) Division, Shamli, for tax invoice violations related to fiscal years 2020-21 and 2021-22.

The order was passed by the Office of the Assistant Commissioner, CGST Division Shamli, on October 19, 2026. The penalty pertains to the company's Shamli Sugar Unit, formerly known as Sir Shadi Lal Enterprises Ltd.

Details of the Regulatory Action

The regulatory authority confirmed the demand based on allegations that the company issued tax invoices without actual supply of goods during the specified period. The action was taken under the Central Goods and Service Tax Act, 2017 and the Uttar Pradesh Goods and Service Tax Act, 2017.

Company Response and Impact

Triveni Engineering stated that it intends to litigate the matter and file an appeal before the commissioner against the order. The company disclosed that there is no impact on its financial, operational, or other activities resulting from this penalty.

This disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Triveni Engineering & Industries has completed the distribution of net proceeds from fractional shares to eligible shareholders under its Composite Scheme of Arrangement. The company’s Audit Committee and Independent Directors certified the process on September 16, 2026.

The scheme involved the merger of Sir Shadi Lal Enterprises Limited with Triveni Engineering & Industries Limited and Triveni Power Transmission Limited. The National Company Law Tribunal, Allahabad Bench, approved the arrangement in May 2026. The effective date for the merger was May 19, 2026.

Fractional Share Treatment

During the allotment of equity shares based on a 100:137 exchange ratio, 6,064 shareholders became entitled to fractional entitlements. The company consolidated these entitlements into 4,308 equity shares of face value ₹1 each. These shares were credited to a trustee demat account maintained by Mitcon Credentia Trusteeship Services Limited.

In compliance with SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023, the trustee sold the consolidated fractional shares in the open market within 90 days. The distribution of net sale proceeds to eligible shareholders was completed on September 9, 2026.

The Audit Committee, chaired by Dr. Meena Hemchandra, and the Independent Directors, led by Mr. Jitendra Kumar Dadoo, confirmed that the compensation was distributed in proportion to shareholders' fractional entitlements after deducting applicable taxes and expenses.