TVS Srichakra Ltd has received a show cause notice from the Deputy Commissioner of State Tax, Bhiwandi, Mumbai, proposing a total demand of ₹17.53 crore for the financial year 2022-23.

The notice, dated September 28, 2026, alleges excess availment of Input Tax Credit (ITC) in GSTR-3B compared to GSTR-2B. The proposed demand comprises tax of ₹8.05 crore, interest of ₹7.78 crore, and penalty of ₹1.70 crore.

Breakdown of Proposed Demand

The regulatory filing details the specific components of the financial implication as follows:

Company Response and Legal Status

TVS Srichakra stated that it had already submitted its response and representations to the tax authority. However, the company noted that these submissions appear not to have been considered before issuing the current notice. The matter remains at the notice stage, with no final order passed by the authority as of the disclosure date.

The company is evaluating the contents of the notice and is in the process of filing a detailed response within the prescribed timeline. It believes it has valid grounds to substantiate its position and will pursue appropriate legal remedies. The financial impact, if any, will be subject to adjudication and disposal of the matter by the appropriate authority.

What the Numbers Show

A significant portion of the proposed demand is non-tax related. Interest accounts for ₹7.78 crore, which constitutes approximately 44% of the total demand, while the tax component stands at ₹8.05 crore. This high interest burden relative to the principal tax amount suggests a prolonged dispute or delayed resolution period since the FY23 assessment year.

TVS Srichakra Limited disclosed voting results for its 43rd Annual General Meeting held on September 24, 2026, confirming all four resolutions were passed with requisite majority via remote e-voting and live e-voting at the AGM.

Meeting overview

The AGM was held through video conferencing and other audio-visual means, presided over by R Naresh, Executive Vice Chairman. The meeting commenced at 10:30 am and concluded at 11:11 am. As on the record date of September 17, 2026, the total number of shareholders stood at 25,327. A total of 57 shareholders attended via video conferencing, comprising 7 from the promoter and promoter group and 50 from the public. Four resolutions were put to vote.

Voting results summary

The voting results, filed in compliance with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, were submitted to stock exchanges on September 25, 2026. The scrutinizer's report was prepared by N Balachandran, Company Secretary in Practice (CP No. 3200), with National Securities Depository Limited (NSDL) serving as the e-voting service provider. Integrated Registry Management Services Private Limited (IRMSPL) acted as the Registrar and Share Transfer Agent.

The table below presents the consolidated voting outcome across all four resolutions:

Category-wise participation

The promoter and promoter group, holding 3,499,493 shares, cast 100% of their votes in favour across all four resolutions via e-voting. Public institutional shareholders, holding 567,497 shares, polled between 91.20% and 91.53% of their shares. Their votes were unanimously in favour for resolutions 1, 2, and 4, while 58,736 votes (11.30%) were cast against resolution 3 on the re-appointment of S Ravichandran. Public non-institutional shareholders, holding 3,590,060 shares, recorded a participation rate of 1.74% across all resolutions.

AGM proceedings and compliance

The Notice convening the 43rd AGM, along with the Annual Report for FY26, was dispatched to members within statutory timelines. Both the Statutory Auditors' Report and the Secretarial Audit Report did not contain any qualifications, reservations, or adverse remarks. The Company Secretary confirmed quorum requirements were met and all statutory requirements for convening the AGM were duly complied with. Following the Chairman's address, a question and answer session was conducted, with queries received in advance via email addressed by the management. The meeting concluded with a vote of thanks proposed by the Chief Financial Officer.