Ucal Limited received a show cause notice from the Deputy Commissioner of State Tax, Government of Maharashtra, on September 25, 2026. The notice relates to discrepancies identified during the Goods and Services Tax audit for the fiscal year 2022-23.

The tax authorities alleged issues concerning an excess claim of Input Tax Credit (ITC) and the reversal of excess ITC due to credit notes. Consequently, a penalty of ₹87.62 lakh, inclusive of interest, has been demanded in the communication.

Regulatory Disclosure Details

The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the SEBI Master Circular dated January 30, 2026. The disclosure was made to the National Stock Exchange of India and BSE Limited.

Company Response and Financial Impact

Ucal stated that there is no immediate impact on its financials, operations, or other areas due to this show cause notice at this stage. The company asserted that the notice lacks merit.

Management indicated that it will file a detailed reply with facts, figures, and justifications before the GST Authority within the prescribed timelines. The response will include evidence substantiating the company's position on the alleged discrepancies. The authorities have provided an opportunity for the company to be heard and to file objections.

Ucal Limited will hold its 40th Annual General Meeting on September 29, 2026. The meeting is scheduled for 4:00 pm via video conferencing or other audio-visual means.

The company has issued a reminder to shareholders holding physical securities to update their KYC details pursuant to SEBI Master Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 7, 2024. This includes recording PAN, address, mobile number, bank account details, specimen signature, and nomination choice. Physical folios without these details are eligible for payments only through electronic mode from April 1, 2024.

Voting Details

Shareholders can participate remotely via electronic voting. The remote e-voting facility opens on September 25, 2026, and closes on September 28, 2026. Eligibility for voting is determined by the shareholding record as of September 22, 2026.

Agenda Items

The primary business involves adopting the audited financial statements for the year ended March 31, 2026. This includes both standalone and consolidated reports along with auditor comments.

Director Reappointment

Mr. Abhaya Shankar retires by rotation and offers himself for reappointment as a director. He currently serves as a non-executive non-independent director. The board recommends his reappointment for a term of two years effective from November 13, 2026.

Remuneration Approval

Shareholders must approve the annual remuneration for Mr. Shankar for FY28. The proposed amount is ₹24,00,000 per annum. This payment exceeds fifty percent of the total annual remuneration payable to all non-executive directors.

Cost Auditor Ratification

The meeting will also ratify the remuneration of Mr. L. Thriyambak as cost auditor. His fee is set at ₹3,00,000 per annum plus applicable taxes for the financial year ending March 31, 2027.

Unclaimed Dividends

The notice highlights unclaimed dividends from previous years that will be transferred to the Investor Education and Protection Fund if not claimed.

No dividends were declared for FY20, FY24, or FY25. Shareholders holding physical shares are urged to dematerialize them to facilitate smoother transactions.