Valiant Laboratories has received an order from the Office of the Joint Commissioner, CGST & C. Ex., Navi Mumbai Commissionerate, confirming a GST demand of ₹18 Lakhs along with a penalty of ₹18 Lakhs. The order, dated May 29, 2026, also includes interest under Section 50(1) of the CGST Act, 2017, and relevant sections of the SGST Act, 2017. The financial impact stems from a Corporate Guarantee covering the period from April 2023 to March 2024.

The adjudicating authority dropped other alleged violations mentioned in the Show Cause Notice dated January 14, 2026. These included the ineligible availment of Input Tax Credit on IPO expenses of approximately ₹2.85 Crore and a turnover mismatch between Financial Statements and GST returns for FY 2021-22 of approximately ₹9.31 Crore. The total demand initially raised in the notice was ₹36 Lakhs, of which ₹18 Lakhs has been confirmed.

Details of the Order

The communication was received under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The table below outlines the key particulars of the order and the company's response.

The company has declared that the details provided in the annexure are true, correct, and complete to the best of its knowledge. Valiant Laboratories stated that it is currently evaluating all available options, including filing an appeal against the order before the appropriate authority.

Valiant Organics Limited has proposed the acquisition of 1,86,07,531 equity shares, representing a 34.26% stake, in Valiant Laboratories Limited . The shares will be purchased from Dhanvallabh Ventures LLP through an off-market transaction. This acquisition is part of a broader restructuring exercise being undertaken by Valiant Organics Limited and is subject to the receipt of requisite approvals.

The transaction is scheduled to take place any time after four working days from the date of intimation, which was May 19, 2026. The acquisition price will not exceed the limits provided in the proviso to Regulation 10(1)(a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The volume weighted average market price for the 60 trading days preceding the notice was Rs. 62.71 per equity share.

Transaction Details and Rationale

The acquirer, Valiant Organics Limited, is a member of the promoter group of the target company. The proposed acquisition is exempt from making an open offer under Regulation 10(1)(a)(iii) of the Takeover Regulations. The rationale provided for this move is the ongoing restructuring exercise aimed at achieving strategic synergies.

Shareholding Pattern

Following the transaction, the shareholding structure of Valiant Laboratories Limited will undergo significant changes. Dhanvallabh Ventures LLP will see its holding reduce from 46.84% to 12.58%, while Valiant Organics Limited will emerge with a 34.26% stake.

The Board of Directors of Valiant Laboratories Limited had previously accorded in-principle approval on May 16, 2026, to explore potential restructuring options. This evaluation was aimed at achieving operational, organizational, and strategic synergies. The current acquisition by the promoter group entity aligns with the board's objective of unlocking long-term value and enhancing the clarity of the business profile.