Vedant Fashions has confirmed that its promoters and promoter group members did not encumber any shares during the financial year ended March 31, 2026. The disclosure ensures that the shareholding structure of the company's key stakeholders remains unpledged, which is a critical indicator of corporate governance and financial stability for investors.

The filing was submitted to the National Stock Exchange of India Limited and BSE Limited on April 07, 2026, in compliance with Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration was made on behalf of all members of the promoter and promoter group, as well as persons acting in concert.

The disclosure listed the specific individuals and entities within the promoter group. Ravi Modi, a promoter of the company, confirmed that neither the promoters nor the promoter group created any direct or indirect encumbrance on their holdings during FY26.

The following table details the members of the promoter and promoter group covered under this disclosure:

The company requested the exchanges to update this information in their records. Navin Pareek, Company Secretary and Compliance Officer of Vedant Fashions, signed the submission to the exchanges, while Ravi Modi signed the declaration confirming the absence of encumbrances.

Vedant Fashions Limited has received an Order-in-Appeal dated May 13, 2026, passed by the Office of the Additional Commissioner (Appeal), Kolkata Appeal-I, CGST & CX, Kolkata, rejecting the company's appeal against the Order-in-Original (OIO) dated February 02, 2025. The order was received by the company via email on May 13, 2026, at around 02:43 P.M. (IST). The appellate authority has upheld the OIO in its entirety without any modification, confirming the demand and penalty previously raised against the company.

Background and Nature of the Dispute

The matter was originally disclosed by the company on February 07, 2025, when it reported receipt of the Order-in-Original. The OIO pertained to the period covering FY 2017-18 to FY 2019-20 and involved allegations of non-compliance related to Input Tax Credit (ITC) under GST laws. The company had subsequently filed an appeal before the appellate authority under Section 107 of the CGST Act, 2017, which has now been rejected through the Order-in-Appeal dated May 13, 2026.

Details of the Confirmed Demand

The Order-in-Appeal has confirmed the following demands without any modification:

The demand pertains to recovery of proportionate ITC attributable to exempted, nil-rated, or non-GST supplies for the period FY 2017-18 to FY 2019-20. In addition to the ITC recovery and penalty, interest as applicable on the ITC amount has also been confirmed by the appellate authority.

Company's Response and Next Steps

Vedant Fashions has stated that, except for the amounts mentioned above, there is no other impact on the financial or operational activities of the company. The company is currently evaluating the Order-in-Appeal and has indicated it will take necessary steps, including seeking appropriate relief, within the prescribed timelines. The intimation was submitted under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was signed by Navin Pareek, Company Secretary and Compliance Officer.