Vijay Solvex Limited has received a demand order from the Central Goods and Service Tax (GST) Authority, alleging wrongful availment and utilization of Input Tax Credit (ITC) across multiple financial years. The company disclosed this development through a regulatory filing dated March 27, 2026, in compliance with SEBI listing regulations.

GST Demand Order Details

The demand order was issued by the Office of the Superintendent, Central Goods and Service Tax Range-II, Alwar, Rajasthan, under Section 74(1) of the Central Goods and Service Tax Act, 2017. The order, dated March 19, 2026, was received by the company's dealing officer on March 27, 2026.

Financial Impact and Allegations

The GST Authority has alleged that Vijay Solvex Limited wrongly availed and utilized ITC during the financial years 2019-20, 2020-21, and 2021-22. The total demand comprises both the principal amount and penalty components.

Company's Response and Next Steps

Vijay Solvex Limited has indicated that there is no material impact on the company's financials, operations, or other activities due to this order. The company has expressed confidence in the merits of its case and stated that it reasonably expects favorable orders from appellate authorities.

Based on legal counsel advice and the merits of the matter, the company plans to file an appeal against this demand order before the appropriate authority within the timeframe prescribed under GST law. The company has emphasized that this action is being taken considering prevailing law and professional legal guidance.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Clause 20 of Para A of Part A of Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The information has also been made available on the company's website at www.vijaysolvex.com , ensuring transparency with all stakeholders.

The filing was signed by Jay Prakash Lodha, Company Secretary and Compliance Officer, maintaining proper corporate governance protocols in the disclosure process.

Vijay solvex Limited has been the subject of a comprehensive regulatory filing process following Deepak Vegpro Private Limited's share acquisition, with the acquirer completing all mandatory SEBI compliance requirements under the Substantial Acquisition of Shares and Takeover Regulations 2011.

Transaction Overview

Deepak Vegpro Private Limited acquired 15,000 shares of Vijay Solvex Limited on March 5, 2026, at a price of ₹401 per share from Dinesh Gupta, a member of the promoter group. This inter se transfer between promoter group entities qualified for regulatory exemptions under SEBI's takeover regulations.

Shareholding Impact

The acquisition resulted in Deepak Vegpro's stake increasing from 103,106 shares (3.220%) to 118,106 shares (3.689%) of Vijay Solvex Limited's total share capital. Dinesh Gupta's shareholding was completely divested, reducing from 15,000 shares (0.469%) to zero.

SEBI Compliance Process

Deepak Vegpro submitted its mandatory report under Regulation 10(7) to SEBI through the online SI Portal (Application Number 487) on March 20, 2026. The company paid the required fees of ₹1,50,000 plus 18% GST (₹27,000), totaling ₹1,77,000, which was deposited via NEFT on March 18, 2026, and acknowledged by SEBI on March 20, 2026.

Regulatory Framework

The transaction qualified for exemption under Regulation 10(1)(a)(ii) of SEBI Takeover Regulations as an inter se transfer between promoter group members. The acquisition price of ₹401 per share was within the permissible limit, being not higher than 25% above the volume weighted average price (VWAP) of ₹546.72 calculated over 60 trading days.

Company Information

Vijay Solvex Limited is listed on the Bombay Stock Exchange with its registered office at Bhagwati Sadan, Swami Dayanand Marg, Alwar, Rajasthan. The company's total share capital comprises 32,01,263 equity shares of ₹10 each, amounting to ₹3,20,12,630. The promoter group maintains an aggregate holding of 68.962% in the company, which remained unchanged despite the inter se transfer between group members.