Vishal Mega Mart Limited has received a tax order from Karnataka GST authorities alleging excess Input Tax Credit utilization for the Financial Year 2019-20. The company disclosed this development on March 24, 2026, in compliance with SEBI listing regulations.

Order Details and Financial Impact

The Assistant Commissioner, LGSTO 38-Bengaluru, DGSTO-5, Bengaluru, Karnataka passed the order under Section 74 of the CGST Act, 2017. The order specifically targets alleged excess Input Tax Credit availed and utilized by the company during FY 2019-20.

Company's Response and Assessment

Vishal Mega Mart Limited stated that the financial impact is limited to the tax demand, interest, and penalty imposed under the order. The company emphasized that there is no material impact on its operations or other business activities due to this order.

The company is currently reviewing the order received from the Karnataka GST authorities and evaluating its next course of action. This suggests that the company may consider filing an appeal or taking other legal remedies available under the GST framework.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Sub-para 20 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Rahul Luthra signed the disclosure document, ensuring compliance with stock exchange notification requirements.

The company has informed both the National Stock Exchange of India Limited and BSE Limited about this development, maintaining transparency with stakeholders and regulatory authorities regarding the tax order and its potential financial implications.

Vishal Mega Mart Limited has disclosed a senior management change with the resignation of Mr. Kuldeep Sharma, Vice President – Legal & Compliance, effective March 11, 2026. The company made this announcement in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Resignation Details

Mr. Kuldeep Sharma tendered his resignation from the company on July 23, 2025, citing personal reasons for his departure. The resignation was communicated through an official email to the company's senior management, where he expressed gratitude for the opportunity to serve the organization.

Succession Planning

The company had proactively strengthened its legal and compliance functions by appointing Mr. Sambit Swain as General Counsel – Legal & Compliance on November 13, 2025. With Mr. Sharma's departure, Mr. Swain will oversee the complete legal and compliance operations of the company.

New Leadership Profile

Mr. Sambit Swain brings extensive experience to his role, with over 16 years in the legal domain covering multiple specializations:

• Corporate Law: Comprehensive experience in corporate legal matters
• Litigation: Expertise in legal proceedings and dispute resolution
• Regulatory Affairs: Deep understanding of regulatory compliance
• Data Privacy: Specialized knowledge in data protection laws
• Strategic Advisory: Strategic legal counsel for business decisions

Professional Background

Mr. Swain's career includes significant roles across leading organizations:

Educational Qualifications

Mr. Swain holds advanced legal qualifications that support his professional expertise:

• LL.M. degree from Jindal Global Law School
• LL.B. degree from Amity Law School (Guru Gobind Singh Indraprastha University)

Regulatory Compliance

The company has fulfilled all disclosure requirements under SEBI regulations, providing detailed information about the management change. The announcement was made to both the National Stock Exchange of India Ltd. and BSE Limited, ensuring complete transparency with stakeholders and regulatory authorities.