UGRO Capital Limited has announced the withdrawal of its proposed issuance of Non-Convertible Debentures under Series 2, reversing an earlier decision made by the company's Investment and Borrowing Committee. The company communicated this development to both BSE Limited and National Stock Exchange of India Limited on December 24, 2025.

Committee Decision Reversal

The withdrawal comes just a week after the Investment and Borrowing Committee meeting held on December 17, 2025, which had approved the issuance of listed, rated, senior, secured/unsecured, transferable, redeemable Non-Convertible Debentures on a private placement basis. The committee had initially planned the issuance in one or more tranches under Series 2.

Regulatory Compliance

The notification was made pursuant to Regulation 30 read with Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. UGRO Capital has informed both stock exchanges about this corporate development, maintaining transparency with regulatory authorities and investors.

Internal Considerations

The company cited internal considerations as the reason for withdrawing the proposed debenture issuance. The decision was taken on December 22, 2025, indicating a swift reassessment of the funding strategy within days of the original approval. No specific details were provided regarding the nature of these internal considerations.

Company Information

The communication was signed by Satish Kumar, Company Secretary and Compliance Officer of UGRO Capital Limited. The company operates under CIN L67120MH1993PLC070739 and maintains its registered office at Equinox Business Park, Tower 3, 4th Floor, LBS Road, Kurla (West), Mumbai-400070. The information has been made available on the company's website at www.ugrocapital.com for stakeholder reference.

Fusion Finance has received a favorable resolution to its GST proceedings, with authorities dropping the case that initially involved a Rs 2.84 crore demand. The company received an order dated December 20, 2025, from the Joint Commissioner Corporate Circle, Varanasi, Uttar Pradesh, dropping the proceedings under section 73 of the CGST Act with nil demand.

Background of the GST Notice

The company had previously received a show cause notice on September 26, 2025, from the Joint Commissioner Corporate Circle in Varanasi, Uttar Pradesh. The notice was issued under section 73 of the Central Goods and Services Tax (CGST) Act, directing the company to pay a total of Rs 2.84 crore.

Allegations and Resolution

The original show cause notice had alleged that Fusion Finance claimed excess Input Tax Credit (ITC) and failed to reverse ITC as per rules 42/43 of the CGST Act, 2017, during the period from April 2021 to March 2022. However, the recent order has concluded these proceedings favorably for the company.

Current Status and Impact

According to the company's regulatory disclosure, no action is required following the order dropping the proceedings. The GST Authority has concluded the matter with nil demand, effectively resolving the Rs 2.84 crore notice that was initially raised.

Regulatory Compliance

Fusion Finance has disclosed this positive development to both the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI Listing Regulations. The company's earlier confidence in having adequate legal grounds to substantiate its position appears to have been vindicated with this favorable outcome.

This resolution eliminates any potential financial impact from the original GST proceedings and provides clarity for investors and stakeholders who had been monitoring this regulatory matter.