Kranti Industries Limited has successfully appealed against a penalty imposed under the Goods and Services Tax (GST) Act, resulting in a significant refund. The company announced that it has received a favorable Final Appellate Order from the Deputy Commissioner of State Tax in Vadodara, Gujarat.

Background of the Case

The case stemmed from an inadvertent clerical error in which an incorrect vehicle number was mentioned on an E-Way Bill. This led to the interception of the vehicle by a Gujarat State Tax Officer, resulting in a penalty of ₹11.11 lakh under Section 129(3) of the GST Act, 2017.

Appeal Outcome

The Deputy State Tax Commissioner has confirmed in the Final Order that the error was indeed clerical in nature. As a result:

• Kranti Industries will receive a refund of ₹11.01 lakh
• A reduced penalty of ₹10,000 will be deducted from the original amount

Financial Impact

The company has stated that this development has no material impact on its financials, operations, or other activities. Kranti Industries received the order copy on November 10, 2025.

Disclosure Details

As per regulatory requirements, Kranti Industries has provided the following information:

This case highlights the importance of accuracy in GST documentation and the potential for resolution through proper appeals processes in cases of clerical errors. It also demonstrates the regulatory compliance of Kranti Industries in promptly disclosing such developments to its stakeholders.

Kranti Industries Limited has announced significant changes to its board committees, effective November 4, 2025. The company has reconstituted its Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee, while also forming a new Investment Committee. These changes, approved by the board of directors, aim to enhance corporate governance and strategic decision-making within the organization.

Committee Restructuring

The reconstitution of the committees involves the appointment of non-executive independent directors to key positions. Here's a breakdown of the new committee structures:

Key Points of the Restructuring

1. Leadership Roles: Non-executive independent directors have been appointed as chairmen of all committees, potentially enhancing oversight and independence.

2. Diverse Expertise: The committees include a mix of non-executive independent directors and one executive director, Mr. Sachin Subhash Vora, potentially bringing a balance of external perspective and internal knowledge.

3. New Investment Committee: The formation of this committee suggests a focused approach to the company's investment strategies and decisions.

4. Compliance with Regulations: The restructuring aligns with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, particularly Regulations 18, 19, and 20.

Implications for Stakeholders

These changes in committee composition may signal Kranti Industries' commitment to strengthening its corporate governance framework. The inclusion of independent directors in key positions could potentially lead to more balanced decision-making and improved stakeholder trust.

The establishment of the Investment Committee, in particular, might indicate the company's intent to more strategically manage its investments, which could be of interest to shareholders and potential investors.

As these changes take effect, stakeholders may want to monitor how the new committee structures influence the company's decision-making processes and overall corporate governance in the coming months.