TVS Supply Chain Solutions Limited has disclosed a significant pledge of equity shares to Catalyst Trusteeship Limited, acting as debenture trustee on behalf of multiple debenture holders. The disclosure, made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, reveals the pledge of additional shares that increases the total encumbrance on the company's equity.

Share Pledge Details

The latest disclosure shows that TVS Supply Chain Solutions pledged an additional 5 crore equity shares on December 8, 2025. This follows an earlier pledge of 7 crore shares executed on April 11, 2025, which did not trigger disclosure requirements under Section 29 of the Takeover Code.

Shareholding Impact

The cumulative pledge significantly impacts the company's shareholding structure, with the total encumbered shares representing a substantial portion of the equity capital.

Debenture Holders

Catalyst Trusteeship Limited acts as debenture trustee for a consortium of prominent financial institutions and investment funds. The debenture holders include:

• OMERS Capital Markets Asia Holdings Pte. Ltd.
• J.P. Morgan Securities India Private Limited
• Nippon India Credit Opportunities AIF-Scheme 1
• DSP Finance Private Limited
• Nomura Capital (India) Private Limited
• Kotak Private Credit Fund
• RV Capital India Credit Plus Fund
• OCM Asia Credit I Pte. Ltd.
• Jio Finance Limited

Company Capital Structure

The disclosure reveals that TVS Supply Chain Solutions maintains a stable equity share capital structure throughout the pledge process.

Regulatory Compliance

The pledge arrangement includes certain covenants that may require further pledge of shares if specific security cover requirements are not met. The company has fulfilled its disclosure obligations under SEBI regulations, with the filing made through Catalyst Trusteeship Limited's authorized signatory Deesha Srikkanth, Senior Vice President, based in Mumbai.

The shares are listed on both BSE Limited and National Stock Exchange of India Limited, ensuring transparency in the disclosure process for all stakeholders.

TVS Supply Chain Solutions Limited has disclosed receiving a significant tax demand order from Bihar State Tax Authority, marking a regulatory development that requires investor attention.

Tax Demand Details

The Assistant Commissioner of Bihar State Tax Authority has passed an order against the company for FY2021-22, alleging excess availment of input tax credit and short payment of tax liability. The company received this order on December 9, 2025.

Company's Response and Impact Assessment

TVS Supply Chain Solutions has indicated that this tax demand is not expected to have a material impact on the company's financial, operational, or other activities. The logistics company has outlined its planned course of action to address the regulatory order.

The company will be filing an appropriate response and plans to appeal the order before the relevant authorities within the prescribed timelines. This approach suggests the company intends to contest the allegations made by the tax authority.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to inform stock exchanges about material events that could impact investor decisions.

The order specifically relates to alleged violations during FY2021-22, involving excess availment of input tax credit and short payment of tax liability. Such tax disputes are common in the logistics sector, where companies often deal with complex GST compliance requirements across multiple states.

Next Steps

The company's management has committed to pursuing legal remedies through the appropriate appellate channels. The outcome of such appeals can vary significantly, and resolution may take considerable time depending on the complexity of the case and the appellate process.