Maithan Alloys Limited has successfully completed the acquisition of equity shares in Union Bank of India through stock exchange transactions on January 5, 2026. The company disclosed this acquisition under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the triggering of prescribed threshold limits.

Transaction Details

The acquisition involved 2,649,346 equity shares of Union Bank of India, representing a 0.03% shareholding in the public sector bank. The transaction was completed at 3:30 PM on January 5, 2026, with Maithan Alloys becoming aware of the detailed particulars at 12:35 PM on the same day.

Investment Rationale

Maithan Alloys stated that the shares were acquired as part of its investment portfolio with a view to realize long-term and short-term investment benefits. The company emphasized that it does not intend to acquire control, whether directly or indirectly, of Union Bank's management. The transaction was conducted at arm's length and does not constitute a related party transaction.

About Union Bank of India

Union Bank of India, the target entity, is a major public sector bank that was nationalized in 1969. Originally incorporated on November 11, 1919, the bank provides comprehensive banking products and services including savings and checking accounts, loans, insurance, and investment services.

Historical Performance

Union Bank of India has demonstrated consistent growth over the past three years:

Regulatory Compliance

The acquisition required no governmental or regulatory approvals beyond standard compliance requirements. Maithan Alloys confirmed that neither the promoter, promoter group, nor group companies have any interest in Union Bank of India. The disclosure was made in accordance with SEBI circular dated November 11, 2024, regarding acquisition of equity shares of listed entities through stock exchanges.

Union Bank of India operates primarily in India while maintaining presence in UAE and Australia, positioning it as a significant player in the Indian banking sector.

Maithan Alloys has disclosed receiving a GST order from tax authorities, demanding an aggregate amount of ₹1,61,17,491.10 related to an alleged excess refund claim of Input Tax Credit on Compensation Cess. The company made this disclosure on December 13, 2025, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

GST Order Details

The Assistant Commissioner of ASANSOL-II Division, BOLPUR, KOLKATA, CBIC issued an order under Section 73 of CGST Act, 2017 against the company. The order addresses what the authority considers an erroneous refund of ITC of Compensation Cess, with the violation categorized as excess claim of refund in respect of ITC (Compensation Cess) under Section 54 of CGST Act, 2017 and rules framed thereunder.

Timeline and Communication

The GST order was originally dated December 4, 2025, but Maithan Alloys became aware of the particulars of this order on December 12, 2025, at around 2:30 P.M. via the GST portal. The company promptly disclosed this information to stock exchanges the following day, maintaining compliance with regulatory disclosure requirements.

Company's Response

Maithan Alloys has indicated that it is currently evaluating its options to contest the order issued by the CGST Authority. The company has assessed the potential impact on its financial, operational, or other activities at the aggregate amount of ₹1,61,17,491.10 mentioned in the order.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of SEBI (LODR) Regulations, 2015, read with Schedule III of the said regulations and Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, issued by SEBI. The company has informed all relevant stock exchanges including NSE, BSE, and The Calcutta Stock Exchange Limited about this development.

This regulatory action represents a financial exposure for the company, and the outcome of any potential contest proceedings will be crucial for determining the actual financial impact on Maithan Alloys' operations and financial position.