Afcons Infrastructure Limited has submitted its Commercial Paper proceeds utilisation certificate for the quarter ended December 31, 2025, to both BSE Limited and National Stock Exchange of India Limited. The filing demonstrates the company's adherence to regulatory compliance requirements under SEBI guidelines.

Regulatory Compliance Details

The certificate was filed in accordance with SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025. The company certified that proceeds from Commercial Papers issued during the quarter were utilized for their disclosed purposes.

Commercial Paper Details

The certificate covers three Commercial Paper instruments with specific ISIN codes. These instruments were issued during the quarter ended December 31, 2025, and their proceeds have been confirmed as utilized for disclosed purposes.

Listing Compliance Confirmation

Afcons Infrastructure Limited confirmed its adherence to all listing conditions for Commercial Paper as specified in the SEBI Master Circular. The company's Chief Financial Officer, Ramesh Kumar Jha, digitally signed the certificate, providing official authentication of the compliance statement.

The filing was simultaneously submitted to both major Indian stock exchanges where the company maintains its listing presence, ensuring comprehensive regulatory disclosure across all relevant platforms.

Afcons Infrastructure Limited has informed stock exchanges about receiving a GST demand order from the Tirupati Division GST Authority. The disclosure was made under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

GST Demand Order Details

The demand order was issued by the Commissioner of Central Tax Central Goods and Services Tax, Tirupati Division GST Authority under Section 73(9) of the CGST Act, 2017. The company received this order on November 20, 2025.

Financial Implications

The GST demand relates to the proposed reversal of IGST credit availed by the company on import of goods. According to the company's disclosure, the alleged demand involves:

The company noted that the IGST amount in question has already been paid through a TR-6 challan dated February 3, 2022.

Company's Response and Legal Strategy

Afcons Infrastructure has contested the GST authority's order, stating that the proposal for disallowance of Input Tax Credit and levying of interest and penalty is untenable. The company highlighted that while its submissions were recorded, the order fails to provide findings addressing these arguments.

The company plans to pursue appropriate legal remedies, including filing an appeal against the order. Management has stated it does not anticipate any significant impact on the company's financial position, operations, or other activities as a result of this matter.

Disclosure Timeline

The company acknowledged a delay in making this disclosure to the stock exchanges. According to the filing, the delay was unintentional and resulted from inadvertent oversight in disclosing the information within the stipulated timeframe. Afcons Infrastructure has committed to implementing measures to prevent recurrence of such incidents and emphasized its priority on compliance with applicable laws and regulatory requirements.

Regulatory Compliance

The disclosure was made pursuant to SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, along with Regulation 30 of the LODR Regulations. The company's shares are listed on BSE (Scrip Code: 544280) and NSE (Symbol: AFCONS).