Amara Raja Energy & Mobility Limited has received another significant tax development as the Commissioner of Central Tax, Appeals-II, Delhi upheld an original GST order worth ₹22.06 crores. The appellate order dated January 14, 2026, was received by the company on January 17, 2026, adding to the company's ongoing tax challenges across multiple states.

Delhi GST Appellate Order Details

The Commissioner of Central Tax, Appeals-II, Delhi has upheld the original order passed by the Additional Commissioner, Delhi South on January 28, 2025, under Section 107 of the CGST/DGST Act, 2017.

The violations include excess Input Tax Credit (ITC) availed and utilized in GSTR-3B over GSTR-2A, supply of goods covered under warranty period, claiming ITC from non-filers of GSTR-3B, and payment of interest as per rule 37 for 180 days reversal.

Previous Tax Orders Across States

This latest development adds to the company's existing tax orders from other states, bringing the total exposure to significant amounts across multiple jurisdictions.

Rajasthan GST Order

The Deputy Commissioner, Circle-A, Jaipur-III, Rajasthan, had issued Order No. ZD0812250933186 under Section 74 and 122 of the CGST/RGST Act, 2017.

Andhra Pradesh Income Tax Order

The Deputy Commissioner of Income Tax, Circle-1(1), Tirupati issued an order under Section 143(1) of the Income Tax Act, 1961.

Tamil Nadu GST Penalty

The Deputy Commercial Tax Officer, Erode, Tamil Nadu issued a penalty order worth ₹28,43,770 for goods movement violations.

Consolidated Tax Exposure

Company's Response Strategy

Amara Raja Energy & Mobility has indicated it will file an appeal before the GST Tribunal once formed, by paying the required pre-deposit. The company maintains that there is no material impact on its financial, operational, or other activities. The liability pertaining to the original Delhi order has already been disclosed in the financial statements under 'Contingent Liability'.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Vice President-Legal Vikas Sabharwal signed the regulatory filing submitted to both NSE and BSE on January 19, 2026.

Amara Raja Energy & Mobility Limited has successfully concluded its postal ballot voting process on December 25, 2025, with shareholders approving the Employee Stock Option Scheme 2025 and related resolutions with strong majority support. The company submitted detailed voting results to stock exchanges on December 26, 2025, demonstrating robust stakeholder confidence in its talent retention strategy.

Postal Ballot Voting Results

The postal ballot concluded with overwhelming shareholder support across all four special resolutions related to the ESOP scheme. The voting demonstrated strong institutional and retail investor confidence:

Voting Participation Analysis

The postal ballot witnessed significant participation from different shareholder categories, with the record date set as November 19, 2025:

Employee Stock Option Scheme 2025 Framework

The approved ESOP scheme encompasses comprehensive provisions for employee engagement across the organization and its subsidiaries:

Regulatory Compliance and Documentation

The company submitted voting results to both NSE and BSE under Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Vikas Sabharwal signed the regulatory filing, confirming all special resolutions were passed with requisite majority. The voting results and scrutinizer's report are available on the company website and NSDL's e-voting platform.

Q2 FY26 Financial Performance Context

Alongside the ESOP approval, Amara Raja Energy & Mobility reported strong Q2 FY26 financial results, reinforcing the timing of the employee incentive scheme:

The successful ESOP approval, combined with robust financial performance and strong shareholder participation of 65.74%, positions Amara Raja Energy & Mobility well for talent retention and sustained growth in the evolving energy and mobility solutions market.