AWL Agri Business Limited has received a penalty order of ₹94.11 lakh from tax authorities in Odisha, the company disclosed to stock exchanges on December 12, 2025. The penalty was imposed under Section 73 of the Odisha Goods & Service Tax Act by the Office of the Deputy Commissioner of State Tax, Cuttack-I City Circle, Cuttack.

Penalty Details and Timeline

The company received the penalty order dated December 11, 2025, on the same day it was issued. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with regulatory transparency requirements.

Nature of Alleged Violation

The penalty order was issued on account of alleged excess refund under Section 54 of the CGST Act. The demand order specifically relates to what the tax authorities consider to be an improper refund claim processed by the company under the goods and services tax framework.

Company's Response and Impact Assessment

AWL Agri Business has indicated it plans to challenge the penalty order through appropriate legal channels. The company stated it is taking necessary steps to appeal against the penalty order before the appropriate authority, suggesting confidence in its position regarding the matter.

Regarding the financial impact, the company has assessed that it does not foresee any material impact on its financial, operational, or other activities. This assessment indicates the company's belief that the penalty, while significant in absolute terms, will not substantially affect its overall business operations or financial performance.

Regulatory Compliance

The disclosure was made in accordance with SEBI Circular No. SEBI/HO/CFO/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023, which mandates specific reporting requirements for regulatory actions. The company secretary, Darshil Lakhia, signed the disclosure document, ensuring proper corporate governance protocols were followed in communicating this development to stakeholders and the investing public.

AWL Agri Business Limited, formerly known as Adani Wilmar Limited, has applied to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for the reclassification of numerous Adani group entities. This application, submitted on 27 November 2025, seeks to change the status of these entities from the promoter and promoter group category to the public category.

Entities Involved

The reclassification request encompasses a wide range of Adani group companies, including:

• Adani Enterprises Limited
• Adani Commodities LLP
• Various subsidiaries across different sectors

These entities span multiple industries, including aerospace, agriculture, airports, cement, mining, and aviation fuel services.

Regulatory Framework

The application for reclassification has been made under Regulation 31A of the Securities and Exchange Board of India (SEBI) Listing Regulations. This regulation provides the framework for the reclassification of promoter/promoter group entities to public shareholders.

Previous Developments

This move follows earlier actions by the Adani Group, including:

• The complete divestment of its stake in AWL Agri Business
• The sale of 90,977,502 equity shares (7.00% of total equity) by Adani Commodities LLP through a bulk deal on the stock exchange

Implications

If approved, the reclassification could have several implications:

1. Ownership Structure: It represents a significant shift in the company's ownership structure.
2. Market Perception: The move may impact how the market views AWL Agri Business, potentially affecting investor sentiment and stock performance.
3. Regulatory Compliance: The reclassification aligns with regulatory requirements, as the Adani Group entities no longer exercise control over the company's affairs, hold special rights, have board representation, or act as key managerial personnel.

Next Steps

The reclassification request will be placed before AWL Agri Business's board of directors for consideration. The outcome of this application will be closely watched by investors and market analysts, as it may influence the company's future governance structure and market positioning.