Everest Industries Limited , a prominent player in the building solutions sector, has received a show cause notice from the Assistant Commissioner of Central Goods and Service Tax, Roorkee, raising concerns over the company's GST compliance for the financial year 2021-22. The notice, which proposes a tax recovery of Rs 1.73 crore, highlights discrepancies in Input Tax Credit (ITC) claims and tax amounts reported.

Key Points of the GST Notice

The show cause notice, issued under section 73 of the Central GST Act, 2017, SGST Act, 2017, and IGST Act, 2017, outlines several issues:

1. Excess Input Tax Credit claimed in GSTR 3B compared to GSTR 2A
2. Differences in tax amounts reported in GSTR 1 and Outward E-Way Bill
3. ITC taken on invoices from suppliers who have not filed their GSTR 3B returns

Proposed Tax Recovery

The GST Department has proposed to recover a total of Rs 1.73 crore, broken down as follows:

Company's Response

Everest Industries has stated that the show cause notice does not have any material impact on its financial, operational, or other activities. The company believes it has strong legal and factual grounds to contest the notice and is prepared to address any future proceedings initiated by the authorities.

In an official statement, the company said, "We are in the process of reviewing the matter and will take necessary actions in accordance with applicable laws."

Regulatory Compliance

In compliance with SEBI regulations, Everest Industries has duly informed the stock exchanges about the receipt of the show cause notice. The company received the notice on September 22, 2025, at 16:40 hrs (IST) and made the disclosure the following day.

Everest Industries Limited, with its registered office in Nashik, Maharashtra, continues to maintain its stance on the strength of its position. As the situation develops, stakeholders will be watching closely to see how this tax dispute unfolds and its potential implications for the company's financial statements in the coming quarters.

Everest Industries Limited , a prominent player in the building solutions sector, has received shareholder approval for the appointment of Hemant Khurana as its new Managing Director and Chief Executive Officer. The decision was ratified at the company's 92nd Annual General Meeting (AGM) held on September 18, 2025.

Key Highlights

• Appointment Details: Hemant Khurana (DIN: 08652827) has been appointed for a three-year term, effective from September 13, 2025, to September 12, 2028.
• Shareholder Approval: The resolution for Khurana's appointment received overwhelming support, with 99.99% of votes cast in favor.
• AGM Participation: The AGM saw participation from 68 shareholders, including one from the promoter and promoter group, through video conferencing.

Other AGM Resolutions

The 92nd AGM also saw the passage of several other significant resolutions:

1. Financial Statements: Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2025.
2. Dividend Declaration: Approval of a final dividend for the financial year 2024-25.
3. Board Appointment: Ms. Padmini Sekhsaria (DIN: 00046486) was appointed as a Director liable to retire by rotation.
4. Chairman's Commission: Approval for payment of commission to Mr. Anant Talaulicar, Non-Executive Independent Chairman, for the financial year 2025-26.
5. Auditor Appointments: Ratification of Cost Auditors' remuneration and appointment of M/s. Parikh & Associates as Secretarial Auditors for a five-year term.
6. ESOP Amendments: Modifications to the Employee's Stock Option Scheme - 2021 were approved.

Voting Highlights

The AGM resolutions were passed with strong shareholder support:

Everest Industries Limited, with its corporate identity number L74999MH1934PLC002093, continues to strengthen its leadership team with these strategic appointments and corporate actions. The strong shareholder support for these resolutions indicates confidence in the company's governance and future direction under the new leadership.