Everest Industries Limited has announced a senior management change with the resignation of its Vice President - Roofing, effective February 2, 2026. The company filed the mandatory regulatory disclosure on December 29, 2025, under SEBI listing regulations.

Senior Management Departure

Mr. Puneet Sharma, who holds the position of Vice President - Roofing (Business Head), has tendered his resignation from the company. His departure will be effective from the close of business hours on February 2, 2026. The executive cited his intention to pursue career opportunities outside the organization as the primary reason for his resignation.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI Master circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which pertains to changes in senior management personnel.

Company Secretary & Compliance Officer Amruta Avasare signed the official communication to stock exchanges, ensuring compliance with mandatory disclosure requirements for listed companies.

Transition Arrangements

In his resignation letter addressed to MD & CEO Hemant Khurana, Mr. Sharma expressed gratitude to the organization for his professional development. He acknowledged the leadership team's role in enhancing his leadership and managerial capabilities during his tenure with the roofing business division.

The outgoing executive has committed to ensuring a smooth transition process before his departure date. The company has enclosed the original resignation letter with its regulatory filing to maintain transparency with stakeholders and regulatory authorities.

Everest Industries Limited has received substantial relief from State Goods and Service Tax (SGST) authorities in Madhya Pradesh regarding a tax dispute that originated from a Show Cause Notice dated May 30, 2025. The company informed stock exchanges on December 30, 2025, about the favorable outcome following their response to the notice from the Deputy Commissioner of State Goods and Service Tax, Jabalpur Division, Madhya Pradesh.

Massive Reduction in Tax Demand

The SGST authorities in Jabalpur issued an order on December 29, 2025, at 2:51 p.m. (IST), providing exceptional relief to the company. The order resulted in a dramatic reduction of ₹8,26,07,908 from the original demand under the State GST provisions.

Complete Tax Demand Waiver

The most significant aspect of this order is the complete waiver of the tax demand component of ₹2,58,31,923. The company will only need to pay a minimal amount of ₹51,786, comprising interest of ₹1,786 and penalty of ₹50,000, representing a relief of over 99% from the original demand.

Company's Compliance Response

Everest Industries has confirmed that it will pay the residual amounts as per the order. Unlike previous cases where the company indicated intentions to contest remaining demands, the company appears to accept this minimal liability given the substantial relief received.

Regulatory Timeline and Background

This development follows the company's earlier intimation dated May 30, 2025, when it first informed exchanges about receiving the Show Cause Notice from the Madhya Pradesh SGST authorities. The company had responded to the SCN and participated in hearings before receiving the final favorable order. This regulatory disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The order was signed by Company Secretary & Compliance Officer Amruta Avasare on December 30, 2025, demonstrating the company's prompt compliance with disclosure requirements. This substantial relief showcases the effectiveness of the company's defense strategy in GST matters across different jurisdictions.