GlaxoSmithKline Pharmaceuticals Limited has received a significant GST demand order from Maharashtra tax authorities, totaling Rs 6,92,76,478 for the period covering April 2022 to March 2023. The pharmaceutical company disclosed this development in a regulatory filing dated 7th March 2026, in compliance with SEBI listing regulations.

GST Demand Details

The demand order was issued on 17th February 2026 by the Additional Commissioner, CGST & Central Excise, Mumbai Central, and was physically received by the company on 20th February 2026. The order pertains to alleged non-payment of GST related to export of services during the specified period.

Nature of Alleged Violation

The GST authorities have raised the demand on account of alleged non-payment of GST pertaining to export of services. The company noted that the order has not been uploaded online on the GST portal and was received in physical form, which may indicate the preliminary nature of the proceedings.

Company's Response and Impact Assessment

GlaxoSmithKline Pharmaceuticals has assessed that there will be no impact on the financial operations of the company. The management has indicated that appropriate actions will be taken in due course, suggesting the company may challenge the demand through available legal remedies.

Regulatory Compliance

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Ajay Nadkarni, Vice President – Administration, Real Estate & Company Secretary, ensuring proper corporate governance protocols were followed in communicating this material development to stakeholders.

GlaxoSmithKline Pharmaceuticals Limited has announced significant leadership changes with the appointment of Ronojit Biswas as the new Whole-Time Director and Chief Financial Officer. The Board of Directors approved this appointment during their meeting held on March 2, 2026, marking a strategic transition in the company's senior management.

Leadership Transition Details

The Board meeting, which commenced at 11:00 am and concluded at 12:00 noon, approved Biswas's appointment for a three-year term effective April 1, 2026. This appointment comes as part of a planned leadership transition, with current CFO Juby Chandy stepping down from his roles as Whole-Time Director and CFO on March 11, 2026.

Professional Background and Experience

Ronojit Biswas brings extensive experience to his new role, having spent over 25 years with GSK across various international markets. His career journey with the company began in India as a Management Trainee in 1999, and he has since held several senior global and regional leadership positions spanning India, Vietnam, Singapore, Brazil, and the UK.

Prior to this appointment, Biswas served as Senior Finance Director – Global Product Strategy, based in Singapore. His diverse experience includes serving as CFO for GSK's Brazil and Vietnam businesses, as well as Regional Controller for GSK's International region, where he led financial reporting and performance management with responsibility for internal controls.

Educational Qualifications

Biswas holds strong academic credentials in finance and management:

• Post Graduate Program in Management (Finance) from Management Development Institute, Gurgaon
• Bachelor's degree in Commerce (Hons.) from St. Xavier's College, Kolkata

Current CFO's New Role

Juby Chandy, the outgoing CFO, will transition to a new leadership position within the GSK Group, focusing on APAC Finance. Following his promotion to lead APAC Finance within the GSK Group, Chandy will step down from his roles as Whole-Time Director and CFO, effective March 11, 2026. The company acknowledged Chandy's valuable contributions during his tenure, particularly highlighting his central role in strengthening the company's financial position, improving governance, and delivering on key strategic priorities during the transformation period.

Regulatory Compliance

The appointment announcement was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Biswas is not related to any existing Directors and is not debarred from holding the Office of Director by any regulatory authority.

This leadership transition represents continuity in GSK Pharmaceuticals' strategic direction while bringing fresh perspective through Biswas's extensive international experience and deep understanding of the company's global operations.