Goa carbon Limited has informed stock exchanges about receiving an income tax assessment order and demand notice for Assessment Year 2024-25, disclosing the development under SEBI listing regulations.

Assessment Order and Demand Details

The company received an assessment order bearing DIN ITBA/AST/S/143(3)/2025-26/1087174994(1) dated March 11, 2026, issued by the Faceless Assessment Unit of the Income Tax Department. The order was issued under section 143(3) read with Section 144B of the Income-tax Act, 1961.

Along with the assessment order, Goa Carbon also received a demand notice bearing DIN ITBA/AST/S/156/2025-26/1087175116(1) dated March 11, 2026, issued under Section 156 of the Income-tax Act, 1961 for an amount of ₹3,19,66,260. Both documents were uploaded by the Income Tax Department and subsequently accessed and downloaded by the company from the income tax portal on March 11, 2026.

Company's Response and Legal Strategy

Goa Carbon has expressed confidence in challenging the assessment order, stating it believes there are certain corrections required in the demand computation. The company maintains it has a strong case on merits against the disallowances made by the Assessing Officer in the assessment order.

The company is evaluating multiple legal remedies to address the situation:

• Filing of a rectification application
• Filing an appeal before the appropriate Appellate Authority
• Challenging the assessment order and demand notice through legal channels

Additionally, the company has received a Notice under section 274 read with section 270A of the Income-tax Act, 1961, for the same Assessment Year 2024-25.

Impact on Business Operations

Goa Carbon has clarified that the assessment order and demand notice do not have any adverse impact on the company's financials or business operations. This disclosure was made to stock exchanges BSE Limited and National Stock Exchange of India Limited through their respective listing platforms as required under Regulation 30 of SEBI listing obligations.

The company's disclosure, signed by Company Secretary Pravin Satardekar, was communicated to exchanges on March 12, 2026, ensuring compliance with regulatory requirements for material event disclosures.

Goa Carbon Limited has announced a key management change with the resignation of its General Manager (Operations), marking a significant transition in the company's senior leadership team.

Senior Management Departure

Mr. A. Venugopala Naidu, who served as General Manager (Operations) and was classified as Senior Management Personnel under SEBI Listing Regulations, has tendered his resignation from the company. The resignation was formally accepted by the company's management on March 5, 2026.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made to both BSE Limited and National Stock Exchange of India Limited through their respective listing platforms.

The resignation letter, dated February 21, 2026, highlighted Mr. Naidu's commitment to ensuring a smooth transition during his notice period. In his formal communication, he expressed gratitude for the opportunities provided during his tenure and emphasized his dedication to maintaining operational continuity.

Operational Responsibilities

Mr. Naidu held significant operational responsibilities as the unit head for both Paradeep and Bilaspur units of the company. His role encompassed overseeing critical operational functions across these key manufacturing facilities.

In his resignation letter, Mr. Naidu acknowledged the professional enrichment and personal meaning derived from his association with the organization. He specifically mentioned his commitment to extending complete support during the handover process to ensure seamless operational transition.

Management Transition

The company has indicated that the last working day may be subject to mutual agreement between the management and Mr. Naidu, providing flexibility in the transition timeline. This approach demonstrates the company's commitment to ensuring proper knowledge transfer and operational stability during the leadership change.

The resignation represents a strategic career move for Mr. Naidu, who cited alignment with long-term professional goals and career growth opportunities as primary factors in his decision. The company has acknowledged his contributions to operations and collaborative work with colleagues in driving organizational objectives.