Greenply Industries receives ₹30.45 lakh tax demand order for FY 2019-20 ITC claim dispute

Greenply Industries Limited has received a tax demand order from the State Tax Officer in Ahmedabad concerning an Input Tax Credit (ITC) claim dispute for the financial year 2019-20. The company disclosed this development through a regulatory filing under SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Tax Demand Details

The order, dated January 8, 2026, was issued by the State Tax Officer, Ghatak-10 (Ahmedabad), Range-3, Division-1, located at M.S Building (Apna Bazar), Laldarwaja, Ahmedabad, Gujarat. The demand pertains to alleged wrong ITC availed on ineligible ITC claims under the Central Goods and Services Tax Act, 2017.

Component:	Amount (₹)
Additional Tax Demand:	9,89,288
Interest:	10,66,480
Penalty:	9,89,288
Total Demand:	30,45,056

The company received the order on January 8, 2026, at 6:25 PM and made the regulatory disclosure on January 9, 2026.

Company's Response and Position

Greenply Industries has expressed confidence in its position regarding the ITC claim dispute. The company stated that it has fulfilled all conditions prescribed under the relevant Acts with respect to the availment of Input Tax Credit. Management believes the company has a strong case based on merits and intends to challenge the order through appropriate legal channels.

The company plans to file rectification and/or appeal against the tax demand order within the prescribed timelines as per the applicable regulations. This approach indicates the company's intention to contest the allegations made by the tax authorities.

Financial Impact Assessment

According to the regulatory filing, Greenply Industries has assessed that there is no material impact on the financial, operational, or other activities of the company arising from this tax demand order. This assessment suggests that the company views the demand as contestable and does not expect it to significantly affect its business operations or financial performance.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which requires listed companies to inform stock exchanges about material events and developments. The filing was signed by Kaushal Kumar Agarwal, Company Secretary and Vice President-Legal of Greenply Industries Limited.

The matter relates to tax compliance issues from FY 2019-20, indicating this is a retrospective assessment by the tax authorities. The company's decision to contest the order through legal remedies reflects its confidence in the legitimacy of its ITC claims for that financial year.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.32%	-10.79%	-13.52%	-21.27%	-21.67%	+75.25%

Greenply Industries shareholders have overwhelmingly approved the re-appointment of Rajesh Mittal as Chairman cum Managing Director through a postal ballot conducted via remote e-voting. The special resolution received strong support from shareholders, with 97.81% of valid votes cast in favor of the proposal.

Postal Ballot Results

The postal ballot process was conducted under the supervision of Dilip Kumar Sarawagi, Practicing Company Secretary, who served as the scrutinizer. The voting period commenced on November 30, 2025, at 9:00 AM and concluded on December 29, 2025, at 5:00 PM.

Voting Details:	Numbers
Total Members Voted:	212
Total Valid Votes:	1,06,05,56,40 shares
Votes in Favor:	1,03,73,68,50 shares (97.81%)
Votes Against:	23,18,790 shares (2.19%)
Invalid Votes:	0

E-Voting Process Details

The company appointed Central Depository Services (India) Limited as the agency for providing remote e-voting facilities to equity shareholders. The postal ballot notice dated November 04, 2025, was dispatched electronically to 51,547 members who had registered their email addresses with the company or depositories, with 696 emails bouncing back.

Regulatory Compliance

In compliance with Companies (Management and Administration) Rules, 2014, newspaper publications regarding the postal ballot dispatch were made in "Aajkaal" (Bengali) on November 30, 2025, and "Business Standard" (English) on December 01, 2025. The scrutinizer's report was digitally signed and submitted on December 30, 2025, completing all regulatory requirements under the Companies Act, 2013, and SEBI listing regulations.

Leadership Continuity

The overwhelming shareholder approval ensures leadership continuity at Greenply Industries, with Rajesh Mittal continuing in his role as Chairman cum Managing Director. The strong mandate reflects shareholder confidence in the company's management and strategic direction under his leadership.