Grovy India Limited has received an appellate order from the Commissioner of Income Tax (Appeals) that upholds a significant tax demand of ₹119.24 lakhs for Financial Year 2019-20. The company disclosed this development to BSE Limited on January 14, 2026, pursuant to SEBI listing regulations.

Tax Demand Details

The appellate order under Section 250 of the Income-tax Act, 1961 was received by the company on January 13, 2026. The order pertains to the assessment year 2020-21 and upholds the Assessing Officer's original decision.

The tax demand stems from an addition of ₹1.00 crore made by the tax authorities on account of unsecured loans. The appellate order was passed under Section 250 of the Income-tax Act, 1961, in respect of the original assessment order under Section 147 read with Section 144B.

Company's Response and Legal Position

Grovy India Limited has indicated that it is examining the appellate order in consultation with its legal and tax advisors. The company plans to take appropriate legal recourse against the order within the prescribed time limits.

Key aspects of the company's position include:

• Belief that the demand lacks legal justification
• Expectation that the order will be set aside based on expert opinion
• No anticipated material adverse impact on financials or operations
• Commitment to pursuing appropriate legal remedies

Regulatory Compliance

The disclosure was made in continuation of earlier communications dated February 27, 2025, and March 21, 2025, regarding the original assessment order and subsequent appeal filing. The company has provided comprehensive details as required under Regulation 30 of SEBI listing regulations and the SEBI Master Circular dated November 11, 2024.

Background and Timeline

This development represents the latest stage in an ongoing tax dispute that began with the original assessment for FY 2019-20. The company had previously filed an appeal against the initial assessment order, which has now been decided by the Commissioner of Income Tax (Appeals), Delhi.

The company maintains that it will continue to defend its position through appropriate legal channels while ensuring full compliance with regulatory disclosure requirements.

Grovy India Limited has announced the release of pledge on 60,000 equity shares held by one of its promoters. The disclosure was made on December 29, 2025, in compliance with regulatory requirements.

Pledge Release Details

The company disclosed that promoter P.C. Jalan HUF has released the pledge on its equity shareholding. The key details of this transaction are as follows:

Regulatory Compliance

The disclosure was made pursuant to Regulation 31(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation mandates promoters to disclose any changes in their shareholding patterns, including the creation or release of pledges on their equity holdings.

The announcement was formally communicated to BSE Limited's Department of Corporate Services at Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai. The company stated that this disclosure is being submitted for information and record purposes as required under applicable SEBI regulations.

Management Authorization

The disclosure was authorized and digitally signed by Nishit Jalan, who serves as the Whole-time Director & CEO of Grovy India Limited. His details are as follows:

The release of pledge on equity shares typically indicates improved financial flexibility for the promoter entity and can be viewed as a positive development in terms of reduced encumbrance on shareholding.