Gujarat Ambuja Exports Limited has received another GST demand order, this time worth ₹48.08 lakh from tax authorities for the financial year 2021-22. The latest demand order was issued by the Assistant Commissioner of State Goods & Service Tax, Unit-5, Ahmedabad, and received by the company on December 26, 2025.

Latest GST Demand Details

The new demand order has been issued under Section 73(9) of the Central Goods and Service Tax Act, 2017, along with corresponding provisions of the Gujarat Goods and Services Tax Act, 2017 and Integrated Goods and Service Tax Act, 2017. The demand components are structured as follows:

The interest has been levied under Section 50 of the CGST Act 2017, while the tax liability determination falls under Section 73 of the act.

Nature of Current Tax Dispute

According to the company's regulatory filing, this latest demand has been raised in relation to excess Input Tax Credit (ITC) claimed as per the GST department's assessment. The tax authorities have determined aberrations and non-compliances related to these ITC claims during their examination for FY2021-22.

Previous GST Demand History

This marks the second significant GST demand received by Gujarat Ambuja Exports. Earlier, the company had received a GST demand order worth ₹12.34 lakh for FY2018-19, which was related to ineligible Input Tax Credit claims from cancelled, non-genuine and non-existent taxpayers.

Company's Response Strategy

Gujarat Ambuja Exports has maintained its position that the latest demand order has no material impact on the company's financials, operations or other activities. Based on their assessment of facts and prevailing law, the company views the demand order as arbitrary, unjustified, and unsustainable in law.

The company plans to file a necessary appeal with the appellate authority within the permissible timeline, similar to its approach with the previous GST demand.

Regulatory Compliance and Disclosure

The disclosure has been made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed compliance with Regulation 30(13) of SEBI Listing Regulations, stating that all information provided is true, correct and complete to the best of their knowledge and belief.

Gujarat Ambuja Exports has uploaded this intimation on its official website at www.ambujagroup.com and informed both BSE Limited and National Stock Exchange of India Limited about the latest development.

Gujarat Ambuja Exports Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving the appointment of three new independent directors. The voting results, announced on December 22, 2025, demonstrate strong shareholder confidence in the proposed board changes.

Postal Ballot Results

The remote e-voting process concluded on December 20, 2025, with scrutinizer CS Chirag Shah (Membership No. FCS: 5545, CP No: 3498) of M/s. Chirag Shah Associates submitting his comprehensive report. The voting results for all three resolutions showed exceptional shareholder support:

A total of 435-437 equity shareholders participated in the voting process, representing 65.46% of the total paid-up equity capital. The remote e-voting facility remained open from November 21, 2025 (9:00 a.m.) to December 20, 2025 (5:00 p.m.).

Approved Board Appointments

Shareholders have formally approved the appointment of three Additional Directors in the category of Non-Executive Independent Directors, each for a term of five consecutive years, effective November 8, 2025:

Voting Process Details

The company conducted the postal ballot exclusively through remote e-voting in compliance with MCA Circulars. The postal ballot notice dated November 8, 2025 was dispatched electronically to members on November 20, 2025. The company also published newspaper advertisements in The Indian Express (English) and Financial Express (Gujarati) on November 21, 2025.

Recent Financial Performance

Prior to these appointments, Gujarat Ambuja Exports reported mixed financial results for Q2 2025. While the company achieved strong revenue growth of 32.19% year-over-year to ₹1,486.69 crore, profitability declined with net profit decreasing by 45.23% to ₹38.08 crore compared to the same quarter last year.

Governance Strengthening

The overwhelming shareholder approval reflects confidence in the company's governance enhancement strategy. These appointments bring diverse expertise spanning banking, accounting, and public administration to Gujarat Ambuja Exports' board, potentially supporting the company's strategic initiatives across its diversified business segments including maize processing, agro processing, spinning, and renewable power divisions.

The successful completion of the postal ballot process and strong shareholder participation demonstrate effective corporate governance practices and stakeholder engagement at Gujarat Ambuja Exports Limited.