Isgec Heavy Engineering Limited has received a penalty order from tax authorities under the Gujarat State GST Act, resulting in a total financial impact of ₹78.88 lakh. The company disclosed this development through a regulatory filing on December 16, pursuant to Regulation 30 of the SEBI Listing Regulations.

Penalty Details and Financial Impact

The State Tax Officer (1), Enforcement, Div-6, Vadodara imposed the penalty under the State GST Act for alleged violations related to Input Tax Credit claims. The company received the order on December 15, at 16:00:00 hours.

Nature of Alleged Violations

The State Tax Officer levied the tax demand alleging that the company claimed ineligible Input Tax Credit under Section 16(2) of the CGST Act. The specific allegations include:

• Claims from cancelled taxpayers
• Claims from non-genuine taxpayers
• Claims from non-existent taxpayers
• Claims from return defaulters

These violations relate to the company's GST compliance and input tax credit mechanisms, which are critical components of the goods and services tax framework.

Company's Response and Next Steps

Isgec Heavy Engineering has indicated that it will challenge the penalty order through the appropriate legal channels. The company stated in its disclosure that it "shall file an appeal under the Goods and Services Tax Act." This suggests the company disputes the allegations and believes it has grounds to contest the penalty.

The regulatory filing was made available on the company's website at www.isgec.com , ensuring transparency with stakeholders regarding this material development.

Regulatory Compliance

The disclosure was made under Regulation 30 read with Para A of Part A of Schedule III of the SEBI Listing Regulations, which requires listed companies to inform stock exchanges about material events that could impact their operations or financial position. The company filed this information with both BSE Limited and the National Stock Exchange of India Limited.

Isgec Heavy Engineering Limited , a prominent player in the heavy engineering sector, has announced a significant addition to its senior management team. The company has appointed Mr. Manzar Abbas as its new Chief Information Officer (CIO), effective December 8, 2025. This strategic move is expected to enhance the company's technological capabilities and drive digital transformation initiatives.

Key Highlights of the Appointment

Impact on Isgec Heavy Engineering

The appointment of Mr. Abbas as CIO is a clear indication of Isgec Heavy Engineering's commitment to technological advancement and digital innovation. With his extensive experience in IT strategy and digital transformation, Mr. Abbas is well-positioned to lead the company's efforts in leveraging cutting-edge technologies to enhance operational efficiency and competitiveness.

Areas of Focus

Mr. Abbas's expertise in key areas such as:

1. Industry 4.0
2. SAP S/4 Hana implementation
3. Cyber Security

These are expected to play a crucial role in modernizing Isgec's IT infrastructure and processes. His background in these fields suggests that the company may be looking to implement advanced manufacturing technologies, improve data management systems, and strengthen its cybersecurity posture.

Strategic Implications

The appointment of a seasoned IT professional to the CIO position underscores Isgec Heavy Engineering's recognition of the critical role that information technology plays in today's industrial landscape. As the heavy engineering sector continues to evolve, embracing digital solutions and advanced technologies becomes increasingly important for maintaining a competitive edge.

By bringing Mr. Abbas on board, Isgec is positioning itself to:

• Accelerate its digital transformation journey
• Enhance operational efficiencies through advanced IT systems
• Improve data-driven decision-making processes
• Strengthen its cybersecurity infrastructure

As Isgec Heavy Engineering moves forward with this strategic appointment, stakeholders will be keen to observe how Mr. Abbas's expertise translates into tangible improvements in the company's technological capabilities and overall performance in the coming years.