Kalpataru Limited has received a significant GST demand order from tax authorities, marking a major regulatory development for the real estate company. The order, issued by the Joint Commissioner of CGST Mumbai-West, demands payment of ₹80.71 crores related to GST obligations from the financial year 2018-19.

GST Demand Breakdown

The order details a comprehensive demand structure covering both central and state GST components:

The demand order was issued on December 26, 2025, and received by the company on December 29, 2025.

Background and Context

The GST demand stems from allegations of non-payment of GST on newly constructed flats allotted to existing society members. These flats were provided in lieu of transfer of development rights received from the society for construction purposes. The company had previously disclosed this matter in its Red Herring Prospectus dated June 18, 2025, and Prospectus dated June 26, 2025.

Previous Regulatory Actions

Kalpataru Limited had earlier received a show cause cum demand notice dated May 13, 2025, in form DRC-01, with an initial tax demand of ₹83.33 crores. The company had responded to that notice, but the authorities have now proceeded with the formal demand order under section 74 of the GST Act.

Company's Response Strategy

The company has indicated its intention to challenge the order through proper legal channels. Based on its assessment, Kalpataru Limited expects to file an appeal with the Appellate Authority and remains optimistic about achieving a favorable resolution.

Regulatory Compliance

The disclosure has been made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company has simultaneously updated this information on its official website to ensure transparency with all stakeholders. This regulatory filing demonstrates the company's commitment to maintaining proper disclosure standards regarding material developments that could impact investor interests.

Kalpataru Limited has announced the resignation of Mr. Abhishek Thareja from his position as Company Secretary and Compliance Officer, marking a significant change in the company's key managerial personnel. The resignation becomes effective from the close of business hours on December 12, 2025.

Resignation Details

The company informed the National Stock Exchange of India Limited and BSE Limited about this development under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was made in accordance with industry standards and SEBI listing regulations.

Key Information

Mr. Thareja submitted his resignation letter on September 10, 2025, providing the company with adequate notice period before his departure. In his resignation letter, he specifically mentioned his intention to pursue entrepreneurial opportunities and personal aspirations as the primary reasons for leaving his current role.

The departing Company Secretary has requested the company to file necessary forms with the Registrar of Companies, Ministry of Corporate Affairs, and submit intimation to the Stock Exchanges as part of the standard resignation process.

Regulatory Compliance

Kalpataru Limited has ensured full compliance with regulatory requirements by providing detailed information as mandated under SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company has also made the resignation letter available as per clause 7C of Para A of Part A of Schedule III to the SEBI Listing Regulations.

Acknowledgment and Future Outlook

In his resignation letter, Mr. Thareja expressed sincere gratitude to the Board of Directors for their unwavering support and cooperation throughout his tenure. He extended his best wishes to the company for continued growth, success, and future endeavors. The information has been disseminated on the company's official website at www.kalpataru.com for public access and transparency.