Nilkamal Limited has received an unfavorable outcome in its GST appeal case, with the Commissioner, Central GST, Appeal Ahmedabad Commissionerate dismissing the company's appeal on January 22, 2026. The appeal was filed against an original assessment order for FY 2019-20 in Gujarat state.

GST Demand Details

The dismissed appeal pertains to a GST assessment order that raised a significant demand against the company. The order was passed under section 73(1) of the CGST Act, 2017 and GGST Act, 2017, read with provisions of Section 20 of the IGST Act, 2017.

Appeal Timeline and Process

The company had originally received the Order-in-Original No. MP/14/AC/Div-IV/24-25 dated August 28, 2024, on August 29, 2024. Following this, Nilkamal Limited filed an appeal with the Commissioner, Central GST, Appeal Ahmedabad Commissionerate, which has now been disallowed.

Company's Response and Next Steps

Nilkamal Limited has announced its intention to continue the legal proceedings by filing an appeal in the tribunal against the dismissed order. The company has assessed the impact of this development and stated that there is no material impact on its financial and operational activities.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided comprehensive details as required under the SEBI regulations, including the nature of violations alleged and the financial impact assessment.

Authority Details

The company continues to maintain that the order will not materially affect its business operations while it pursues further legal remedies through the tribunal process.

Nilkamal Limited has disclosed a substantial acquisition of shares under SEBI Regulation 29, with the transaction completed on December 18, 2025. The acquisition involves Seetha Kumari as the primary acquirer, working in concert with PAC, neither of whom belong to the promoter or promoter group of the company.

Acquisition Details

The substantial acquisition involved the transfer of 8,14,041 equity shares, representing 5.46% of Nilkamal Limited's total voting capital. The transaction was executed through an off-market transfer.

Shareholding Pattern Changes

The acquisition resulted in a significant change in the shareholding pattern of the acquirer group. Prior to this transaction, Seetha Kumari and her PAC held a minimal stake in the company.

Company Capital Structure

Nilkamal Limited's equity share capital remained unchanged following this acquisition.

Regulatory Compliance

The disclosure was made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, specifically under Regulation 29. The acquisition did not involve any encumbrances such as pledges, liens, or non-disposal undertakings. Additionally, no warrants, convertible securities, or other instruments that could entitle the acquirer to receive additional voting rights were part of this transaction.

The substantial acquisition represents a strategic move by Seetha Kumari and her PAC to establish a meaningful stake in Nilkamal Limited, transitioning from a holding of 0.20% to 5.66% ownership in the company.