Prestige Estates Projects Limited , a prominent real estate developer, has disclosed that its subsidiary, Prestige Mulund Realty Private Limited, has received a show cause notice from the Directorate General of Goods & Services Tax Intelligence (DGGI), Mumbai. The notice, alleging non-payment or short-payment of Goods and Services Tax (GST), demands a substantial sum of ₹153.60 crore along with an equivalent penalty and applicable interest under the Central Goods and Services Tax Act, 2017.

Key Details of the GST Notice

Company's Stance and Market Response

Prestige Estates Projects has stated that the demand is not maintainable based on their assessment. The company is currently evaluating the matter and plans to take appropriate action. Importantly, Prestige Estates does not anticipate any material impact on its financials, operations, or other business activities as a result of this notice.

The market's initial reaction to this news appears to be muted. Prestige Estates' shares closed at ₹1,547.00 on the Bombay Stock Exchange (BSE), showing a slight increase of 0.94%.

Implications and Next Steps

While the GST notice represents a significant amount, it's crucial to note that it is currently at the show cause stage. This means that Prestige Mulund Realty Private Limited has the opportunity to present its case and clarify its position before any final decision is made.

The parent company's confident stance regarding the non-maintainability of the demand suggests that they may have strong grounds to contest the allegations. However, the outcome will depend on the subsidiary's response and the subsequent evaluation by the tax authorities.

For investors and stakeholders, it will be important to monitor how this situation develops, particularly if there are any updates regarding the company's response or any decisions from the tax authorities. As of now, Prestige Estates Projects maintains that this notice is not expected to have a material impact on its overall financial health or operations.

Prestige Estates Projects Limited , a leading real estate developer, held its 28th Annual General Meeting (AGM) on September 10, 2025, where shareholders overwhelmingly approved all 12 proposed resolutions. The meeting, which took place at the company's Prestige Falcon Tower in Bengaluru, saw strong participation from shareholders, with 94 attendees present either in person or through proxy.

Key Approvals

Among the significant resolutions passed were:

1. Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2025
2. Declaration of a final dividend of Rs 1.80 per equity share for the Financial Year 2024-2025
3. Re-appointment of Mr. Irfan Razack as Director
4. Approval for issuing Non-Convertible Debentures on a private placement basis
5. Revision in remuneration of Ms. Uzma Irfan as Director

Financial Decisions and Corporate Governance

The shareholders' approval of the financial statements and dividend declaration demonstrates confidence in the company's financial performance and management. The Rs 1.80 per share dividend signals Prestige Estates Projects' commitment to returning value to its shareholders.

Board Appointments and Remuneration

The re-appointment of Mr. Irfan Razack as Director received strong support, with 97.60% of votes cast in favor. This indicates shareholders' continued trust in the current leadership.

Shareholders also approved revisions to the remuneration of Ms. Uzma Irfan, with 86.47% voting in favor. This decision reflects the company's approach to executive compensation and retention of key personnel.

Related Party Transactions

The AGM saw the approval of remuneration for related parties Mr. Zayd Noaman and Mr. Faiz Rezwan, who hold office or place of profit within the company. Both resolutions passed with approximately 60.48% of votes in favor.

Additionally, material related party transactions with subsidiaries Prestige Projects Private Limited and Prestige Falcon Mumbai Realty Private Limited were approved, receiving 84.44% and 94.64% of votes in favor, respectively.

Shareholder Participation

The meeting had a total of 167,120 shareholders on the cut-off date of September 3, 2025. The high approval rates across all resolutions, with most achieving over 90% support, indicate strong shareholder alignment with the company's strategic decisions and governance practices.

Conclusion

The successful passage of all 12 resolutions at Prestige Estates Projects' 28th AGM reflects robust shareholder engagement and confidence in the company's direction. The approvals cover a wide range of corporate actions, from financial matters to governance structures, positioning the company for continued growth in the real estate sector.