Refex Industries Limited has announced the cessation of a senior managerial position in compliance with regulatory disclosure requirements. The company informed BSE Limited about the departure of a key executive from its sustainability leadership team.

Executive Departure Details

Mr. Gagan Bihari Pattnaik, who held the position of Vice-President (ESG & Sustainability) in the category of 'senior managerial person', has ceased from his position effective December 29, 2025. He was relieved from his duties at the closing of working hours on the specified date. Additionally, Mr. Pattnaik served as Head – ESG at the Refex Group level, indicating his broader responsibilities within the organization's environmental, social, and governance initiatives.

Resignation Timeline and Process

The executive departure followed a formal resignation process spanning three months. The company accepted Mr. Pattnaik's resignation letter dated September 29, 2025, with the actual cessation occurring on December 29, 2025. This timeline provided the organization with a transition period for the senior managerial position.

Regulatory Compliance

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company provided all required details as mandated under the SEBI Listing Regulations and submitted the information to BSE Limited for record-keeping and website dissemination.

Reason for Departure

According to the official disclosure, Mr. Pattnaik submitted his resignation citing reasons to explore better opportunities outside the organization. The resignation was processed through the company's human resources management system, with approval from senior management. The departure represents a voluntary decision by the executive to pursue career advancement opportunities elsewhere.

The company has fulfilled its regulatory obligations by providing timely disclosure of the senior managerial personnel change to the stock exchange and ensuring transparency for stakeholders regarding leadership transitions in key sustainability roles.

Refex Renewables Infrastructure Limited has disclosed receiving a regulatory order under Section 73 of the Central Goods and Services Tax Act, 2017, demanding ₹14.83 lakh in tax and penalty for FY2021-22. The order, dated December 22, 2025, was issued by the Office of the Superintendent, Central Tax (CGST), Customs Central Excise Jurisdiction: Range-V, Division Bhopal-II, Bhopal Commissionerate, Madhya Pradesh.

GST Demand Breakdown

The tax demand arose from scrutiny of GST returns for FY2021-22, where authorities identified discrepancies in input tax credit (ITC) utilization. The company had allegedly availed excess ITC in April 2021 compared to credits available in GSTR-2A.

The aggregate demand including penalty amounts to ₹14.83 lakh, with the company directed to make payment by December 31, 2025.

Regulatory Order Details

The order was passed under Section 73 read with Section 50 of the CGST Act, along with corresponding provisions of MPGST Act, 2017 and IGST Act, 2017. During the scrutiny process, authorities reconciled input tax credit details availed in GSTR-3B with those available in GSTR-2A for FY2021-22.

Company's Response

Refex Renewables Infrastructure has indicated its intention to contest the order through available legal channels, believing it can strongly defend its position.

Financial Impact

The monetary impact on the company's financial, operational, and other activities is quantified at ₹14.83 lakh toward tax and penalty. This disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI Master Circular dated November 11, 2024.