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.

Refex Industries has disclosed that the Securities and Exchange Board of India (SEBI) has imposed a penalty on one of its key personnel in connection with alleged insider trading violations. The regulatory action was communicated to the exchanges as part of mandatory disclosure requirements under Regulation 30 of SEBI Listing Regulations.

SEBI Adjudication Order Details

SEBI passed an adjudication order on December 12, 2025, targeting insider trading activities in the scrip of Refex Industries Limited. The order was issued under Section 15-I of the SEBI Act, 1992, read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.

Alleged Violations and Charges

SEBI alleged that Mr. Anil Jain, in his capacity as Chairman and Managing Director of Refex Industries Limited, communicated Unpublished Price Sensitive Information (UPSI) to certain individuals or entities. These parties allegedly traded in Refex scrip while in possession of or based on this UPSI, resulting in unlawful gains of ₹12.33 lakh.

Company's Response and Impact Assessment

Refex Industries Limited has clarified that the penalty has been imposed on Mr. Anil Jain in his individual capacity. The company emphasized that there is no financial, operational, or other monetary impact on the listed entity due to this regulatory action.

Mr. Anil Jain has indicated his intention to vigorously contest the SEBI order and believes he can strongly defend his position through the legal process. He plans to avail all recourse available under law against this penalty adjudication order.

Regulatory Compliance Disclosure

The disclosure was made in compliance with Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has requested both BSE and NSE to disseminate this information on their websites for public awareness.

This development highlights the ongoing regulatory scrutiny in the Indian capital markets regarding insider trading practices and the enforcement actions taken by SEBI to maintain market integrity.