Sandu Pharmaceuticals Limited has received a regulatory notice from the Maharashtra Department of Goods and Service Tax regarding discrepancies identified in its GST returns. The company disclosed this development to BSE Limited on December 22, in compliance with Regulation 30 of SEBI LODR Regulations 2015.

Notice Details and Nature of Discrepancy

The notice was issued by the Government of Maharashtra Department of Goods and Service Tax - Office of The Deputy Commissioner of State Tax. The regulatory action pertains to discrepancies in the return after scrutiny, passed under the Maharashtra Goods & Service Tax Act, 2017, specifically under Rule 99(1) of the Maharashtra Goods & Services Tax Rules, 2017.

Specific Violation Identified

The notice specifically addresses the non-reversal of Input Tax Credit (ITC) in GSTR-3B as compared with GSTR-9. The discrepancy amount identified by the tax authorities stands at ₹13.00 lakh. This type of discrepancy typically arises when there are differences between the monthly/quarterly returns filed (GSTR-3B) and the annual return (GSTR-9).

Company's Response and Assessment

Sandu Pharmaceuticals has indicated that it will be filing a reply to the authorities regarding the notice issued. The company's management has conducted its own assessment of the situation and has also sought legal advice on the matter. Based on this internal evaluation and professional consultation, the management expects a favorable outcome for the notice.

Financial and Operational Impact

The company has assessed that no material impact is envisaged on its financials, operations, or other activities due to this GST notice. The management's confidence in a favorable resolution suggests that the company believes it has adequate documentation and justification to address the discrepancy raised by the tax authorities.

This disclosure demonstrates Sandu Pharmaceuticals' commitment to transparency and regulatory compliance by promptly informing stakeholders about potential regulatory matters that could affect its operations.

Sandu Pharmaceuticals Limited (SPL) has announced a significant change in its shareholding structure following a recent postal ballot. Shareholders have approved the reclassification of Akshath Finvest and Properties Private Limited from the 'Promoter/Promoter Group' category to the 'Public' category.

Key Details of the Reclassification

• Shares Involved: 4,94,182 shares, representing 5.12% of SPL's shareholding
• Voting Results: The resolution passed with 92.02% votes in favor
• Shareholding Impact:
  • Promoter shareholding reduced from 42.90% to 37.79%
  • Public shareholding increased from 57.10% to 62.21%

Voting Process and Results

The postal ballot was conducted through remote e-voting, which took place from October 20 to November 18. The scrutiny of votes was carried out by CS Swapnil Jayant Dixit of Swapnil J. Dixit & Associates, Company Secretaries.

Implications of the Reclassification

The reclassification aligns with regulatory requirements and corporate governance practices. Akshath Finvest and Properties Private Limited confirmed that:

1. They do not hold more than 10% of the paid-up equity share capital of SPL.
2. They do not exercise control over the company's affairs or decision-making process.
3. They are not represented on SPL's board of directors.
4. They are not appointed as Key Managerial Personnel (KMP) of the company.
5. They have no special rights with respect to the company through formal or informal arrangements.

Next Steps

The reclassification is subject to approval from the BSE Limited and other statutory authorities. Upon receiving these approvals, Sandu Pharmaceuticals will update its Statement of Shareholding pattern in the immediate succeeding quarter, in compliance with SEBI regulations.

This move may potentially impact the company's ownership structure and could have implications for future decision-making processes. Investors and stakeholders are advised to monitor further developments related to this corporate action.