Sudarshan Chemical Industries Limited , a prominent player in the chemical industry, has received a significant GST order from tax authorities. The company has disclosed receiving orders from multiple tax jurisdictions, with the latest being a substantial demand from the Pune tax office.

Latest GST Order from Pune

The company has received a GST DRC-07 order dated December 30, 2025, from the Office of Deputy Commissioner of State Tax, Bhosari-513: Pune-South East, Pune-South West, Maharashtra. This order covers the period from April 1, 2021, to March 31, 2022, and involves a substantial financial demand.

Previous GST Orders from Kolkata

Earlier, the company had received four GST orders from the Office of Superintendent Range-I, Bhabanipur, Kolkata South, West Bengal, covering the period from April 2018 to March 2022, with a total demand of ₹38.18 lakh.

Company's Response and Legal Position

Sudarshan Chemical Industries has stated that it believes it has a strong case against all points raised in both sets of orders. The company maintains that the latest Pune order, like the previous Kolkata orders, is appealable and is in the process of filing appeals before the appropriate authorities.

The company has emphasized that these orders will not have any impact on its financial, operational, or other activities, expressing confidence in its legal position across all jurisdictions.

Regulatory Compliance

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sudarshan Chemical Industries has duly informed the stock exchanges about these GST orders. The disclosure was signed by Mandar Velankar, General Counsel and Company Secretary, ensuring transparency with stakeholders regarding these regulatory developments.

Sudarshan Chemical Industries Limited has completed the liquidation of its step-down wholly owned subsidiary, Heubach Colorants Scandinavia AB, domiciled in Sweden. The liquidation became effective on December 29, 2025, as disclosed to the stock exchanges under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Financial Impact and Subsidiary Details

The liquidated entity had minimal financial contribution to the parent company's operations. According to the regulatory filing, Heubach Colorants Scandinavia AB recorded zero turnover for FY 2024-25, representing 0% contribution to the group's revenue.

Background and Timeline

The Swedish subsidiary was already under voluntary liquidation process when Sudarshan Europe B.V., a wholly owned subsidiary of Sudarshan Chemical Industries, completed the acquisition of Heubach Group's Global Pigment Business Operations on March 3, 2025. This acquisition was executed along with Persons Acting in Concert (PACs).

Liquidation Process Details

As disclosed in the regulatory filing, the liquidation process involved several key aspects:

Corporate Structure Impact

The completion of this liquidation simplifies Sudarshan Chemical Industries' corporate structure by removing a non-operational entity from its subsidiary portfolio. The Swedish entity's minimal financial footprint ensures that its liquidation will have negligible impact on the parent company's consolidated financial statements.

Regulatory Disclosure

The company has fulfilled its disclosure obligations under SEBI regulations by providing comprehensive details about the liquidation process, financial impact, and timeline. The disclosure confirms that all regulatory requirements have been met in connection with the subsidiary's liquidation.