GK Energy Limited has disclosed the conclusion of GST search proceedings initiated by the Maharashtra State Goods and Services Tax Department, with the authorities raising demands totaling ₹7.36 crore across multiple violation categories. The search operations, which began on February 27, 2026, concluded on March 04, 2026.

Search Proceedings Timeline and Authority Details

The search proceedings were conducted by the Assistant Commissioner of State Tax, Maharashtra, under the applicable provisions of the Maharashtra Goods and Services Tax Act, 2017. The company made the disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Violation Details and Financial Impact

The Maharashtra GST authorities have identified three specific areas of violation, with the total demand amounting to ₹7.36 crore. The violations primarily relate to input tax credit irregularities across different categories.

Company Response and Legal Recourse

GK Energy Limited has stated that it extended full cooperation throughout the search proceedings and provided all necessary documents, information, and clarifications as requested by the GST officials. The company emphasized that there is no significant impact on its financials, operations, or other activities due to this order.

The company has indicated that the order is appealable and it will take necessary actions, including exercising the legal remedies available under GST law. This suggests the company may challenge the demands through the appropriate appellate mechanisms.

Regulatory Compliance and Market Impact

The disclosure demonstrates GK Energy Limited's adherence to regulatory transparency requirements under SEBI listing regulations. The company has assessed that despite the monetary demands raised by the authorities, there is currently no material impact expected on its business operations or financial performance, particularly given the available legal remedies under GST law.

GK Energy Limited has formally announced the resignation of Mrs. Chandra Iyengar from her position as Independent Director, marking a significant change in the company's board composition. The resignation, submitted on February 26, 2026, takes effect from the close of business hours on the same date.

Resignation Details

Committee Memberships Affected

Following her resignation as Independent Director, Mrs. Iyengar will also cease to hold positions in key board committees:

• Stakeholders Relationship Committee - Member
• Corporate Social Responsibility Committee - Member

Other Directorships

Mrs. Iyengar continues to serve as a director at Adani Energy Solutions Limited, where she holds multiple committee positions including:

• Chairman of Nomination and Remuneration Committee
• Chairman of Corporate Social Responsibility Committee
• Member of various committees including Audit Committee, Stakeholders Relationship Committee, Risk Management Committee, and others

Resignation Statement

In her resignation letter dated February 26, 2026, Mrs. Iyengar stated her decision to step down was driven by personal commitments and her desire to gradually reduce professional commitments. She expressed satisfaction in witnessing the company's progress and strengthening governance standards during her tenure.

Mrs. Iyengar confirmed that there are no material reasons for her resignation other than those mentioned in her resignation letter, as required under regulatory guidelines.

Company Response

The Board of Directors has expressed sincere appreciation for Mrs. Iyengar's valuable guidance and significant contributions during her tenure as Independent Director. The company has completed the necessary regulatory disclosures under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

GK Energy Limited, formerly known as GK Energy Private Limited and GK Energy Marketers Private Limited, is listed on both NSE (Symbol: GKENERGY) and BSE (Scrip Code: 544525). The company is headquartered in Pune, Maharashtra.