TRF Limited has disclosed receiving a demand order from tax authorities in Odisha, imposing financial penalties totaling ₹283.35 lakh for alleged tax violations during the 2021-22 period. The company made this disclosure under regulatory requirements on December 31, 2025.

Tax Demand Details

The State Tax Officer, Jajpur Circle, Jajpur Odisha issued the demand order dated December 30, 2025, which TRF Limited received on the same day. The order imposes tax, interest and penalty on the company for alleged suppression of taxable turnover leading to short payment of taxes for the period 2021-22.

Alleged Violations and Financial Impact

The demand order specifically addresses alleged suppression of taxable turnover that resulted in short payment of taxes during the financial period 2021-22. The total financial impact quantified in the order amounts to ₹283.35 lakh, which includes tax, interest and penalty components.

Company's Response and Next Steps

TRF Limited has indicated that it is taking necessary steps to appeal against the demand order before the appropriate authority. The company disclosed this information in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Regulatory Compliance

The disclosure was made through official communication to both BSE Limited and National Stock Exchange of India Limited on December 31, 2025. The company provided detailed information as required under Schedule III of the SEBI Listing Regulations, ensuring transparency regarding the regulatory action and its potential financial implications.

TRF Limited has announced a significant leadership transition in its finance department, with the Board of Directors approving changes to the Chief Financial Officer position during a meeting held on December 11, 2025.

Leadership Transition Details

The company's Board unanimously approved two key decisions based on recommendations from the Nomination and Remuneration Committee:

Outgoing CFO Anand Chand

Anand Chand, who served as Chief Financial Officer and Key Managerial Personnel since November 16, 2021, submitted his resignation to pursue other opportunities within the Tata Steel Group. In his resignation letter, Chand expressed sincere gratitude to the Board members for their support during his tenure as CFO. His resignation becomes effective from the close of business hours on December 11, 2025.

New CFO Animesh Upadhyay Profile

Animesh Upadhyay has been appointed as the new Chief Financial Officer and Key Managerial Personnel, effective December 12, 2025. His professional credentials and experience include:

Professional Experience and Expertise

Upadhyay brings extensive experience from working in various capacities within the Finance and Accounts function. His career spans multiple verticals within the organization, including handling roles in Payroll Accounts, Finance Excellence Projects, and Global Mineral Company Accounts. The company highlighted his rich experience and depth of expertise gained through exposure to varied verticals and deputation opportunities.

According to the company's disclosure, Upadhyay possesses a deep understanding of handling various verticals in the Finance and Accounts function, positioning him well for his new role as CFO.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 4:15 p.m. (IST) and concluded at 4:30 p.m. (IST) on December 11, 2025. The disclosure has been made available on the company's website at www.trf.co.in and communicated to both BSE Limited and National Stock Exchange of India Limited.