Trident Limited , a prominent Indian textile company, recently faced a significant corporate decision as shareholders voted on a material related party transaction with Trident Global Corp Limited. The outcome of this vote has important implications for the company's operations and governance.

Voting Results

The voting process, conducted through a postal ballot, yielded the following results:

Key Points of the Voting Process

• The remote e-voting period ran from September 30 to October 29.
• Bhupesh Gupta served as the scrutinizer for the postal ballot process.
• The voting was conducted in compliance with SEBI regulations and the Companies Act, 2013.

Outcome and Implications

The ordinary resolution regarding material related party transactions with Trident Global Corp Limited was not passed by shareholders. This decision reflects a significant majority of shareholders (82.13%) opposing the proposed transaction.

Additional Corporate Updates

In related news, Trident Limited has announced a board meeting scheduled for November 7. The meeting agenda includes:

• Consideration and approval of unaudited financial results (standalone and consolidated) for the quarter and half-year ended September 30.
• The trading window for the company will reopen at 9:00 AM IST on November 10, in accordance with SEBI regulations.

These developments underscore the importance of shareholder engagement and corporate governance in Trident Limited's operations. The rejection of the related party transaction and the upcoming board meeting to review financial results indicate active shareholder participation and the company's commitment to transparency in its financial dealings.

Trident Limited , a prominent Indian textile manufacturer, has received a significant reprieve from the Goods and Services Tax (GST) authorities. The company announced that tax demand proceedings worth ₹518.66 crore, related to the financial years 2018-19 and 2020-21, have been dropped by the GST authorities.

GST Relief Details

According to a regulatory filing by Trident, the Office of the Principal Commissioner, Central Goods and Services Tax, Commissionerate, Ludhiana, has issued an order dropping the proceedings initiated under a Show Cause Notice. The order effectively nullifies the alleged demand of tax dues amounting to ₹518.66 crore along with associated interest and penalties.

Reasons for Relief

The GST authorities cited two primary reasons for dropping the tax demand:

1. No suppression of outward tax liability was found on account of variance between E-way Bills and GST returns.
2. It was determined that Input Tax Credit (ITC) had been correctly availed by the company.

As a result of these findings, the order stated that "No further action is warranted in this matter."

Financial Implications

Trident has confirmed that the dropping of the tax demand has no financial impact on the company. This resolution eliminates a significant potential liability from the company's books, providing clarity and stability to its financial position.

Company's Response

In its disclosure, Trident expressed satisfaction with the order. The company views this development as a positive outcome, resolving a substantial tax dispute that had been hanging over its operations.

Regulatory Compliance

The company made this disclosure in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information was shared with both the National Stock Exchange of India Limited and BSE Limited, where Trident's shares are listed.

This resolution of the GST dispute marks a significant milestone for Trident, removing a major regulatory uncertainty and potentially boosting investor confidence in the company's compliance and financial management practices.