Ultramarine & Pigments Limited has received a GST order imposing interest and penalty totaling ₹15.09 lakh from the tax authorities. The company disclosed this development on January 2, 2026, pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

GST Order Details

The order, numbered 20251259TK00001681AO and dated December 29, 2025, was issued by the Office of the Superintendent of CGST and Central Excise Range-III, Ambattur Chennai North Commissionerate. The company received this order on December 31, 2025.

Nature of Violations

The GST order addresses two primary violations spanning multiple financial years:

IGST Related Issues:

• Non-payment of tax on supplies declared as SEZ supplies due to non-furnishing of endorsement for FY 2022-23
• Tax amount: ₹10,223 with penalty of ₹10,223

ITC Related Violations:

• Wrong availment of Input Tax Credit on invoices reflecting in Form GSTR 2A where tax was not paid by the supplier
• Period covered: FY 2018-19 to FY 2022-23
• Tax amount: ₹9,31,649 with interest of ₹4,20,522 and penalty of ₹9,31,649
• Net adjustment shows ₹7,95,182 in parentheses indicating potential credit

Company Response and Financial Impact

Ultramarine & Pigments Limited is currently evaluating the order in terms of pursuing an appeal against the GST authorities' decision. The company has indicated that it has already paid certain components of the demand.

Regarding financial implications, the company has stated that if the matter is finally decided against them, it will lead to an outflow of ₹15.09 lakh. However, management believes this amount is insignificant and will not have any material impact on the company's financial position.

Regulatory Compliance

The disclosure was made in compliance with SEBI regulations, with Company Secretary Kishore Kumar Sahoo signing the communication to BSE Limited. The company has provided detailed information as required under Para A of Part A of Schedule III under Regulation 30 of SEBI Listing Regulations.

This GST order represents ongoing tax compliance challenges faced by the company, with violations spanning a five-year period from FY 2018-19 to FY 2022-23, primarily related to SEZ supply documentation and Input Tax Credit claims.

Thirumalai Chemicals Limited has confirmed the allotment of 18.97 lakh equity shares on preferential basis at ₹296 each, completing another significant milestone in the company's capital structure expansion. This follows the recent completion of a preferential allotment to Ultramarine & Pigments Limited, which invested ₹45 crores in the chemical manufacturer.

Confirmed Equity Share Allotment

The company has officially completed the allotment of equity shares on preferential basis as part of its ongoing capital raising initiatives. The confirmed allotment demonstrates successful execution of the company's fundraising strategy in the chemical manufacturing sector.

Recent Preferential Allotment Transaction

Prior to this allotment, Ultramarine & Pigments completed a substantial investment through preferential allotment. The company subscribed to 15.20 lakh equity shares, strengthening its position as a promoter group entity.

Shareholding Changes

The preferential allotment resulted in changes to Ultramarine & Pigments' ownership stake in Thirumalai Chemicals Limited, increasing its influence within the company's promoter group structure.

Strategic Developments

These capital raising activities reflect Thirumalai Chemicals' focus on strengthening its financial position within the chemicals sector. The consistent pricing at ₹296 per share across both transactions indicates stable valuation expectations. The completion of the preferential allotment demonstrates the company's ability to execute its fundraising plans successfully, providing additional capital for business operations and growth initiatives.