V-Mart Retail Receives GST Demand Order for FY22, Plans to Appeal

V-Mart Retail Limited has disclosed receiving a GST demand order for the Financial Year 2021-22 under regulatory compliance requirements. The company has stated its intention to appeal the assessment.

Regulatory Compliance Details

The disclosure was made pursuant to Regulation 30 read with Clause 20 of Para A of Part A of Schedule III of SEBI Listing Regulations, 2015. The company followed the prescribed format as outlined in SEBI Circular no. SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023, and SEBI Circular no. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated February 25, 2025.

GST Order Information

The filing provides details about the GST demand order through Annexure-A, which contains the material contents of the communication received by the company. The order pertains to the Financial Year 2021-22 and has been assessed by the relevant assessing officer under the GST Act, 2017.

Parameter	Details
Order Type	GST Demand Order
Financial Year	2021-22
Filing Date	December 20, 2025
Regulatory Framework	SEBI Listing Regulations

Company Response

V-Mart Retail Limited has indicated that it plans to appeal the demand order through the appropriate appellate authority. This represents the company's approach to addressing such regulatory communications through the prescribed legal channels.

Filing Authority

The disclosure was signed by Megha Tandon, Company Secretary and Compliance Officer of V-Mart Retail Limited, ensuring proper authorization and compliance with corporate governance requirements. The filing was submitted to both the National Stock Exchange of India Limited and BSE Limited, where the company's shares are listed, maintaining transparency with all stakeholders.

This regulatory filing demonstrates the company's commitment to maintaining proper disclosure standards and keeping investors informed about material developments as required under securities regulations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.19%	-3.02%	-10.32%	-16.99%	-23.22%	+22.42%

V Mart Retail has disclosed the completion of significant transactions within its promoter group structure. Following the earlier completion of Madan Gopal Agarwal's CCD acquisition, Lalit Agarwal has now acquired an additional 1,97,33,161 Compulsory Convertible Debentures (CCDs) in Conquest Business Service Pvt. Ltd., the promoter company of V-Mart, as per the regulatory filing dated December 11, 2025.

Latest CCD Acquisition by Lalit Agarwal

The recent transfer was completed on December 10, 2025, through a gift transaction without consideration via off-market transfer. This acquisition represents the same CCDs that were previously transferred from Madan Gopal Agarwal HUF to Madan Gopal Agarwal individually, now being transferred to Lalit Agarwal to consolidate the promoter group holdings.

Transaction Parameter:	Details
Transferor:	Madan Gopal Agarwal
Transferee:	Lalit Agarwal
Target Company:	Conquest Business Service Pvt. Ltd.
Securities Transferred:	1,97,33,161 CCDs
Percentage:	13.91%
Mode:	Gift without consideration
Completion Date:	December 10, 2025

Regulatory Compliance and Filing Details

Both acquisitions have been disclosed under appropriate SEBI regulations. The latest transaction by Lalit Agarwal has been filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction qualifies as an inter-se transfer among qualifying persons as specified in Regulation 10(1)(a)(i) of Takeover Regulations, exempting it from open offer requirements.

Regulatory Details:	Information
Filing Regulation:	SEBI SAST Regulation 29(2)
Exemption Basis:	Inter-se transfer among immediate relatives
Final Filing Date:	December 11, 2025
NSE Scrip Code:	VMART
BSE Scrip Code:	534976

Consolidated CCD Shareholding Structure

Following the completion of both transactions, the CCD holdings in Conquest Business Service Pvt. Ltd. have been significantly restructured. The updated shareholding pattern shows Lalit Agarwal's substantial increase in holding to 71.00% from the previous 57.09%, while Madan Gopal Agarwal no longer holds any CCDs after transferring his stake to Lalit Agarwal.

CCD Holder:	Pre-Transfer Holdings	Post-Transfer Holdings	Final Percentage
Lalit Agarwal:	8,10,02,204 (57.09%)	10,07,35,365	71.00%
Sangeeta Lalit Agarwal:	4,11,48,995 (29.00%)	4,11,48,995	29.00%
Madan Gopal Agarwal:	1,97,33,161 (13.91%)	-	-
Total CCDs:	14,18,84,360	14,18,84,360	100.00%

Impact on V-Mart Retail Structure

The CCD transfers represent a consolidation within the promoter group of Conquest Business Service Pvt. Ltd., which holds a substantial 37.74% equity stake (2,99,62,692 shares) in V-Mart Retail. The equity shareholding structure of Conquest Business Service remains unchanged, with Lalit Agarwal maintaining 71.00% (70,998 shares) and Sangeeta Lalit Agarwal holding 29.00% (29,002 shares) of the total 1,00,000 equity shares.

The completion of this comprehensive promoter group restructuring represents an important milestone in consolidating control within the Agarwal family, providing enhanced clarity on the indirect shareholding structure of V-Mart Retail through its promoter company. V-Mart's total equity share capital remains unchanged at 7,94,39,025 shares post-transaction.