Vardhman Special Steels Limited has disclosed receiving a Goods and Services Tax (GST) penalty of ₹11.56 lakh from tax authorities in Pune. The company made this disclosure under Regulation 30 of the SEBI Listing Regulations.

Penalty Details and Background

The penalty was imposed by the Superintendent, Central Tax, Range-V, Division-IV (Chakan), Pune-I Commissionerate through an order. The company received this order on December 15.

Reason for Penalty

The GST penalty stems from an issue related to e-way bill generation. According to the company's disclosure, the penalty was imposed due to a second e-way bill generated by a customer that mentioned an invoice number raised by Vardhman Special Steels on that particular customer. This appears to be a procedural compliance matter under GST regulations.

Company's Response and Next Steps

Vardhman Special Steels has indicated that it plans to file an appeal against the said order. The appeal will be submitted before the Additional Commissioner (Appeals), Central Excise GST, Pune. This represents the company's formal challenge to the penalty imposed by the tax authorities.

Impact Assessment

The company has specifically stated that this order is not expected to have any material impact on its financial, operational, or other activities. This assessment suggests that while the penalty represents a regulatory compliance matter, it is not anticipated to significantly affect the company's business operations or financial performance.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Para A (sub-para 20) of Part A of Schedule III of the SEBI Listing Regulations. This regulatory framework requires listed companies to promptly inform stock exchanges about material events and developments that could impact investor decisions.

Vardhman Special Steels Limited has successfully concluded its postal ballot process on December 10, 2025, with shareholders approving all three special resolutions with overwhelming support. The company submitted the official results to BSE and NSE on December 11, 2025, following the scrutinizer's report by M/s Khanna Ashwani Associates.

Official Postal Ballot Results

The postal ballot process was conducted entirely through remote e-voting facilitated by Central Depository Services (India) Limited (CDSL). All three special resolutions received strong shareholder support, demonstrating confidence in the company's strategic decisions.

Independent Director Appointments Confirmed

Shareholders unanimously approved the appointment of two Independent Directors for five-year terms commencing September 25, 2025. Both appointments received 100% approval from voting shareholders.

Mr. Dinkar Gupta (DIN: 07674724), aged 61, brings extensive experience in the security domain. He previously served as Director General of the National Investigation Agency from June 2022 to March 2024 and as Director-General of Police for Punjab from 2019 to 2021.

Mr. Nishant Arya (DIN: 00004954), aged 39, serves as Vice Chairman & MD of the JBM Group, a global conglomerate with interests in electric vehicles, renewable energy, and auto systems. He has been recognized in Fortune India's Best CEOs 2024 list and the Economic Times 40 Under 40.

Employee Stock Option Plan 2025 Details

The Vardhman Special Steels Limited Employee Stock Option Plan 2025 received strong approval with 99.69% support from shareholders. The plan was approved under SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Scrutinizer Report and Process Timeline

Ashwani Kumar Khanna (FCS-3254) of M/s Khanna Ashwani Associates, appointed as scrutinizer by the Board on October 28, 2025, submitted the consolidated report on December 10, 2025. The scrutinizer confirmed all resolutions were passed with requisite majority.

The successful completion of the postal ballot process strengthens Vardhman Special Steels' board composition with diverse expertise and aligns employee interests with company growth through the approved ESOP framework.