VIP Industries Limited has disclosed the conclusion of GST Department inspection proceedings conducted by Maharashtra authorities. The company made this announcement on March 6, 2026, in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Inspection Details and Timeline

The GST inspection was conducted by the Assistant Commissioner of State Tax, Maharashtra, under Section 67 of the Maharashtra Goods & Service Tax Act, 2017. The inspection proceedings concluded on March 2, 2026, at 11:45 P.M., with the company receiving the certified true copy of the deposition on March 6, 2026.

Key Findings and Financial Impact

The inspection revealed no material adverse findings against VIP Industries. The company reported that there were no defaults or suppression of information attributable to the company during the proceedings.

Regulatory Compliance

This disclosure follows VIP Industries' earlier intimation dated February 24, 2026, regarding the ongoing inspection proceedings. The announcement was made pursuant to Regulation 30 of the SEBI Listing Regulations and SEBI Master circular dated January 30, 2026.

Company's Position

VIP Industries emphasized that despite the GST liability payment of Rs. 5.48 crores including interest, there is no material impact on the company's financials, operations, or other activities. The successful conclusion of the inspection proceedings without any material adverse findings reflects the company's compliance with regulatory requirements.

The disclosure was signed by Ashitosh Sheth, Company Secretary & Head – Legal, ensuring proper corporate governance and transparency in regulatory matters.

VIP Industries has issued a comprehensive clarification regarding the ongoing Carlton trademark litigation and recent market developments that could potentially impact stakeholder perception. The luggage manufacturer addressed concerns following competitor Safari Industries' announcement of acquiring licensing rights for the Carlton trademark.

Current Litigation Status

The trademark dispute remains under judicial consideration with two cases pending before the Delhi High Court. The litigation involves VIP Industries' right to use the Carlton trademark for travel luggage in India, with proceedings in CS (COMM) No. 730 of 2019 and CS (COMM) No. 52 of 2020 still awaiting resolution.

Notably, Carlton Shoes Limited has not yet filed their affidavits of evidence for any witness despite the Supreme Court's direction for expeditious disposal of the suits in its order dated August 01, 2025.

Supreme Court Interim Relief

The Supreme Court of India has granted VIP Industries specific interim relief regarding its existing Carlton branded inventory. Through orders dated August 01, 2025, and January 23, 2026, the company has been granted liberty to dispose of its existing Carlton branded inventory before June 01, 2026, pending the outcome of the litigation.

Competitor Licensing Development

The clarification was prompted by Safari Industries' announcement on February 18, 2026, regarding its acquisition of a long-term license to use the Carlton trademark in India from Carlton Shoes Limited. VIP Industries expressed concern that this development could create confusion among customers, distributors, and stakeholders, particularly given the ongoing litigation.

Company's Response and Commitments

VIP Industries outlined several key positions in response to the current situation:

• Legal Pursuit: The company will continue pursuing the litigation until final determination and assert its right to use the Carlton trademark for luggage in India
• Inventory Management: Following Supreme Court directions, the company will continue selling existing Carlton branded inventory within the specified timeframe
• Market Clarity: The company is issuing appropriate instructions to distributors to prevent confusion with competitor products

Global Business Operations

The company emphasized that the Indian litigation has no implications on its global Carlton brand business. VIP Industries has registered the Carlton brand in several key overseas jurisdictions, and its right to use the Carlton brand internationally remains unaffected. The company noted that Carlton branded luggage is sold globally, with overseas sales contributing a meaningful proportion to total brand revenue.

The clarification was issued under SEBI Listing Regulations to prevent confusion regarding the company's previous disclosures related to the trademark matters and to ensure stakeholders have accurate information about the ongoing legal proceedings.