Vishal Mega Mart Limited has informed exchanges about a CGST order received by its subsidiary company, Airplaza Retail Holdings Private Limited, for alleged excess input tax credit claims for FY 2021-22. The disclosure was made in compliance with SEBI listing regulations.

CGST Order Details

Airplaza Retail Holdings Private Limited received an order from the Superintendent Range - 67, Vasant Kunj Division, CGST Delhi South Commissionerate. The order was passed under Section 73 of the CGST Act, 2017, alleging excess Input Tax Credit availed/utilized by the subsidiary company.

Financial Impact Assessment

The order carries a total financial implication of ₹17.94 lakh for the subsidiary company. This amount is broken down into two components:

Company Response and Next Steps

Vishal Mega Mart has stated that Airplaza Retail Holdings Private Limited is currently reviewing the CGST order. The subsidiary company is evaluating its next steps in response to the order. The company has clarified that there is no material impact on its operations or other activities due to this order.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Sub-para 20 of Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Vishal Mega Mart has requested exchanges to take the information on record as part of standard regulatory procedures.

Vishal Mega Mart Limited has successfully concluded its postal ballot voting process on December 18, with shareholders demonstrating overwhelming support for the appointment of two new directors to strengthen its board composition.

Official Voting Results Declaration

The company officially declared the postal ballot results under Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both resolutions were deemed passed on December 17, being the last date of e-voting, with requisite majority approval from shareholders.

Director Appointments Approved

Vageesh Gupta - Non-Executive Director

Shareholders approved the appointment of Mr. Vageesh Gupta (DIN: 07837351) as Non-Executive, Non-Independent Director through an ordinary resolution. The appointment received strong endorsement with 4,146,544,420 votes in favor against 35,148,697 votes opposing the resolution.

Mr. Gupta was initially appointed as Additional Director on November 13, and will be liable to retire by rotation as per company regulations.

Yogesh Yadav - Independent Director

The appointment of Mr. Yogesh Yadav (DIN: 06788269) as Independent Director was approved through a special resolution with even stronger support, receiving 4,175,096,999 votes in favor against only 6,600,373 opposing votes.

Voting Process and Regulatory Compliance

The postal ballot process was conducted in strict compliance with the Companies Act, 2013, and SEBI regulations under the supervision of Mr. Shashikant Tiwari from Chandrasekaran Associates as the independent scrutinizer.

The company dispatched postal ballot notices exclusively through electronic mode to members whose email addresses were registered with depositories or the registrar. Newspaper advertisements were published in Financial Express (English) and Jansatta (Hindi) on November 18, ensuring broad communication reach.

Board Strengthening Initiative

The strong shareholder support for both appointments reflects confidence in the company's governance structure and strategic direction. These appointments are expected to bring additional expertise and independent oversight to Vishal Mega Mart's board as the company continues its growth trajectory in the retail sector. The voting results were officially communicated to NSE and BSE on December 18, completing all regulatory requirements for the director appointments.