Visaka Industries Ltd

The disclosure requirement related to the acquisition of shares or voting rights in unlisted companies is not applicable to the company for the quarter ended March 31, 2026, as the company has not made any investments in unlisted companies during this period.

Order received for the year 2022-23 under Section 74 of TNGST/CGST Act, 2017 with the demand of Tax Rs. 1.63 Lacs, Interest Rs. 0.44 Lacs and Penalty Rs. 2.48 Lacs due to disallowance of input tax credit availed. There is no material impact on financials. The company has filed an appeal and pending before the Appellate Authority, Salem, Tamil Nadu as the input tax credit is properly availed as per the ITC provisions under GST Act, 2017.

The Company has received the Order for the period Nov'10, Dec'10 & Nov'14 to Jan'17 pertains to demand of refunds already sanctioned towards Excise duty on provisional assessment amounting to Rs.86.54 Lacs by invoking Section 11A of Central Excise Act, 1944. There is no material impact on financials. due to the issue pertains to demand of refunds already sanctioned contrary to statutory provisions and settled judicial decisions. The company has filed appeal and pending before the CESTAT, Hyderbad.

The Company has received the Demand Order for the period Jul'05 to Oct'06 imposing Service Tax Rs. 2.21 Lacs under Section 75 of Finance Act, 1994 & Penalty Rs. 2.20 Lacs on disallowance of ITC under rule 15 of CENVAT Credit Rules 2004 read with Section 11AC of the Central Excise Act, 1944. There is no material impact on the financials as the principal tax amount was already paid and hence the invoking Penalty and Interest is contrary to statutory provisions and judicial decisions. The company has filed an appeal and pending before the CESTAT, Mumbai.

The Company has received the Demand Order for the period Nov'06 to Jan'07 imposing Penalty Rs. 41.69 Lacs on disallowance of ITC under rule 15 of CENVAT Credit Rules 2004 read with Section 11AC of the Central Excise Act, 1944. There is no material impact on the financials as the principal tax amount was paid and hence the invoking Penalty is contrary to statutory provisions and judicial decisions. The company has filed an appeal and pending before the CESTAT, Mumbai

The Company has received the Demand Order for the period Apr'06 to Feb'07 that pertains to Service Tax Rs.5.83 Lacs under section 73(2) of the Finance Act, 1994 read with the Section 11(A) & Section 11(AB) of Central Excise Act, 1944 in respect of payment of service tax under reverse charge mechanism & imposed Interest in Rs.3.73 Lacs under Section 75 of Finance Act, 1994 & Penalty in Rs. 3.73 Lacs under Section 76 of the Finance Act, 1994. There is no material impact on the financials due to the same issue already decided in favor of the Company by various appellate Authorities / Tribunal. The company has filed an appeal and pending before the CESTAT, Mumbai.

Order received for the period Apr to Jun'17 from Appellate authority with the demand of VAT Rs. 71.31 Lacs due to dispute in turnover. There is no material impact on financials. Appeal filed before Tribunal and order passed on 07.08.25 confirming the orders of 1st appellate authority, The company has filed an appeal on 27.09.2025 and pending before Lucknow bench of High Court of Judicature at Allahabad, as we have discharged VAT properly as per VAT Act, 2008.

Order received for the period Apr to Jun'17 from Appellate authority with the demand of CST Rs. 1.02 Lacs due to dispute in turnover. There is no material impact on financials.Appeal filed before Tribunal and order passed on 07.08.25 confirming the orders of 1st appellate authority, The company has filed an appeal on 27.09.2025 and pending before Lucknow bench of High Court of Judicature at Allahabad, as we have discharged CST properly as per CST Act, 1956.

Order received for the period Oct'09 to Mar'11 from Appellate authority with the demand of VAT Rs. 10.32 Lacs and Penalty Rs. 20.65 Lacs due to disallowance of net depot breakages. The company made provision against demanded amount by filing appeal. There is no material impact on financial. Appeal is pending before theTribunal, Cuttack as the VAT discharged properly as per VAT Act, 2004.

Order received for the period Oct'09 to Mar'11 from Appellate authority with the demand of Entry Tax Rs. 7.13 Lacs and Penalty Rs. 14.25 Lacs due to variance in taxable value. The company made provision against demanded amount by filing appeal. Appeal is pending before theTribunal, Cuttack as the Entry Tax dischared properly as per Orissa Entry Tax Act, 1999.

Order received under u/s 73 of the GST Act, 2017 for the period 2023-24 from Assistant Commissioner of Revenue, Commercial taxes with the demand of IGST Tax Rs. 10.58 Lacs with Intrest Rs.2.52 Lacks and Penalty Rs. 1.06 Lacs due to Excess Availemnet of Import -IGST-ITC. There is no material impact on financials and pending before the Appellate Authority, Commercial taxes, Midnapore/Kolkatta as we have availed the ITC properly as per GST Act, 2017.

The Company submitted a detailed reply substantiating that the RCM liability was duly discharged and the corresponding ITC was correctly availed. However, the adjudicating authority, without proper consideration of the facts, has confirmed the demand and issued Form DRC-07 Order on 26.03.2026. The Company is in the process of filing an appeal before the Appellate Authority, Salem, Tamilnadu and is confident of a favorable outcome. Accordingly, there is no material impact on the financial statements at this stage.

Showcause notice received for the year 2024-25 under Section 73 of the GST Act, 2017 from Assistant Commissioner (SGST), Namakkal with the demand of Tax Rs.12.84 Lacs, Interest Rs.0.49 Lacs and Penalty Rs.1.28 Lacs due to difference in Reverse charge liability decalred and ITC calimed. There is no material impact on financials. The company has filed an Reply and pending before the Assistant Commissioner, Namakkal as the input tax credit inrespect to RCM is properly availed as per the ITC provisions under GST Act, 2017.

Order received for the year 2021-22 under Section 74 of TNGST/CGST Act, 2017 with the demand of Tax Rs. 0.56 Lacs, Interest Rs. 0.25 Lacs and Penalty Rs. 0.95 Lacs due to disallowance of input tax credit availed. There is no material impact on financials. The company has filed an appeal and pending before the Appellate Authority, Salem, Tamil Nadu as the input tax credit is properly availed as per the ITC provisions under GST Act, 2017.

Order received for the year 2021-22 under Section 73 of the GST Act, 2017 from Assistant Commissioner (SGST), Namakkal with the demand of Tax Rs.57.76 Lacs, Interest Rs.45.43 Lacs and Penalty Rs. 5.77 Lacs due to excess claimed of ITC on Credit notes reflected in GSTR-2A. There is no material impact on financials. The company has filed an appeal which is presently pending before the Appellate Authority, Salem, Tamil Nadu. The appellant submits that the ITC has been correctly availed in accordance with the provisions of the GST Act, 2017. It is further submitted that the values adopted by the department in respect of ITC on credit notes, as reflected in GSTR-2A, are incorrect and do not pertain to the appellant’s actual data.

Order received for the year 2019-20 under Section 74 of TNGST/CGST Act, 2017 with the demand of Tax Rs. 16.79 Lacs, Interest Rs. 13.57 Lacs and Penalty Rs. 17.19 Lacs due to disallowance of input tax credit availed. There is no material impact on financials. The company has filed an appeal and pending before the Appellate Authority, Salem, Tamil Nadu as the input tax credit is properly availed as per the ITC provisions under GST Act, 2017.

Order received for the year 2018-19 under Section 74 of TNGST/CGST Act, 2017 with the demand of Tax Rs. 32.57 Lacs, Interest Rs. 32.18 Lacs and Penalty Rs. 32.97 Lacs due to disallowance of input tax credit availed. There is no material impact on financials. The company has filed an appeal and pending before the Appellate Authority, Salem, Tamil Nadu as the input tax credit is properly availed as per the ITC provisions under GST Act, 2017.

Order received for the year 2020-21 under Section 74 of TNGST/CGST Act, 2017 with the demand of Tax Rs. 14.09 Lacs, Interest Rs. 8.79 Lacs and Penalty Rs. 14.50 Lacs due to disallowance of input tax credit availed. There is no material impact on financials. The company has filed an appeal and pending before the Appellate Authority, Salem, Tamil Nadu as the input tax credit is properly availed as per the ITC provisions under GST Act, 2017.

Order received for the year 2019-20 under Section 73 of TNGST/CGST Act, 2017 with the demand of Tax Rs.28.68 Lacs, Interest Rs.28.50 Lacs and Penalty Rs. 2.87 Lacs due to disallowance of ITC. There is no material impact on financials. The company has filed an appeal and pending before the Appellate Authority, Salem, Tamil Nadu as the input tax credit is properly availed as per the ITC provisions under GST Act, 2017.

Order received for the year 2017-18 under Section 74 of TNGST/CGST Act, 2017 with the demand of Tax Rs.18.03 Lacs, Interest Rs.10.67 Lacs and Penalty Rs. 17.23 Lacs due to disallowance of ITC.There is no material impact on financials. The company has filed an appeal and pending before the Appellate Authority, Salem, Tamil Nadu as the input tax credit is properly availed as per the ITC provisions under GST Act, 2017.

Order received for the year 2017-18 under Section 74 of TNGST/CGST Act, 2017 with the demand of Tax Rs.7.86 Lacs, Interest Rs.8.11 Lacs and Penalty Rs. 7.86 Lacs due to liability under reverse charge mechanism. There is no material impact on financials. as the liability under reverse charge mechanism discharged properly as per the RCM provisions under CGST Act, 2017.

Order received for the year 2018-19 under Section 73 of CGST/BGST Act, 2017 with the demand of Tax Rs.5.70 Lacs, Interest Rs.4.23 Lacs and Penalty Rs. 0.66 Lacs due to disallowance of Input Tax Credit availed. The company made provision partially amounting to Rs.5.12 Lacs out of total demand of Rs. 10.59 Lacs as there is no financial impact for the balance demand amount of Rs.5.47 Lacs and no contravention as per CGST/BGST Act, 2017 involved. The Company preferred to file appeal before Tribunal (in abeyance, waiting for constitutinalisation of Tribunal).

The disclosure requirement related to the disclosure of imposition of Fine or Penalty is not applicable to the company for the quarter ended March 31, 2026.