Antony Waste Handling Cell Ltd

Since there were no transactions of Acquisition of Shares of Voting Rights in Unlisted Companies during the reporting report, the said disclosures in not applicable.

The matter was not heard on February 03, 2026, and has been adjourned multiple times since. It is next listed for hearing on April 28, 2026.

Bhiwandi Nizampur City Municipal Corporation (BNCMC) had illegally terminated the contract, which was challenged by the client in court. Due to the repeated breaches and noncompliance of the terms of the Agreement, our Company, on March 21, 2013, invoked arbitration between the parties and claimed loss of profit for illegal termination and violation of contract agreement. The arbitrator has accepted the claims of ₹ 15 crore with interest and rejected balance 4 claims. Hence, petition was filed in Hon’ble High Court to reconsider the pending 4 claims. In the meantime, BNCMC has agreed to pay ₹ 15 Crore and settle the issue. The said settlement proposal put up by the municipal commissioner was approved and consent terms were executed and thereafter an interim application was filed in the Bombay High Court for recording the compromise. By an order dated July 3, 2020, the Bombay High Court recorded the compromise and the accordingly arbitration petitions were disposed off. While disposing off the petitions, the Bombay High Court observed that none of the observations of the arbitrator concerning either parties survived any longer. Hon’ble High Court on 05.03.2021 passed final order rejected the submission of the Corporation that the compromise was not interest of the Corporation and gave order that compromise approved by the Standing Committee was valid. Therefore, BNCMC filed a case on 24.08.2021 in Hon’ble Supreme Court of India against the Hon’ble High Court Order.

The Company received demand order of Rs. 51 lakh u/s 154 r.w.s. 147 against rectification order for AY 2020-21. The Company has responded on the erroneous calculation of demand. Hearings and submissions are in process for other assessment years.

The Income Tax Department conducted searches at two of the Company’s business premises and certain Directors’ residences in October 2021 under the Income-tax Act, 1961 (‘IT Act’). The Company fully cooperated during and after the proceedings. Until 31 March 2024, the Holding Company and its two subsidiary companies received demand orders u/s 143(3) and 147 of the IT Act, in respect of six different assessment years ('AY') ranging between AY 2015-16 and AY 2022-23 primarily related to expense disallowances. After considering all the available records and information, appeals against these demand orders were filed with the Commissioner of Income Tax (Appeals). The respective companies also filed rectification application with the Assessing Officer in respect of certain adjustments made by them for four different assessment years. During the year ended 31 March 2025, Holding Company and its subsidiary received demand orders u/s 147 for AY 2019-20 and AY 2020-21 relating to similar expense disallowances. Management have filed appeals and rectification applications, as applicable, with CIT(A) and AO, respectively, against these demand orders. Further, favorable rectification orders are received for AY 2017-18 (one subsidiary) and AY 2021-22 (Holding Company and its two subsidiaries). While the outcome of these proceedings remains uncertain, respective management, after consulting external experts on its tax position and reviewing all available relevant documentation, believes their position is well-supported. Accordingly, no material adjustments have been made in these financial results.

The matter was not taken up on February 25, 2026, and has accordingly been scheduled for the next hearing on May 04, 2026.

The Bombay High Court vide its judgement dated May 2, 2025, in PIL No. 20 of 2013, set aside the 2009 de-notification of approximately 120 hectares at the Kanjurmarg landfill, thereby restoring its status as a 'protected forest' under the Forest Conservation Act, 1980 and the Indian Forest Act, 1927. The Court found the de-notification ultra vires for non-compliance with statutory procedure, holding that the 2008 notification conferring protected mangrove forest status was based on due process and factual assessment, not clerical error as suggested by the State of Maharashtra and Brihanmumbai Municipal Corporation (‘BMC’). The BMC is directed to effectuate restoration of forest status within three months, during which waste disposal may continue. Municipal solid waste (MSW) management, including collection, transportation, treatment, and disposal, is considered an essential service under the Essential Services Maintenance Act, 1981. This order significantly impairs Mumbai’s waste management regime, as the Kanjurmarg site processes approximately 90% of the city’s solid waste and no immediate alternative exists. The State of Maharashtra and BMC intend to challenge the order before the Supreme Court, while landfill operations and Concessionaire i.e. Antony Lara Enviro Solutions Private Limited, a material subsidiary company’s rights and protections under the Concession Agreement remain intact, which includes seeking compensation for losses from premature cessation, decommissioning costs, third-party claims, invested capital, and foregone revenue for the remaining concession period. The material subsidiary was not a party to the referenced judgment, and operations at the Kanjurmarg site remain unaffected, with the continuous and uninterrupted receipt of Municipal Solid Waste (MSW). Additionally, as of today, the material subsidiary has not received any notice or communication from BMC suggesting a potential halt in operations, a requirement to prepare for relocation, or any directive that could lead to adverse financial implications due to such relocation. The Hon’ble Supreme Court of India has stayed the Bombay High Court’s order dated May 2, 2025 (PIL No. 20/2013), following a Special Leave Petition by Antony Lara Enviro Solutions Private Limited, our material subsidiary along with Government of Maharashtra and Brihanmumbai Municipal Corporation. The High Court’s order had revoked the 2009 de-notification of 120 hectares at the Kanjurmarg landfill, restoring its status as ‘protected forest’ and directing the BMC to implement this within three months, while permitting ongoing waste disposal during this period. As this site handles nearly 90% of Mumbai’s solid waste, the order presented significant operational challenges.