Sula Vineyards Ltd

Upon expiry of the term of Mr. Rajeev Samant as Managing Director and CEO of the Company, he was re-appointed for an another term of three years i.e. from 1st April, 2026 upto 31st March, 2029, as approved by Board on 10th November, 2025 and thereafter approved by shareholders through Postal ballot on 11th December, 2025.

Not Applicable as Mr. Abhishek Kapoor vide PAN number AIWPK7327E is the Chief Financial Officer and Member of the Risk Management Committee of the Company.

Pursuant to proceedings initiated under Section 74 of the applicable statute, the Company received a show cause notice in Form DRC-01, subsequent to which an adjudication order was passed confirming the demand proposed therein. The matter pertains to multiple issues including taxability of corporate guarantees extended to group entities, classification and applicable rate of tax on certain restaurant services, and levy of penalty on additional income disclosed in income tax returns. The Company has filed an appeal before the jurisdictional appellate authority within the prescribed timelines and is contesting the matter on merits. The appeal is currently pending adjudication, and the Company is taking appropriate steps to pursue the matter.

During the quarter, the case came up for hearing and was examined in detail by the officer. However, no further communication or update has been received post the hearing.

The Company has deposited the differential tax amount under protest and has filed an appeal before the appropriate appellate authority within the prescribed timelines. The matter is currently pending for hearing and adjudication. The status of the case remains unchanged from the previous quarter

Artisan Spirits Private Limited (a wholly owned subsidiary of Sula Vineyards Limited, "ASPL") had received a Tax Assessment Order from the Assistant Commissioner of State Tax, Nashik, on 4th April 2025 raising a total demand of INR 21,45,88,450/- comprising tax of INR 9,75,32,816/-, interest of INR 9,26,72,430/- and penalty of INR 2,43,83,204 /- under the Central Sales Tax Act, 1956. A rectification application was subsequently filed against the said order. Pursuant to this, a rectification order has been passed by the assessing authority, received by ASPL on 17th November 2025. As per the said order, the demand of INR 21,33,54,743/- pertaining to the H Form comprising of INR 9,69,71,770/- interest of INR 9,19,99,769/- and penalty of INR 2,43,83,204/- has been dropped. Pursuant to the aforesaid rectification order, the demand was reduced to Rs.12.33 Lakhs. Further, the differential tax amount of Rs.5,61,047/- was deposited on 15/01/2026, and the appeal was filed on 19/01/2026. We are currently awaiting the hearing date from the Department.

Pursuant to the assessment order dated 25 September 2025 passed under the Central Sales Tax Act, 1956, a demand was raised primarily on account of non-submission of statutory ‘C’ and ‘F’ Forms. The Company subsequently furnished the requisite forms and filed a rectification application before the appropriate authority. The Deputy Commissioner of State Tax, Maharashtra, vide rectification order dated 30 March 2026 (received on 31 March 2026), has accepted the submissions of the Company and revised the tax liability to Nil. Consequently, the excess amount deposited during the course of proceedings has been refunded along with applicable interest, aggregating to ₹62,70,000/-. In view of the above, the matter stands fully resolved and no further liability subsists in this regard.

The Company filed a rectification application on 21/11/2025 against the demand order issued by the Department, along with submission of all pending F-Forms and the maximum number of C-Forms collected by the team. The rectification order is currently pending issuance by the Department.