Goa Carbon Ltd

Integrated Filing — Corporate Governance (NSE XBRL)

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Filing Summary

Company
Goa Carbon Limited
Symbol
GOACARBON
Quarter Ended
31-Mar-2026
Submission
New

General Disclosures

Advertisements As Per Regulation471
Yes
Annual Return As Provided Under Section92Of The Companies Act2013
Yes
Approval For Material Related Party Transactions
Not Applicable
Approval Of The Board And Shareholders For Compensation Or Profit Sharing
Not Applicable
Audio Or Video Recordings And Transcripts Of Post Earinings Or Quarterly Calls
Not Applicable
Board Composition
Yes
Code Of Conduct
Yes
Compliance Certificate
Yes
Compliance With Sub Regulation3Of Regulation46With Respect To Accuracy Of Disclosures On The Website And Timely Updation
Yes
Confirmation That The Disclosures Are In A Separate Section As Specified In Sub Regulation2Of Regulation46
Yes
Credit Rating Or Revision In Credit Rating Obtained
Yes
Date Of End Of Financial Year
31-Mar-2026
Date Of End Of Reporting Period
31-Mar-2026
Date Of Signing
27-Apr-2026
Date Of Start Of Financial Year
01-Apr-2025
Designation Of Person
Company Secretary and Compliance Officer
Designation Of Person Affirmations
Company Secretary and Compliance Officer
Designation Of Person For Annual Affirmations
Company Secretary and Compliance Officer
Designation Of Person For Quartely Affirmations
Company Secretary and Compliance Officer
Details Of Agreements Entered Into With The Media Companies And Or Their Associates
Yes
Details Of Business
Yes
Details Of Establishment Of Vigil Mechanism Or Whistle Blower Policy
Yes
Disclosure Of Contact Details Of KMP Who Are Authorized For The Purpose Of Determining Materiality Under Sub Regulation5Of Regulation30
Yes
Disclosure Of Related Party Transactions On Consolidated Basis
Yes
Disclosure Web Link Of Annual Return As Provided Under Section92Of The Companies Act2013Is Placed
https://www.goacarbon.com/annual-reports.php
Disclosure Web Link Of Company At Advertisements As Per Regulation471Is Placed
https://www.goacarbon.com/extract-of-financial-results.php
Disclosure Web Link Of Company At Materiality Policy As Per Sub Regulation4Regulation30Is Placed
http://www.goacarbon.com/downloads/Policy%20for%20Determination%20of%20Material%20Events%20or%20Information.pdf
Disclosure Web Link Of Company At Separate Audited Financial Statements Of Each Subsidiary Of The Listed Entity Is Placed
https://www.goacarbon.com/annual-reports.php
Disclosure Web Link Of Company At Which Credit Rating Or Revision In Credit Rating Obtained Is Placed
https://www.goacarbon.com/disclosures-to-stock-exchange.php
Disclosure Web Link Of Company At Which Details Of Agreements Entered Into With The Media Companies And Or Their Associates Is Placed
https://goacarbon.com/downloads/Agreement_with_Media_Companies.pdf
Disclosure Web Link Of Company At Which Details Of Business Is Placed
https://www.goacarbon.com/index.php
Disclosure Web Link Of Company At Which Details Of Establishment Of Vigil Mechanism Or Whistle Blower Policy Is Placed
http://www.goacarbon.com/downloads/Vigil_Mechanism_Whistle_Blower_Policy.pdf
Disclosure Web Link Of Company At Which Financial Results Is Placed
https://www.goacarbon.com/financial-results.php
Disclosure Web Link Of Company At Which Policy For Determining Material Subsidiaries Is Placed
http://www.goacarbon.com/downloads/Policy%20for%20determining%20material%20subsidiaries_GOA%20CARBON%20LIMITED.pdf
Disclosure Web Link Of Company At Which Policy On Dealing With Related Party Transactions Is Placed
http://www.goacarbon.com/downloads/Related_Party_Transaction_Policy.pdf
Disclosure Web Link Of Company At Which Shareholding Pattern Is Placed
https://www.goacarbon.com/shareholding-pattern.php
Disclosure Web Link Of Compliance With Sub Regulation3Of Regulation46With Respect To Accuracy Of Disclosures On The Website And Timely Updation Is Placed
https://goacarbon.com/
Disclosure Web Link Of Confirmation That The Disclosures Are In A Separate Section As Specified In Sub Regulation2Of Regulation46Is Placed
https://goacarbon.com/
Disclosure Web Link Of Disclosure Of Contact Details Of KMP Who Are Authorized For The Purpose Of Determining Materiality Under Sub Regulation5Of Regulation30Is Placed
https://goacarbon.com/downloads/Policy%20for%20Determination%20of%20Material%20Events%20or%20Information.pdf
Disclosure Web Link Of Disclosures Under Sub Regulation8Of Regulation30Is Placed
https://www.goacarbon.com/disclosures-to-stock-exchange.php
Disclosure Web Link Of Memorandum Of Association And Articles Of Association Is Placed
https://goacarbon.com/downloads/NEW_Memorandum_Articles_of_Association_GCL.pdf
Disclosure Web Link Of Schedule Of Analyst Or Institutional Investor Meet And Presentation Prepared By Listed Entity For Analyst Or Institutional Investor Meet Is Placed
http://goacarbon.com/downloads/GCL_Presentation_-_Aug_2008.pps
Disclosure Web Link Of Secretarial Compliance Report Is Placed
https://www.goacarbon.com/secretarial-compliance-report.php
Disclosures Under Sub Regulation8Of Regulation30
Yes
Dividend Distribution Policy As Per Regulation43A1
Not Applicable
Employee Benefit Scheme Documents Framed In Terms Of SEBI Share Based Employee Benefits And Sweat Equity Regulations2021
Not Applicable
Fees Or Compensation
Yes
Financial Results
Yes
Is SCORESID Available
Yes
ISIN
INE426D01013
Market Capitalisation As Per Immediate Previous Financial Year
Top 2000 listed entities
Materiality Policy As Per Sub Regulation4Regulation30
Yes
Memorandum Of Association And Articles Of Association
Yes
Minimum Information
Yes
MSEI Symbol
NOTLISTED
Name Of Signatory
Pravin Satardekar
Name Of Signatory Affirmations
Pravin Satardekar
Name Of Signatory For Annual Affirmations
Pravin Satardekar
Name Of Signatory For Quartely Affirmations
Pravin Satardekar
Name Of The Company
GOA CARBON LIMITED
New Name And The Old Name Of The Listed Entity
Not Applicable
Other Corporate Governance Requirements With Respect To Subsidiary Of Listed Entity
Not Applicable
Place
Panaji
Plans For Orderly Succession For Appointments
Yes
Policy For Determining Material Subsidiaries
Yes
Policy For Related Party Transaction
Yes
Policy On Dealing With Related Party Transactions
Yes
Reason For Part F Of Annexure I Of The SEBI Circular Dated31December2024Related To Disclosure Of Loans Or Guarantees Or Comfort Letters Or Securities Etc Is Not Applicable To The Entity
Not Applicable
Recommendation Of Board
Yes
Reporting Quarter
Yearly
Review Of Compliance Reports
Yes
Risk Assessment And Management
Yes
Schedule Of Analyst Or Institutional Investor Meet And Presentation Prepared By Listed Entity For Analyst Or Institutional Investor Meet
Yes
SCORES Registration ID
g00121
Scrip Code
509567
Secretarial Compliance Report
Yes
Separate Audited Financial Statements Of Each Subsidiary Of The Listed Entity
Yes
Shareholding Pattern
Yes
Statements Of Deviations Or Variations As Specified In Regulation32
Not Applicable
Symbol
GOACARBON
The Listed Entity Has Approved Material Subsidiary Policy And The Corporate Governance Requirements With Respect To Subsidiary Of Listed Entity Have Been Complied
Not Applicable
Type Of Company
Equity
Type Of Submission
Original
Vacancies In Respect Key Managerial Personnel
Not Applicable
Vigil Mechanism
Yes
Whether As Per Sub Regulation2ba Of Regulation27Of SEBILODR There Has Been Cyber Security Incidents During The Quarter
No
Whether Part A Of Annexure I Of The SEBI Circular Dated31December2024Related To Compliance Report On Corporate Governance Is Applicable To The Entity
Yes
Whether Part F Of Annexure I Of The SEBI Circular Dated31December2024Related To Disclosure Of Loans Or Guarantees Or Comfort Letters Or Securities Etc Is Applicable To The Entity
No

Additional Disclosures

Entry D_MeetingBOD1
Whether Requirement Of Quorum Met
Yes
Entry D_MeetingBOD2
Whether Requirement Of Quorum Met
Yes
Entry D_MeetingComit1
Whether Requirement Of Quorum Met
Yes
Entry D_MeetingComit2
Whether Requirement Of Quorum Met
Yes
Entry D_MeetingComit3
Whether Requirement Of Quorum Met
Yes
Entry D_MeetingComit4
Whether Requirement Of Quorum Met
Yes
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Board Composition — Entity Disclosures

The Composition Of Board Of Directors Is In Terms Of Sebi Regulations2015
Yes
Chairperson Related to MD / CEO
No
Regular Chairperson
Yes

Composition of Board of Directors

SrTitleDirectorPANDINCategory 1Category 2Date of BirthDisqualifiedSpecial ResolutionInitial AppointmentRe-appointmentTenure (months)Listed DirectorshipsIndependent DirectorshipsAudit / Stakeholder MembershipsAudit / Stakeholder Chair Posts
1MrShrinivas Vasudeva Dempo******00043413Non-Executive - Non Independent DirectorChairperson related to Promoter02-Feb-1969NoNot Applicable30-Dec-200617-Aug-20233121
2MrNagesh Dinkar Pinge******00062900Non-Executive - Independent DirectorNot Applicable01-Oct-1958NoNot Applicable06-May-201906-May-202482.264474
3MrSubodh Satchitanand Nadkarni******00145999Non-Executive - Independent DirectorNot Applicable02-Apr-1956NoNot Applicable07-Jan-202107-Jan-202162.252220
4MrRajesh Soiru Dempo******05143106Non-Executive - Non Independent DirectorNot Applicable29-Nov-1975NoNot Applicable08-Jan-201609-Sep-20251011
5MrJagmohan Jagdishlal Chhabra******01007714Non-Executive - Non Independent DirectorNot Applicable17-Apr-1962NoNot Applicable01-Apr-202210-Sep-20241010
6MrSubhrakant Panda******00171845Non-Executive - Independent DirectorNot Applicable05-Jan-1971NoNot Applicable28-May-202228-May-202246.044310
7MsKshama Fernandes******02539429Non-Executive - Independent DirectorNot Applicable13-Nov-1968NoNot Applicable07-Jul-202507-Jul-202525-Aug-20263240
8MrAnupam Misra******09615362Executive DirectorNot Applicable24-Feb-1972NoNot Applicable28-May-202228-May-20251010

Committee Disclosures

Entry CompComit122
Date of Appointment
17-Oct-2014
Entry CompComit123
Date of Appointment
28-May-2022
Entry CompComit124
Date of Appointment
28-May-2022
Entry CompComit14
Date of Appointment
06-May-2019
Entry CompComit15
Date of Appointment
07-Jan-2021
Entry CompComit16
Date of Appointment
01-Apr-2024
Entry CompComit17
Date of Appointment
08-Jul-2025
Entry CompComit41
Date of Appointment
12-Apr-2018
Entry CompComit42
Date of Appointment
07-Jan-2021
Entry CompComit43
Date of Appointment
08-Jul-2025
Entry CompComit68
Date of Appointment
08-Jan-2016
Entry CompComit69
Date of Appointment
28-May-2022
Entry CompComit70
Date of Appointment
08-Jul-2025
Entry MainD
Composition And Role Of Risk Management Committee
Not Applicable
Composition Of Audit Committee
Yes
Composition Of Nomination And Remuneration Committee
Yes
Composition Of Stakeholder Relationship Committee
Yes
Composition Of Various Committees Of Board Of Directors
Yes
Disclosure Web Link Of Company At Which Composition Of Various Committees Of Board Of Directors Is Placed
https://goacarbon.com/downloads/Board%20Committees.pdf
Memberships In Committees
Yes
Prior Or Omnibus Approval Of Audit Committee For All Related Party Transactions
Yes
Risk Management Committee
No
Role Of Audit Committee And Information To Be Reviewed By The Audit Committee
Yes
Role Of Nomination And Remuneration Committee
Yes
Role Of Stakeholders Relationship Committee
Yes
The Committee Members Have Been Made Aware Of Their Powers Role And Responsibilities As Specified In Sebi Regulations2015
Yes
The Composition Of Audit Committee Is In Terms Of Sebi Regulations2015
Yes
The Composition Of The Nomination And Remuneration Committee Is In Terms Of Sebi Regulations2015
Yes
The Composition Of The Risk Management Committee Is In Terms Of Sebi Regulations2015
Not Applicable
The Composition Of The Stakeholders Relationship Committee Committee Is In Terms Of Sebi Regulations2015
Yes
Whether The Audit Committee Has A Regular Chairperson
Yes
Whether The Corporate Social Responsibility Committee Has A Regular Chairperson
Yes
Whether The Nomination And Remuneration Committee Has A Regular Chairperson
Yes
Whether The Stakeholders Relationship Committee Has A Regular Chairperson
Yes

Audit Committee

Additional Position
Chairperson
Director DIN
00062900
Member Name
Nagesh Dinkar Pinge
Position
Non-Executive - Independent Director

Audit Committee

Additional Position
Member
Director DIN
00145999
Member Name
Subodh Satchitanand Nadkarni
Position
Non-Executive - Independent Director

Audit Committee

Additional Position
Member
Director DIN
01007714
Member Name
Jagmohan Jagdishlal Chhabra
Position
Non-Executive - Non Independent Director

Audit Committee

Additional Position
Member
Director DIN
02539429
Member Name
Kshama Fernandes
Position
Non-Executive - Independent Director

Audit Committee

Audit Committee

Corporate Social Responsibility Committee

Additional Position
Chairperson
Director DIN
00043413
Member Name
Shrinivas Vasudeva Dempo
Position
Non-Executive - Non Independent Director

Corporate Social Responsibility Committee

Additional Position
Member
Director DIN
00171845
Member Name
Subhrakant Panda
Position
Non-Executive - Independent Director

Corporate Social Responsibility Committee

Additional Position
Member
Director DIN
09615362
Member Name
Anupam Misra
Position
Executive Director

Nomination and remuneration committee

Additional Position
Member
Director DIN
00043413
Member Name
Shrinivas Vasudeva Dempo
Position
Non-Executive - Non Independent Director

Nomination and remuneration committee

Additional Position
Chairperson
Director DIN
00145999
Member Name
Subodh Satchitanand Nadkarni
Notes
Mr. Subodh S. Nadkarni has been appointed as Chairperson of the Nomination and Remuneration Committee of the Company with effect from 08-July-2025.
Position
Non-Executive - Independent Director

Nomination and remuneration committee

Additional Position
Member
Director DIN
00171845
Member Name
Subhrakant Panda
Position
Non-Executive - Independent Director

Stakeholders Relationship Committee

Additional Position
Chairperson
Director DIN
05143106
Member Name
Rajesh Soiru Dempo
Notes
Mr. Rajesh S. Dempo has been appointed as Chairperson of the Stakeholders Relationship Committee of the Company with effect from 12-Apr-2018.
Position
Non-Executive - Non Independent Director

Stakeholders Relationship Committee

Additional Position
Member
Director DIN
09615362
Member Name
Anupam Misra
Position
Executive Director

Stakeholders Relationship Committee

Additional Position
Member
Director DIN
02539429
Member Name
Kshama Fernandes
Position
Non-Executive - Independent Director

Stakeholders Relationship Committee

Stakeholders Relationship Committee

Entry MainD
Gap Between The Meetings Of The Risk Management Committee
Not Applicable
Meeting Of Audit Committee
Yes
Meeting Of Board Of Directors
Yes
Meeting Of Independent Directors
Yes
Meeting Of Nomination And Remuneration Committee
Yes
Meeting Of Risk Management Committee
Not Applicable
Meeting Of Stakeholders Relationship Committee
Yes
Quorum Of Board Meeting
Yes
Quorum Of Nomination And Remuneration Committee Meeting
Yes
Quorum Of Risk Management Committeemeeting
Not Applicable
The Meetings Of The Board Of Directors And The Above Committees Have Been Conducted In The Manner As Specified In Sebi Regulations2015
Yes
Entry MeetingBOD1
Dates Of Meeting In The Previous Quarter
29-Oct-2025
Number Of Directors Present In Meeting Of Board Of Directors
8
Number Of Independent Directors Attending The Meeting
4
Total Number Of Directors As On Date Of The Meeting
8
Entry MeetingBOD2
Dates Of Meeting If Any In The Relevant Quarter
21-Jan-2026
Maximum Gap Between Any Two Consecutive Meetings
83
Number Of Directors Present In Meeting Of Board Of Directors
8
Number Of Independent Directors Attending The Meeting
4
Total Number Of Directors As On Date Of The Meeting
8
Entry MeetingComit1
Dates Of Meeting Of The Committee In The Previous Quarter
29-Oct-2025
Number Of Director Present In Meeting Of Committee All Directors Including Independent Director
4
Number Of Independent Director Attending Meeting Of Committee
3
Number Of Member Attending Meeting Of Committee
0
Total Number Of Directors As On Date Of The Meeting
4
Entry MeetingComit2
Dates Of Meeting Of The Committee In The Relevant Quarter
21-Jan-2026
Maximum Gap Between Any Two Consecutive Meetings
83
Number Of Director Present In Meeting Of Committee All Directors Including Independent Director
4
Number Of Independent Director Attending Meeting Of Committee
3
Number Of Member Attending Meeting Of Committee
0
Total Number Of Directors As On Date Of The Meeting
4
Entry MeetingComit3
Dates Of Meeting Of The Committee In The Previous Quarter
29-Oct-2025
Number Of Director Present In Meeting Of Committee All Directors Including Independent Director
3
Number Of Independent Director Attending Meeting Of Committee
1
Number Of Member Attending Meeting Of Committee
0
Total Number Of Directors As On Date Of The Meeting
3
Entry MeetingComit4
Dates Of Meeting Of The Committee In The Relevant Quarter
21-Jan-2026
Number Of Director Present In Meeting Of Committee All Directors Including Independent Director
3
Number Of Independent Director Attending Meeting Of Committee
1
Number Of Member Attending Meeting Of Committee
0
Total Number Of Directors As On Date Of The Meeting
3
Entry MainD
Contact Information Of The Designated Officials Of The Listed Entity Who Are Responsible For Assisting And Handling Investor Grievances
Yes
Disclosure Web Link Of Company At Which Contact Information Of The Designated Officials Of The Listed Entity Who Are Responsible For Assisting And Handling Investor Grievances Is Placed
https://www.goacarbon.com/shareholders-information.php
Disclosure Web Link Of Company At Which Email Address For Grievance Redressal And Other Relevant Details Is Placed
https://www.goacarbon.com/shareholders-information.php
Email Address For Grievance Redressal And Other Relevant Details
Yes
No Of Investor Complaints Disposed Off During The Period
0
No Of Investor Complaints During The Period
0
No Of Investor Complaints Received During The Period
0
Whether Part B Of Annexure I Of The SEBI Circular Dated31December2024Related To Investor Grievance Redressal Report Is Applicable To The Entity
Yes
Entry MainI
No Of Investor Complaints
0
Entry PY_I
No Of Investor Complaints
0
Composition Of Board Of Directors Of Unlisted Material Subsidiary
Not Applicable
Reason For Part C Of Annexure I Of The SEBI Circular Dated31December2024Related To Disclosure Of Acquisition Of Shares Or Voting Rights In Unlisted Companies Is Not Applicable To The Entity
During the quarter, Goa Carbon Limited did not acquire any Shares or Voting Rights in any Unlisted Company, aggregating to 5% or any subsequent change in holding exceeding 2% in terms of the provisions of Para A (1) of Part A of Schedule III of SEBI (LODR) Regulations, hence Annexure I (Part C) of the SEBI Circular dated December 31, 2024 related to Disclosure of Acquisition of of Shares or Voting Rights in Unlisted Companies is not applicable.
Whether Part C Of Annexure I Of The SEBI Circular Dated31December2024Related To Disclosure Of Acquisition Of Shares Or Voting Rights In Unlisted Companies Is Applicable To The Entity
No
Entry I_OngoingTaxLitigationsOrDisputes1
Current Status
A brief status of the matter is as under: The Company has filed appeals for FY 2014-15 to FY 2019-20 before the Administrative Tribunal at Panaji Goa. The Company has also submitted a representation to the Government of Goa for a waiver of the Green Cess on RPC/ CPC, invoking their powers under section 8 of the Act. Assessment for FY 2024-25 was completed on 28.05.2025, the company has deposited 50% of the demand amounting to Rs 0.31 crores under protest. For FY 2025-26, the company is filing voluntary returns and depositing 50% of the self-assessed cess amounting to Rs. 0.28 crores, for the period from April 2025 to March 2026. Hearings are ongoing
Date of Initiation
14-Sep-2023
Opposing Party
State of Goa
Status (Previous Disclosure)
1) The Company filed a Special Leave Petition before the Hon'ble Supreme Court on 11th November 2023. The Supreme Court, via its interim order dated 7th December 2023, directed the Company to pay 50% of the demand to the State Government while staying the payment of the remaining 50% pending a final order. 2) The Company received assessment orders cum demand notices for FY 2014-15 to FY 2023-24 from the Goa State Tax Authorities and the company has deposited 50% of the demand under protest. 3) Pursuant to Hon’ble High Court's order, the Company filed an appeal for FY 2014-15 to FY 2019-20 on 15th April 2024 before the Deputy/Additional Commissioner (Appeals-North) of State Tax, citing the limitation period as a key issue. The matters were heard by the Deputy Commissioner/Additional Commissioner (Appeals-North) before whom company made its oral and written submissions. All matters from FY 2014-15 to FY 2019-20 are dismissed by the Additional Commissioner (Appeals - North)/ Deputy Commissioner of State tax department.
Entry I_OngoingTaxLitigationsOrDisputes10
Current Status
1)Hearings in this matter are ongoing
Date of Initiation
20-Nov-2025
Opposing Party
Deputy Commissioner of Income Tax
Status (Previous Disclosure)
AY 2010-11 For AY 2009 10, the AO enhanced closing stock by INR 302.29 lakhs, which was upheld by the High Court As a consequence of the above Order, the Company sought consequential relief in the following year i.e AY 2010-11 by increasing the opening stock, resulting in a corresponding reduction in profit, which resulted in a refund of INR 76.15 lakhs vide Order Giving Effect to CIT(A) dated 20.11.2025 However, in the above OGE the AO did not grant interest on refund u/s 244A to GCL. Further, while computing the refund, AO has reduced interest on refund granted in earlier OGE’s dated 27.08.2015 and 19.06.2025 from the principal tax amount. Subsequently the Company filed its grievance on CPGRAMS portal for non granting of interest. In response the department stated that interest has been denied on the ground that error/mistake was attributable to assessee and not on the part of department, thereby denying interest. Aggrieved by the above, the Company has filed a Writ Petition on 17.02.2026 before the Hon’ble High Court of Bombay at Goa
Entry I_OngoingTaxLitigationsOrDisputes2
Current Status
Personal hearing was held on 18.06.2025 before the Commissioner (Appeals). Decision in this matter is pending
Date of Initiation
16-Oct-2024
Opposing Party
Asst. Commissioner CGST & Central Excise, Cuttack
Status (Previous Disclosure)
1) Matter is related to rejection of refund of ITC for FY 2017-18 for Rs.48,37,468/- 2) The Company had availed input tax credit of CVD of Rs 48,37,468/- paid against unfulfilled export obligations which has been disallowed for taking input credit, for which credit should have been availed under TRAN-1. 3) During GST Audit for FY 2017-18, it was disallowed by the GST Officer as input credit. Accordingly, the Company paid the ITC availed and applied for refund to Asst Commissioner Central GST & CES Department Cuttack vide its application dated 05.01.2024. 4) Asst Commissioner Central GST & CEX vide its order dated 16.10.2024 rejected the refund of ITC paid. 5) Accordingly, the Company has filed an Appeal to Commissioner of Central Excise (Appeals) Bhubaneswar on 02.01.2025 on the similar lines of Goa Plant.
Entry I_OngoingTaxLitigationsOrDisputes3
Current Status
The matter is pending for hearing.
Date of Initiation
05-Jan-2023
Opposing Party
Commercial Tax, Cuttack-II Range, Cuttack
Status (Previous Disclosure)
1) The matter is relating to VAT Assessment for the period from 01.04.2005 to 28.02.2007. 2) In assessment orders, the department disallowed ITC on FO and some other material of Rs.33 Lacs. 3) Company filed appeal against the assessment order. The Appellate Authority allowed the ITC on FO and disallowed the other consumable ITC of Rs.2 Lacs and charged penalty of Rs.5 Lacs. 4) Again, we had filed the appeal before the Sales Tax Tribunal for waiver off the Penalty. The Tribunal allowed the appeal and issued order for payment of Tax and waived the penalty. 5) The Company has paid the entire Tax demand. Then the Sales Tax Deptt filed appeal in Hon'ble High Court against the Tribunal Order for recovery of penalty of Rs 5 Lacs
Entry I_OngoingTaxLitigationsOrDisputes4
Current Status
The Company filed a rectification application on 29.05.2012 to give effect to the ITAT Order and a reminder letter has been submitted on 5th August 2025. The Company also submitted application on CPGRAM portal on 12.12.2025 to fast track the resolution. The Department vide CPGRAM reply dated 21.01.2026 has communicated stating that Department has considered all aspects and effects in the OGE dated 18.07.2011, accordingly, no further action or refund is pending. As per our assessment and as advised by our consultants, the chances of getting relief are negligible. Therefore we have provided this amount in our books of accounts during Q 3 FY 2025-26. We are in the process of filing a Writ Petition before the Bombay High Court at Goa.
Date of Initiation
18-Jul-2011
Opposing Party
Dy. Commis-sioner of Income Tax Panaji
Status (Previous Disclosure)
AY 1994-95 1) The Asstt. Commissioner of Income Tax, Panaji passed an order dated 18.07.2011 for AY 1994-95 giving effect to the ITAT Order dated 18.03.2011 disallowing 100% depreciation on the leased assets. Consequently, a tax demand of Rs. 2,47,44,414/- has been raised. 2) The Income Tax Department has recovered the tax demand to the extent of Rs. 2.47 crores against the refund orders of the other assessment years.
Entry I_OngoingTaxLitigationsOrDisputes5
Current Status
Following the ITAT’s directions, the Assessing Officer issued an order on 28th October 2024, approving the forward premium expenses and exchange losses, and granting remaining refund of Rs. 62,760/- as the refund of Rs 46,85,830/- was already granted on 27th March 2018. The Company has received the said refund amounts. The only remaining issue is Guarantee Commission of Rs 60 Lacs. The Company has again submitted an application on 24th December 2024, to the AO to pass an Order Giving Effect to the CIT(A)'s decision dated March 29, 2019 for allowing Guarantee Commission. The Order giving effect is awaited.
Date of Initiation
23-Dec-2018
Opposing Party
Dy. Commissioner, Income Tax, Panaji.
Status (Previous Disclosure)
AY 2016-17 1) The Joint Commissioner of Income Tax, Range-I, Panaji has passed an Order dated 23.12.2018 for AY 2016-17 u/s 143(3), disallowing the following expenses: Exchange difference – Rs. 8,95,99,583/- (ii) Forward Premium Expenses – Rs. 5,50,394/- (iii) Guarantee Commission – Rs. 60,00,000/- (iv) Disallowance u/s 14A – Rs. 21,85,005/-. The Company had filed an Appeal against the Order with the C.I.T. (Appeals), Panaji on 29.12.2018. 2) After the hearings held in March 2019, the C.I.T. (Appeals) passed an Order on 29.03.2019, partly in favour of the Company i.e. The disallowance of Exchange difference, Forward Premium Expenses and Guarantee Commission of Rs.8,95,99,583/-, Rs. 5,50,394/- and Rs. 60,00,000/- respectively, were deleted. 3) The Joint Commissioner of Income Tax, Special Range, Panaji, filed an appeal against the order of the Commissioner of Income Tax (Appeals) dated March 29, 2019. At the hearing held on September 4, 2023, the matter was decided in favor of the company and remanded back to the Assessing Officer through the ITAT order dated September 20, 2023, for both AY 2013-14 and AY 2016-17. This remand was in accordance with the directions outlined in the ITAT order for AY 2011-12, allowing expenses after verifying the forward cover against which foreign exchange losses and forward cover expenses were incurred. 4) On 22nd July 2024, GCL received a letter from the Assessing Officer requesting its appearance to pass an order in line with the ITAT's directions. In response, GCL submitted the required documents for verification.
Entry I_OngoingTaxLitigationsOrDisputes6
Current Status
1) The Company has filed appeals with the Commissioner of Income Tax (Appeals), Panaji-Goa on 13.06.2011 & 23.11.2011. 2) The Commissioner of Income Tax (Appeals), Panaji-Goa has disposed off the Company’s appeals for the AY 1995-96, 1997-98, 1998-99, 2000-01, 2001-02 & 2003-04 against the Company, giving relief for expenditure. Appeals with the Income Tax Appellate Tribunal have been filed on 01.09.2016. 3) ITAT vide its order dated 23.11.2016 confirmed the order passed by CIT(A) in respect of AY 1995-96, 1997-98 & AY 1998-99 and vide order dated 17.08.2022 in respect of AY 2000-01, AY 2001-02 & AY 2003-04. 4) The Company’s appeals were admitted by the Hon’ble Bombay High Court of Panaji Bench for AY 1995-96, AY 1997-98 & AY 1998-99 in 2017 with Tax Appeal Nos. 146, 148 & 149 of 2017. 5) The above Tax appeals nos. 146,148 & 149 were decided against the Company vide order dated 4th August 2021. No further appeals were filed. 6) The Company’s appeals in respect of AY 2000-01, AY 2001-02 & AY 2003-04 in 2023 with Tax appeal Nos. 2, 4 & 5 of 2023. were admitted by the Hon’ble Bombay High Court of Panaji Bench in January 2023. 7) The above Tax appeals nos. 2, 4 & 5 have been decided against the Company vide order dated 31st July 2023. 8) The Company has filed the SLPs before the Supreme Court SLP(C) No. 027570 - / 2023 (Diary No. 45516/2023) (pertaining to TXA 2/2023) and SLP(C) No. 027568 - 027569 / 2023 (Diary No. 45522/2023) (pertaining to TXA 4 & 5/2023) on 31.10.2023. Matter is pending for hearing.
Date of Initiation
04-Aug-2021
Opposing Party
Dy. Commis-sioner of Income Tax Panaji.
Status (Previous Disclosure)
AY 1995-96, 1997-98, 1998-99, 2000-01, 2001-02 & 2003-04 Pursuant to the Order passed by the Hon’ble High Court of Bombay at Goa in favour of the Company, the Asstt. Commissioner of Income Tax, Panaji while giving effect to the said Order has erred in restricting the claim of deduction of the Company under Section 80HHC of the Income Tax Act, 1961 as follows: i) To Rs. 34,84,383/- instead of Rs. 66,84,194/- for AY 1995-96; ii) To Rs. 9,42,853/- instead of Rs. 1,75,83,131/- for AY 1997-98 iii) To Rs. 3,02,51,863/- instead of Rs. 4,54,42,599/- for AY 1998-99 iv) To Rs. 2,61,82,642/- instead of Rs. 3,28,99,174/- for AY 2000-01 v) To Rs. 1,30,90,892/- instead of Rs. 2,00,28,130/- for AY 2001-02 vi) To Rs. 65,99,005/- instead of Rs. 67,60,312/- for AY 2003-04
Entry I_OngoingTaxLitigationsOrDisputes7
Current Status
1) The company filed appeals with the Commissioner of Income Tax (Appeals), Panaji-Goa, on April 15, 2024. 2) The company discussed with the department and deposited 20% of the demand amount (Rs 35 Lacs) under protest to obtain a stay on penal proceedings under Section 270A of the Income Tax Act, 1961. 3) The Appeal is yet to be heard.
Date of Initiation
25-Mar-2024
Opposing Party
Assessing Officer (faceless assessment unit)
Status (Previous Disclosure)
AY 2022-23 The Assessing Officer under faceless assessment has passed an Order dated 25.03.2024 for AY 2022-23 u/s 143(3), disallowing the following expenses: (i)Sponsorship (Advertisement)– Rs. 1,43,00,000/- (ii) Difference in Exchange Loss – Rs 3,35,51,351/- (iii) Guarantee Commission – Rs. 83,89,808/- The Company had filed an Appeal against the Order with the C.I.T. (Appeals), on 15.04.2024.
Entry I_OngoingTaxLitigationsOrDisputes8
Current Status
1)The AO has passed an order u/s 143(3) dated 25.08.2025 for AY 2023-24 disallowing the following expenses: Sponsorship (Advertisement) of Rs. 1,25,00,000/- and Misc Expenses Rs. 1,71,000/- 2)The Company has filed an appeal with the Commissioner of Income Tax (Appeals) on 20.09.2025 and deposited 20% of the demand amount, i.e. Rs.6,40,000/-, under protest. A stay has been obtained on the penalty proceedings u/s 270A and on balance demand, considering the pending refunds due from the Income Tax Department. 4) Appeal is yet to be heard.
Date of Initiation
25-Aug-2025
Opposing Party
Assessing Officer (faceless assessment unit)
Status (Previous Disclosure)
AY 2023-24 Pursuant to the directions of the Hon’ble High Court of Bombay at Goa, the Income Tax Department issued fresh show cause notice. The Company submitted its detailed response and was granted a personal hearing via video conference. After considering the submissions and the material on record, the Department dropped the additions related to unsecured loan of 74 crores and interest thereon of Rs. 5.65 crores and issued a fresh assessment order dated 25.08.2025 raising a demand of Rs 31.89 lakhs. The AO has passed an order u/s 143(3) dated 25.08.2025 for AY 2023-24 disallowing the following expenses: 1)Sponsorship (Advertisement) of Rs. 1,25,00,000/- 2) Misc Expenses Rs. 1,71,000/-
Entry I_OngoingTaxLitigationsOrDisputes9
Current Status
1) The company filed an Appeal with the Commissioner of Income Tax (Appeals), on 21.03.2026. 2) The Company has also filed a rectification application with the Jurisdictional Assessing Officer on 27.03.2026, requesting grant of credit for self-assessment tax challan paid amounting to Rs. 2,00,00,000/- and seeking rectification of the computation sheet and the demand notice.
Date of Initiation
11-Mar-2025
Opposing Party
Assessing Officer (faceless assessment unit)
Status (Previous Disclosure)
AY 2024-25 Assessing officer under faceless assessment, passed an order u/s 143(3) dated 11.03.2025 disallowing the following expenses: 1. Club membership expenses Rs.6,64,001/- 2. Sponsorship (Advertisement) Rs. 2,35,41,000/- 3. Right issues expenses written off Rs. 28,56,000/- 4. Bad Debts written off Rs. 7,77,233/- 5. Repair & Maintenance expenses Rs. 50,98,055/- The Company has filed an Appeal against the said Order before the C.I.T. (Appeals), on 21.03.2026. Further, the Assessing Officer has passed the order without granting credit for the self-assessment tax challan of Rs. 2,00,00,000/- paid on 30.05.2024, thereby incorrectly raising a demand of Rs. 3,19,66,260/-.
Entry MainD
Whether Part E Of Annexure I Of The SEBI Circular Dated31December2024Related To Disclosure Of Updates To Ongoing Tax Litigations Or Disputes Is Applicable To The Entity
Yes
Reason For Part D Of Annexure I Of The SEBI Circular Dated31December2024Related To Disclosure Of Imposition Of Fine Or Penalty Is Not Applicable To The Entity
During the quarter, there were no such instances of imposition of any fine or penalty on the Entity, therefore Annexure I (Part D) of the SEBI Circular dated December 31, 2024 related to Disclosure of Imposition of Fine or Penalty is not applicable.
Whether Part D Of Annexure I Of The SEBI Circular Dated31December2024Related To Disclosure Of Imposition Of Fine Or Penalty Is Applicable To The Entity
No