CEAT Limited received a favorable order from the Commissioner CGST & Central Excise quashing a ₹276.7 Crore tax demand. The proceedings involved four Show Cause cum Demand Notices regarding the classification of assembling tyre sets. This outcome has no financial impact as the demand was not a defined liability.
Bharti Airtel received a Rs. 7,05,000 penalty from the Department of Telecommunications (DoT), Maharashtra LSA, regarding alleged subscriber verification norm violations. The penalty followed a CAF Audit conducted for February 2026. The company has opted to pay the fine and will not contest the order. The financial impact is limited to the penalty amount.
Embassy Developments Limited announced that the NCLAT has reserved its order following a hearing on April 24, 2026. The NCLT order admitting the company to the Corporate Insolvency Resolution Process (CIRP) remains stayed. The company continues to be fully operational and financially sound while awaiting the final appellate judgment.
United Breweries Ltd received a favourable order from the GST Commissioner (Appeals), Bihar, reducing a prior penalty to ₹1,85,878 (₹0.19 Crore). The order grants substantial relief from an original demand of ₹29,00,048. The company intends to appeal the residual demand before the GST Appellate Tribunal.
SEBI issued an administrative warning to Manappuram Finance Ltd's Chairman, Mr. V.P. Nandakumar, for a 7-day delay in disclosing share encumbrances in 2018. The company stated this has no financial impact as it was issued in his personal capacity.
Nila Infrastructures Ltd received an order from the IT Appellate Authority regarding its AY 2018-19 assessment. The authority partly allowed the company's appeal, restricting the income addition to ₹33.23 lac. The company stated there is no impact on operations and will seek legal consultation for further action.
Sapphire Foods India Limited reported a significant reduction in a tax demand following an ITAT Mumbai ruling. The original interest demand of ₹17.04 Crore was reduced to ₹0.25 Crore for multiple assessment years. The Income-Tax Department has appealed this ruling before the Bombay High Court.
SBI Life Insurance Company received an appellate order confirming a GST demand of ₹0.11 Crore (including interest and penalty) from Bihar tax authorities. The company intends to appeal the order before the Appellate Tribunal. Management stated the order will have no material impact on financial operations.
Tata Steel Limited has filed a Revision Application challenging a ₹1755.11 Crore demand notice from the District Mining Office, Jharkhand. The demand alleges excess coal extraction at the West Bokaro Colliery between FY2001 and FY2007. The company believes the demand lacks justification and is seeking relief from the Ministry of Coal's Revisional Authority.
Vishnusurya Projects and Infra Limited paid a fine of ₹0.27 Crore (Rs. 2,65,500) levied by the NSE for non-compliance with SEBI Regulation 33 for the December 2025 quarter. The company noted the non-compliance was unintentional and has implemented steps to strengthen its internal compliance processes.
Winsome Yarns Limited announced NCLT approval for its Resolution Plan involving a ₹162.9 Crore fund infusion by Mohini Health & Hygiene Limited. The plan includes paying ₹137 Crore to secured creditors and restructuring equity, with existing public shareholders retaining a 5% stake. This marks a critical milestone in the company's insolvency resolution and operational turnaround.
The Reserve Bank of India imposed a Rs. 41.80 lakh monetary penalty on Bandhan Bank Ltd for non-compliance with provisions of the Banking Regulation Act and KYC directions. The penalty relates to findings from a statutory inspection of the bank's March 2025 financial position. The bank stated there is no material impact on its operations.
Indian Railway Finance Corporation Legal & Regulatory
Indian Railway Finance Corporation (IRFC) received notification from the NSE regarding a favorable waiver of fines. The waiver applies to fines levied for the quarters from March 2022 to December 2025 concerning specific SEBI LODR compliance regulations.
Saurashtra Cement Limited received an Appeal Order from the Income Tax Department for AY 2017-18. The order allows the company's claim for deduction under Section 80IA, though it also includes an enhancement of income. The company has already filed an appeal against the enhancement. There is no material financial impact from this order.
Wanbury Limited disclosed a ₹42,480 penalty (including GST) imposed by BSE for a delay in submitting its shareholding pattern for the quarter ended September 2025. The company has since complied and remitted the fine via NEFT on November 27, 2025.
Maruti Suzuki India Limited provided an update regarding ongoing proceedings before the Competition Commission of India. Arguments on behalf of the company concluded on April 24, 2026. The matter is now adjourned to May 11, 2026, for arguments from the CCI.
UCAL Limited received a show cause notice from GST authorities regarding invoice-wise details of ITC claimed and reversed for FY 2023-2024. The company stated there is no material financial impact and plans to furnish the required evidence within prescribed timelines. Management believes the notice has no merits and will contest the allegations.
SJVN Limited received notices from BSE and NSE imposing a fine of ₹0.05 Crore (per exchange) for non-compliance with board composition regulations. The company clarified that director appointments are vested with the Government of India. SJVN has requested the Ministry of Power to expedite the appointment of Independent Directors to ensure regulatory compliance.
TVS Holdings Limited announced the conclusion of its NCLT-convened Equity Shareholders meeting on April 24, 2026. Shareholders discussed a proposed Scheme of Arrangement, with results to be declared by April 27, 2026. This update tracks the company's progress through the formal regulatory and judicial restructuring process.
Glottis Limited received a favorable order dropping GST scrutiny proceedings. The Office of the Superintendent of GST & Central Excise closed the case regarding alleged excess Input Tax Credit of ₹2.73 Crore for FY 2022-23 after finding the company's reconciliations satisfactory. There are no financial or operational implications.
Alkem Laboratories received an income tax assessment order for AY 2023-24 with a disputed tax amount of ₹333.38 Crore. The dispute relates to 80IE deduction disallowance and transfer pricing adjustments. The company states no cash outflow is expected due to MAT credit utilization and plans to appeal the order.
Aether Industries Ltd received a Rs. 4.26 Crore demand and show cause notice from the CGST & Central Excise Commissionerate, Surat. The demand relates to disallowed tax credits on IPO-related expenses during FY 2020-21 and FY 2021-22. The company stated this will have no material impact on operations and will submit an appropriate response.
Kansai Nerolac Paints Ltd received an appellate order confirming a penalty of ₹0.29 Crore due to partial disallowance of Input Tax Credit for FY 2020-2021 in Uttar Pradesh. The company plans to appeal this order before the GST Tribunal and states there is no material impact on its financials or operations.
United Heat Transfer Limited filed an appeal against a ₹1.59 Crore GST demand order from the Maharashtra GST Department. The demand includes tax, interest, and penalties related to leasehold right transfers in FY 2023-24. The company expects a favorable outcome and anticipates no material financial impact.
TVS Supply Chain Solutions Limited received a ₹8.98 Crore tax demand from the Income Tax Department. The demand relates to disallowed expenses and transfer pricing adjustments. The company intends to appeal the order and expects no material impact on its financial operations.
DISA India Ltd received an administrative warning from SEBI on April 23, 2026, for failing to disclose a whistleblower complaint in its FY 2023-24 and 2024-25 annual reports. SEBI has directed the company to make necessary disclosures and cautioned against future recurrences. The company stated no material financial impact was identified.
Skipper Limited received a GST demand order for ₹0.45 Crore from the SGST Department, Kerala, due to GSTR 1-3B mismatches in F.Y.2021-22. The company stated there is no material financial impact and plans to file an appeal within the stipulated time.
Prism Johnson Ltd won an arbitration award against M/s Doosan Power Systems India Pvt.Ltd. for ₹8.87 Crore. The amount, covering claims and interest, is payable by May 27, 2026. The company had previously written off this claim, so the recovery will positively impact its financials.
SRM Contractors Limited received an Administrative Warning Letter from SEBI on April 23, 2026. The warning pertains to non-compliance with Regulation 23(4) regarding prior shareholder approval for material related party transactions during FY 2024-25. Although shareholders subsequently ratified the transactions, SEBI advised the company to ensure stricter adherence to regulatory requirements in the future.
Pfizer Ltd received an Income-tax Assessment Order and a tax demand of ₹85.74 Crore for FY 2022-23 due to alleged under-reporting of income. The company is also facing penalty proceedings. Pfizer believes it has strong grounds on merits and does not expect a material impact on its financial position at this stage.
