Everest Industries Ltd

KYC update for physical shareholders

• Intimation to physical shareholders to update PAN, contact, bank details, signature, and nomination per SEBI Master Circular HO/38/13/(4)2026.
• Forms ISR-1 and ISR-2 required; nominate via SH-13/SH-14 or ISR-3 for opt-out.
• SEBI-mandated dematerialization by RTA; convert physical shares to demat.
• Submit documents via IPV, post, or electronic mode with e-sign; Aadhaar-PAN linkage required.
• Non-furnished details may block service requests or electronic payments to folios.
• PAN linkage to Aadhaar required; otherwise PAN invalid.
• Conversion to demat recommended; SEBI timelines apply for updating folios.
• Nomination forms SH-13/SH-14 or ISR-3 must be submitted per SEBI circular.

Everest Industries Limited – Trading window closed from October 1, 2026 till the end of 48 hours after the declaration of Unaudited Standalone & Consolidated Financial Results for the quarter and half year ending September 30, 2026

GST Show Cause Notice details

• Receipt of Show Cause Notice from Deputy Commissioner of State Tax, Nashik, dated Sep 24, 2026.
• SCN alleges excess ITC in GSTR 3B vs GSTR 2B/2A, short liability in 3B/9, and E-way bill shortfall.
• Total demand ₹133,435,202 under CGST & MGST Act 2017.
• Company believes it has strong legal grounds and will prepare a response.
• No material financial impact expected at this stage.
• SCN relates to financial year 2022-23.

Resignation of VP - R&D

• Dr. Trissa Joseph, VP - R&D, resigns effective Sep 30, 2026, due to personal reasons.

GST Show Cause Notice

• Subject: GST Show Cause Notice received on 31 August 2026.
• Opposing party: SGST Department, Balasore; agency: Deputy Commissioner, State Tax, CT & GST Circle.
• Disputes include liabilities without interest, timing of credit notes, ITC reductions, and RCM.
• Total demand claimed: Rs 3,89,21,097 for FY 2020-21.
• SCN stage; company expects no material financial impact; response being prepared.
• Company believes it has strong legal and factual grounds.
• Not likely to materialize as a liability; governance and financial impact under review.
• Annexure-A outlines litigation details.

Regulatory update: GST inspection concluded

• GST inspection concluded on August 26, 2026; proceeding sheet issued by Mumbai State Tax.
• Discrepancies rectified by paying GST from FY 2021-22 to date, under protest.
• Potential compensatory interest of Rs 46.98 lakh payable on GST paid.
• No material impact on financials or operations reported as of now.

GST inspection update

• MGST Act Section 67 inspection initiated at Everest Industries' Mumbai office and Maharashtra unit on Aug 20, 2026.
• Authorization letter for inspection shown to company officials at 12:00 noon.
• Company states no material impact on financials or operations to date.
• Annexure provides details; no violation communication yet.
• Company is extending full cooperation to GST officials.

Key Update

• Everest Industries received GST SCN from Balasore, Odisha under CGST/OGST Act 2017.
• SCN dated Aug 3, 2026, 11:42 IST; relates to FY2022-23 turnover adjustments.
• Demand amount Rs 3,17,49,077; tax Rs 1,87,60,756; interest Rs 1,11,02,255; penalty Rs 18,86,066.
• Objections include short payment, excess ITC, breakage credit notes, and ineligible ITC on blocked credits.
• No material financial impact expected; company will respond to the Show Cause Notice at this stage.
• Opposing party: State GST Department, Balasore; Sec 73(1) CGST & OGST Act cited.

Mauritius subsidiary winding-up

• Board approved voluntary winding-up of Everest Building Products, a wholly owned Mauritius subsidiary.
• Everest Building Products is not a material subsidiary of the company.
• Winding-up is under Mauritian law and subject to regulatory clearances.
• Board meeting date was July 27, 2026.
• No binding agreement for sale of the unit/division.
• Closure date will be intimated in due course.
• As on 31 Mar 2026, EBP revenue Nil; net worth negative 5.16 lakhs (0.01% of group net worth).
• Reason: to simplify the group structure.