Raghuvir Synthetics Ltd

GST Show Cause Update

• Show Cause Notice issued under CGST/ Gujarat GST Acts for FY 2020-21 to 2024-25.
• Aggregate tax, interest and penalty amount approx. ₹2,24,20,454.
• ITC is claimed to have been appropriately availed under GST provisions.
• No material impact on company operations.
• Company reviewing the notice and will respond within prescribed time.
• Authority: DG GST Intelligence Ahmedabad Zonal Unit and GST Department.
• Delay in disclosure: submitted 21 Aug 2026 due to internal review; one-day delay.
• Monitoring and will inform exchanges of material developments as required.

GST proceedings update

• Show Cause Notice from DG GST Intelligence Ahmedabad and GST Dept under CGST Act.
• Dates: notice dated 18 Aug 2026; GST DRC-01 issued 19 Aug 2026.
• FY 2020-21 to 2024-25 covered; alleged ITC violations under Section 74/74A.
• Total amount indicated: ₹2,24,20,454 comprised of tax, interest and penalty.
• Company believes ITC was appropriately availed; preparing response within time.
• No material impact on operations; company will monitor and inform exchanges.

Financial results approved

• Unaudited standalone results for quarter ended 30 June 2026 approved.

Independent directors appointed

• Ms. Hema Lakhmichand Advani appointed as Non-Executive Independent Director for five years from 13.08.2026, subject to shareholders' approval.
• Ms. Kiran Nitesh Prajapati appointed as Non-Executive Independent Director for five years from 13.08.2026, subject to shareholders' approval.

Resignations of independent directors

• Mr. Alpesh Dinesh Kumar Shah resigned as Independent Director, ceasing Audit, Nomination & Remuneration, and Stakeholders Relationship committees.
• Mr. Punambhai Bhailalbhai Patel resigned as Independent Director.

Committee reconstitution

• Reconstitution of Audit, Nomination & Remuneration, and Stakeholders Relationship Committees due to new appointments and resignations.

GST update

• Intimation received under Section 74(5) CGST for FY 2020-21 and 2021-22; payable ₹3.76 crore.
• Earlier disclosure referenced ₹1.88 crore; company seeking clarification from GST authorities.
• ITC was appropriately availed under GST provisions, per company view.
• No material impact on operations; monitoring and will inform exchanges of material developments.
• Date of receipt: 10 August 2026.

Dematerialisation processing and certificate actions

• Dematerialisation requests processed; securities listed on exchanges.
• Physical certificates for dematerialisation mutilated and cancelled after verification; ownership updated.
• Acceptance/rejection to depositories confirmed by the RTA.

EGM filing

• Company submitted the scrutinizer’s report for the EGM held on 25 April 2026.

Nature of Restructuring

• Sale of entire shareholding in subsidiary Dreamsoft Bedsheets Private Limited

Entities Involved

• Raghuvir Synthetics Limited sold 51% stake in Dreamsoft Bedsheets Private Limited
• Buyers: Mr. Yash Sunil Agarwal and Mr. Hardik Sunil Agarwal, promoters of Raghuvir Synthetics

Key Transaction Details

• Sale agreement entered on March 27, 2026
• Transaction completed on March 30, 2026
• Consideration received: Rs. 51,000
• 51,000 equity shares transferred at Re. 1 per share
• Dreamsoft Bedsheets ceased to be subsidiary post-sale

Financial Impact

• Dreamsoft Bedsheets contributed Rs. 5,000 income and net worth of (Rs. 1,710,000) in FY 2024-25

Rationale and Strategic Objectives

• Sale of shares to promoters to transfer ownership and cease subsidiary status

Related Party and Shareholder Impact

• Transaction is a related party transaction with promoters as buyers
• Transaction conducted on arm's length basis
• No impact on management or control of Raghuvir Synthetics

Approvals and Timeline

• Sale agreement dated March 27, 2026
• Transaction completed on March 30, 2026