DCM Shriram has received a GST demand order disallowing Input Tax Credit (ITC) on certain goods and services. The demand order, dated December 23, 2025, involves a tax demand of Rs. 19.84 lakhs, along with applicable interest, and an equivalent penalty of Rs. 19.84 lakhs. The demand pertains to ITC availed on goods and services procured in the factory canteen.

Details of the GST Demand

The Superintendent of Central Goods and Service Tax, GST Range XXXIV, CGST Division, Kota, Rajasthan has issued a GST demand order to DCM Shriram.

Key Financial Impact

The GST demand order pertains to disallowance of Input Tax Credit (ITC) availed on goods and services procured in the factory canteen. The total tax demand is Rs. 19.84 lakhs. In addition to the tax demand, there is an applicable interest charge and an equivalent penalty of Rs. 19.84 lakhs. The overall impact of the demand and associated penalties totals to approximately Rs. 39.68 lakhs, pending resolution.

Reason for Disallowance

The disallowance of ITC is related to the factory canteen, maintained under the Factories Act, 1948. DCM Shriram is currently evaluating appellate options to contest the demand.

Receipt of Order

The order was received on December 23, 2025, at 5:38 p.m., with information conveyed to the undersigned on December 24, 2025, at approximately 9:41 a.m.

Overall Impact Assessment

The company believes there is no material impact financially, operationally, or otherwise, beyond the extent of the tax demand of Rs. 19.84 lakhs plus applicable interest and an equivalent penalty of Rs. 19.84 lakhs.

Source: BSE

J.B. Chemicals & Pharmaceuticals has received a tax demand of ₹37 Lakhs due to disallowance/mismatch of ITC during FY 2018-19. The company is preparing to appeal the order, believing it has a strong case on merits. The company states that this tax demand will not impact financial, operational, or other activities.

Tax Demand Received

J.B. Chemicals & Pharmaceuticals has been notified of a tax demand by the Commercial Tax Officer, Tamil Nadu, on December 24, 2025. The demand amounts to ₹37 Lakhs and pertains to disallowance or mismatched input tax credit (ITC) during the financial year 2018-19.

Company Response

The issue relates to a disallowance/mismatch in input tax credit. The company intends to file an appeal against this order based on the merits of its case. Despite the tax demand, J.B. Chemicals & Pharmaceuticals asserts that it anticipates no impact on its financial standing, operations, or other business activities as a result of this order.

Source: BSE

NMDC Limited has entered into a Memorandum of Understanding (MoU) with the Colorado School of Mines on December 24, 2025. The collaboration aims to establish a framework for joint research in mining, mineral processing, metallurgy, and AI/ML applications in mining-related fields. The partnership seeks to enhance academic and research capabilities for both institutions.

Research and Development Agreement

NMDC Limited and the Colorado School of Mines have formally agreed to a Memorandum of Understanding (MoU) effective December 24, 2025. This agreement focuses on fostering academic and research collaborations.

Scope of Collaboration

The MoU covers a range of collaborative activities, including but not limited to: joint research projects, technology development, training initiatives, capacity building programs, knowledge exchange opportunities, seminars, workshops and various collaborative projects related to the areas of mining, mineral processing, metallurgy and AI/ML applications specifically within the mining sector.

Parties Involved

The parties to this agreement are NMDC Limited and the Board of Trustees of the Colorado School of Mines.

Source: BSE

IndusInd Bank has received a letter from the Serious Fraud Investigation Office (SFIO) concerning an investigation into the bank’s affairs. The inquiry, dated December 23, 2025, seeks information under Section 212 of the Companies Act, 2013. The bank has assured its full cooperation with the authorities. The initial intimation regarding this matter was made on December 18, 2025.

SFIO Investigation Update

IndusInd Bank is addressing an inquiry from the Serious Fraud Investigation Office (SFIO). The bank received an official letter on December 23, 2025, from the SFIO regarding an investigation into its affairs.

Details of the Inquiry

The SFIO’s inquiry is related to matters initially reported on December 18, 2025, and concerns the accounting of internal derivative trades and certain balances. The information request falls under Section 212 of the Companies Act, 2013.

Bank’s Response

IndusInd Bank has stated it will fully cooperate with the SFIO and provide the requested information to facilitate the investigation. Further updates will be provided as the situation develops.

The bank continues to give full cooperation and support to the law enforcement agencies.

This information is also being hosted on the Bank’s website at www.indusind.bank.in.

Source: BSE

A public announcement has been made regarding a proposed open offer for Castrol India. Motion JVCo Limited, along with several PACs, intends to acquire up to 25,71,71,820 fully paid-up equity shares, representing 26.00% of the equity share capital. The offer price is INR 194.04 per equity share. This offer is subject to the terms and conditions outlined in the announcement and pending regulatory approvals.

Details of the Open Offer

Motion JVCo Limited, acting with Stonepeak Motion Holdco Limited and other persons acting in concert (PACs), has announced an open offer to acquire a substantial portion of Castrol India’s equity shares. The offer targets up to 25,71,71,820 equity shares from public shareholders.

Financial Terms

The offer price is set at INR 194.04 per equity share. This represents a total potential consideration of up to INR 4,990,16,19,952.80, assuming full acceptance of the offer.

Acquirer and PACs

The acquirer is Motion JVCo Limited, with Stonepeak Motion Holdco Limited, Stonepeak Infrastructure Fund V Cayman, Stonepeak Infrastructure Fund V (Lux) and CPP Investment Board Private Holdings (6) Inc. acting as persons in concert (PACs). These entities are making the offer to increase their stake in Castrol India.

Underlying Transaction

This open offer is triggered by an agreement where the Acquirer will indirectly acquire sole control of Castrol Limited by acquiring 100% of Castrol Group Holdings Limited (CGHL). It is subject to certain conditions, including regulatory approvals.

Shareholding Implications

Currently, Castrol Limited holds 50,44,52,416 Equity Shares of Castrol India, constituting 51.00% of the Equity Share Capital. Post the underlying transaction, the Acquirer will hold 100% equity share capital and sole control over CGHL, leading to indirect control over Castrol Limited.

Important Considerations

The offer is subject to the completion of the Underlying Transaction. If the transaction fails, the Acquirer will not proceed with acquiring the shares. Upon successful completion of the transaction, the Acquirer, directly or indirectly, will hold an aggregate of 76,16,24,236 Equity Shares constituting 77.00% of the Equity Share Capital, assuming full acceptance of the Open Offer.

Source: BSE

V-Guard Industries has received a Goods and Services Tax (GST) demand order from the Excise and Taxation Officer in Gurgaon, Haryana, on December 23, 2025. The demand arises from discrepancies related to tax liability as per E Waybill and GSTR 3B for the financial year 2018-19. The total demand amounts to ₹77,20,327, including tax, interest, and penalty. The company is evaluating actions to challenge the order.

GST Demand Notice

V-Guard Industries has been notified of a GST demand order issued by the Excise and Taxation Officer, Gurgaon (West) Ward 8, Gurgaon, Haryana, on December 23, 2025. The company officially received the order on December 24, 2025.

Financial Details

The assessment period relates to FY 2018-19. The total demand of ₹77,20,327 comprises the following:

Tax: ₹23,44,788

Interest: ₹30,30,751

Penalty: ₹23,44,788

Reason for the Demand

The demand order has been issued due to a mismatch identified between tax liability as per E Waybill and GSTR 3B records in Haryana.

Company Response

V-Guard Industries is currently evaluating the demand order and considering appropriate actions to challenge it.

Source: BSE

ICRA has upgraded Data Patterns’ long-term credit rating to A+ (Stable) from A (Positive), with a stable outlook. Additionally, the short-term rating has been reaffirmed at A1. These ratings apply to the company’s bank facilities, which are rated at ₹775 crore, reflecting confidence in Data Patterns’ financial stability and performance.

ICRA Upgrades Long-Term Rating

Data Patterns (India) Limited has received an upgrade in its long-term credit rating from ICRA. The rating has been raised to A+ (Stable) from A (Positive). Along with the upgrade, the outlook has been revised from Positive to Stable.

Short-Term Rating Reaffirmed

ICRA has reaffirmed the short-term credit rating of Data Patterns at A1. This rating applies to the company’s short-term, non-fund-based bank guarantee facilities.

Rated Bank Loan Facilities

The credit ratings apply to the bank loan facilities of Data Patterns, which are rated for a total amount of ₹775 crore. This includes long-term fund-based cash credit and short-term non-fund-based bank guarantees.

Details of Rated Facilities

The ₹775 crore rated facilities include:

• Long Term – Fund Based Cash Credit: Rated A+ (Stable)
• Short Term – Non Fund Based Bank Guarantee: Rated A1

The rating assignment communication was received on December 24, 2025.

Source: BSE

ACME Solar Holdings Limited has announced the incorporation of a new wholly owned subsidiary, ACME Greentech Seventeen Private Limited. This new entity aims to further the company’s objectives in the power generation sector, focusing particularly on renewable energy. The incorporation took place on December 23, 2025, marking a significant step in ACME Solar’s growth strategy.

Subsidiary Incorporation

ACME Solar Holdings Limited has officially established ACME Greentech Seventeen Private Limited as a wholly owned subsidiary (WOS). The incorporation was finalized on December 23, 2025. This move is intended to bolster ACME Solar’s capabilities and presence in the renewable energy sector.

Focus on Renewable Energy

The newly formed subsidiary, ACME Greentech Seventeen Private Limited, will primarily focus on power generation, specifically within the renewable energy domain. The subsidiary will undertake businesses relating to the development, establishment, and operation of power generation and renewable energy projects.

Details of Incorporation

ACME Greentech Seventeen Private Limited is a wholly owned subsidiary of ACME Solar Holdings Limited. The registered office of the company is located in Gurugram, Haryana, India. The initial investment by ACME Solar in the subsidiary is Rs. 1,00,000, comprising 10,000 equity shares with a face value of Rs. 10 each. ACME Solar holds 100% of the shares.

Source: BSE

Bharat Heavy Electricals Limited (BHEL) has received a demand order from GST Authorities in Gujarat. The order pertains to a dispute regarding input tax credit availment and utilization. The total demand, including interest and penalty, amounts to ₹42,75,286. BHEL is currently evaluating the order and preparing to file an appeal.

GST Demand Order Details

BHEL has received an order regarding a dispute over input tax credit availment and utilization. The original demand was made under Section 74 of the CGST/SGST Act, 2017. The order was received on December 24, 2025, from the Office of the Assistant Commissioner of State Tax, Gujarat.

Financial Implications

The impugned order includes a demand of ₹12,94,982, along with consequential interest of ₹16,85,322 and a penalty of ₹12,94,982. The total amount due is ₹42,75,286. The communication relates to the period 2018-19. The company does not expect any material impact on its financials, operations, or other activities due to the intimation of this tax payable.

Company Response

BHEL is currently evaluating the impugned order and preparing to file an appeal. The company is assessing the grounds for appeal and preparing the necessary documentation.

Source: BSE

Bharti Airtel has received a notice from the Department of Telecommunications, Kerela LSA, imposing a penalty of ₹1,16,000. The penalty is for alleged violations of subscriber verification norms identified during a Customer Application Form (CAF) Audit conducted in October 2025. The company plans to take action for rectification or reversal of the order as it does not agree with it.

Penalty Imposed for Verification Lapses

Bharti Airtel has received a penalty notice from the Department of Telecommunications (DoT), Kerela LSA concerning subscriber verification processes. The notice, received on December 23, 2025, includes a penalty of ₹1,16,000.

Details of the Alleged Violation

The penalty stems from alleged violations of subscriber verification norms identified during a Customer Application Form (CAF) Audit conducted by the DoT in October 2025. License agreements require the company to ensure adequate verification of customers before enrollment and to comply with DoT’s instructions.

Company Response

Bharti Airtel does not agree with the order and intends to pursue appropriate actions for rectification or reversal of the penalty. The maximum financial impact is limited to the penalty amount of ₹1,16,000.

Source: BSE