Eureka Forbes Receives Rs 273.40 Crore GST Show Cause Notice, Calls Demand Unsustainable:

Eureka Forbes Limited has informed the stock exchanges (NSE and BSE) about the receipt of a Show Cause Notice (SCN) dated September 25, 2026, in Form GST DRC-01, issued by the Officer of Deputy Commissioner, State Tax, Sector-1, Lucknow, Uttar Pradesh, for the financial year 2022-23 (assessment year 2023-24).

The company has a strong belief that the notice is unsustainable on facts or in law or in procedure and is planning to challenge the same before an appropriate appellate authority within the statutory time limit. Moreover, the company does not expect any impact on its financial, operational, or other activities in consequence of the present action.

The company had received the notice on Friday, September 25, 2026, after office hours. The notice has proposed a tax liability of Rs 149.21 Crore along with interest of Rs 109.27 Crore and a penalty of Rs 14.92 Crore, aggregating to Rs 273.40 Crore.

According to an intimation dated September 28, 2026, the company had observed that "the proposed demand appears to have been computed, inter alia, with reference to PAN India-level financial information taken from the signed financials for FY 2022-23 without establishing the corresponding transaction-level liability attributable to the company's Uttar Pradesh GST registration."

The aforementioned disclosure has been made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.