EVEREST INDUSTRIES LTD.

Everest Industries Ltd has received a show cause notice (DRC 01) from the Deputy Commissioner of State Tax, Nashik, Maharashtra, under Section 73(1) of the CGST Act, 2017 & MGST Act, 2017. The notice, dated September 24, 2026, pertains to the financial year 2022-23 and raises concerns regarding excess Input Tax Credit (ITC) availed, short liability declared, and outward tax liability discharge discrepancies. The total demand proposed is ₹13,34,35,202/-, comprising tax, interest, and penalty. The company believes it has strong legal grounds and expects no material financial impact, as it prepares its defense.

Dr. Trissa Joseph, Vice President – R&D at Everest Industries Ltd, has resigned from her position effective September 30, 2026, citing personal reasons. The company has acknowledged the resignation and is ensuring a smooth transition of responsibilities. The resignation was communicated in accordance with SEBI Listing Regulations.

Everest Industries Ltd has received a show cause notice (DRC 01) from the Deputy Commissioner of State Tax, Balasore, Odisha, under Section 74 of the CGST Act, 2017 & OGST Act, 2017. The notice pertains to alleged liabilities for FY 2020-21, including discharge of GST liabilities without interest, issuance of credit notes beyond the time limit, receipt of credit notes for inward supplies, availing blocked credit, and disallowance of Input Tax Credit. The total demand raised is Rs. 3,89,21,097/- (Tax, Interest, and Penalty). The company believes it has strong legal grounds and expects no material financial impact, as it prepares its response.

Everest Industries Ltd has informed the exchanges that the Goods & Service Tax Department, Maharashtra, has concluded their inspection/search proceedings on August 26, 2026. The company has rectified certain discrepancies by paying GST for FY 2021-22 till date, under protest. This payment includes potential compensatory interest of ₹46.98 lakhs, which is available for restitution/restoration. At present, there is no material impact on the company's financials or business operations.

Everest Industries Ltd has informed the stock exchanges that an inspection/search proceeding was initiated at its Corporate Office in Mumbai and a manufacturing unit in Maharashtra on August 20, 2026. The action was taken under Section 67 of the Maharashtra Goods and Services Tax Act, 2017, by Maharashtra State GST officials. The company is cooperating fully with the authorities. Currently, there is no material impact on the company's financials, business operations, or other activities. Further details are provided in an annexure to the filing.

Everest Industries Limited announced the appointment of M/s. Price Waterhouse Chartered Accountants LLP as its new Statutory Auditors. This decision was approved by the company's members at the 93rd Annual General Meeting (AGM) held on August 3, 2026. The appointment is for a first term of five consecutive years, commencing from the conclusion of the 93rd AGM until the conclusion of the 98th AGM. The previous auditors, M/s. S R B C & Co. LLP, completed their second term at the conclusion of the 93rd AGM. Price Waterhouse Chartered Accountants LLP, established in 1991 and converted to an LLP in 2014, is a member firm of Price Waterhouse & Affiliates and provides auditing and assurance services.

Everest Industries Ltd has received a show cause notice (DRC 01) from the Assistant Commissioner of State Tax, Balasore, Odisha, under Section 73 of the CGST Act, 2017 & OGST Act, 2017. The notice pertains to the financial year 2022-23 and raises concerns regarding short payment of GST due to overstating turnover adjustment, non-permissibility of breakage credit notes, incorrect claiming of turnover discounts, excess Input Tax Credit (ITC) claimed, and ineligible ITC on blocked credits. The total demand raised is ₹3,17,49,077/-, comprising Tax (₹1,87,60,756/-), Interest (₹1,11,02,255/-), and Penalty (₹18,86,066/-). The company believes it has strong legal grounds and expects no material financial impact, as it prepares its response.

Everest Industries Ltd announced that its Board of Directors, in a meeting held on July 27, 2026, approved the voluntary winding-up of its wholly owned subsidiary, Everest Building Products, located in Mauritius. The company stated that Everest Building Products is not a material subsidiary and its closure will not impact the overall revenue, business, or profitability of Everest Industries Ltd. The subsidiary's financial contribution as of March 31, 2026, was negligible, with revenue at Nil (0%) and net worth at a loss of ₹5.16 lakhs (0.01%). The reason cited for the winding-up is to simplify the group structure. The exact closure date will be communicated later.

Everest Industries Ltd announced that its Board of Directors met on July 27, 2026, to consider and approve the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. The Audit Committee had recommended these results. The company also submitted the Limited Review Reports from its statutory auditors, S R B C & Co. LLP, along with the financial results and segment-wise details for the specified quarter. The board meeting commenced at 4:00 p.m. IST and concluded at 6:30 p.m. IST.

Everest Industries Ltd's Board of Directors, at a meeting held on July 27, 2026, approved the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. The results, recommended by the Audit Committee, were reviewed by the statutory auditors, M/s. S R B C & Co., LLP, who issued Limited Review Reports. The board meeting commenced at 4:00 p.m. and concluded at 6:30 p.m. (IST).