Sapphire Foods India Ltd

Sapphire Foods India Ltd has received a show cause notice from the Deputy Commissioner of State Tax, Ghaziabad, Uttar Pradesh. The notice, dated September 28, 2026, was issued under Section 73 of the Uttar Pradesh GST Act 2017 for the period April 2022 to March 2023. It alleges a short payment of GST amounting to INR 21.45 million, identified through scrutiny of GST returns. The company asserts that the claim is not maintainable and anticipates no material impact on its financial, operational, or other activities. Sapphire Foods is currently evaluating the notice and plans to take necessary steps to respond.

Sapphire Foods India Limited has received a show cause notice from the Assistant Commissioner of State Tax, Vadodara, Gujarat. The notice, dated September 26, 2026, pertains to the period April 2022 to March 2023 and alleges incorrect availment and utilization of Input Tax Credit (ITC) amounting to INR 14.03 million under the Gujarat GST Act 2017. The company asserts that the claim is not maintainable and does not anticipate any material impact on its financial or operational activities. Sapphire Foods is evaluating the notice and will take necessary steps to respond. While the amount is below the disclosure threshold, the company notes that cumulative related matters might breach the limit.

Sapphire Foods India Limited has received a show cause notice from the Deputy Commissioner, DGSTO-4, Bengaluru, Karnataka, for the period April 2022 to March 2023. The notice, issued under the Karnataka GST Act 2017, alleges incorrect availment and utilization of Input Tax Credit (ITC) and short payment of tax, amounting to ₹19.99 crore (INR 199.90 million). The company states that the claim is not maintainable and does not anticipate any material impact on its financial or operational activities. Sapphire Foods is evaluating the notice and will take necessary steps to respond.

Sapphire Foods India Limited has announced the closure of its trading window from September 25, 2026, until 48 hours after the declaration of financial results for the quarter and half-year ending September 30, 2026. This measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. During this period, designated persons and their immediate relatives are prohibited from trading in the company's equity shares. The specific date for the board meeting to approve these financial results will be communicated later.

Sapphire Foods India Ltd received a show cause notice from the Deputy Commissioner (CT), Chennai, dated September 21, 2026. The notice, issued under Section 73 of the Tamil Nadu SGST Act 2017, pertains to the period April 2022 to March 2023. It alleges inadvertent availment and utilization of Input Tax Credit (ITC), along with short payment of interest and tax, amounting to ₹214.65 million. The company asserts that the claim is not maintainable and anticipates no material impact on its financial, operational, or other activities. Sapphire Foods is currently evaluating the notice and plans to take necessary steps to respond.

Sapphire Foods India Ltd has received a show cause notice from the Deputy Commissioner (CT), Chennai, Tamil Nadu, dated September 21, 2026. The notice, issued under Section 73 of the Tamil Nadu SGST Act 2017, alleges inadvertent availment and utilization of Input Tax Credit (ITC) and short payment of tax for the period April 2023 to March 2024, amounting to INR 5,168.38 million. The company states that the claim is not maintainable, and there will be no material impact on its financial, operational, or other activities. Sapphire Foods is currently evaluating the notice and plans to take necessary steps to respond.

Sapphire Foods India Ltd and Devyani International Limited have jointly filed an application with the Competition Commission of India (CCI). This filing is a step in the regulatory approval process for the proposed merger between the two companies, as outlined in their Amended Scheme of Arrangement. The merger, previously approved by the Board of Directors on August 26, 2026, is proceeding under the Companies Act, 2013, and the Competition Act, 2002. This action signifies progress in the planned consolidation of the two entities.

Sapphire Foods India Ltd has amended its Scheme of Arrangement for amalgamation with Devyani International Limited. The company announced the termination of a Share Purchase Agreement (SPA) between its promoter, Sapphire Foods Mauritius Limited (SFML), and Arctic International Private Limited. This termination removes the condition of a secondary sale of approximately 18.5% of Sapphire Foods India's share capital as a prerequisite for the scheme's effectiveness. The share exchange ratio remains unchanged: 177 equity shares of Devyani International for every 100 equity shares of Sapphire Foods India. The Board has approved the revised Scheme and Merger Framework Agreement, and the merger process will continue subject to requisite approvals.

Sapphire Foods India Ltd's Board of Directors met on August 26, 2026, to approve a revised scheme of amalgamation with Devyani International Limited. This revision follows the termination of a share purchase agreement between Sapphire Foods Mauritius Limited (SFML) and Arctic International Private Limited. The termination means SFML will now receive Devyani International shares as consideration, similar to other Sapphire Foods shareholders. The revised scheme removes the secondary sale transaction as a condition precedent, ensuring the merger process continues without impacting shareholder ratios. The board also approved an amended merger framework agreement.

Sapphire Foods India Limited announced a favorable outcome in a tax litigation concerning its wholly-owned Sri Lankan subsidiary, Gamma Pizzakraft Lanka (Private) Limited. The Income Tax Department had appealed a previous favorable order from the CIT(A), Ranchi. The Income Tax Appellate Tribunal (ITAT) has now dismissed the Income Tax Department's appeal, upholding the CIT(A)'s order. This development resolves a significant tax dispute for the subsidiary, positively impacting the company's financial standing.