Goa Carbon MD, chairman, board of directors and AGM

• Fine or penaltyIndian CustomsSince 5 Jun 2026₹33,000

  Fine imposed for delay in filing of Bill of Entry

  Fine incurred due to delay in filing of Bill of Entry. Delay occurred primarily to correct/rectify an error in the Bill of Entry. Subsequently the Bill of Entry was ammended.
• Tax disputeState of Goa & Ors.Since 14 Sep 2023
  A brief status of the matter is as under: 1) The Company has filed appeals for FY 2014-15 to FY 2019-20 before the Administrative Tribunal at Panaji Goa. Hearings are ongoing. 2) The Company has also submitted a representation to the Government of Goa for a waiver of the Green Cess on RPC/ CPC, invoking their powers under section 8 of the Act. 3)Assessment for FY 2024-25 was completed on 28.05.2025, the company has deposited 50% of the demand amounting to Rs 0.31 crores under protest.MoreLess
  At the filing before: 1) The Company filed a Special Leave Petition before the Hon'ble Supreme Court on 11th November 2023. The Supreme Court, via its interim order dated 7th December 2023, directed the Company to pay 50% of the demand to the State Government while staying the payment of the remaining 50% pending a final order. Further the Company received a notice on 03.06.2026 for Samadhan Samaroh (Special Lok Adalat) in respect of SLP 26191 of 2023, inviting the Company to attend a pre-conciliation meeting. As advised by our counsel, we attended the hearing on 09.06.2026, however the matter will be pursued on merits in the SC. Matter is pending for hearing 2) The Company received assessment orders cum demand notices for FY 2014-15 to FY 2023-24 from the Goa State Tax Authorities and the company has deposited 50% of the demand under protest. 3)Pursuant to Hon’ble High Court's order, the Company filed an appeal for FY 2014-15 to FY 2019-20 on 15th April 2024 before the Deputy/Additional Commissioner (Appeals-North) of State Tax, citing the limitation period as a key issue. The matters were heard by the Deputy Commissioner/Additional Commissioner (Appeals-North) before whom company made its oral and written submissions. All matters from FY 2014-15 to FY 2019-20 are dismissed by the Additional Commissioner (Appeals - North)/ Deputy Commissioner of State tax department. For FY 2025-26, the company has filed voluntary returns and deposited 50% of the self-assessed cess amounting to Rs. 0.28 crores, for the period from April 2025 to March 2026. Also, the Company has been filing voluntary returns during FY 2026-27.MoreLess
• Tax disputeAsst. Commissioner CGST & Central Excise, CuttackSince 16 Oct 2024
  The Commissioner (Appeal) GST, CX & Customs Bhubaneswar passed order dated 29.04.2026 (received on 06.05.2026) denying the refund of CVD to the Company The Company has filed an appeal with CESTAT.
  At the filing before: 1) Matter is related to rejection of refund of ITC for FY 2017-18 for Rs.48,37,468/- 2) The Company had availed input tax credit of CVD of Rs 48,37,468/- paid against unfulfilled export obligations which has been disallowed for taking input credit, for which credit should have been availed under TRAN-1. 3) During GST Audit for FY 2017-18, it was disallowed by the GST Officer as input credit. Accordingly, the Company paid the ITC availed and applied for refund to Asst Commissioner Central GST & CES Department Cuttack vide its application dated 05.01.2024. 4) Asst Commissioner Central GST & CEX vide its order dated 16.10.2024 rejected the refund of ITC paid. 5) Accordingly, the Company has filed an Appeal to Commissioner of Central Excise (Appeals) Bhubaneswar on 02.01.2025 on the similar lines of Goa Plant.MoreLess
• Tax disputeCommercial Tax, Cuttack-II Range, CuttackSince 5 Jan 2023
  The matter is pending for hearing.
  At the filing before: 1) The matter is relating to VAT Assessment for the period from 01.04.2005 to 28.02.2007. 2) In assessment orders, the department disallowed ITC on FO and some other material of Rs.33 Lacs. 3) Company filed appeal against the assessment order. The Appellate Authority allowed the ITC on FO and disallowed the other consumable ITC of Rs.2 Lacs and charged penalty of Rs.5 Lacs. 4) Again, we had filed the appeal before the Sales Tax Tribunal for waiver off the Penalty. The Tribunal allowed the appeal and issued order for payment of Tax and waived the penalty. 5) The Company has paid the entire Tax demand. Then the Sales Tax Dept filed appeal in Hon'ble High Court against the Tribunal Order for recovery of penalty of Rs 5 LacsMoreLess
• Tax disputeDy. Commis-sioner of Income Tax PanajiSince 18 Jul 2011
  The Company has filed a Writ Petition before the Hon’ble Bombay High Court, Goa Bench. During the hearing the Hon'ble Court sought an explanation from the Department regarding the prolonged pendency of the rectification application. Hearings are going on.MoreLess
  At the filing before: AY 1994-95 1) The Asstt. Commissioner of Income Tax, Panaji passed an order dated 18.07.2011 for AY 1994-95 giving effect to the ITAT Order dated 18.03.2011 disallowing 100% depreciation on the leased assets. Consequently, a tax demand of Rs. 2,47,44,414/- has been raised. 2) The Income Tax Department has recovered the tax demand to the extent of Rs. 2.47 crores against the refund orders of the other assessment years. 3) The Company filed a rectification application on 29.05.2012 to give effect to the ITAT Order and a reminder letter has been submitted on 5th August 2025. 4) The Company also submitted application on CPGRAM portal on 12.12.2025 to fast track the resolution. The Department vide CPGRAM reply dated 21.01.2026 has communicated stating that Department has considered all aspects and effects in the OGE dated 18.07.2011, accordingly, no further action or refund is pending. Therefore, we have provided this amount in our books of accounts during Q 3 FY 2025-26. The Company has filed a Writ Petition before the Hon’ble Bombay High Court, Goa BenchMoreLess
• Tax disputeDy. Commissioner, Income Tax, Panaji.Since 23 Dec 2018
  Following the ITAT’s directions, the Assessing Officer issued an order on 28th October 2024, approving the forward premium expenses and exchange losses, and granting remaining refund of Rs. 62,760/- as the refund of Rs 46,85,830/- was already granted on 27th March 2018. The Company has received the said refund amounts. The only remaining issue is Guarantee Commission of Rs 60 Lacs. The Company has again submitted an application on 24th December 2024, to the AO to pass an Order Giving Effect to the CIT(A)'s decision dated March 29, 2019 for allowing Guarantee Commission. The Order giving effect is awaited.MoreLess
  At the filing before: AY 2016-17 1) The Joint Commissioner of Income Tax, Range-I, Panaji has passed an Order dated 23.12.2018 for AY 2016-17 u/s 143(3), disallowing the following expenses: (i) Exchange difference – Rs. 8,95,99,583/- (ii) Forward Premium Expenses – Rs. 5,50,394/- (iii) Guarantee Commission – Rs. 60,00,000/- (iv) Disallowance u/s 14A – Rs. 21,85,005/-. The Company had filed an Appeal against the Order with the C.I.T. (Appeals), Panaji on 29.12.2018. 2) After the hearings held in March 2019, the C.I.T. (Appeals) passed an Order on 29.03.2019, partly in favour of the Company i.e. The disallowance of Exchange difference, Forward Premium Expenses and Guarantee Commission of Rs.8,95,99,583/-, Rs. 5,50,394/- and Rs. 60,00,000/- respectively, were deleted. 3) The Joint Commissioner of Income Tax, Special Range, Panaji, filed an appeal against the order of the Commissioner of Income Tax (Appeals) dated March 29, 2019. At the hearing held on September 4, 2023, the matter was decided in favor of the company and remanded back to the Assessing Officer through the ITAT order dated September 20, 2023, for both AY 2013-14 and AY 2016-17. This remand was in accordance with the directions outlined in the ITAT order for AY 2011-12, allowing expenses after verifying the forward cover against which foreign exchange losses and forward cover expenses were incurred. 4) On 22nd July 2024, GCL received a letter from the Assessing Officer requesting its appearance to pass an order in line with the ITAT's directions. In response, GCL submitted the required documents for verification. Income Tax Appellate Tribunal (ITAT), PanajiMoreLess
• Tax disputeDy. Commis-sioner of Income Tax Panaji.Since 4 Aug 2021
  1) The Company has filed appeals with the Commissioner of Income Tax (Appeals), Panaji-Goa on 13.06.2011 & 23.11.2011. 2) The Commissioner of Income Tax (Appeals), Panaji-Goa has disposed off the Company’s appeals for the AY 1995-96, 1997-98, 1998-99, 2000-01, 2001-02 & 2003-04 against the Company, giving relief for expenditure. Appeals with the Income Tax Appellate Tribunal have been filed on 01.09.2016. 3) ITAT vide its order dated 23.11.2016 confirmed the order passed by CIT(A) in respect of AY 1995-96, 1997-98 & AY 1998-99 and vide order dated 17.08.2022 in respect of AY 2000-01, AY 2001-02 & AY 2003-04. 4) The Company’s appeals were admitted by the Hon’ble Bombay High Court of Panaji Bench for AY 1995-96, AY 1997-98 & AY 1998-99 in 2017 with Tax Appeal Nos. 146, 148 & 149 of 2017. 5) The above Tax appeals nos. 146,148 & 149 were decided against the Company vide order dated 4th August 2021. No further appeals were filed. 6) The Company’s appeals in respect of AY 2000-01, AY 2001-02 & AY 2003-04 in 2023 with Tax appeal Nos. 2, 4 & 5 of 2023. were admitted by the Hon’ble Bombay High Court of Panaji Bench in January 2023. 7) The above Tax appeals nos. 2, 4 & 5 have been decided against the Company vide order dated 31st July 2023. 8) The Company has filed the SLPs before the Supreme Court SLP(C) No. 027570 - / 2023 (Diary No. 45516/2023) (pertaining to TXA 2/2023) and SLP(C) No. 027568 - 027569 / 2023 (Diary No. 45522/2023) (pertaining to TXA 4 & 5/2023) on 31.10.2023. 9) Company received a notice on 29.06.2026 for Samadhan Samaroh (Special Lok Adalat) in respect of Income Tax SLP 27568-27569-27570 of 2023, inviting the Company to attend a pre-conciliation meeting. As advised by our tax consultant, we attended the hearing on 03.07.2026, however the matter will be pursued on merits in the SC. Matter is pending for hearing.MoreLess
  At the filing before: AY 1995-96, 1997-98, 1998-99, 2000-01, 2001-02 & 2003-04 Pursuant to the Order passed by the Hon’ble High Court of Bombay at Goa in favour of the Company, the Asstt. Commissioner of Income Tax, Panaji while giving effect to the said Order has erred in restricting the claim of deduction of the Company under Section 80HHC of the Income Tax Act, 1961 as follows: i) To Rs. 34,84,383/- instead of Rs. 66,84,194/- for AY 1995-96; ii) To Rs. 9,42,853/- instead of Rs. 1,75,83,131/- for AY 1997-98 iii) To Rs. 3,02,51,863/- instead of Rs. 4,54,42,599/- for AY 1998-99 iv) To Rs. 2,61,82,642/- instead of Rs. 3,28,99,174/- for AY 2000-01 v) To Rs. 1,30,90,892/- instead of Rs. 2,00,28,130/- for AY 2001-02 vi) To Rs. 65,99,005/- instead of Rs. 67,60,312/- for AY 2003-04MoreLess
• Tax disputeAssessing Officer (faceless assessment)Since 25 Mar 2024
  1) The company filed appeals with the Commissioner of Income Tax (Appeals), Panaji-Goa, on April 15, 2024. 2) The company discussed with the department and deposited 20% of the demand amount (Rs 35 Lacs) under protest to obtain a stay on penal proceedings under Section 270A of the Income Tax Act, 1961. 3) The Appeal is yet to be heardMoreLess
  At the filing before: AY 2022-23 The Assessing Officer under faceless assessment has passed an Order dated 25.03.2024 for AY 2022-23 u/s 143(3), disallowing the following expenses: (i)Sponsorship (Advertisement)– Rs. 1,43,00,000/- (ii) Difference in Exchange Loss – Rs 3,35,51,351/- (iii) Guarantee Commission – Rs. 83,89,808/- The Company had filed an Appeal against the Order with the C.I.T. (Appeals), on 15.04.2024.MoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

Yes

The board has a regular chairperson

Yes

The company has a risk management committee

No

The chair is related to the managing director

No

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.