HEG Advanced Materials : GST authority dropped proceedings

HEG Advanced Materials Limited (formerly known as HEG Limited) has received official communication that the GST authorities have completely dropped proceedings concerning a substantial tax and penalty recovery notice for the financial year 2020–21. Key Highlights for Investors: *Relief from Significant Financial Liability: The GST authority (Office of the Deputy Commissioner of State Tax, Mandideep Circle, Bhopal) has officially dropped proceedings that had previously proposed a recovery of IGST refunds alongside a penalty totaling ₹282.34 crore for FY 2020–21. *Basis of Decision: The order, dated October 15, 2026, was issued in favor of the company after reviewing the information available on record. *Zero Financial and Operational Impact: The company has confirmed that the dropping of these proceedings has a nil impact on its financial, operational, or other business activities. *Regulatory Compliance Disclosures: The disclosure has been formally communicated to both BSE Limited and the National Stock Exchange of India Limited (NSE) in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Background & Timeline November 10, 2025: The company originally informed stock exchanges regarding the receipt of a show-cause notice from the SGST authorities proposing the recovery and penalty amounting to ₹282.34 crore for FY 2020–21. October 15, 2026: The Deputy Commissioner of State Tax formally closed and dropped the Section 74 proceedings under the MPGST Act, 2017, and CGST Act, 2017.