Valiant Laboratories MD, chairman and AGM
NSE: VALIANTLABBSE: 543998Pharmaceuticals & BiotechnologySmall Cap
Share price at the NSE close on 28 Oct 2026. Previous close ₹123.36.
28 Oct: open ₹120.91, high ₹125.82, low ₹120.90
- Delivery only: shares bought must be paid for in full, with no selling on the same day.
- Next results date: the board meets on 2 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹683 Cr2,048th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 42.70
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 2.20
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 5.9%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 7.0%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.14
- Volume, NSEVolume. Shares traded on the last trading day. Volume in the glossary
- 86,797
Valiant Laboratories' chairperson is Mulesh Manilal Savla and its managing director Santosh Shantilal Vora, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 28 Sep 2026.
Valiant Laboratories board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonMulesh Manilal Savla
- Managing directorSantosh Shantilal Vora
- Company Secretary and Compliance OfficerAkshay Gangurde
7 directors3 independent2 executive2 non-executive
- Mulesh Manilal Savla · ChairpersonIndependent · joined May 2024 · reappointed May 2024 · 28 months as independent · 2 listed boards · 2 as independent · 6 committee seats, 4 as chair
- Paresh Shashikant ShahExecutive · joined Aug 2021 · reappointed Sep 2025 · 1 listed board
- Santosh Shantilal Vora · Managing directorExecutive · joined Aug 2021 · reappointed Feb 2022 · 2 listed boards · 1 committee seat
- Shantilal Shivji VoraNon-executive · joined Aug 2021 · reappointed Feb 2022 · 1 listed board · 1 committee seat
- Sonal Amit ViraIndependent · joined Feb 2022 · reappointed Feb 2022 · 55 months as independent · 2 listed boards · 2 as independent · 3 committee seats
- Sandeep GuptaNon-executive · joined Feb 2023 · reappointed Feb 2023 · 1 listed board
- Ashok Lakhamshi CheddaIndependent · joined Nov 2024 · reappointed Nov 2024 · 22 months as independent · 1 listed board · 1 as independent · 1 committee seat
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
1 director who left
- Velji Karamashi Gogri, left 12 Nov 2024: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 17 Sep 20266 of 7 present3 independent · 37 days in between
- 10 Aug 20267 of 7 present3 independent · 85 days in between
- 16 May 20265 of 7 present3 independent
Audit Committee
Chair Mulesh Manilal Savla
Sonal Amit Vira, Shantilal Shivji Vora, Ashok Lakhamshi Chedda
- 10 Aug 20264 of 4 present3 independent · 87 days in between
- 14 May 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Sonal Amit Vira
Shantilal Shivji Vora, Mulesh Manilal Savla
- 10 Aug 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Mulesh Manilal Savla
Sonal Amit Vira, Santosh Shantilal Vora
No meeting listed in the filing.
Risk Management Committee
Chair Santosh Shantilal Vora
Sonal Amit Vira, Mulesh Manilal Savla, Paresh Shashikant Shah
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair Mulesh Manilal Savla
Paresh Shashikant Shah, Shantilal Shivji Vora
- 10 Aug 20263 of 3 present1 independent
Restructuring Committee
Chair Mulesh Manilal Savla
Ashok Lakhamshi Chedda, Santosh Shantilal Vora
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- Raman S. Shah & Co.Peer-review certificate valid to Feb 2029
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Valiant Laboratories AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.
Annual general meeting, 28 Sep 2026
14,963 shareholders on the register on 21 Sep 2026; present: 8 promoters and 30 others; votes counted by Monali Bhandari / M/s Mehta & Mehta.The company's voting result
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.21%
- To appoint a director in place of Mr. Sandeep Gupta (DIN: 09245060), Non-Executive Director, who retires by rotation and, being eligible, offers himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Ratification of remuneration to the Cost Auditors for the Financial Year 2026-27.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Approval of Material Related Party Transaction(s) with Valiant Organics Limited.OrdinaryPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 0.96% · promoters 0.00% · institutions 0.00% · other public 2.79%
- Approval of Material Related Party Transaction(s) with Aarti Pharmalabs LimitedOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 1.63% · promoters 0.00% · institutions 0.00% · other public 4.73%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Valiant Organics LimitedOrdinaryPromoters have an interest in it99.94% for0.06% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 1.07% · promoters 0.00% · institutions 0.00% · other public 3.11%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Aarti Pharmalabs LimitedOrdinaryPromoters have an interest in it99.94% for0.06% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 1.19% · promoters 0.00% · institutions 0.00% · other public 3.44%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Alchemie Speciality Chemicals Private LimitedOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 1.61% · promoters 0.00% · institutions 0.00% · other public 4.66%
- Re-appointment of Mr. Santosh Vora (DIN: 07633923) as Managing Director of the Company for a period of 5 years and to fix his remuneration.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Re-appointment of Mrs. Sonal Vira (DIN: 09505883) as an Independent Director for the second term of five consecutive years.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Revision in remuneration of Mr. Paresh Shah (DIN: 08291953) Whole-Time Director and Chief Financial Officer.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Continuation of Directorship of Mr. Shantilal Vora (DIN: 07633852) as a Non-Executive Non-Independent Director of the Company, upon attaining 75 years of age.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Payment of remuneration by way of commission to Mr. Shantilal Vora (DIN: 07633852), Non-Executive Director of the Company.Special99.61% for0.39% against
Against: promoters 0.00% · institutions 0.00% · other public 2.69%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Payment of remuneration by way of commission to Mr. Sandeep Gupta (DIN: 09245060), Non-Executive Director of the Company.Special99.61% for0.39% against
Against: promoters 0.00% · institutions 0.00% · other public 2.69%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Payment of remuneration by way of commission to Mr. Mulesh Savla (DIN: 07474847), Independent Director of the Company.Special99.61% for0.39% against
Against: promoters 0.00% · institutions 0.00% · other public 2.69%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Payment of remuneration by way of commission to Mrs. Sonal Vira (DIN: 09505883), Independent Director of the Company.Special99.61% for0.39% against
Against: promoters 0.00% · institutions 0.00% · other public 2.69%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Payment of remuneration by way of commission to Mr. Ashok Chheda (DIN: 10776571), Independent Director of the Company.Special99.61% for0.39% against
Against: promoters 0.00% · institutions 0.00% · other public 2.69%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
- Shifting of the Registered Office of the Company outside the jurisdiction of the existing Registrar of Companies (ROC) within the State of Maharashtra.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.57% · promoters 100.00% · institutions 0.00% · other public 32.20%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 25 Sep 2025, 12 resolutions
15,410 shareholders on the register on 18 Sep 2025; present: 7 promoters and 38 others; votes counted by Mr. Ronak Kalathiya / Mehta & Mehta, Company Secretaries.The company's voting result
- To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31, 2025 together with the Reports of the Auditor thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 76.89% · promoters 100.00% · institutions 75.10% · other public 7.71%
- To appoint a Director in place of Mr. Santosh Vora (DIN: 07633923), Managing Director, who retires by rotation and who being eligible, offers himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 76.89% · promoters 100.00% · institutions 75.10% · other public 7.71%
- Ratification of remuneration to the Cost Auditors for the Financial Year 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 76.89% · promoters 100.00% · institutions 75.10% · other public 7.71%
- Approval of Material Related Party Transaction(s) with Valiant Organics LimitedOrdinaryPromoters have an interest in it99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 1.93% · promoters 0.00% · institutions 75.10% · other public 7.63%
- Approval of Material Related Party Transaction(s) with Aarti Pharmalabs LimitedOrdinaryPromoters have an interest in it99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 1.95% · promoters 0.00% · institutions 75.10% · other public 7.71%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Valiant Organics LimitedOrdinaryPromoters have an interest in it99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 1.93% · promoters 0.00% · institutions 75.10% · other public 7.63%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Aarti Pharmalabs LimitedOrdinaryPromoters have an interest in it99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 1.95% · promoters 0.00% · institutions 75.10% · other public 7.71%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Alchemie Speciality Chemicals Private LimitedOrdinaryPromoters have an interest in it99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 1.95% · promoters 0.00% · institutions 75.10% · other public 7.71%
- Appointment of M/s Mehta & Mehta, Practicing Company Secretaries as Secretarial Auditors of the Company and to fix their remunerationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 76.89% · promoters 100.00% · institutions 75.10% · other public 7.71%
- Change in Designation of Mr. Paresh Shah (DIN: 08291953) from Executive Director to Whole-Time Director and to fix his remunerationSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 76.89% · promoters 100.00% · institutions 75.10% · other public 7.71%
- Revision in remuneration of Mr. Santosh Vora (DIN: 07633923), Managing DirectorSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 76.89% · promoters 100.00% · institutions 75.10% · other public 7.71%
- Payment of remuneration by way of commission to Mr. Shantilal Vora (DIN: 07633852), Non-Executive Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 76.89% · promoters 100.00% · institutions 75.10% · other public 7.71%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 19 Dec 2024, 2 resolutions
- Increase in Authorised Share Capital and consequent alteration to the Capital Clause of the Memorandum of AssociationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.45%
Turnout: all 75.05% · promoters 100.00% · institutions 0.00% · other public 0.45%
- Appointment of Mr. Ashok Lakhamshi Chheda (DIN: 10776571) as Non - Executive Independent Director of the Company for one term of 5 (Five) consecutive years.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 75.05% · promoters 100.00% · institutions 0.00% · other public 0.45%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 8 Aug 2024, 12 resolutions
Present: 18 promoters and 80 others.
- To receive, consider and adopt the Audited Standalone andnConsolidated Financial Statements for the year ended March 31,n2024, together with the Reports of the Board of Directors andnAuditors’ thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- To appoint a Director in place of Mr. Paresh Shah (DIN: 08291953)nwho retires by rotation and being eligible, offers himself fornre-appointmentOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- Re-appointment of the Statutory Auditors of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- Ratification of remuneration to the Cost Auditors for thenFinancial Year 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- Appointment of Mr. Mulesh Savla (DIN: 07474847) as Non-Executive Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- Enhancement in the existing borrowing limit under Section 180 (1) (c) of the Companies Act, 2013Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- Creation of Charges on the Assets of the Company undernSection 180 (1) (a) of the Companies Act, 2013, to secure thenBorrowingsSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- Approval for grant of loans or to invest in Bodies Corporates ornto issue guarantee or provide security under Section 186 of thenCompanies Act, 2013Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 75.27% · promoters 100.00% · institutions 0.00% · other public 1.42%
- Approval of Material Related Party Transaction(s) with Valiant Organics LimitedOrdinaryPromoters have an interest in it99.92% for0.08% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 0.31% · promoters 0.00% · institutions 0.00% · other public 1.33%
- Approval of Material Related Party Transaction(s) with Aarti Pharmalabs LimitedOrdinaryPromoters have an interest in it99.92% for0.08% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 0.31% · promoters 0.00% · institutions 0.00% · other public 1.33%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Valiant Organics LimitedOrdinaryPromoters have an interest in it99.92% for0.08% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 0.31% · promoters 0.00% · institutions 0.00% · other public 1.33%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Aarti Pharmalabs LimitedOrdinaryPromoters have an interest in it99.92% for0.08% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 0.31% · promoters 0.00% · institutions 0.00% · other public 1.33%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 9 Apr 2024, 2 resolutions
- Approval of Material Related Party Transaction(s) with Valiant Organics LimitedOrdinaryPromoters have an interest in it90.75% for9.25% against
Against: promoters 0.00% · institutions 0.00% · other public 9.25%
Turnout: all 0.02% · promoters 0.00% · institutions 0.00% · other public 0.11%
- Approval of Material Related Party Transaction(s) between Valiant Advanced Sciences Private Limited and Aarti Pharmalabs LimitedOrdinaryPromoters have an interest in it91.22% for8.78% against
Against: promoters 0.00% · institutions 0.00% · other public 8.78%
Turnout: all 0.02% · promoters 0.00% · institutions 0.00% · other public 0.11%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Tax disputes
Reported in the filing for the quarter to Sep 2026.
- Tax disputeAssistant Commissioner Of CGST & Central Excise, Division-IV, Navi Mumbai CommissionerateSince 29 Sep 2025
The Company has filed an appeal before the Appellate Authority on March 9, 2026 against the order received. As of the date of this report, the hearing date has not yet been notified and the matter remains pending adjudication.MoreLess
At the filing before: On September 29, 2025, the Company received a Show Cause Notice from the office of the Assisstant Commissioner of CGST & Central Excise, Division- IV, Navi Mumbai Commissionerate, CBD Belapur,Navi Mumbai, issued under section 73 of the CGST Act, 2017 read with relevant provisions of the IGST Act, 2017 and MGST Act, 2017, along with penalty under section 122 of the CGST Act, 201, relating to alleged wrong availment of Input Tax Credit on Capital goods for the tax period April 2021 to March 2022. The Company on October 28, 2025, submitted the response to the Show Cause Notice recieved. The Company received an Order dated December 26, 2025 from the Office of the Assistant Commissioner of CGST & Central Excise, Division-IV, Navi Mumbai Commissionerate, CBD Belapur, Navi Mumbai. The order confirms a demand towards wrong availment of Input Tax Credit (ITC) on capital goods for FY 2021-22. The Company had claimed depreciation on the GST component of capital goods, which has been held to be impermissible. The authority has determined the ITC wrongly availed at Rs. 57,24,953/-. The Company on March 09, 2026, filed an appeal with the Appellate Authority.MoreLess
- Tax disputeJoint Commissioner of CGST & Central Excise, Navi Mumbai Commissionerate, 16th floor, Satra Plaza, Plam Beach Road, Sector 19D, Vashi, Navi Mumbai-400705Since 14 Jan 2026
The Company has filed an appeal before the Appellate Authority on August 12, 2026 against the order received. As of the date of this report, the hearing date has not yet been notified and the matter remains pending adjudication.MoreLess
At the filing before: On January 14, 2026, the Company received a Show Cause Cum Demand Notice from the Office of Commissioner of CGST & Central Excise(Audit),Raigad,Vashi,Mumbai-400703 issued under the CGST Act 2017 and SGST Act 2017. The Violations alleged were: a. Ineligible ITC on IPO Expenses: Expenses incurred for the Initial Public Offer (IPO) are attributable to a “transaction in securities” (which is an exempt supply). The ITC was exclusively used for the supply of exempted goods. Consequently, the Input Tax Credit (ITC) claimed on these expenses (approx. Rs. 2.85 Cr) is considered ineligible. b. Turnover Mismatch (FY 2021-22): Short payment of GST due to a discrepancy between the taxable turnover declared in the Financial Statements and the GSTR-3B returns (approx. Rs. 9.31 Cr). This relates to the transition period of converting the partnership firm ‘Bharat Chemicals’ into ‘Valiant Laboratories Ltd’ c. Corporate Guarantee: Non-payment of GST on a Corporate Bank Guarantee of Rs. 100 Crore provided to a related party (M/s. Valiant Advanced Services Pvt Ltd). The department has valued this service at 2% per annum and demanded GST on it (approx. Rs. 36 Lakhs). The Company recieved an order dated May 29, 2026 from Joint Commissioner of CGST & Central Excise, Navi Mumbai Commissionerate, 16th floor, Satra Plaza, Plam Beach Road, Sector 19D, Vashi, Navi Mumbai-400705 confirming a GST demand amounting to Rs. 18 Lakhs, out of the total demand of Rs. 36 Lakhs raised in the Show Cause Notice dated January 14, 2026 along with a penalty of Rs. 18 Lakhs and interest as may be applicable under the CGST Act and SGST Act, 2017. The other alleged violations in Show-Cause Notice dated January 14, 2026, with respect to ineligible availment of Input Tax Credit on IPO expenses of approximately Rs. 2.85 Crore; and turnover mismatch between Financial Statements and GST returns for FY 2021- 22 of approximately Rs. 9.31 Crore have been dropped by the adjudicating authority. The Company is evaluating all options, including filing an appeal against the order before the appropriate authority.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- 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
- No
- 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.
How money raised was used
Reported for the quarter to Jun 2026. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Rights IssuesAug 2025, checked by India Rating & Research Private Limited | 81.47 | Adjustment of Unsecured loans of Promoters/ Promoters group towards Right Equity Shares application money | 58.01 | 58.01 | No |
| Rights IssuesAug 2025, checked by India Rating & Research Private Limited | 81.47 | Repayment of Outstanding loans of Existing Promoters Dhanvallabh Ventures LLP | 1.40 | 1.40 | No |
| Rights IssuesAug 2025, checked by India Rating & Research Private Limited | 81.47 | Capital Expenditure | 1.80 | 1.80 | No |
| Rights IssuesAug 2025, checked by India Rating & Research Private Limited | 81.47 | General Corporate Purposes | 19.56 | 19.56 | No |
| Rights IssuesAug 2025, checked by India Rating & Research Private Limited | 81.47 | Issue Related Expenses | 0.70 | 0.70 | No |