the essay of 5 August 2026 · the untouched capture
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> <html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"> </head> <body bgcolor="#FFFFFF"> <p align="center"><font color="#FF6633" face="Verdana, Arial, Helvetica, sans-serif" size="2"><strong> LODR Meets GST</strong></font></p> <div><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>JEST GST - 446</strong></font></font></font><br/><font color="#663399">AUGUST 05 , 2026</font></strong></font></font></p><p align="center"><strong><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><u>By Vijay Kumar</u></font></font></strong></p></div> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>IF</strong> you believed that a GST raid is a private matter between you and your GST officer, let me gently correct you: SEBI disagrees. </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">In fact, SEBI disagrees so strongly that it will fine you Rs. 10 lakh for not telling it within 24 hours.</font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Welcome to India's regulatory ecosystem - a place where: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- GST raids your premises, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- SEBI raids your disclosure timeline, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- your share price raids your net worth, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- and your consultant raids your wallet. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">This week's story is about a GST taxpayer's rendezvous with SEBI - a listed entity that learned the hard way that GST action is not just a tax event, but a securities market event. </font></font></p> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>1. Case Title - Establishing the Battlefield Early</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Adjudication Order No.: Order/AK/GN/2026-27/32511</font></font><br/><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Dated: July 28, 2026<br/>Under: Section 15-Iof the SEBI Act, 1992</font></font><br/><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">read with Rule 5 of the SEBI Adjudication Rules, 1995 </font></font></p> <p align="justify"><br/><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">This is the official title of the order that triggered this week's column. </font></font></p> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>2. Before the Battle: What Is SEBI?</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Before we dive into the allegations, let us remind ourselves what SEBI is - and why it suddenly appears in a GST raid story like an unexpected relative at a wedding. SEBI - the Securities and Exchange Board of India - began life on April 12, 1988 as a polite, non-statutory body created through a Government of India resolution. In 1992, Parliament decided politeness was overrated and gave SEBI statutory teeth. The SEBI Act, 1992 came into force on January 30, 1992, and since then SEBI has been:</font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">…protecting the interests of investors in securities, promoting the development of the securities market, and regulating the securities market… </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- SEBI protects investors from companies. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- GST protects revenue from companies. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Companies need protection from both. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">The SEBI Act provides penalties for violations of the Act and the Regulations made under it. In this case, our taxpayer attracted the provisions of the Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015 - the rule book that governs what listed companies must disclose, when, and how. </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">And our taxpayer company, unfortunately, became fully eligible for a notice. </font></font></p> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>3. What Must Be Disclosed to SEBI - A Guide for the Bewildered Taxpayer</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI's LODR Regulations, 2015, are simple in theory: </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">If something happens to your company that investors should know, you must tell the stock exchange. </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">But companies often ask: "What exactly must we disclose?" </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">The relevant ones are: </font></font></p> <p align="justify"><font color="#ff0000"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Clause 8 - Litigation(s), dispute(s), regulatory action(s):</font></font></font></p> <blockquote><p align="justify"><font color="#000000"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- </font></font></font><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">searches by GST authorities </font></font></p></blockquote> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- provisional attachments </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- arrest proceedings </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- investigations & allegations of fake billing </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- any regulatory action with impact </font></font></p></blockquote> <p align="justify"><font color="#ff0000"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Clause 12 - Granting, withdrawal, surrender, cancellation or suspension of key licenses or regulatory approvals:</font></font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- cancellation of GST registration </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- suspension of GST registration </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- withdrawal of any statutory approval </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">In short: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- If GST touches you, SEBI wants to know. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- If GST squeezes you, SEBI wants to know faster. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- If GST crushes you, SEBI wants to know immediately. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">And SEBI's timelines are strict: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- 12 hours if the event originates inside the company </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- 24 hours if the event originates outside (like GST action) </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">This is why a 15-day silence became a Rs. 10-lakh problem. </font></font></p> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>4. What Is "Material"? - The Art of Knowing When SEBI Gets Angry </strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Companies often argue: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- But the GST search was provisional </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- The allegations were not adjudicated </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- We were verifying facts! </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">The company argued that external, complex events like a GST raid require "reasonable time to verify facts." </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">When officers are sealing your premises and attaching your bank accounts, the "fact" that a raid occurred is already 100% verified! </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI's philosophy is simple: Materiality is not about truth; materiality is about impact.<br/>SEBI uses three primary tests: </font></font></p> <p align="justify"><font color="#ff0000"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Test 1 - Market Reaction Test (Regulation 30(4)(i)(b)):</font></font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">If omission of the event is likely to cause significant market reaction later, it is material. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">In this case, the share price fell from Rs. 83.45 to Rs. 51.45 between July 7 and July 22. While the search took place on July 7, 2021, the company only disclosed it on July 22 - and only because the exchange (NSE) explicitly poked them about the crashing stock! After disclosure, it plummeted further to Rs. 39.10. </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI concluded: "The omission resulted in significant market reaction." </font></font></p> <p align="justify"><font color="#ff0000"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Test 2 - Financial Threshold Test (Company's own materiality policy): </font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Events must be disclosed if impact exceeds 10% of turnover or net worth. </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Alleged GST evasion: Rs. 137 crore </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Turnover: Rs. 383 crore </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Net worth: Rs. 46 crore </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Evasion alleged was nearly 3 times its net worth! </font></font></p></blockquote> <p align="justify"><font color="#ff0000"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Test 3 - Regulatory Action Test:</font></font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Any regulatory action with impact is inherently material. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Materiality is not about whether GST is right. Materiality is about whether investors will panic. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- And panic they did. </font></font></p></blockquote> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>5. The Allegations - SEBI's Five-Point Charge Sheet </strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI alleged five violations - each one a reminder that when GST knocks, SEBI expects you to shout the news from the rooftop: </font></font></p> <table align="justify" style="width:90%"> <tbody> <tr> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">1. </font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Delayed disclosure of GST search </font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Disclosure was made 15 days late. </font></font></p> </td> </tr> <tr> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">2.</font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Delayed disclosure of provisional attachment </font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Also 15 days late. </font></font></p> </td> </tr> <tr> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">3.</font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">No explanation for delay </font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Regulation 30(6) requires explanation. None was provided. </font></font></p> </td> </tr> <tr> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">4.</font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Non-disclosure of action under Sections 69 & 83 of CGST Act </font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">No updates were provided. </font></font></p> </td> </tr> <tr> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">5.</font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Non-disclosure of GST registration cancellation </font></font></p> </td> <td style="vertical-align:top"> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Cancellation was not disclosed. Only restoration was disclosed. </font></font></p> </td> </tr> </tbody></table> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">In short: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- GST acted </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- SEBI waited </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Company delayed </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Investors panicked </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Penalty arrived. </font></font></p></blockquote> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>6. The Findings - SEBI's Surgical Breakdown</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI's findings are crisp, logical, and devastating - the kind of clarity GST adjudication orders can only dream of. </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>1.</strong> <font color="#0066cc"><strong>GST search was material:</strong></font> Alleged evasion of Rs. 137 crore exceeded 10% of turnover/net worth, share price reacted sharply, and company policy mandated disclosure. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>2. <font color="#0066cc">Provisional attachment was material:</font></strong> Affected core operations, machinery, inventory, and bank accounts. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>3.</strong> <font color="#0066cc"><strong>No explanation provided:</strong></font> SEBI rejected the "ongoing verification" excuse. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>4.</strong> <font color="#0066cc"><strong>No updates provided:</strong></font> Annual reports and CRISIL notes did not count. SEBI observed: "The report only mentions that the GST search is ongoing, which is not an update." </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>5.</strong> <font color="#006600"><strong>Cancellation omitted:</strong></font> Disclosing restoration later does not cure omitting the cancellation in the first place. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Final Finding: All five violations were firmly established. </font></font></p> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>7. The SEBI Process - SCN, Reply, Hearing, Findings, Penalty</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI's adjudication process is surprisingly clean, structured, and logical - a refreshing contrast to GST adjudication, which often resembles a treasure hunt conducted on the GST portal. </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Let us walk through SEBI's process in this case: </font></font></p> <div><blockquote><p align="justify"><font color="#ff0000">- <font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Step 1 - Examination:</font></font></font></p></blockquote></div> <blockquote><blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI examined the scrip to check compliance with LODR Regulations. </font></font></p></blockquote></blockquote> <div><blockquote><p align="justify"><font color="#ff0000">- <font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Step 2 - Show Cause Notice (SCN):</font></font></font></p></blockquote></div> <blockquote><blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">On 27 February 2025, SEBI issued an SCN alleging five violations via Speed Post AD and email. GST officers may take pride in raids, but SEBI takes pride in documentation. </font></font></p></blockquote></blockquote> <div><blockquote><p align="justify"><font color="#ff0000">- <font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Step 3 - Reply by Noticee:</font></font></font></p></blockquote></div> <blockquote><blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">On 11 March 2025, the company replied, admitting delays but citing lack of malicious intent, COVID, staff shortages, ongoing verification, and reliance on CRISIL reports. </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">When in doubt, blame COVID. When in more doubt, blame 'ongoing verification.' And when SEBI asked why no updates on the GST search were provided, the company pointed to a CRISIL rating downgrade disclosure. SEBI noted dryly that CRISIL mentioning the GST raid as a reason for downgrading the company doesn't mean the company updated the market. Relying on your credit rating agency to leak your bad news is not 'regular update' compliance! </font></font></p></blockquote></blockquote> <div><blockquote><p align="justify"><font color="#ff0000">- <font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Step 4 - Settlement Detour:</font></font></font></p></blockquote></div> <blockquote><blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">The company attempted settlement and kept adjudication in abeyance for a full year (from April 2025 to April 2026) negotiating terms, only to throw up its hands because it didn't like the settlement price tag! </font></font></p></blockquote></blockquote> <div><blockquote><p align="justify"><font color="#ff0000">- <font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Step 5 - Personal Hearing:</font></font></font></p></blockquote></div> <blockquote><blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Hearings were granted in May and June 2026. </font></font></p></blockquote></blockquote> <div><blockquote><p align="justify"><font color="#ff0000">- <font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Step 6 - Findings & Final Verdict:</font></font></font></p></blockquote></div> <blockquote><blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI systematically rejected all defences. </font></font></p></blockquote></blockquote> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>8. The Penalty - Rs. 10 Lakhs for 15 Days of Silence</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI imposed a penalty of Rs. 10 lakh. This is not a tax penalty. This is a securities market penalty, which means: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- GST raided, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- SEBI fined, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- share price collapsed, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- consultant raised fees, and </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- CFO raised blood pressure. </font></font></p></blockquote> <p align="justify"><font color="#006600"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>9. SEBI vs GST Adjudication Quality - A Tale of Two Worlds</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Let us take a moment to appreciate SEBI's order. It is: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- structured, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- reasoned, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- analytical, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- educational, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- readable, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- and almost compassionate. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Compare this with GST adjudication, where: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- orders often copy-paste the SCN, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- reasoning is optional, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- evidence is decorative, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- conclusions are predetermined, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- and the portal decides your fate. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">If a taxpayer wants to deposit tax after a GST order, he needs: a jurisdictional officer, an audit officer, an enforcement officer, portal helpdesk, a consultant, and sometimes a priest. </font></font></p> <p align="justify"><font color="#0099ff"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">GST adjudication is not a process. It is a pilgrimage.</font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">SEBI, on the other hand, writes orders that actually tell you: </font></font></p> <blockquote><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- what you did wrong, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Why it matters, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- How it affected investors, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- What regulations require, </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- What penalty applies, and </font></font></p><p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">- Provides a direct payment link on its portal to settle it. </font></font></p></blockquote> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">If GST wrote orders like SEBI, half the consultants would be unemployed. And the other half would finally sleep peacefully. </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Whenever GST acts against you - search, attachment, cancellation, arrest proceedings, or even a stern look - you must immediately rush to SEBI with a disclosure. </font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Otherwise, you may end up paying GST in SEBI.</font></font></p> <p align="justify"><img src="https://admin.taxindiaonline.com/UploadedFiles/Customs/CaseLaws/2026/Jest%20040826.PNG" style="height:281px; width:504px"/></p> <p align="justify"><font color="#ff0000"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><strong>Until next week</strong></font></font></font></p> <p align="justify"><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif">Comments/feedback welcome at <a href="mailto:vijaywrite@tiol.in">vijaywrite@tiol.in </a> or 9848111243 (WhatsApp) </font></font></p> </body> </html>