Summary of Key Information:

Target Company: CG Power and Industrial Solutions Limited

Stock Exchange Listings:

NSE Scrip Code: CGPOWER

BSE Scrip Code: 500093

Nature of Transaction / Event: Update on ongoing Income Tax litigation and receipt of a revised tax demand and subsequent stay order.

Date of Transaction: The updated stay order was received on 7th September 2026.

Other Noteworthy Information:

  • This disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Master Circular Ref. No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026.
  • The dispute pertains to Assessment Year (AY) 2022-23.
  • The original assessment order was received on 28th February 2024, raising a tax demand of Rs. 188,78,91,580.
  • A revisionary assessment order was received on 20th April 2026, which initially raised a revised tax demand of Rs. 236,73,81,955.
  • A rectification order passed u/s 154 on 4th June 2026 subsequently revised the total tax demand to Rs. 2,15,59,04,546.
  • The Company filed an appeal against the revisionary assessment order with the Commissioner of Income Tax (Appeals) [CIT(A)] on 18th May 2026.
  • The Company applied for a stay on the tax demand.
  • The Deputy Commissioner of Income Tax, Mumbai, passed a stay order (Ref: ITBA/COM/F/17/2026-27/1093015978(1)) on 7th September 2026.
  • As per the stay order, the demand is stayed until the disposal of the appeal by the CIT(A), subject to the condition that the Company pays 20% of the total tax demand.
  • The order stipulates that Rs. 30 crores of this 20% is to be paid in five instalments.
  • The balance amount towards the disputed demand is payable subject to conditions mentioned in the order, including adjustments for any refunds.
  • The Company had previously received a stay order for the original demand, requiring a payment of Rs. 4,89,38,029, which was complied with.

Analyst Notes:

The disclosure provides a factual update on the status of ongoing income tax proceedings. The total disputed tax amount for AY 2022-23 currently stands at Rs. 215.59 crore after rectification. The company has secured a stay on the demand pending its appeal, conditional upon a partial payment.