Key Quantitative Figures
The rectification order includes:
- Total Tax Demand: ₹3,72,36,41,785 (inclusive of incremental tax of ₹97,07,75,200)
- Total Interest Demand: ₹219,05,45,425 (inclusive of incremental interest of ₹1,33,11,03,953)
- Penalty: Nil
- Total Financial Implication: ₹591,41,87,210
Parties Involved
- Issuing Authority: Assistant Commissioner of Income Tax, Mumbai
- Recipient: ICICI Life Insurance Limited
- Debenture Trustee CC'd: Axis Trustee Services Limited
Financial Impact Assessment
The company states that despite the substantial financial demand of ₹591.41 crore, there is "no adverse material impact on the financial operations of the Company."
Action Taken
The Company has filed an appeal against the said order before the appropriate authority.
Additional Information
The disclosure is made in compliance with Regulation 30(13) of the SEBI Listing Regulations read with the Industry Standards Note. The company confirms that the information provided is true, correct and complete to the best of their knowledge and belief.