Date: September 26, 2026
Other Operational / Legal / Strategic Disclosures
The Company has received penalty orders from the Income Tax Department, National Faceless Penalty Centre.
Nature of Orders:
- Penalty orders received under section 271(1)(c) of the Income-tax Act, 1961
- Penalty amount of ₹61,025,681 for Assessment Year 2009-10
- Penalty amount of ₹31,965,125 for Assessment Year 2011-12
- Total penalty amount: ₹92,990,806
- Basis: Alleged furnishing of inaccurate particulars of income
Date of Receipt: September 24, 2026
Company's Assessment and Response:
- The Company believes the penalty orders are not sustainable
- The Company is taking necessary steps to appeal against the orders before the appropriate Authority
- The Company is hopeful of a favourable outcome at the appellate level
- The Company believes there will be no impact on its financials, operations or other activities due to these orders
Disclosure Timing: The disclosure was made after the Company completed reviewing the orders, verifying relevant details, and determining the appropriate course of action.