Bansal Wire Industries Limited has informed the exchange regarding order received from Hon'ble High Court of Delhi quashing the Income Tax demand of Bansal Steel & Power Limited (Wholly Owned Subsidiary) of the Company
BANSALWIRE · price
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The Hon'ble High Court of Delhi has quashed income tax demand notices against Bansal Wire Industries' wholly owned subsidiary, Bansal Steel & Power Limited. The court set aside demands of Rs. 56.77 million for Assessment Year 2015-16 and Rs. 21.37 million plus interest of Rs. 10.69 million for Assessment Year 2017-18. These were demands from the period prior to approval of the resolution plan, which were disclosed in the company's IPO prospectus. The order was received on April 30, 2026, and the petition was allowed under the 'clean slate theory'. The company states the order has no financial impact and reaffirms its strong compliance framework.
A positive legal development for the company as tax liabilities totaling approximately Rs. 88.83 million plus interest have been extinguished. While the company indicates no financial impact, this removes uncertainty around potential tax liabilities for the subsidiary's pre-resolution period claims.