Income tax demands of about Rs 107 cr on subsidiaries, company says no impact

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AI summary

Deepak Fertilisers informed exchanges that its subsidiaries received income tax demand orders totalling about Rs 107 crores. Deepak Mining Solutions got demands of Rs 89.57 cr for AY 2022-23 and Rs 14.92 cr for AY 2024-25. Mahadhan AgriTech got Rs 2.18 cr for AY 2024-25. The company says these are erroneous demands due to non-consideration of tax credit and TDS related to a demerged business post NCLT order. No allegation of contravention. Company says no financial impact and will file rectification.

Likely market impact

Tax demands contested as erroneous; company says no financial impact, but rectification outcome pending.