The Federal Bank Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. '.
FEDERALBNK · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Federal Bank has received orders from the Income Tax Department, Kochi, giving effect to a favorable ITAT (Income Tax Appellate Tribunal) order dated 13 August 2024. The orders pertain to Assessment Year 2016-17. As a result, the bank is entitled to a refund of ₹322.63 crore (₹322,62,67,421) including interest under Section 244A of the Income Tax Act. The disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
This is a positive development for Federal Bank shareholders. The bank will receive a tax refund of approximately ₹322.63 crore, which will strengthen its financials and add to its cash position. It also resolves a long-pending tax dispute in the bank's favor, reducing future tax-related uncertainty.