Disclosure under Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
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Awaiting price reaction for this filing.
Forbes & Company Limited has received an order from the Income Tax Department on September 25, 2025, imposing a penalty of Rs. 8,18,57,865 (approximately Rs. 8.19 crore) under Section 271(1)(c) of the Income Tax Act for Assessment Year 2013-14, relating to alleged inaccurate particulars of income. The company has stated that the order is entirely erroneous and based on misinterpretation of facts. It is in the process of filing a rectification application and an appeal to challenge the penalty. The company believes it has a strong case and expects to get the penalty quashed. Management has indicated no material impact on its financials, operations, or other activities from this order.
While the penalty amount of Rs. 8.19 crore is significant, the company is actively contesting it and expects no material financial or operational impact if the appeal succeeds. Short-term sentiment may be mildly negative, but the long-term impact hinges on the outcome of the appeal.