Update-Disclosure under Regulation 30 read with Para A of 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 has received a rectification order from the Income Tax department on October 16, 2025, drastically reducing a previously imposed penalty. The original penalty of ₹8,18,57,865 (about ₹8.19 crore) under Section 271(1)(c) of the Income Tax Act for Assessment Year 2013–14 has been revised to just ₹1,19,344 (about ₹1.19 lakh). The company had filed a rectification application arguing the penalty was erroneously computed. The reduction represents a ~99.99% cut in the original demand.
Strongly positive for shareholders — a potential ₹8.19 crore tax liability has been cut to a negligible ₹1.19 lakh, removing a significant overhang on the company's finances and earnings.