Indian Overseas Bank has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company- Order of refund received from Income Tax Department
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Awaiting price reaction for this filing.
Indian Overseas Bank has received an order from the Income Tax Department granting a refund of ₹1,146.07 crores (₹1,14,60,67,2,352) for Assessment Year 2015-16, including interest under Section 244A of the Income-tax Act. The order was issued on 16.06.2025 under Section 154 of the Income-tax Act and was received by the bank via email on 18.07.2025. This is a routine correction/revision order from the tax department, and the refund amount includes accumulated interest. The disclosure has been made to the stock exchanges under SEBI's Listing Obligations and Disclosure Requirements Regulations.
This is a positive cash-flow event for the bank. A refund of over ₹1,146 crores will boost IOB's liquidity and can support lending growth or strengthen its balance sheet. For shareholders, this is favourable as it recovers previously paid taxes with interest, though the impact on stock price may be modest as tax refunds are often already factored in by the market.