Update to the earlier submission dated April 30, 2024 - Disclosure under Regulation 30 of SEBI Listing Regulations.
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On the reaction day the stock moved 4.3 pts more than Nifty Microcap 250 and 3.9 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Niyogin Fintech has received a Rectification order from the Income Tax Department's Centralised Processing Centre for Assessment Year 2020-21. The tax demand has been revised downward from ₹11,66,520 to ₹2,23,140, an approximately 81% reduction. The order was dated March 26, 2025 and received by the company on April 01, 2025. This filing is an update to the company's earlier submission from April 30, 2024 regarding the same matter. The company has stated there is no material impact on its financials, operations, or other activities from this order, though it is evaluating legal options and may file a response within the prescribed time limit.
This is a relatively positive development as the tax demand has been significantly reduced rather than increased. The remaining demand of about ₹2.23 lakh is small and the company says it will not materially affect financials, so limited share price impact is expected.