Please refer to Clarification along with its annexure
Awaiting price reaction for this filing.
Naturo Agrotech India (formerly Naturo Indiabull) received an Income Tax demand of ₹38,11,900 for Assessment Year 2023-24 under Section 143(1) of the Income Tax Act. The company says this demand stems from discrepancies in its financial records caused by a major fraud, in which three individuals allegedly forged signatures of authorised signatories and siphoned about ₹8 crores from the company's bank accounts into personal accounts. Director Gaurav Jain filed an FIR (No. 0334) on 17 April 2023 at Shipra Path Police Station, Jaipur, invoking IPC sections 408, 420, 467, 468, 471 and 120-B (criminal breach of trust, cheating, forgery and conspiracy). The company admits it did not disclose the tax demand under SEBI LODR Regulation 30 in time and calls the lapse an inadvertent clerical oversight, not deliberate withholding. It has now submitted the disclosure to BSE and promised stricter compliance going forward.
Shareholders should note that an ₹8 crore alleged fraud by former insiders triggered both a tax demand and a police case, raising serious governance and internal-control concerns. The stock may see negative sentiment over credibility and disclosure failures, though the company positions itself as a victim cooperating fully with law enforcement.