Pursuant to the provisions of Regulation 30 read with sub-para 8, Part A schedule III of SEBI (LODR) Regulation 2015, we hereby submit the disclosure regarding the outcome of litigation ....
Awaiting price reaction for this filing.
Viaan Industries (now renamed Redmax Footwears) informed BSE that the Bombay High Court has quashed multiple Income Tax orders and notices issued against the company for Assessment Years 2017-18 through 2023-24. The tax demands related to the period before the company's resolution plan was approved by the NCLT Mumbai Bench on 6 February 2024. Relying on the Supreme Court's rulings in the Ghanashyam Mishra and Vaibhav Goel cases, the court held that statutory dues not forming part of an approved resolution plan stand extinguished. The filing also notes that the company has changed its name from Viaan Industries Limited to Redmax Footwears Limited via a Ministry of Corporate Affairs letter dated 5 May 2025.
Positive for shareholders — the quashing of pre-resolution tax notices removes a significant legacy liability, strengthening the post-restructuring balance sheet and reducing future tax-related uncertainty. The company name change to Redmax Footwears is procedural and reflects its post-restructuring identity.