Ram Ratna Wires Limited has informed the Exchange about Action(s) initiated or orders passed in regards for Global Copper Private Limited (Merged into the Company w.e.f. April 01, 2024)
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Ram Ratna Wires Limited informed the exchanges that it has received income tax assessment orders from the Deputy Commissioner of Income Tax, Central Circle 1, Vadodara, relating to its merged entity Global Copper Private Limited (merged effective April 1, 2024). The orders were issued under Section 147 for assessment years 2021-22 and 2022-23, and under Section 143(3) for assessment year 2024-25. The Income Tax Department raised a total demand of Rs. 2.12 crores, which includes Rs. 0.56 crores in interest, due to certain additions made to the assessed income. The company plans to file rectification for computational and clerical errors and intends to appeal against the additions. The company has stated that it does not currently foresee any material impact on its financials, operations, or other activities.
The Rs. 2.12 crore tax demand is relatively modest, and since the company plans to contest it through appeals, shareholders are unlikely to see a meaningful financial or stock price impact. The disclosure is largely procedural and reflects a routine regulatory communication rather than a serious enforcement action.