Sai Silks (Kalamandir) Limited has informed the Exchange about General Updates
KALAMANDIR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Sai Silks (Kalamandir) Limited informed the exchanges that the income tax appeals filed by its Promoter, Mr. Nagakanaka Durga Prasad Chalavadi, have been allowed substantially in his favor by the Commissioner of Income Tax (Appeals) on March 30, 2026. The appeals were against an income tax demand of Rs. 58.33 Crore arising from search and seizure proceedings conducted on May 2, 2023. Only a minor portion of Rs. 85.79 lakhs was disallowed on documentation grounds, leading to an estimated tax liability of about Rs. 50 lakhs, which the Promoter will pay from his personal sources. The company clarified there is no impact on its financial position, operations, or liabilities, and with this disposal, the tax proceedings against the Company and Promoter stand fully concluded.
Positive for shareholders — a large Rs. 58.33 Crore tax cloud over the Promoter has been cleared with the demand substantially set aside, removing a key overhang on the stock. The negligible Rs. 50 lakh residual liability is being met personally by the Promoter, so Sai Silks itself faces no financial or operational impact.