We wish to clarify that No Demand has been raised by the Company.
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Awaiting price reaction for this filing.
Supershakti Metaliks has informed BSE that the Income Tax assessment proceedings linked to the search and seizure operations conducted on the company (originally intimated on 2nd June 2022) have now been fully completed. Importantly, the assessment concluded with no tax demand raised against the company. The company has shared this update as a clarification and for stock exchange records. This brings closure to a multi-year tax matter that had been hanging over the company since mid-2022.
This is a positive development for shareholders as it removes a long-pending tax overhang and eliminates any potential financial liability arising from the 2022 search. The stock may see a modest positive reaction, though the underlying business fundamentals remain unchanged.