Tamilnad Mercantile Bank Limited has informed the Exchange regarding Monetary Demand raised by the Assessment Unit, Income Tax Department - Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Tamilnad Mercantile Bank has received a notice of demand of Rs. 5,36,62,680 (about Rs. 5.37 crore) from the Assessment Unit of the Income Tax Department, dated March 30, 2026. The demand relates to the disallowance of certain expenses claimed under Section 14A read with Rule 8D of the Income Tax Act for Assessment Year 2024-25. The bank is in the process of filing an appeal against this order and expects the appeal to be decided in its favour. The bank has stated that this demand will not have a material impact on its financial statements.
The demand size is small for a bank of this scale, and management is confident of winning the appeal. Shareholders are unlikely to see any meaningful financial or stock price impact from this notice.