Tega Industries Limited has informed the Exchange about an update on material subsidiary.
TEGA · price
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Tega Industries' wholly-owned material subsidiary, Tega McNally Minerals Limited (TMML), received an Assessment Order from the Assistant Commissioner of Income Tax, Kolkata. The order pertains to Assessment Year 2017-18 and raises a tax demand of ₹13.79 crore (including interest) for certain additions and disallowances related to expenditure allowability. Importantly, this assessment period (April 2016-March 2017) was before TMML was acquired by Tega Industries in March 2023 through an NCLT-approved resolution plan under the Insolvency and Bankruptcy Code. The company states there is no material impact on TMML or Tega Industries' financials or operations, and TMML plans to appeal the order. A favorable order on similar matters has been received for another assessment year.
The tax demand of ₹13.79 crore is a legacy liability from the pre-acquisition period and the company has explicitly stated no material financial impact. The matter is being appealed, suggesting the demand may be reduced or overturned. Shareholders should monitor appeal outcomes but no immediate stock impact is expected.