Ador welding Limited has filed its quarterly compliance certificate with the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) regarding securities dematerialized during the fourth quarter of fiscal year 2026. The certificate, submitted on April 7, 2026, fulfills the regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018.

Regulatory Compliance Details

The compliance certificate covers securities dematerialized during the period from January 1, 2026 to March 31, 2026, as mandated under Regulation 74(5) of SEBI regulations. Company Secretary Vinayak M. Bhide signed the certificate on behalf of Ador Welding Limited, confirming that all required details have been properly submitted to both stock exchanges where the company's shares are listed.

Registrar Confirmation

MUFG Intime India Pvt Ltd., formerly known as Link Intime India Pvt. Ltd., serves as the company's registrar and share transfer agent. The registrar provided written confirmation dated April 3, 2026, verifying that all dematerialization details were furnished to the respective stock exchanges within the prescribed timelines.

Ashok Shetty, Sr. Vice President-Corporate Registry at MUFG Intime India, confirmed that securities received from depository participants for dematerialization during the quarter were properly processed. The confirmation letter stated that security certificates received for dematerialization were verified, mutilated, and cancelled after due verification by the depository participant.

Process Verification

The registrar's confirmation certificate outlined the complete dematerialization process compliance:

• Securities received for dematerialization were confirmed or rejected to depositories
• All securities comprised in the certificates are listed on stock exchanges where earlier issued securities are listed
• Security certificates were mutilated and cancelled after proper verification
• Names of depositories were substituted in the register of members as registered owners within prescribed timelines

This quarterly filing demonstrates Ador Welding Limited's adherence to SEBI regulatory requirements for maintaining transparency in securities dematerialization processes. The company continues to work with MUFG Intime India to ensure all regulatory compliance obligations are met within stipulated timeframes.

Ador welding Limited has received an income tax demand notice of Rs 13,68,80,598/- for assessment year 2023-24, following an assessment order that the company intends to challenge on multiple grounds. The welding equipment manufacturer disclosed this development under Regulation 30 of SEBI listing regulations, outlining its strategy to contest the demand through various legal remedies.

Assessment Order Details

The Income Tax Department issued the notice of demand dated 31st March, 2026 under Section 156 of the Income-tax Act, 1961. The demand stems from an assessment order passed under Section 143(3) read with Section 144B, which made significant additions to the company's declared income.

Identified Discrepancies

ADOR Welding has identified several computational inconsistencies and procedural errors in the assessment order that form the basis of its planned challenge:

• Income Calculation Mismatch: The assessment order reflects a certain assessed income, while the computation sheet annexed shows a higher assessed income
• Inappropriate MAT Application: MAT provisions were applied despite the company opting for the concessional tax regime where such provisions are not applicable
• Tax Credit Issues: Certain TDS/TCS credits appear to have been short-granted or not granted at all

Company's Response Strategy

The company has outlined a comprehensive legal strategy to contest the demand, expressing confidence in its position based on legal and factual grounds. ADOR Welding plans to pursue multiple remedies simultaneously:

• Filing an appeal before the National Faceless Appeal Centre (NFAC)
• Submitting rectification applications before the Jurisdictional Assessing Officer for computation errors
• Exploring other available legal options under the Income Tax Act

Penalty Proceedings

In addition to the tax demand, the company has received a show cause notice under Section 274 read with Section 271AAC(1) of the Income-tax Act, 1961 for initiation of penalty proceedings. No penalty has been levied at this stage, and the company will file an appropriate response to contest the penalty proceedings.

Financial Impact Assessment

Based on preliminary assessment and advice from tax consultants, ADOR Welding believes the additions made in the assessment order and resultant demand are not sustainable on legal and factual grounds. The company currently expects that the order will not have any material financial impact on its financial position, subject to the outcome of the proposed legal proceedings.

The company has made this disclosure available on its website and continues to evaluate the order in detail while preparing its comprehensive legal response to challenge the assessment.