Apeejay Surrendra Park Hotels gets Rs 41.07 Cr tax demand for AY 2024-25

Apeejay Surrendra Park Hotels Limited has received a tax demand of ₹41,06,72,530 from the Income Tax Department for Assessment Year 2024-25. The demand, which includes applicable interest, follows an assessment order passed by the Assessment Unit (Faceless Assessment) under Section 143(3) read with Section 260 and Section 144B of the Income-tax Act, 1961. The order pertains to a scrutiny assessment involving certain additions and disallowances made under various provisions of the Act, including Sections 37(1), 40(a)(ia), 68, 69C, and 35D. The company stated that it does not expect the order to have a material impact on its financial, operational, or other activities.

Details of the Order

The order was received by the company on July 1, 2026. The tax authority raised the demand on account of specific disallowances and additions during the scrutiny assessment proceedings for AY 2024-25. The company disclosed that the total monetary impact of the demand is quantified at ₹41,06,72,530.

Company Response and Impact

Apeejay Surrendra Park Hotels is currently in the process of filing an appeal before the appropriate Appellate Forum or the National Faceless Appeal Centre (NFAC) within the prescribed timelines. Management believes it has adequate factual and legal grounds to substantiate its position and expects a substantial portion of the demand to not sustain in appeal. Consequently, the company does not anticipate the order to have any material impact on its financial, operational, or other activities.

Particulars	Details
Name of the authority	Income Tax Department, Assessment Unit (Faceless Assessment)
Nature of action	Assessment Order under Section 143(3) read with Section 260 and Section 144B of the Income-tax Act, 1961
Date of receipt	July 1, 2026
Financial impact	₹41,06,72,530
Sections involved	37(1), 40(a)(ia), 68, 69C, 35D

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.40%	+2.11%	+7.23%	-7.60%	-21.85%	-38.68%

Apeejay Surrendra Park Hotels Limited has approved the appointment of Mr. Raveesh Kumar Bhatia as an Independent Director following a postal ballot conducted through remote e-voting. The resolution passed with the requisite majority, receiving 99.99% of the valid votes cast by shareholders.

The remote e-voting process commenced on May 15, 2026, and concluded on June 13, 2026. A total of 199 members participated, casting votes on 17,22,39,322 equity shares. The appointment was confirmed in a scrutinizer's report submitted by Mr. Harish Chawla of M/s CL & Associates, Company Secretaries, on June 15, 2026.

Voting Results

The resolution to appoint Mr. Raveesh Kumar Bhatia (DIN: 11618896) required a special resolution and was approved with overwhelming support. The detailed voting breakdown is as follows:

Category	Votes in Favour	Votes Against	% of Votes in Favour
Promoter and Promoter Group	145,559,703	0	100.00
Public Institutions	26,561,986	0	100.00
Public Non-Institutions	104,656	12,977	88.97
Total	172,226,345	12,977	99.99

Procedural Details

The postal ballot notice was dispatched electronically on May 14, 2026, to shareholders whose names appeared in the register of members as of the cut-off date, May 08, 2026. MUFG Intime India Private Limited acted as the Registrar and Share Transfer Agent for the e-voting process. The votes were unblocked and reconciled on June 15, 2026, in the presence of independent witnesses.

The total paid-up equity share capital of the company as of the record date was Rs. 21,33,74,246, divided into 21,33,74,246 fully paid-up equity shares of Re. 1 each. The scrutinizer confirmed that the resolution passed with the requisite majority.