cg power & industrial solutions has received a revisionary order under Section 143(3) read with Section 263 of the Income Tax Act, 1961 from the Income Tax Department in respect of Assessment Year 2022-23. The order includes an additional disallowance of Rs.21,43,17,440 on account of set-off of unabsorbed depreciation loss. The disclosure was made to the stock exchanges on 21st April 2026 under Regulation 30 of the SEBI Listing Regulations.

The company had earlier received the original assessment order for AY 2022-23 on 28th February 2024, wherein a tax demand of Rs.188,78,91,580 was raised. This was disclosed by the company through letter reference COSEC/190/2023-24 dated 29th February 2024. Subsequently, the company informed through letter reference COSEC/210/2024-25 dated 5th December 2024 that it had moved an application for stay of demand before the Assessing Officer on 2nd May 2024.

The stay application was heard by the Assistant Commissioner of Income Tax (ACIT) and accepted. The ACIT passed an order directing the company to deposit Rs.4,89,38,029, while the balance demand was stayed till disposal of its appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Currently, this order is under appeal before the CIT(A).

Key Tax Assessment Details

The company received a notice initiating revisionary proceedings under Section 263 of the Income Tax Act, 1961, pursuant to which a fresh assessment order was issued. The Assessing Officer made the additional disallowance on account of set-off of unabsorbed depreciation loss amounting to Rs.21,43,17,440.

CG Power and Industrial Solutions is in the process of evaluating the said order and will take appropriate legal steps, including filing an appeal. The company believes it has a fair chance of succeeding in the appeal and expects the disallowances and additions made to be deleted. The total quantum of claims for Assessment Year 2022-23 stands at Rs.236,73,81,955.

CG Power & Industrial Solutions Limited has completed the allotment of 15,500 equity shares under its Employee Stock Option Plan 2021 on April 17, 2026. The allotment was made to eligible employees who exercised their stock options at the specified exercise price.

Share Allotment Details

The company allotted equity shares with specific terms and pricing structure under the ESOP 2021 scheme.

The newly allotted equity shares rank pari-passu with the existing equity shares of the company in all respects, ensuring equal rights and privileges for all shareholders.

Impact on Share Capital Structure

The allotment has resulted in an increase in the company's paid-up equity share capital structure.

ESOP 2021 Framework

The allotment was executed under the company's Employee Stock Option Plan 2021, which provides eligible employees the opportunity to acquire equity shares at predetermined exercise prices. The scheme allows employees to exercise their vested stock options and become shareholders in the company.

The company has informed both BSE Limited and National Stock Exchange of India Limited about this allotment through official communication dated April 17, 2026. The notification was signed by Sanjay Kumar Chowdhary, Company Secretary and Compliance Officer, ensuring proper regulatory compliance and transparency in the share allotment process.