Craftsman Automation Extends Asset Sale Agreement Timeline to June 2026

Craftsman Automation has officially announced the extension of its subsidiary's asset sale agreement through a regulatory filing. The company's wholly owned subsidiary, Sunbeam Lightweighting Solutions Limited, has mutually agreed with Shriram Pistons & Rings Limited to extend the completion timeline for their ₹28 crore asset purchase agreement.

Amendment Agreement Details

The companies have entered into an Amendment Agreement dated March 27, 2026, extending the long stop date from March 31, 2026 to June 30, 2026. This extension allows both parties additional time to complete the remaining tranches of the proposed transaction involving the sale of identified plant and machinery related to the Piston Manufacturing Business.

Transaction Parameter:	Details
Total Deal Value:	₹28 crore
Amount Received:	₹10 crore
Amount Pending:	₹18 crore
Extended Deadline:	June 30, 2026
Payment Structure:	Multiple tranches
First Tranche Completion:	December 31, 2025

Transaction Progress and Structure

The asset sale has progressed significantly with the first tranche completed on December 31, 2025, where Sunbeam received ₹10 crore for certain identified plant and machinery. The remaining ₹18 crore will be received upon completion of subsequent tranches, expected to be consummated by the new deadline of June 30, 2026.

Regulatory Compliance and Buyer Details

The transaction complies with SEBI regulations, with Shriram Pistons & Rings Limited confirmed as not being a related party under applicable regulations. The buyer, having its registered office in New Delhi, does not form part of Craftsman Automation's promoter group or group companies, ensuring the transaction maintains arm's length principles.

Strategic Business Implications

This extension reflects the companies' commitment to completing the asset divestment in a structured manner. The phased approach allows Sunbeam to systematically transfer the piston manufacturing assets while providing Shriram Pistons adequate time for integration planning and operational considerations.

Source: Company/INE00LO01017/dace2b44-d5a3-4b51-b6d7-94ec56f611ba.pdf

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.72%	-3.69%	-9.79%	+1.08%	+42.76%	+368.51%

Craftsman automation has informed stock exchanges about receiving an income tax order directing the disallowance of Rs. 5.30 Crore for Assessment Year 2022-23. The Principal Commissioner of Income Tax, Coimbatore issued the order on 20th March, 2026, under section 263 of the Income Tax Act, 1961.

Order Details and Regulatory Compliance

The company disclosed this development under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order specifically directs the Assessing Officer to disallow Rs. 5.30 Crore with respect to the returned income for Assessment Year 2022-23.

Parameter:	Details
Issuing Authority:	Principal Commissioner of Income Tax, Coimbatore
Order Date:	20th March, 2026
Legal Provision:	Section 263 of Income Tax Act, 1961
Disallowance Amount:	Rs. 5.30 Crore
Assessment Year:	2022-23

Company's Response and Legal Strategy

Craftsman Automation has indicated its intention to challenge the order through appropriate legal channels. The company believes that the disallowance directed by the Principal Commissioner is not sustainable and plans to take legal recourse against the decision.

Financial and Operational Impact Assessment

The company has assessed that this order will not have any material impact on its financial position or operational activities. Management stated that they do not foresee any significant effect on the company's financials, operations, or other business activities due to this income tax order.

Impact Assessment:	Company's Position
Financial Impact:	No material impact expected
Operational Impact:	No effect on operations
Legal Position:	Will take appropriate legal recourse
Sustainability of Order:	Believes disallowance is not sustainable

Tax Liability Implications

The actual tax liability will crystallize only upon the passing of the order by the Assessing Officer pursuant to the Principal Commissioner's directions. This means the final tax demand will be determined when the Assessing Officer implements the directions contained in the revision order.

The disclosure was made in compliance with regulatory requirements, ensuring transparency with stakeholders regarding developments that could potentially affect the company's financial position, even though management expects no material impact from this particular order.