Fine Organic Industries Limited has received an income tax assessment order for Assessment Year 2022-23, resulting in a demand of Rs 56,05,773 from the Income Tax Department. The company disclosed this development under Regulation 30 of SEBI Listing Regulations on April 28, 2026.

Assessment Order Details

The assessment order was passed by the Assessment Unit of the Income Tax Department under Section 271(1)(c) of the Income Tax Act, 1961. The company received the order on March 10, 2026, but disclosed it later due to time taken in analyzing the significance and maintainability of the notice.

Company's Response and Impact

Fine Organic Industries has filed an appeal against the assessment order. The company has clarified that there is no material impact on its financials, operations, or other activities due to this order. This suggests that the company views the demand as contestable and expects to resolve the matter through the appellate process.

Disclosure Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company acknowledged that the delay in disclosure occurred due to time spent analyzing the significance and maintainability of the notice, describing it as purely inadvertent and unintentional.

Regulatory Context

Section 271(1)(c) of the Income Tax Act, 1961, typically relates to penalties for concealment of income or furnishing inaccurate particulars. The assessment pertains to Assessment Year 2022-23, indicating the tax authorities' scrutiny of the company's tax filings for that period. With the company filing an appeal, the matter will now proceed through the income tax appellate process.

Fine Organic Industries Limited has completed an inter-se transfer of shares among its promoter group, with three promoters acquiring equity stakes from a fellow promoter in a transaction that maintains the overall promoter shareholding structure.

Transaction Details

The share transfer was executed on March 30, 2026, involving the acquisition of shares by three promoters from Anjali Kunal Patil at a price of Rs. 4,256 per share. The acquiring promoters were:

Shareholding Changes

The inter-se transfer resulted in specific changes to individual promoter holdings while maintaining the total promoter group stake:

The total promoter group shareholding remained constant at 2,29,94,501 shares, representing 75.00% of the company's total share capital.

Regulatory Compliance

The transaction was conducted under the exemption provided in Regulation 10(1)(a)(ii) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which covers inter-se transfers among existing promoters. The company fulfilled all regulatory requirements:

Market Price Compliance

The acquisition price of Rs. 4,256 per share was confirmed to be within the regulatory threshold of not exceeding 25% above the volume-weighted average market price (VWAP) for the 60 trading days preceding the transaction notice. The VWAP was Rs. 4,318.19 on NSE and Rs. 4,314.89 on BSE.

Historical Promoter Holdings

The disclosure revealed the three-year shareholding pattern of the involved promoters, showing their consistent presence in the company's ownership structure from 2023 to 2025, with the current transaction representing a redistribution of shares within the existing promoter group framework.