Geecee Ventures Limited has informed the stock exchanges that its income tax appeal has been dismissed by the Commissioner of Income Tax (Appeals), prompting the company to plan a further appeal before the Income Tax Appellate Tribunal (ITAT).

Appeal Dismissal Details

The company received the dismissal order on April 27, 2026, at 04:46 p.m. on the same day it was issued. This appeal was originally filed against an Assessment Order dated May 30, 2023, passed by the Assessing Officer for Assessment Year 2017-18 (Financial Year 2016-17).

Nature of Tax Dispute

The income tax demand arose from the Assessing Officer's decision to disallow and add back dividend income that the company had claimed as exempt income. This addition of Rs. 13.40 crores to the company's total income formed the basis of the tax demand that Geecee Ventures contested through its appeal to the CIT(A).

Company's Next Steps

Following the dismissal of its appeal, Geecee Ventures has announced its intention to file a further appeal before the Income Tax Appellate Tribunal (ITAT) within the prescribed timelines. The company maintains confidence in its position, stating that it believes it has a reasonable case on merits.

Financial Impact Assessment

The company has indicated that it does not expect any material adverse impact on its financial position from this litigation. The expected financial implications are limited to the extent of the demand made, which amounts to Rs. 13.40 crores.

Regulatory Compliance

This disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, continuing the company's earlier disclosure dated May 30, 2023, regarding the raising of demand and filing of the initial appeal.

Geecee Ventures Limited announced the acquisition of 2,75,000 equity shares in Vedanta Limited through open market purchase for Rs. 19.70 crores on April 24, 2026. The transaction was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as the investment exceeds the specified threshold requirements.

Acquisition Details

The share acquisition represents a strategic investment by Geecee Ventures as part of its investment portfolio activities. The company acquired the shares at Rs. 716.48 per share, securing a 0.007% stake in Vedanta Limited's paid-up capital. The shares are deemed to be credited on April 27, 2026.

Target Company Profile

Vedanta Limited, incorporated on June 25, 1965, operates as a diversified metals conglomerate with a global presence. The company is listed on both BSE and NSE and maintains strategic assets across multiple countries including India, South Africa, Namibia, UAE, Liberia, Ireland, and East Asia.

Business Operations and Performance

Vedanta Limited operates across diverse sectors including zinc-lead-silver, iron ore, steel, copper, aluminium, power, nickel, and oil and gas. The company has demonstrated consistent revenue growth over the past three years:

Regulatory Compliance

The acquisition was completed through cash consideration and does not constitute a related party transaction. Geecee Ventures confirmed that no promoter, promoter group, or group companies have any interest in Vedanta Limited. The transaction required disclosure under SEBI regulations as the total cost of investment in Vedanta's equity shares exceeded the threshold specified in Regulation 30(4)(i)(c) of SEBI (LODR) Regulations 2015.

The investment represents a miniscule portion of Geecee Ventures' overall investment portfolio and aligns with the company's investment activities in the diversified metals sector. No governmental or regulatory approvals were required for this open market acquisition.