Global Surfaces Limited has been penalised ₹1,73,99,169 by the Income Tax Department for alleged violations related to loan and deposit acceptance during Assessment Year 2019-20. The penalty was imposed by the Deputy Commissioner of Income Tax, Central Circle 2(2), Kolkata, under Section 271D of the Income-tax Act, 1961. The company received the order on June 30, 2026, and stated that it intends to challenge the decision before the appropriate appellate forum.

The regulatory communication alleges that the company accepted loans or deposits aggregating ₹1,73,99,169 through modes not specified under Section 269SS of the Income-tax Act, 1961. This finding was based on a scrutiny of assessment records, including the Tax Audit Report in Form 3CD. The order was passed with the prior approval of the Additional Commissioner of Income Tax, Range - 2(Central), Kolkata.

Financial Implications and Response

Global Surfaces disclosed that the penalty amount stands at ₹1,73,99,169. However, the company maintains that it possesses adequate legal and factual grounds to address the matter. It has explicitly stated that it does not anticipate any material adverse impact on its financials, operations, or other activities as a result of this order.

The company is currently reviewing the order and plans to take appropriate remedial steps. This includes filing an appeal in accordance with the applicable provisions of the Income-tax Act, 1961. The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Order

Promoters of global surfaces held 73.25% of the total share capital, amounting to 3,10,44,468 shares, as on March 31, 2026. The disclosure was made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that no shares were encumbered, directly or indirectly, during the financial year ended March 31, 2026.

The promoter group includes Mayank Shah, who individually holds 55.46% of the equity, and other members such as Sweta Shah and Mridvika Shah. The aggregate holding remained stable during the period, with an inter-se transfer of shares recorded within the group.

Inter-se Transfer Details

An off-market transfer of 845,906 equity shares occurred within the promoter group on March 20, 2026. This transfer involved moving shares from the Vatsankit Shah Trust to Vatsankit Shah following the dissolution of the trust and the distribution of assets to the beneficiary.

The company clarified that this transaction was strictly between persons belonging to the promoter group. Consequently, there was no change in the aggregate shareholding of the promoter and promoter group. Furthermore, the encumbrance status of these shares remained unchanged, with no encumbrance created during the transaction.

Promoter Holding Breakdown

The detailed shareholding of the promoter group as on March 31, 2026, is outlined below: