Gufic biosciences Limited has received a penalty demand of Rs 23,52,396 from the Income Tax Department for Assessment Year 2023-24, according to a regulatory filing made on April 03, 2026. The penalty has been levied under Section 270A(9) of the Income Tax Act on account of alleged under-reported income.

Background of Tax Assessment

The penalty stems from an assessment order received under Section 143(3) read with Section 144B of the Income Tax Act, 1961 for Assessment Year 2023-24. Initially, the company faced a substantial tax demand aggregating to Rs 11,88,88,580. However, following an appeal before the appropriate appellate authority, this demand was significantly reduced to Rs 11,76,198.

Penalty Details and Timeline

Company's Response Strategy

Gufic Biosciences is currently evaluating the penalty order and intends to file an appeal before the Commissioner of Income Tax (Appeals) within the prescribed time limit. The company has stated that based on its assessment, prevailing law, and advice from tax advisors, it remains hopeful of a favorable outcome at the appellate authority level.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This intimation follows previous communications dated April 14, 2025, and March 19, 2025, regarding related tax matters. The company has fulfilled its obligation to inform both BSE Limited and National Stock Exchange of India Limited about this development.

Financial Impact Assessment

Considering the merits of the case and based on professional tax advice, the pharmaceutical company believes it has strong grounds for appeal. The company's confidence in achieving a favorable outcome suggests it does not expect the penalty to have a material adverse impact on its financial position, pending the resolution of the appellate process.

Gufic Biosciences Limited has paid a penalty of ₹1.72 lakh (excluding GST) to BSE on March 13, 2026, after the stock exchange rejected the company's waiver application. The penalty relates to alleged non-compliance with SEBI listing regulations regarding the appointment of an independent director.

Regulatory Non-Compliance Details

The penalties stem from the company's appointment of Mr. Kamal Kishore Seth (DIN: 00194986) as an Additional Director (Non-Executive Independent Director) without obtaining shareholders' approval by way of a special resolution. The regulatory issue arose because Mr. Seth had attained the age of seventy-five years, requiring special approval under Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Penalty Payment Timeline

The company had initially paid ₹8,000 (excluding GST) each to both BSE and NSE for the quarter ended June 30, 2024, while filing waiver applications for the penalties.

Waiver Application Outcome

Gufic Biosciences had submitted waiver applications to both stock exchanges seeking relief from the imposed penalties. The company had previously communicated about these penalties through intimations dated August 22, 2024, and November 22, 2024. However, BSE rejected the waiver application, leading to the payment of the September 2024 quarter penalty.

Regulatory Compliance Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing both BSE and NSE about the penalty payment. Company Secretary and Compliance Officer Ami Shah signed the regulatory filing on March 13, 2026.

The disclosure demonstrates the company's commitment to maintaining transparency with stakeholders regarding regulatory matters and penalty payments to stock exchanges.