Innovision Limited has received a significant tax demand from the Central Board of Indirect Taxes and Customs (CBIC) totaling Rs 20,98,11,480 for financial years 2019-20 and 2023-24. The company disclosed this development through a regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Order Details and Timeline

The Additional Commissioner, CBIC, Jurisdiction – Dehradun, Meerut, issued the order dated March 20, 2026, which the company received on March 30, 2026. The order was passed under Section 74 of the Central Goods and Services Tax Act, 2017 (CGST Act) and UKGST Act, arising from disputes raised by the GST department regarding the company's filed GSTR returns for the relevant periods.

Financial Breakdown by Year

The total demand is split across two financial years with varying components:

Company's Response and Assessment

Innovision Limited is currently evaluating the order and has announced its intention to challenge both the proposed demand and penalty before the appropriate authority. The company's management has expressed confidence in their position, stating that based on their assessment, the demand is not sustainable.

Impact on Operations

The company has indicated that it believes the GST demand will not have any material impact on its financial position, operations, or other activities. This assessment suggests that Innovision Limited views the order as contestable and expects a favorable outcome through the appeals process.

Regulatory Compliance

The disclosure was made in compliance with SEBI regulations, specifically Clause 20 of Para A of Part A of Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company also referenced relevant SEBI circulars dated July 13, 2023, and November 11, 2024, ensuring full regulatory compliance in their announcement.

The matter represents a significant regulatory challenge for Innovision Limited, though the company's stated confidence in challenging the demand suggests they believe they have grounds for a successful appeal against the CBIC order.

Neomile Asset Managers Pvt. Ltd. has filed a disclosure under SEBI regulations regarding its acquisition of a substantial stake in Innovision Limited. The disclosure, dated March 24, 2026, reveals the acquisition of 20,88,956 shares representing 8.77% of the company's total share capital.

Acquisition Details

The acquisition involves multiple entities acting in concert with Neomile Asset Managers. The acquirer group includes Neomile Growth Fund – Series I, Neomile India Opportunity Fund, Neomile Corporate Advisory Ltd, and Kirtan Rupareliya. Notably, the acquirer group does not belong to the promoter or promoter group category.

Shareholding Position

Prior to this acquisition, the Neomile group held no shares in Innovision Limited. The transaction represents their initial entry into the company's shareholding structure. The acquisition was completed through a combination of public issue and open market purchases.

Company Information

Innovision Limited is listed on both the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Ltd (BSE). The company's total equity share capital stands at 2,38,13,294 shares, which remained unchanged following this acquisition. The disclosure was signed by CA Rashesh Shah, Director of Neomile Asset Managers Pvt. Ltd., and submitted to both stock exchanges as well as to Innovision Limited's registered office in Delhi.

Regulatory Compliance

The disclosure has been filed in compliance with Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. This regulation requires disclosure when an acquirer's shareholding crosses certain thresholds in a listed company. The filing demonstrates adherence to transparency requirements for substantial acquisitions in the Indian capital markets.