Jagran Prakashan Limited has received a Notice of Demand from the Income Tax Department for ₹1,19,60,720 for Assessment Year 2024-25. The company disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Tax Demand Details

The Assessment Unit of the Income Tax Department issued the Notice of Demand under Section 156 of the Income Tax Act, 1961, dated March 24, 2026. The company accessed both the order and penalty notice on March 25, 2026.

Penalty Proceedings

Along with the demand notice, the Income Tax Department also issued a Notice for Penalty Proceedings under Section 274 read with Section 270A of the Income Tax Act, 1961. This penalty notice relates to the same Assessment Year 2024-25 and is based on the disallowances made in the assessment order.

Company's Response Strategy

Jagran Prakashan Limited has outlined its response plan to address the tax demand and penalty proceedings. The company will file appropriate responses within prescribed timelines and evaluate other legal options against the order.

Planned Actions:

• File appeal before National Faceless Appeal Centre (NFAC) within stipulated time period
• Submit reply to penalty notice with concerned authority within prescribed timeframe
• Assess right to appeal within prescribed time frame

Financial Impact Assessment

The company has stated that there is no material impact on its financials, operations, or other activities due to the demand notice. The order is currently appealable, and the company plans to exercise its right to appeal within the prescribed timeframe.

The disclosure was made pursuant to Regulation 30 read with Sub-para (20) of Para (A) of Part (A) of Schedule III of SEBI Listing Regulations, and the information has been uploaded on the company's website and stock exchange platforms.

Jagran Prakashan Limited has received a significant directive from the National Company Law Tribunal (NCLT) Allahabad regarding the deferment of its proposed extraordinary general meeting. The tribunal's order came during proceedings on March 19, 2026, involving multiple company petitions and applications related to ongoing corporate disputes. The company has now provided formal disclosure documentation dated March 21, 2026, including the complete NCLT orders.

NCLT Proceedings and Orders

The NCLT Allahabad heard several matters involving the company, including two main company petitions and three related company applications. The tribunal reserved orders on the applications filed in connection with the main petitions after hearing all parties involved.

The first petition, "Mahendra Mohan Gupta and Ors v. Devendra Mohan Gupta and Ors., C.P. No. 64 of 2023," and the second petition, "Shailendra Mohan Gupta and Ors v. Jagran Media Network Investment Private Limited and Ors., C.P. No. 57 of 2025," represent ongoing disputes within the promoter family structure.

Extraordinary General Meeting Deferment

The tribunal specifically directed that the proposed extraordinary general meeting requisitioned by Jagran Media Network Investment Private Limited (JMNIP), the holding company of Jagran Prakashan Limited, be deferred for the time being. The EGM was seeking significant changes to the company's board composition.

The tribunal's order ensures that no board changes can be implemented through the EGM process until the pending legal matters are resolved. This provides stability to the current board structure during the ongoing proceedings.

Legal Representation and Proceedings

The proceedings involved extensive legal representation with senior advocates appearing for various parties. The tribunal noted that the requisition dated February 12, 2026, to convene the extraordinary general meeting shall continue to be in abeyance and would be subject to the final decision in the aforementioned company applications.

Corporate Governance Implications

The deferment order affects the company's immediate governance structure, as the proposed removal of eight directors would have significantly altered the board composition. The NCLT's intervention ensures that corporate governance decisions remain suspended pending the resolution of underlying disputes between stakeholders.

The company has committed to providing updates only when material developments occur in the proceedings, indicating a structured approach to managing stakeholder communications during this period.

Regulatory Compliance and Next Steps

Jagran Prakashan Limited has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The formal disclosure dated March 21, 2026, was signed by Amit Jaiswal, Chief Financial Officer and Company Secretary, and includes the complete NCLT orders uploaded to the tribunal's system.

The main company petitions have been scheduled for further hearing on April 16, 2026, at 2:30 p.m. before the NCLT Allahabad. The company will continue to provide disclosures and updates as material developments emerge from the ongoing legal proceedings, ensuring compliance with regulatory requirements under SEBI listing obligations.