Minda Corporation Limited has received an Assessment Order under Section 143(3) of the Income Tax Act, 1961 for Assessment Year 2023-24, as disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Assessment Order Details

The Company received the Assessment Order dated March 28, 2026 from the Office of the Assistant Commissioner of Income Tax, Central Circle-13, Delhi. The order pertains to FY 2022-23 and includes certain additions and disallowances to the income returned by the Company in its income tax return.

Financial Impact

The Assessment Order has resulted in a significant financial demand on the Company. The total demand includes both the principal amount and accrued interest.

Company's Response and Next Steps

Minda Corporation is currently reviewing the Assessment Order in consultation with its tax and legal advisors. Based on professional advice, the Company intends to contest the matter before the appropriate appellate authorities. The Company has emphasized that there is no impact on financial, operational or other activities due to this Assessment Order.

Regulatory Compliance

The disclosure has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically under Sub-Para 20 of Para A of Part A of Schedule III. This regulation requires listed companies to disclose material events and information that could impact investor decisions.

The Company has fulfilled its regulatory obligations by informing both the National Stock Exchange of India Limited and BSE Limited about this development in a timely manner.

Minda Corporation Limited has successfully completed the redemption of its Commercial Paper worth Rs 100 crores, confirming the payment process on the revised maturity date of March 18, 2026. The company had earlier revised the original maturity date due to a bank holiday.

Commercial Paper Redemption Confirmation

The company officially confirmed to both National Stock Exchange and BSE Limited that the Commercial Paper with ISIN INE842C14198, originally issued on December 22, 2025, has been fully redeemed with payment completed on March 18, 2026. This confirmation was communicated in compliance with SEBI circular Number SEBI/HO/DDHS/P/CIR/2021/613 dated April 13, 2022.

Revised Timeline Implementation

The successful redemption followed the company's earlier decision to revise the maturity date from March 19, 2026, to March 18, 2026, due to Gudhi Padwa bank holiday. The revision was made in accordance with FIMMDA guidelines to ensure smooth settlement without any disruptions.

Regulatory Compliance

The redemption process was completed under strict adherence to SEBI regulations, with the company fulfilling all compliance requirements. The confirmation was digitally signed by Pardeep Mann, Company Secretary (Membership No. A13371), ensuring proper documentation and regulatory transparency.

Corporate Communication

Minda Corporation maintained transparent communication throughout the process, first informing exchanges about the date revision due to the bank holiday, and subsequently confirming the successful completion of redemption. This demonstrates the company's commitment to regulatory compliance and stakeholder communication.