The New India Assurance Company Limited has formally announced the cessation of Ms. Akani Devi from her position as part-time non-official Director (Woman Independent Director) on the company's Board. The directorship concluded with effect from the close of office hours on 23.03.2026.

Board Transition Details

The company communicated this development to both BSE Limited and The National Stock Exchange of India Ltd through an official notification dated 23.03.2026. The cessation was implemented in accordance with Order No. F.no. A-11011/12/2022-Ins.I dated 24.03.2023, which originally governed her appointment.

Original Appointment Framework

Ms. Akani Devi's appointment was initially approved by the Central Government under the Ministry of Finance, Department of Financial Services. The appointment was made in exercise of powers under article 121 of the Articles of Association of The New India Assurance Company Limited.

The original appointment terms specified a duration of three years or until further orders, whichever was earlier. The appointment was effective immediately from the date of the government order issued on 24.03.2023.

Regulatory Compliance

The company has fulfilled its regulatory obligations by notifying the stock exchanges about this board change. Company Secretary Abhishek Pagaria signed the official communication, ensuring proper documentation and compliance with listing requirements.

The notification was sent to both major stock exchanges where the company is listed, maintaining transparency in corporate governance matters. This cessation represents the natural conclusion of Ms. Akani Devi's three-year tenure as specified in her original appointment order.

The New India Assurance Company Limited has secured a major victory in its tax appeal, with the National Faceless Appeal Centre deleting a substantial income tax demand of Rs. 672.36 crore. The favourable ruling provides significant financial relief to the government-owned insurance company for Assessment Year 2022-23.

Tax Appeal Victory Details

The company received the favourable order from the National Faceless Appeal Centre (NFAC), Delhi, on 27th February 2026. The order was issued under section 250 of the Income Tax Act, 1961, and completely deleted the income tax demand that had been outstanding.

Financial Impact

The deletion of the Rs. 672.36 crore tax demand represents a significant positive development for The New India Assurance Company Limited. The exact amount deleted was Rs. 6,72,36,15,635 (Rs. Six Hundred Seventy Two Crore Thirty Six Lacs Fifteen Thousand Six Hundred Thirty Five Only).

Regulatory Compliance

The company has disclosed this information in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made as required under Clause 20 of Para A of Part A of Schedule III of the SEBI Listing Regulations, read with SEBI Circular dated July 13, 2023.

Company Background

The New India Assurance Company Limited is a government of India undertaking with its registered and head office located at New India Assurance Building, 87, M.G. Road, Fort, Mumbai - 400 001. The company operates under CIN No. L66000MH1919GOI000526 and is listed on both BSE and NSE stock exchanges.