The New India Assurance Company has received a significant tax assessment order from the income tax authorities, marking a notable development in the company's regulatory affairs. The company disclosed this information under Regulation 30 of SEBI (LODR) Regulations, 2015, highlighting the material nature of this development for stakeholders.

Tax Assessment Order Details

The Income Tax Department has passed an assessment order under Section 143(3) of the Income Tax Act for Assessment Year 2023-24. The company received the order on March 23, 2026, at 18:42 hours from the National Faceless e Assessment Center.

Nature of Disallowances

The assessment order involves disallowances of certain expenses as determined by the income tax authorities. The total demand computed by the Income Tax Department amounts to ₹1,89,37,08,470, representing a substantial financial implication for the government-owned insurance company.

Company's Strategic Response

The New India Assurance Company has outlined a clear strategy to address this tax assessment. The company will treat the demand as a contingent liability in its financial statements, indicating that it does not accept the assessment as final. This accounting treatment reflects the company's position that the disallowances are disputed and subject to appeal.

The company has announced its intention to pursue an appeal before the National Faceless Appeal Centre (NFAC) or explore other available legal options against the said order. This approach demonstrates the company's commitment to challenging what it believes are unjustified disallowances.

Regulatory Compliance and Disclosure

The disclosure was made in compliance with SEBI LODR Regulations, 2015, as the order meets the criteria specified for mandatory disclosure to stock exchanges. The company secretary, Abhishek Pagaria, signed the disclosure document, ensuring proper regulatory compliance and transparency with shareholders and market participants.

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.