The new india assurance company Limited has secured a significant legal victory with the National Faceless Appeal Centre (NFAC), Delhi deleting a substantial penalty imposed for Assessment Year 2019-20. The favourable order provides considerable financial relief to the government-owned insurance company.

Order Details and Financial Impact

The company received the favourable order on 31st March, 2026 at 19:02 hrs, which resulted in the deletion of a penalty amounting to Rs. 2,02,96,664. This order was issued under section 250 of the Income Tax Act, 1961, with reference number ITBA/NFAC/S/250/2025-26/1088196819(1).

Regulatory Compliance and Disclosure

The New India Assurance Company Limited has disclosed this development in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. The disclosure was made to both BSE Limited and The National Stock Exchange of India Limited, ensuring transparency with stakeholders and the investing public.

The company secretary, Abhishek Pagaria, signed the disclosure document on 1st April, 2026, fulfilling the regulatory requirements under Clause 20 of Para A of Part A of Schedule III of the SEBI Listing Regulations.

Company Background

The New India Assurance Company Limited operates as 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 is incorporated under CIN No. L66000MH1919GOI000526 and maintains its corporate website at www.newindia.co.in .

This favourable order represents a positive development for the insurance company, eliminating a significant financial liability and strengthening its financial position for the current fiscal year.

The New India Assurance Company Limited has announced the cessation of Ms. Kasturi Sengupta as Executive Director from the Board, effective March 31, 2026. The company informed the stock exchanges about this significant board change under regulatory compliance requirements.

Executive Leadership Transition

Ms. Kasturi Sengupta's tenure as Executive Director concluded at the close of office hours on March 31, 2026, following her superannuation on the same date. The cessation marks the end of her executive role on the company's Board of Directors.

Regulatory Compliance

The company has duly informed both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) about this board change. The notification was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates disclosure of material events and information.

Company Information

The New India Assurance Company Limited, a Government of India undertaking, operates from its registered and head office at New India Assurance Building, 87, Mahatma Gandhi Road, Fort, Mumbai - 400 001. The company is listed on both BSE (Scrip Code: 540769) and NSE (Symbol: NIACL) and holds CIN No. L66000MH1919GOI000526.

The notification was signed by Company Secretary Abhishek Pagaria on March 31, 2026, ensuring proper documentation and compliance with regulatory requirements for board changes.