Prag Bosimi Synthetics Limited has formally disclosed a default on dividend payments for its Non-Convertible Redeemable Cumulative Preference Shares, following regulatory requirements under SEBI circular dated November 21, 2019. The company filed the disclosure on April 8, 2026, reporting a default that occurred on March 31, 2026.

Default Details and Financial Impact

The company has defaulted on dividend payments amounting to ₹9.06 crore on its Redeemable Cumulative Preference Shares. The default affects 2 investors who hold these securities.

Preference Share Structure

The preference shares in question were originally issued for ₹15.77 crore with specific terms and conditions. These securities carry a variable dividend rate structure and have a long-term maturity profile.

Financial Position

The company's overall financial indebtedness provides context to the current default situation. As of March 31, 2026, Prag Bosimi Synthetics Limited reported total financial indebtedness of ₹189.67 crore, including both short-term and long-term debt obligations.

The company noted that the entire issue of preference shares was allocated exclusively to promoters, indicating that the default impacts the company's founding stakeholders directly. The management attributed the dividend default to inadequate profits, suggesting operational challenges in generating sufficient returns to meet preference dividend obligations.

Regulatory Compliance

The disclosure was made in compliance with SEBI circular SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019, which mandates listed entities to report defaults on debt securities that continue beyond 30 days from the date of default. The filing was signed by Director Raktim Kumar Das on behalf of the company.

Prag Bosimi Synthetics Limited has received an income tax demand notice worth ₹1,12,33,520 from the Income Tax Department for assessment year 2022-23. The company disclosed this development under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Notice Details and Timeline

The demand notice was received on March 31, 2026 at 06:55 PM through email from the Office of the Assistant Commissioner of Income Tax DCIT/ACIT CIR-1, Guwahati. The notice pertains to assessment year 2022-23, covering the financial year 2021-22.

Nature of Demand

According to the company's disclosure, the demand has arisen due to calculation differences and apparent discrepancies between the assessment made by the Income Tax Department and the income computations filed by the company. The notice was issued under Section 156 of the Income Tax Act, 1961.

Financial Implications

The company has outlined the financial impact and its position regarding the demand:

Company's Response Strategy

Prag Bosimi Synthetics is currently reviewing the notice and has outlined its planned course of action. The company intends to take appropriate steps, including filing an appeal before the appropriate authority within the prescribed timelines. The management believes that the demand includes elements arising from calculation inconsistencies and is evaluating the notice thoroughly.

The company has committed to keeping the stock exchanges informed of any further material developments in this matter. The financial implications remain subject to the outcome of further proceedings and potential appeals, indicating that the final impact may differ from the current demand amount.