Rashtriya Chemicals & Fertilizers Limited has provided additional clarification regarding the delay in disclosing an income tax demand notice totaling ₹4,36,49,106 from the Income Tax Department. The company received the demand notice via email and made the disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Explanation for Disclosure Delay

The company has addressed concerns raised by BSE Limited regarding the timing of the disclosure. According to the company's response dated March 21, 2026, the delay occurred because the email from the Income Tax Department was received by a key responsible officer on his personal email while he was traveling, making the email inaccessible to him initially.

The company emphasized that March 19, 2026 was a holiday, which further contributed to the delay. Upon accessing the email on March 20, 2026 at around 11:00 AM, the company promptly made the necessary disclosure to stock exchanges.

Income Tax Demand Breakdown

The demand notice covers disallowances and additions made during assessments for three assessment years. The company has provided detailed information about each component of the demand:

Company's Response and Legal Actions

Rashtriya Chemicals & Fertilizers has taken proactive legal measures to contest the income tax demands. For AY 2020-21, the company filed a rectification application on March 17, 2023, and subsequently filed an appeal before CIT(A) on March 24, 2023, which remains pending.

For AY 2021-22, an appeal was filed before CIT(A) on July 27, 2023, addressing the penalty imposed on disallowed adjustments. Regarding AY 2023-24, the company is in the process of filing a rectification application for the alleged demand, which it considers erroneous due to wrong disallowances.

Commitment to Regulatory Compliance

The company has clarified that it does not intend to withhold any material information from investors and that the information was disclosed as soon as it became available. The delay was described as unintentional and due to unavoidable circumstances.

Rashtriya Chemicals & Fertilizers has assured that it maintains adequate systems and procedures in place and reiterated its commitment to timely disclosures in compliance with applicable regulatory requirements. The company maintains confidence that it does not anticipate any future monetary outflows as the underlying demands are expected to be deleted or rectified by the appropriate authorities.

Rashtriya Chemicals & Fertilizers Limited has announced a key senior management change with the promotion of Shri Ajit A Thatte to General Manager (Urea), Thal, effective March 1, 2026. The company made this disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Management Appointment Details

The promotion represents a significant development in the company's leadership structure at its Thal operations. The announcement was communicated to both BSE Limited and National Stock Exchange of India Limited on March 2, 2026.

Professional Background

Shri Ajit A Thatte brings extensive experience and technical expertise to his new role. His educational qualifications include a B.E. Degree in Petro Chemical Engineering from M.I.T. Pune and an Advanced Diploma in Industrial Safety, providing him with strong technical foundations for managing urea operations.

Career Progression

Shri Thatte's career with Rashtriya Chemicals and Fertilizers Limited spans over three decades. He joined the company as a Management Trainee in 1991 at the Thal Unit and has accumulated more than 34 years of experience in the industry. His professional journey within the organization has included significant exposure to critical operational areas.

Operational Expertise

Throughout his tenure, Shri Thatte has worked extensively in the Urea plant and Fire & Safety Department, gaining comprehensive knowledge of the company's core manufacturing processes and safety protocols. This operational experience positions him well to lead the Urea operations at the Thal facility.

Regulatory Compliance

The announcement was made in compliance with regulatory requirements, with the company informing both major stock exchanges about the senior management change. The disclosure ensures transparency and keeps stakeholders informed about important organizational developments that may impact the company's operations and governance structure.