Snowman Logistics received an income tax demand of ₹2.06 crore for Assessment Year (AY) 2024-25. The notice, issued under Section 156 of the Income Tax Act, pertains to a penalty levied under Section 270A(13) regarding under-reported income.

The company disclosed the receipt of the order on October 2, 2026, via a filing with the stock exchanges. The demand was issued by the Office of the Additional Commissioner of Income Tax, Central Circle 2(1), Mumbai.

Company Response and Financial Impact

Snowman Logistics stated that it believes the penalty orders are not sustainable. The company is taking necessary steps to appeal against the orders before the appropriate authority and expressed hope for a favourable outcome at the appellate level.

Regarding the financial implications, the company asserted that there is no impact on its financials, operations, or other activities based on its current assessment.

Details of the Tax Demand

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Snowman Logistics Limited held its 33rd Annual General Meeting on September 25, 2026, through Video Conferencing and Other Audio Visual Means. The meeting focused on the adoption of financial statements for FY26 and the confirmation of an interim dividend of ₹0.50 per equity share.

The proceedings commenced at 12:00 pm and concluded at 12:28 pm. The Chairperson declared a quorum and introduced the Board of Directors, including Whole-time Director and CEO Padamdeep Singh Handa, who was present for re-appointment by rotation. Statutory and Secretarial Auditor reports were taken as read due to the absence of qualifications.

Agenda items approved

Members considered four key resolutions during the session. These included the adoption of audited financial statements for the year ended March 31, 2026, and the re-appointment of Padamdeep Singh Handa as Director. The most significant shareholder payout item involved confirming the interim dividend already declared for the fiscal year.

Voting and participation details

The Company Secretary detailed the remote e-voting process, which opened on September 22, 2026, and closed on September 24, 2026. Members also had the option to vote electronically during the AGM and for 15 minutes post-proceedings. Nagendra D Rao & Associates LLP served as the Scrutinizer for the voting process.

During the question-and-answer segment, members raised queries regarding financial performance, expansion plans, capital expenditure, and future business initiatives. The Chairperson addressed these concerns, providing context on the company's operational outlook.

Next steps

Detailed voting results will be submitted to stock exchanges and hosted on the company website following the Scrutinizer’s report. This procedural step ensures transparency in the ratification of all passed resolutions.