Solara Active Pharma Sciences Limited has received a significant income tax demand notice of ₹161.92 crores for assessment year 2019-20, the company disclosed in a regulatory filing. The notice was issued by the Deputy Commissioner of Income Tax, Central Circle-3, Thane, following an assessment order passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961.

Tax Demand Details

The substantial tax demand stems from the disallowance of certain expenses claimed by the company in its income tax return for assessment year 2019-20. The company received the communication on March 17, 2026, and made the regulatory disclosure on March 18, 2026.

Company's Response and Action Plan

Solara Active Pharma Sciences has expressed confidence in its position, stating that it believes it has merits in the case and does not expect any material impact on the company financially or otherwise. The pharmaceutical company is preparing to file an appeal against the assessment order before the concerned appellate authority within the prescribed timelines.

Regulatory Compliance Framework

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided comprehensive details as required under the regulations, following the SEBI Master circular dated January 30, 2026.

The company has confirmed that no penalties, restrictions, or sanctions have been imposed pursuant to the communication. The matter is limited to the tax demand arising from the disallowed expenses for assessment year 2019-20. The official communication was signed by Company Secretary Pooja Jaya Kumar and will be available on the company's website at solara.co.in.

Solara Active Pharma Sciences Limited has successfully received call money from shareholders following its second reminder notice for payment on partly paid-up rights equity shares. The pharmaceutical company announced the receipt of Rs. 93,71,512.50 as first call money on March 04, 2026, through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Call Money Collection Details

The company received the call money in response to its second reminder notice dated February 04, 2026, which sought payment of Rs. 131.25 per rights equity share as the first call. The collection covered 71,402 partly paid-up rights equity shares out of the total outstanding 2,37,209 shares that were originally allotted on June 19, 2024, pursuant to a rights issue based on the Letter of Offer dated May 09, 2024.

Share Conversion Process

The Rights Issue Committee approved the conversion of the 71,402 partly paid-up equity shares through a circular resolution passed on March 04, 2026. The shares were converted from their original status of Rs. 3.50 paid-up with face value Rs. 10 each (ISIN IN9624Z01014) to partly paid-up equity shares with Rs. 7.00 paid-up and face value Rs. 10 each (ISIN IN9624Z01022).

Updated Capital Structure

Following the conversion, Solara Active Pharma Sciences' paid-up capital structure has been revised. The company's total paid-up capital now stands at Rs. 44,51,39,030.50, reflecting the increased paid-up amount from the converted shares.

Regulatory Compliance and Next Steps

The company has communicated the development to both BSE Limited and National Stock Exchange of India Limited, maintaining transparency with stock exchanges. Solara Active Pharma Sciences will undertake necessary corporate actions to obtain listing and trading approvals for the converted rights equity shares, enabling them to be traded alongside the company's existing equity shares.

The successful collection of call money demonstrates shareholder confidence in the company's rights issue process and provides additional capital for the pharmaceutical company's operations. The formal regulatory filing ensures compliance with SEBI disclosure requirements and maintains transparency with stakeholders.