Tega Industries Limited has informed stock exchanges that its wholly owned material subsidiary Tega McNally Minerals Limited (TMML) received a significant tax assessment order from income tax authorities. The development was communicated to BSE and NSE on March 31, 2026, under regulatory disclosure requirements.

Assessment Order Details

The Assistant Commissioner of Income Tax, Circle 1(1), Kolkata issued the assessment order under Section 143(3) read with Section 147 of the Income-tax Act, 1961. The order was received by TMML on March 30, 2026, and pertains to the assessment year 2018-19, covering the period from April 2017 to March 2018.

Nature of Tax Demand

The assessment order involves certain additions and disallowances under the Income-Tax Act, 1961, particularly relating to reconciliation matters and determination of allowability of certain expenditures as per the provisions of the Act for AY 2018-2019. The company emphasized that this demand order pertains to the pre-NCLT period.

Pre-Acquisition Context

A crucial aspect of this development is the timing of the assessed period. The tax demand relates to a period before Tega Industries acquired TMML in March 2023. The acquisition was completed pursuant to a resolution plan approved by the National Company Law Tribunal, Kolkata Bench – II, under the Insolvency and Bankruptcy Code, 2016.

Company's Response and Impact Assessment

Tega Industries has stated that there is no material impact on the financials, operations, or other activities of either TMML or the parent company. The company noted that it has received a favorable order on similar matters for another assessment year, which provides some precedent for their position.

Next Steps

TMML is taking appropriate steps to appeal against the order to seek relief from the tax demand. The company's confidence in challenging the assessment appears to be supported by their previous experience with similar tax matters where they received favorable outcomes.

Tega Industries Limited has announced the completion of a significant inter-se share transfer between promoter entities, involving 72,78,925 equity shares representing 9.69% of the company's total paid-up capital. The transaction was executed on March 23, 2026, as part of a structured transfer within the promoter group.

Transaction Details

The share transfer involved Mr. Manish Mohanka, a promoter of Tega Industries, transferring his equity holdings to MM Business Trust, a member of the promoter group, through an off-market gift transaction. The transfer was conducted under the exemption granted by SEBI through Order No. WTM/KCV/CFD/19/2025-26 dated January 27, 2026.

Regulatory Compliance

The company has filed comprehensive disclosures under Regulation 29(1) and 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction was executed under Section 11(1) and Section 11(2)(h) of the Securities and Exchange Board of India Act, 1992, read with Regulation 11(5) of the SEBI Takeover Regulations.

Shareholding Structure Impact

Despite the substantial share transfer, the overall promoter group holdings remain stable. The aggregate holding of the promoter and promoter group category maintains its position at 67.50% both before and after the transaction, ensuring no change in the company's control structure or management.

Exchange Notifications

Tega Industries has formally notified both major stock exchanges where its shares are listed - the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The company submitted the required disclosures within the stipulated timeframe of two working days as mandated under Regulation 29(3) of the SEBI Takeover Regulations. The notifications were signed by Company Secretary & Compliance Officer Manjuree Rai and MM Business Trust Trustee Mehul Mohanka, ensuring proper authorization and compliance with regulatory requirements.