Tega Industries Limited has informed stock exchanges that its wholly owned material subsidiary, Tega McNally Minerals Limited (TMML), received an assessment order from Income Tax authorities demanding ₹13.79 crore for Assessment Year 2017-18.

Assessment Order Details

The assessment order was issued by the Assistant Commissioner of Income Tax, Circle 1(1), Kolkata under Section 143(3) read with Section 147 of the Income-tax Act, 1961. TMML received the communication on April 1, 2026.

Nature of Tax Demand

The assessment order involves certain additions and disallowances under the Income-Tax Act, 1961, specifically regarding the determination of allowability of certain expenditures for AY 2017-18. The company noted that this demand order pertains to the pre-NCLT period.

Timeline Context

Tega Industries emphasized that the assessment period (April 2016 to March 2017) predates its acquisition of TMML. The subsidiary was acquired by Tega Industries in March 2023 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 stated there is no material impact on the financial, operational, or other activities of TMML or the parent company. The company highlighted that it has received a favorable order on similar matters for another assessment year.

Key company statements:

• No material impact on financials, operations, or other activities
• TMML is taking appropriate steps to appeal against the order
• Company has received favorable orders on similar matters previously

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The information has also been hosted on the company's website at www.tegaindustries.com .

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.