Thomas Cook India Resolves Rs. 159.5 Mn Income Tax Demand for AY 2018-19

Thomas Cook (India) Limited has successfully resolved a significant income tax dispute, bringing closure to a pending demand of Rs. 159.5 Mn for Assessment Year 2018-19. The resolution was confirmed through an official order received on March 30, 2026, marking a positive development for the travel and tourism company.

Tax Dispute Resolution Details

The company received an order from the Office of the Deputy Commissioner of Income Tax Circle 1(3)(1), Mumbai, regarding the resolution of the pending dispute. The order was issued under section 143(3) read with section 254 of the Income-tax Act, 1961.

Parameter	Details
Demand Amount	Rs. 159.5 Mn
Assessment Year	2018-19
Order Date	March 30, 2026
Issuing Authority	Deputy Commissioner of Income Tax Circle 1(3)(1), Mumbai
Order Type	u/s 143(3) r.w.s. 254 of the Income-tax Act, 1961

Financial Impact Assessment

The company has confirmed that the resolution of this tax demand will have no adverse financial impact on its operations. According to the regulatory filing, since the demand has been resolved, there is no impact on the financial operations or other activities of the company.

Impact Category	Status
Financial Operations	No Impact
Other Activities	No Impact
Violation/Contravention	None
Settlement Terms	Not Applicable

Regulatory Compliance

Thomas Cook (India) Limited communicated this development to stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was filed under the requirements for updates on pending litigations and disputes, demonstrating the company's commitment to transparent disclosure practices.

Corporate Governance

The regulatory filing was signed by Amit J. Parekh, Company Secretary & Compliance Officer, and has been made available on the company's website for stakeholder access. This resolution eliminates a pending regulatory matter and provides clarity on the company's tax position for the specified assessment year.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.08%	-0.19%	-7.02%	-39.78%	-29.85%	+94.51%

Thomas Cook (India) Limited has announced a significant additional investment of INR 2.50 crore in its joint venture company, Indian Horizon Marketing Services Limited (IHMSL). The Sub-Committee of the Board of Directors authorized this investment on March 27, 2026, following the execution of a supplemental agreement on March 24, 2026, to strengthen the partnership with Atirath Technologies Private Limited for developing a Travel AI Platform.

Investment Details and Share Allotment Structure

The company has subscribed to 25,00,000 Class A Equity Shares of INR 10 each through a preferential offer by Indian Horizon Marketing Services Limited. This strategic investment maintains the existing 50:50 shareholding structure between Thomas Cook India and Atirath Technologies in the joint venture company.

Investment Parameter	Details
Investment Amount	INR 2,50,00,000 (Two Crore Fifty Lakhs)
Shares Subscribed	25,00,000 Class A Equity Shares
Share Price	INR 10 per share (face value)
Allotment Date	By April 8, 2026
Transaction Type	Preferential Offer Subscription

Joint Venture Capital Structure Evolution

The preferential share allotment has significantly expanded the paid-up capital structure of Indian Horizon Marketing Services Limited. The joint venture company, originally incorporated on December 26, 1989, has maintained zero turnover for the past three financial years as it focuses on developing the Travel AI Platform.

Capital Structure	Pre-Preferential Issue	Post-Allotment
Class A Equity Shares	14,60,000 shares (INR 10 each)	39,60,000 shares (INR 10 each)
Regular Equity Shares	15,40,000 shares (INR 10 each)	15,40,000 shares (INR 10 each)
Thomas Cook Shareholding	100% of Class A shares	100% of Class A shares

Travel AI Platform Development Focus

The additional investment will be utilized specifically for co-developing the Travel AI Platform, which represents the core objective of the supplemental agreement executed between Thomas Cook India and Atirath Technologies. This initiative aims to create proprietary intellectual property for the travel domain utilizing artificial intelligence technology, enhancing Thomas Cook Group's service offerings in the Indian market.

The original joint venture agreement was executed on September 30, 2024, establishing the foundation for this technological collaboration. The supplemental agreement adds specific provisions for AI platform development while maintaining all terms and conditions from the initial agreement.

Regulatory Compliance and Related Party Considerations

The investment falls under related party transactions as Indian Horizon Marketing Services Limited is classified as an associate of Thomas Cook India. The company has confirmed compliance with SEBI Listing Regulations, ensuring the transaction is conducted at arm's length with proper regulatory disclosures.

Compliance Aspect	Status
Related Party Transaction	Yes (arm's length basis)
SEBI Regulation 30 Compliance	Completed
Board Authorization	Sub-Committee approved March 27, 2026
Industry Classification	Travel Related Services
Regulatory Approvals Required	Not Applicable

This strategic investment reinforces Thomas Cook India's commitment to leveraging advanced technology in the travel industry, combining the company's extensive travel expertise with specialized AI capabilities through its partnership with Atirath Technologies.