Winro commercial (India) Limited has disclosed receiving a substantial income tax demand notice, marking a significant regulatory development that requires immediate attention from the company's management and stakeholders.

Income Tax Demand Details

The company received a notice of demand under Section 156 of the Income Tax Act, 1961, on March 23, 2026 at 10:48 PM from the office of the Assistant Commissioner of Income Tax Circle 1(1), Kolkata. The demand pertains to Assessment Year 2022-23 and amounts to ₹3,64,97,710.

Basis of Tax Demand

The demand has been raised pursuant to an order passed under Section 154 read with Section 143(3) of the Income Tax Act, 1961. According to the company's disclosure, the Assessing Officer has disallowed brought forward short-term capital losses amounting to ₹10,71,68,937, which subsequently resulted in the tax demand of ₹3,64,97,710.

Company's Response Strategy

Winro Commercial has outlined its plan to contest the income tax demand through proper legal channels. The company is in the process of challenging the order in the appropriate forum against the disallowances of brought forward losses made in the assessment order.

Planned Actions:

• File an appeal before competent appellate authorities
• Submit a stay application under Income Tax Act provisions
• Challenge the Notice of Demand through prescribed guidelines

Financial and Compliance Impact

The company has indicated that the expected financial implications would be "to the extent of demand made," suggesting potential impact equivalent to the demanded amount. No aberrations or non-compliances were identified by the tax authorities in their communication, and no additional penalties or sanctions have been imposed beyond the primary demand.

Regulatory Disclosure

The disclosure was made pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Jitendra Parihar signed the disclosure documents on March 24, 2026, confirming the information provided is true, correct and complete to the best of his knowledge and belief.

Winro Commercial (India) Limited has successfully completed the conversion of its partly paid-up equity shares in Bharti Airtel Limited into fully paid-up shares. The company paid ₹42,98,01,746.25 as first and final call money on March 13, 2026, and the conversion process was completed on March 18, 2026.

Transaction Completion Details

Bharti Airtel Limited converted the partly paid-up equity shares into fully paid-up shares and intimated stock exchanges on March 18, 2026 at 10:51 PM. The call money has been debited from Winro Commercial's bank account, and 10,71,157 partly paid-up shares have been converted into an equal number of fully paid-up equity shares.

Final Shareholding Position

Upon completion of the conversion, Winro Commercial will hold an aggregate of 10,71,425 fully paid-up equity shares of Bharti Airtel Limited, inclusive of its existing shareholding. The converted shares will be credited to the company's demat account and listed on stock exchanges, subject to Bharti Airtel completing necessary formalities including corporate actions and obtaining requisite listing and trading approvals.

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transaction required disclosure as the total call money payable exceeded 2% of the company's net worth as per its last audited consolidated financial statements. Winro Commercial confirmed this acquisition does not fall within related party transactions.

Investment Rationale

As a Non-Banking Financial Company (NBFC), Winro Commercial made this investment in the ordinary course of business as a financial investor. The company confirmed that no promoter or group companies have any interest in Bharti Airtel Limited.

Target Company Profile

Bharti Airtel Limited, incorporated on July 7, 1995, operates primarily in telecommunication services in India and globally. The company's financial performance demonstrates consistent growth:

As of March 31, 2025, Bharti Airtel Limited reported a net worth of ₹1,11,752.88 crores with an existing paid-up capital of ₹29,00,08,86,172.50.