Kalpataru Projects International Limited (KPIL) has reported that K C Holdings Private Limited, one of its promoter entities, has executed a series of pledge transactions involving 2,00,000 equity shares of KPIL. The company has both created and released pledges over these shares, maintaining its complex web of pledge arrangements across various lending facilities.

Pledge Details

K C Holdings currently maintains multiple pledge arrangements totaling over Rs. 900.00 crores with different lenders. These include:

• JM Financial Credit Solutions
• Aditya Birla Capital
• Tata Capital
• 360 One Prime Ltd (formerly IIFL Wealth Prime Limited)
• Infina Finance Pvt Ltd
• Arka Fincap Ltd
• Bajaj Finance Limited

Purpose of Pledges

The primary purposes for these pledges are:

1. General corporate purposes
2. Refinancing existing group debts
3. Providing security for loans availed by various group companies

Some of the group companies benefiting from these arrangements include:

• Kalpataru Constructions Private Limited
• Kalpataru Land Private Limited
• Abacus Real Estate Private Limited
• Ardour Properties Private Limited
• Kalpataru Urbansacape LLP
• Ambrosia Real Estate Private Limited
• Klassik Vinyl Products LLP
• Kalpataru Retail Ventures Pvt Ltd

Facility Sizes and Share Details

The facilities range from Rs. 12.00 crores to Rs. 144.00 crores across different borrowing arrangements. Here's a breakdown of some recent pledge transactions:

Impact on Shareholding

As of the latest disclosure, the total promoter shareholding in KPIL stands at 33.52% of the total share capital. The recent pledge transactions represent a small fraction of this holding, with each transaction typically involving less than 1% of the total share capital.

Regulatory Compliance

K C Holdings has made these disclosures in compliance with the Securities and Exchange Board of India (SEBI) regulations, particularly the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company has provided detailed information about the reasons for encumbrance as required by SEBI circulars.

These pledge transactions reflect the ongoing financial management strategies of the Kalpataru group, as they utilize their shareholding in KPIL to secure funding for various corporate purposes and debt refinancing across the group's entities.

Kalpataru Projects International Limited has secured another significant tax relief as the Income Tax Appellate Tribunal (ITAT) Mumbai issued orders reducing tax demands to NIL for Assessment Years 2013-14 to 2015-16 and AY 2017-18. This development adds to the company's earlier success in obtaining relief for AY 2019-20, where a ₹81.53 crore tax demand was cancelled.

Latest ITAT Relief

The company received the latest ITAT order on December 24, 2025, which granted relief in respect of disallowances upheld by the Commissioner of Income Tax (Appeals)-51, Mumbai. The tribunal's decision under section 254 of the Income Tax Act, 1961, has resulted in the complete elimination of tax demands for the specified assessment years.

Previous Tax Relief for AY 2019-20

Earlier, the company had received substantial relief for AY 2019-20 when the Deputy Commissioner of Income Tax, Central Circle-3(3), Mumbai issued an Order Giving Effect (OGE) to the CIT(A) order. This resulted in two significant outcomes:

Comprehensive Tax Resolution Pattern

The latest developments continue Kalpataru Projects' successful track record in tax matters. The company has systematically obtained relief across multiple assessment years:

• AY 2013-14 to AY 2015-16 and AY 2017-18: Tax demands reduced to NIL through latest ITAT order
• AY 2019-20: ₹81.53 crore demand cancelled with ₹7.35 crore refund eligibility
• AY 2020-21: Demand reduced from ₹38.51 crore to ₹25.38 crore through rectification order
• AY 2018-19 to AY 2020-21: Major relief provided through CIT(A) orders

Regulatory Compliance and Timeline

The company has maintained transparent disclosure practices, filing regular updates under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The latest ITAT order was received on December 24, 2025, and promptly disclosed to the stock exchanges.

Strategic Impact

While Kalpataru Projects has achieved favorable outcomes in most tax matters, the company maintains its position to contest any unfavorable decisions before higher appellate authorities where it believes it has strong legal grounds. The elimination of tax demands across multiple assessment years significantly reduces the company's tax-related uncertainties and strengthens its financial position.

The successive tax reliefs, including the complete elimination of demands for AY 2013-14 to 2015-16 and AY 2017-18, along with the earlier ₹81.53 crore relief for AY 2019-20, represent substantial positive developments for Kalpataru Projects International Limited's financial outlook.