Nilkamal Limited: Madanlal Jain Disposes Entire 5.46% Stake Through Gift Transfer

Nilkamal Limited has received a substantial acquisition disclosure regarding the complete disposal of shares by Madanlal Jain, who transferred his entire stake in the company through a gift transaction on December 18, 2025.

Transaction Details

The disposal involved the transfer of 8,14,041 equity shares, representing 5.46% of Nilkamal Limited's total voting capital. The transaction was executed as an off-market inter-se transfer by way of gift, reducing Jain's shareholding from 5.46% to zero.

Parameter	Details
Shares Transferred	8,14,041
Percentage of Capital	5.46%
Transaction Mode	Off-Market Inter-se Transfer by Gift
Transaction Date	December 18, 2025

Shareholding Pattern Changes

The disclosure shows a complete divestment by Madanlal Jain, who was not part of the promoter or promoter group. His holding pattern changed as follows:

Holding Period	Number of Shares	Voting Rights (%)	Diluted Capital (%)
Before Disposal	8,14,041	5.46	5.46
Shares Transferred	8,14,041	5.46	5.46
After Disposal	0	0.00	0.00

Company Capital Structure

Nilkamal Limited's equity share capital remained unchanged following this transaction. The company maintains its capital structure with ₹14,92,25,250 comprising 1,49,22,525 equity shares of face value ₹10.00 each.

Regulatory Compliance

The disclosure was filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Nilkamal Limited's shares are listed on both the National Stock Exchange of India Limited and BSE Limited, ensuring compliance with dual listing requirements.

This transaction represents a significant change in the company's non-promoter shareholding pattern, with Jain's complete exit from his equity position in the plastic products manufacturer.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.50%	-1.25%	-3.85%	-16.32%	-26.84%	+0.11%

Nilkamal Limited , a prominent player in the Indian furniture and material handling industry, has recently received a tax demand order from the Office of The Superintendent of CGST Central Excise, Barjora Bankura, West Bengal. The order, which alleges wrongful availing and utilization of Input Tax Credit (ITC), has raised concerns about potential financial implications for the company.

Tax Demand Details

The tax demand order, received on November 20, 2025, outlines the following key points:

Aspect	Details
Total Demand	Rs. 7,22,362
Tax Dues	Rs. 3,61,181
Penalty	Rs. 3,61,181
Fiscal Years Involved	2018-19 and 2019-20
Applicable Laws	Section 74(1) of the CGST Act, 2017 & WBGST Act, 2017 read with Section 20 of the IGST Act, 2017

The order alleges that Nilkamal Limited wrongly availed and utilized Input Tax Credit for the fiscal years 2018-19 and 2019-20 in the state of West Bengal.

Company's Response

In response to this tax demand, Nilkamal Limited has stated that it plans to seek expert advice and file an appeal against the order. The company maintains that there is no material impact on its financial and operational activities as a result of this order.

Implications and Next Steps

While the tax demand of Rs. 7.22 lakh may seem relatively small for a company of Nilkamal's size, it raises questions about the company's tax compliance processes. The outcome of this case could have implications for how the company manages its Input Tax Credit claims in the future.

Investors and stakeholders will likely be watching closely to see how Nilkamal handles this situation, particularly in terms of:

The strength of its appeal against the tax demand
Any potential adjustments to its tax compliance procedures
The final resolution of the case and its financial impact, if any

As the situation develops, Nilkamal Limited is expected to provide further updates to its shareholders and the public regarding the progress of its appeal and any material developments in the case.