Arman Holdings Receives Show Cause Notice from IT Department for AY 2017-18

Arman Holdings Limited has received a show cause notice from the Income Tax Department under section 263 of the Income Tax Act, 1961 for Assessment Year 2017-18. The company disclosed this development to BSE on December 20, 2025, in compliance with regulatory requirements under Regulation 30 of SEBI Listing Regulations.

Notice Details and Allegations

The show cause notice was issued by the Office of the Principal Commissioner of Income Tax (PCIT), Income Tax Department, Delhi-1. The notice pertains to revision proceedings under section 263, with the department alleging that the assessment was completed by passing an order under section 147 read with section 144B on May 26, 2023, which is prima facie erroneous.

Parameter	Details
Notice Number	ITBA/REV/F/REV1/2025-26/1083572949(1)
Issuing Authority	Office of PCIT, IT Department, Delhi-1
Assessment Year	2017-18
Date of Receipt	December 12, 2025
Nature of Action	Notice for Hearing in revision proceedings

Company's Position and Response

Arman Holdings has stated that it does not agree with the show cause notice and will take appropriate actions for rectification or reversal of the same. The company has indicated that the maximum financial impact would be to the extent of tax demand, interest, and penalty levied, if any, by the Income Tax Department.

Disclosure Timeline and Explanation

The company explained the delay in disclosure, stating that the notice involved technical tax analysis, review, and opinion by income tax experts. The management wanted to avoid any premature or incomplete announcement that could result in ambiguity or misinterpretation before investors, stakeholders, or regulatory agencies.

Disclosure Aspect	Details
Previous Intimation Date	December 13, 2025
Current Disclosure Date	December 20, 2025
Regulatory Framework	SEBI Master Circular dated November 11, 2024
Compliance Regulation	Regulation 30 of SEBI Listing Regulations

Regulatory Compliance

This disclosure was made pursuant to the provisions of Regulation 30 read with Para A, Part A, Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company has requested BSE to take this information on record as part of its ongoing compliance obligations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	+3.42%	+21.53%	+49.36%	+55.88%	+103.85%

Arman Holdings Limited has witnessed its fourth shareholding change as Varigate Advisory Services (P) Ltd disposed of 3,000 equity shares through an open market transaction on December 19, 2025. This marks the largest single disposal transaction in the recent series, following previous disposals of 400 shares on December 9, 200 shares on December 15, and 1,400 shares on December 16, 2025. The latest disposal was disclosed under Regulation 29(2) of SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011.

Latest Transaction Details

The December 19 transaction represents the most significant disposal in the recent series of transactions by Varigate Advisory Services (P) Ltd, which acts in concert with Sanjay Otawat. The disposal continues the pattern of gradual shareholding reduction through open market transactions over an 11-day period.

Parameter:	Dec 19 Transaction	Dec 16 Transaction	Dec 15 Transaction	Dec 9 Transaction
Shares Disposed:	3,000 equity shares	1,400 equity shares	200 equity shares	400 equity shares
Transaction Mode:	Open Market	Open Market	Open Market	Open Market
Transaction Date:	December 19, 2025	December 16, 2025	December 15, 2025	December 9, 2025

Updated Shareholding Pattern

Following the December 19 transaction, the combined shareholding of the persons acting in concert has decreased to 9.41%. Varigate Advisory Services now holds 243,000 shares representing 4.66% of the total equity, while Sanjay Otawat maintains his unchanged position of 247,500 shares representing 4.75%.

Shareholder:	Before Dec 19	After Dec 19	Total Change
Varigate Advisory Services:	246,000 shares (4.72%)	243,000 shares (4.66%)	-5,000 shares
Sanjay Otawat:	247,500 shares (4.75%)	247,500 shares (4.75%)	No change
Combined Holding:	493,500 shares (9.47%)	490,500 shares (9.41%)	-5,000 shares

Company Share Capital Structure

Arman Holdings Limited maintains a stable equity share capital structure throughout all transaction periods. The company's total equity share capital remains unchanged at ₹5.21 crores, comprising 52,10,500 equity shares with a face value of ₹10.00 each.

Regulatory Compliance

All four disclosures were made in compliance with SEBI regulations governing substantial acquisitions and takeovers. Varigate Advisory Services and Sanjay Otawat do not belong to the promoter or promoter group category. The company's shares are listed on BSE Limited under scrip code 538556. The latest disclosure was filed on December 19, 2025, from Mumbai.