AXISCADES Technologies Limited has achieved a significant legal victory with the Karnataka High Court quashing all Income Tax Department notices against its wholly owned subsidiary, AXISCADES Aerospace & Technologies Private Limited. The court order dated November 4, 2025, brings closure to tax litigation that has been ongoing since July 2023.

Court Order Details

The Karnataka High Court at Bengaluru issued an order quashing multiple notices from the Income Tax Department, all dated May 22, 2023. The court's decision covers:

Background of the Litigation

The tax dispute originated from Income Tax Department proceedings initiated for fiscal year 2014-15 under section 147, read with sections 144 and 144B of the Income Tax Act. The core issue involved the admissibility of capital loss in income tax returns for the said fiscal year.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. This update follows the initial intimation filed on July 20, 2023, when the company first received the stay order from the Karnataka High Court.

The disclosure also complies with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, providing comprehensive details about the litigation status change. The company confirmed that the proceedings do not involve key management personnel, promoters, or ultimate persons in control, and no settlement terms or compensation payments were applicable.

Corporate Impact

This favorable court ruling eliminates the potential financial liability that could have arisen from the Income Tax Department's demands and penalties. The resolution of this long-standing litigation removes regulatory uncertainty for AXISCADES Aerospace & Technologies Private Limited, allowing the subsidiary to operate without the overhang of pending tax proceedings related to the 2014-15 fiscal year capital loss treatment.

Jupiter Capital Private Limited has made regulatory disclosures regarding pledge transactions involving shares of AXISCADES Technologies Limited . The company filed disclosures with stock exchanges on January 2, 2026, under SEBI's substantial acquisition regulations covering transactions executed on December 31, 2025.

Share Pledge Transactions

The disclosure reveals two simultaneous pledge-related transactions executed on December 31, 2025. Jupiter Capital pledged 1,40,000 equity shares of AXISCADES Technologies to Aditya Birla Capital Limited as security. Concurrently, the company secured the release of 60,000 equity shares from an existing pledge arrangement with Tata Capital Limited.

Current Shareholding Position

Jupiter Capital Private Limited maintains a substantial shareholding in AXISCADES Technologies Limited. The company holds 2,46,82,047 equity shares, representing 58.05% of the total share capital. Following the recent transactions, Jupiter Capital's total encumbered shares stand at 38,99,000 shares, accounting for 9.17% of AXISCADES Technologies' share capital.

Regulatory Compliance

The disclosures were made under Regulation 31(1) and 31(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These regulations mandate disclosure of encumbrance creation, release, or invocation by promoters and persons acting in concert. The filings were submitted to both the National Stock Exchange and BSE Limited, where AXISCADES Technologies shares are listed.

K. Madhavi, Company Secretary of Jupiter Capital Private Limited, signed the regulatory filings. The disclosures provide transparency regarding changes in pledge arrangements affecting the promoter's shareholding in AXISCADES Technologies Limited.