Cosmo First Limited , a prominent player in the Indian manufacturing sector, is currently navigating a significant tax dispute with the Income Tax Department. The company recently disclosed that it has received five emails from the Income Tax Department's Standing Counsel regarding appeals being filed before the Delhi High Court.

Tax Appeal Details

The appeals challenge a consolidated order dated July 26, 2023, passed by the Income Tax Appellate Tribunal (ITAT) in favor of Cosmo First for Financial Years 2003-04 to 2007-08. The dispute centers on two main issues:

1. Sales-tax Subsidy: Whether the sales-tax subsidy received under the Government of Maharashtra Package Scheme of Incentives, 1993, should be reduced from asset costs for depreciation computation.
2. Deduction Claims: The validity of deduction claims under Section 10B of the Income-tax Act, 1961 for the company's EOU (Export Oriented Unit).

Financial Implications

The total tax impact of these appeals amounts to INR 7.79 crores, covering the specified financial years from 2003-04 to 2007-08. This figure represents the potential financial exposure for Cosmo First if the appeals are decided in favor of the Income Tax Department.

Company's Stance

In response to this development, Cosmo First has stated that it is taking appropriate steps to address the matter. The company has expressed confidence, indicating that it does not foresee any material impact on its financial, operational, or other activities as a result of these appeals.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Cosmo First has duly informed the stock exchanges about this development. The company's proactive disclosure aligns with its commitment to transparency and regulatory adherence.

While the outcome of these appeals remains to be seen, Cosmo First's management appears to be handling the situation with due diligence and confidence. Investors and stakeholders will likely keep a close watch on further developments in this tax dispute, given its potential financial implications for the company.

Cosmo First Limited , a prominent player in the Indian market, has announced a significant change in its senior management team. The company has appointed Mr. Saurabh Jain as the CEO of its Petcare Division ('Zigly') and Head of Corporate Development, effective October 23, 2025.

Key Appointment Details

Strategic Move for Cosmo First

This appointment marks a strategic move for Cosmo First Limited as it strengthens its leadership in the Petcare Division, specifically for its 'Zigly' brand. Mr. Jain's diverse experience spanning the Films Industry, Investment Banking, and Corporate Strategy is expected to bring a fresh perspective to the company's operations and growth strategies.

Regulatory Compliance

The company has duly informed the stock exchanges about this appointment, adhering to Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. This transparency ensures that shareholders and potential investors are kept informed about significant changes in the company's senior management.

Market Implications

The addition of Mr. Jain to the senior management team could potentially influence the company's strategic direction, especially in its Petcare Division and corporate development initiatives. Investors and market watchers may keep a close eye on Cosmo First's future announcements and performance indicators to assess the impact of this new leadership appointment on the company's operations and market position.