Maithan alloys Limited has received an income tax demand notice of Rs. 2,88,02,270/- from the Income Tax Department for the assessment year 2024-25. The company disclosed this development under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Demand Notice Details

The Income Tax Department issued the demand notice under section 156 of the Income-Tax Act, 1961, alleging short payment of income tax as per the assessment order. The notice was received via email on March 9, 2026 at 11:29 PM, and the company became aware of it on March 10, 2026 at around 11:53 AM.

Nature of Violation

The demand notice pertains to alleged short payment of income tax as per the assessment order for the financial year. The aggregate financial impact amounts to Rs. 2,88,02,270/-, representing the total demand raised by the tax authorities.

Company's Response Plan

Maithan Alloys Limited is contemplating filing a rectification request under section 154 of the Income-Tax Act, 1961 against the demand notice. This provision allows taxpayers to seek rectification of mistakes apparent from the record in assessment orders.

Regulatory Compliance

The company has informed all relevant stock exchanges including the National Stock Exchange of India Limited, BSE Limited, and The Calcutta Stock Exchange Limited about this development. The disclosure was made in compliance with SEBI regulations, though the company acknowledged an inadvertent delay in reporting the matter to the exchanges.

Maithan Alloys Limited has made an additional acquisition of Bank of Baroda equity shares through stock exchange transactions, with the latest purchase completed on February 17, 2026. The company disclosed this acquisition under SEBI regulations after triggering threshold limits, becoming aware of detailed particulars on February 18, 2026.

Latest Acquisition Details

The most recent acquisition involved purchasing 659000 shares of Bank of Baroda for a total consideration of Rs. 20.03 crore through cash payment on February 17, 2026. This represents a 0.01% shareholding in the public sector bank, acquired through stock exchange transactions.

Investment Strategy and Rationale

Maithan Alloys has stated that these shares were acquired as part of its investment strategy to reap long-term and short-term investment benefits. The company has explicitly clarified that it does not intend to acquire control, whether directly or indirectly, of Bank of Baroda's management. The acquisitions do not fall within related party transactions, and the promoter group has no interest in the acquired entity.

Bank of Baroda Profile and Performance

Bank of Baroda, incorporated on July 20, 1908, operates as a comprehensive public sector bank offering corporate banking, cash management, financing, lending, treasury solutions, and retail banking services. The bank also provides investment products including mutual funds, insurance plans, and demat services.

Historical Financial Performance

Bank of Baroda has demonstrated consistent growth trajectory over the past three years:

Regulatory Compliance and Global Presence

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the triggering of threshold limits. No governmental or regulatory approvals were required for this acquisition, as it was conducted through stock exchange transactions at arm's length. Bank of Baroda maintains its presence in India with 75 overseas branches across 17 countries, demonstrating its extensive global footprint.