The New India Assurance Company Limited has secured a major victory in its tax appeal, with the National Faceless Appeal Centre deleting a substantial income tax demand of Rs. 672.36 crore. The favourable ruling provides significant financial relief to the government-owned insurance company for Assessment Year 2022-23.

Tax Appeal Victory Details

The company received the favourable order from the National Faceless Appeal Centre (NFAC), Delhi, on 27th February 2026. The order was issued under section 250 of the Income Tax Act, 1961, and completely deleted the income tax demand that had been outstanding.

Financial Impact

The deletion of the Rs. 672.36 crore tax demand represents a significant positive development for The New India Assurance Company Limited. The exact amount deleted was Rs. 6,72,36,15,635 (Rs. Six Hundred Seventy Two Crore Thirty Six Lacs Fifteen Thousand Six Hundred Thirty Five Only).

Regulatory Compliance

The company has disclosed this information in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made as required under Clause 20 of Para A of Part A of Schedule III of the SEBI Listing Regulations, read with SEBI Circular dated July 13, 2023.

Company Background

The New India Assurance Company Limited is a government of India undertaking with its registered and head office located at New India Assurance Building, 87, M.G. Road, Fort, Mumbai - 400 001. The company operates under CIN No. L66000MH1919GOI000526 and is listed on both BSE and NSE stock exchanges.

The New India Assurance Company Limited has announced the appointment of Mr. S. Sivasankar as Executive Director on its Board, following notification from the Ministry of Finance dated February 16, 2026. The appointment represents a significant leadership addition to the government-owned insurance company.

Appointment Details

The Ministry of Finance, through notification no. eF.no. A-11011/01/2025-Ins.I, has appointed Mr. S. Sivasankar to serve as Executive Director effective from the date of assumption of charge. The appointment has been approved by the Appointments Committee of the Cabinet.

Professional Background

Mr. S. Sivasankar currently serves as General Manager at National Insurance Company Limited (NICL). His professional profile demonstrates extensive experience across multiple domains within the insurance sector. He brings more than 20 years of exposure in the general insurance industry, having handled various portfolios during his career including finance, audit, and accounting functions.

The appointee has developed comprehensive expertise in insurance operations, finance, and accounting through his long tenure in the industry. His experience spans across different operational areas, providing him with a well-rounded understanding of insurance business dynamics.

Regulatory Compliance

The appointment has been made in accordance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing and Obligatory Disclosure Requirements 2015. The company has confirmed that Mr. S. Sivasankar is not related to any other Director on the Board, ensuring compliance with the Companies Act 2013 provisions.

As per BSE and NSE circular requirements dated June 20, 2018, regarding enforcement of SEBI orders for director appointments, the company has affirmed that the newly appointed Director is not debarred from holding directorial positions by SEBI or any other regulatory authority.

Government Approval Process

The appointment reflects the structured governance process for public sector insurance companies. The Appointments Committee of the Cabinet's approval underscores the significance of the position within the organizational hierarchy. The notification was issued by the Department of Financial Services, Ministry of Finance, and has been communicated to various stakeholders including insurance regulatory bodies and other public sector insurance companies.

The formal communication was signed by Abdul Gufran, Under Secretary to the Government of India, and distributed to multiple government departments and insurance sector entities for information and record purposes.