S Chand Receives ₹15.67 Crores Income Tax Refund Following NCLT Approval

S Chand & Company has received a significant income tax refund of ₹15.67 crores for the financial year 2018-19, following regulatory approvals and revised tax filings. The educational content and publishing company disclosed this development in compliance with SEBI listing regulations.

Regulatory Background

The refund follows a structured legal process that began with the Hon'ble NCLT approving a Scheme of Arrangement on July 24, 2023. The original scheme was filed on January 09, 2018, and received approval vide order number New 1A (Com.A)- 247/2023 in CAA-60. Subsequently, the company filed revised income tax returns with the Income Tax Department.

Refund Details

The Deputy Commissioner of Income Tax issued the refund order on December 31, 2025, under Section 170A of the Income Tax Act, 1961, for assessment year 2018-19. The order was processed under Section 170A read with Section 143(1) of the Income Tax Act.

Component	Amount
Income Tax Refund	₹15.67 crores
Interest Component	₹5.31 crores
Total Benefit	₹20.98 crores

Financial Impact

According to the company's regulatory filing, the refund will improve liquidity position by ₹15.67 crores, while profitability will benefit from the interest component of ₹5.31 crores. This total benefit of ₹20.98 crores is expected to strengthen the company's financial position significantly.

Compliance Framework

The disclosure was made pursuant to Regulation 30 read with Schedule III sub-para 19 of Para A of Part A of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided comprehensive details including the nature of action taken, dates of receipt, and quantifiable impact on operations as required by SEBI circulars.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+3.73%	-2.69%	-5.85%	-31.62%	-24.39%	+142.92%

S Chand & Company Limited , a prominent player in the Indian education content market, has received a significant boost to its creditworthiness. ICRA Limited, a leading credit rating agency, has upgraded the company's credit rating, signaling improved financial stability and performance.

Credit Rating Upgrade Details

ICRA has elevated S Chand & Company Limited's credit rating from ICRA A- (Stable) to ICRA A (Stable). This upgrade applies to the company's enhanced long-term fund-based facilities, which include:

Facility Type	Amount	Previous Rating	New Rating
Overdraft Facility	Rs. 110.00 crore	ICRA A- (Stable)	ICRA A (Stable)
Term Loan	(Part of above)	ICRA A- (Stable)	ICRA A (Stable)

The upgraded facilities are provided by various banks and financial institutions, reflecting a diversified lending base for the company.

Implications of the Upgrade

This rating upgrade carries several positive implications for S Chand & Company Limited:

Improved Creditworthiness: The new ICRA A (Stable) rating indicates a strong degree of safety regarding timely servicing of financial obligations.
Enhanced Financial Flexibility: With a higher credit rating, the company may potentially access capital at more favorable terms.
Investor Confidence: The upgrade could boost investor confidence in the company's financial management and future prospects.

Company's Disclosure

In compliance with regulatory requirements, S Chand & Company Limited promptly disclosed this development to the stock exchanges. As per the company's filing:

The rating letter was received from ICRA on November 20, 2025, at 01:07 P.M.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This timely disclosure underscores the company's commitment to transparency and adherence to regulatory norms.

The credit rating upgrade comes as a positive development for S Chand & Company Limited, potentially strengthening its position in the competitive education content market.