The Shipping Corporation of India Limited has received a significant income tax refund of ₹199.76 crore following a favourable ruling from the Income Tax Appellate Tribunal (ITAT), Mumbai. The refund was received on February 3, 2026, and includes interest of approximately ₹85.75 crore.

ITAT Order Details

The favourable ITAT order was originally received by SCI on May 8, 2024, and pertained to financial year 2009-10. The tribunal ruled in favour of the company on various grounds that had been disputed by the Income Tax Department.

Key Dispute Grounds

The ITAT order covered several contentious issues that were resolved in favour of the shipping corporation:

• Additions made to sundry receipts
• Interest income forms part of core activity
• Excess provision written back
• Sundry creditors written back

Financial Impact

The refund represents a substantial financial benefit for the state-owned shipping company. The total amount of ₹199.76 crore comprises the principal refund along with accumulated interest over the years since the original assessment.

Regulatory Compliance

The Shipping Corporation of India Limited disclosed this development under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The disclosure was made on February 4, 2026, with the event occurrence noted as February 3, 2026, at 1758 hours. The company secretary and compliance officer, Smt. Swapnita Vikas Yadav, signed the disclosure document.

This favourable outcome demonstrates the company's successful defence of its tax positions and provides a positive financial impact through the substantial refund received.

Shipping Corporation of India Limited has announced that its Board of Directors will convene on February 6, 2026, to deliberate on the company's Q3FY26 financial performance and consider interim dividend declaration. The meeting, scheduled for Friday, will address key financial matters for the quarter and nine months ended December 31, 2025.

Board Meeting Agenda

The upcoming board meeting will focus on two primary objectives:

Trading Window Restrictions

In compliance with the SCI Code of Conduct for Prohibition of Insider Trading, the company has implemented specific trading restrictions. The trading window closure began on January 1, 2026, and will continue until 48 hours after the declaration of unaudited financial results. Should the board decide to declare an interim dividend, the trading window closure period will be extended until 48 hours after the record date for dividend payment.

Dividend Payment Process

The company has outlined a comprehensive dividend distribution mechanism for shareholders. If declared by the board on February 6, 2026, the interim dividend will be disbursed within 30 days from the declaration date through electronic transfer modes.

Payment Guidelines

• Dematerialized shareholders with updated bank details: Direct electronic transfer
• Dematerialized shareholders without bank details: Dividend held in abeyance by RTA
• Physical shareholders: Must complete KYC requirements for electronic payment

Compliance and Documentation Requirements

The company emphasizes the importance of updated shareholder information for seamless dividend processing. Physical shareholders must ensure their folios contain complete KYC details including PAN, contact information, mobile number, bank account details, and signature verification.

Required Forms

Shareholders holding physical shares need to submit appropriate Investor Service Request (ISR) forms:

• ISR-1, ISR-2, ISR-3/SH-13 forms as applicable
• Forms available on RTA website and company website
• Must be duly completed and signed by registered holders

The announcement reflects the company's commitment to regulatory compliance under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, specifically Regulation 29 requirements for board meeting notifications.