Tega McNally Minerals receives ₹13.79 Crore tax demand order
Tega McNally Minerals Limited, a subsidiary of Tega Industries, received a tax demand order of ₹13.79 Crore for the Assessment Year 2017-18. The demand pertains to expenditures prior to the company's acquisition in March 2023. Tega Industries stated there is no material impact and will appeal the order.
While the company claims no material impact, a tax demand of over ₹13 Crore could potentially affect financials if the appeal is unsuccessful. The pre-acquisition nature of the demand mitigates some immediate concern.
The company has received a tax demand order for a significant amount, which is negative news, although the company states there is no material impact and plans to appeal.
Tega McNally Minerals Limited (TMML), a wholly owned material subsidiary of Tega Industries Limited, has received an Assessment Order from the Assistant Commissioner of Income Tax, Circle 1(1), Kolkata. The order, passed under Section 143(3) read with Section 147 of the Income-tax Act, 1961, pertains to the period April 2016 to March 2017 (Assessment Year 2017-18).
This period is prior to March 2023, when TMML was acquired by Tega Industries Limited under a resolution plan approved by the National Company Law Tribunal. The total tax demand raised, including interest, amounts to ₹13,78,92,170 (13.79 Crore).
The order involves certain additions and disallowances concerning the allowability of specific expenditures. Tega Industries has stated that there is no material impact on the financials, operations, or other activities of TMML or the parent company. The company highlighted that a favourable order was received for another assessment year on similar matters.
TMML is taking appropriate steps to appeal against the order to seek relief. The disclosure was made on April 2, 2026, based on communication received from the subsidiary on April 1, 2026. The announcement will be hosted on the company's website.
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Tega Industries Limited filed this with the NSE as a statutory disclosure, categorised under fraud/defaults disclosure. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Tega Industries Limited. Read the original for the full detail.