Markets

Cummins India Faces Tax Demands and Penalties Totaling Over 62 Billion Rupees Pune – Cummins India Limited announced it has received orders from the Additional Commissioner CGST, Pune-II Commissionerate, levying tax demands and penalties totaling Rs. 43,79,73,947 and Rs. 18,51,57,200 respectively. The combined penalty amount also equals Rs. 62.31 billion.The first order, dated March 25, 2026, concerns alleged discrepancies related to output GST tax liability and credit notes issued to customers for financial years 2019-20, 2020-21, and 2021-22. The tax demand and penalty are levied under Section 74 of the Central Goods and Services Tax Act read with Section 20 of the Integrated Goods and Services Tax 2017.The second order, also...

PNC Infratech Completes Sale of Final Asset in Portfolio PNC Infratech Limited, along with its wholly-owned subsidiary PNC Infra Holdings Limited, completed the transfer of its entire stake in PNC Challakere (Karnataka) Highways Private Limited to Vertis Infrastructure Trust (VIT) on March 27, 2026. This transaction marks the completion of the transfer of all twelve identified Special Purpose Vehicles (SPVs) initiated following a Share Purchase Agreement (SPA) dated January 15, 2024.VIT, formerly known as Highways Infrastructure Trust, received the SPV to facilitate the progression of the concession agreement.The transaction was concluded at an Enterprise Value of Rs. 683.84 crore, which includes Rs. 80.48 crore received towards...

Indian Overseas Bank Receives Demand Notice for Rs. 1742.96 Crores from Income Tax Department Indian Overseas Bank announced today, March 27, 2026, that it received a demand notice from the National Faceless Assessment Unit (NFAC) of the Income Tax Department. The notice, dated March 26, 2026, advises the bank to pay an amount of Rs. 1742.96 Crores as a tax liability for the Assessment Year 2024-25.The bank is currently challenging the assessment order in the appropriate forum and plans to appeal against the disallowances and additions outlined in the order. Indian Overseas Bank believes it has adequate grounds to reasonably substantiate its position and anticipates a favorable resolution. The bank expects the demand will subside. The...

Syngene International Limited Announces Leadership Changes Syngene International Limited announced changes to its leadership structure on March 27, 2026. The Board of Directors approved Kiran Mazumdar Shaw’s transition from Non-Executive Chairperson to Executive Chairperson, effective April 1, 2026, for a period of 5 years. Simultaneously, Peter Bains resigned from his position as Managing Director & Chief Executive Officer, effective June 30, 2026. Siddharth Mittal has been appointed as an Additional Director, assuming the roles of Managing Director & Chief Executive Officer, and joining the Executive Committee, starting July 1, 2026, for a term of 5 years.Siddharth Mittal previously served as Managing Director and CEO of Biocon...

ITCONS E-Solutions Ltd. Secures Manpower Services Agreement with Instakart ITCONS E-Solutions Ltd. (ITCONS | 543806 | INE006A01019) announced on March 27, 2026, that it has entered into an agreement with Instakart Services Private Limited for providing manpower services.Instakart Services Private Limited is a logistics and supply chain company that serves as the primary courier and last-mile delivery arm of Flipkart, providing warehousing, same-day delivery, and supply chain solutions across India.The agreement is for manpower services, including skilled, semi-skilled, and unskilled personnel for supply chain/logistics related roles, with the scope of work and agreement size to be mutually determined. Instakart Services Private...

Excelsoft Technologies Limited Appoints New Chief Executive Officer Excelsoft Technologies Limited announced the appointment of Mr. Doreswamy Palaniswamy as Chief Executive Officer (CEO), effective April 1, 2026. The decision was approved by the company’s Board of Directors (BOD) at a meeting held on March 27, 2026.Mr. Palaniswamy is a member of the Institute of Chartered Accountants of India (ICAI) and holds a Master's Program in Management of Global Enterprises from IIM Bangalore. He brings over 25 years of diverse leadership experience across technology, services, and financial management. His previous roles include leadership positions at ISS, Quess Corp, SMS, and KPIT, as well as Co-Founder at CredoPay Technology Services Private...

Angel One Ltd. Schedules Board Meeting, Earnings Call for April 16-17, 2026 Angel One Ltd. announced a Board meeting scheduled for Thursday, April 16, 2026, to review and approve standalone and consolidated audited financial statements for the year ended March 31, 2026, and financial results for the quarter and year ended March 31, 2026.The company will host an earnings call with analysts and investors on Friday, April 17, 2026, at 11:00 hrs. (IST) to discuss the financial results. A transcript of the call will be posted on the company’s website at www.angelone.in.A trading window for equity shares will be closed from April 1, 2026, until 48 hours from the date of the financial results declaration.Conference Call Details:Name of...

Avenue Supermarts Limited Expands Retail Footprint with Five New Stores Avenue Supermarts Limited announced the opening of five new stores on March 27, 2026, marking an expansion of its retail network. The new stores are located in Tirunelveli, Tamil Nadu; Padoli, Chandrapur and Sumthana, Nagpur in Maharashtra; Bareilly, Uttar Pradesh; and Shahapur, Thane, Maharashtra.As a result of this expansion, the total number of stores operated by Avenue Supermarts Limited now stands at 477.Source:

Vijay Solvex Limited Receives Demand Order for ITC and Plans Appeal Vijay Solvex Limited announced today, March 27, 2026, that it received a demand order from the Office of the Superintendent, Central Goods and Service Tax Range-II, Alwar, Rajasthan. The order pertains to the alleged wrongful availment and utilization of Input Tax Credit (ITC).The demand includes an amount of Rs. 8,49,978, encompassing Rs. 4,24,989 in ITC and a penalty of Rs. 4,24,989, related to the financial years 2019-20, 2020-21, and 2021-22.According to a company statement, Vijay Solvex Limited intends to file an appeal against the demand order before the appropriate authority, guided by legal counsel and anticipating a favorable outcome. The company stated...

Unilex Colours and Chemicals Limited Appoints New Chief Financial Officer Unilex Colours and Chemicals Limited announced the resignation of Mr. Shankarlal Kedarmal Agarwal from the position of Chief Financial Officer (CFO), effective March 27, 2026. The company expressed appreciation for his contributions.The Board of Directors appointed Mr. Kunal H Vadhani as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective March 28, 2026.Mr. Vadhani possesses over 15 years of experience in finance, accounts, and corporate governance across various industries. His expertise includes financial reporting, regulatory compliance, treasury management, and fund mobilization.Details on CFO Resignation and Appointment...

Pushpa Jewellers Limited Announces Resignation of Independent Director Pushpa Jewellers Limited announced the resignation of Independent Director, Shri Pranay Agarwal, effective March 27, 2026. Agarwal, holding DIN: 02758174, cited personal reasons for his departure.Consequently, Shri Agarwal has stepped down from all committees of the company where he served as Chairman or Member.According to a resignation letter dated March 27, 2026, Agarwal confirmed there were no other material reasons for his resignation besides the stated personal reasons.As of March 27, 2026, Shri Agarwal served as the Chairperson of the Audit and Nomination and Remuneration Committees and a Member of the Stakeholder Relationship Committee.Table: Details...

TruCap Finance Ltd. Receives Interim Order Extension from SAT TruCap Finance Ltd. announced an update regarding an interim order issued by the Securities and Appeals Tribunal (SAT) concerning an open offer. The open offer was given by Marwadi Chandarana Intermediaries Brokers Private Limited, acting as the acquirer, to the shareholders of TruCap Finance Ltd.The matter was reviewed by the Hon'ble Tribunal on March 25, 2026. The appellant was granted a two-week period to file a rejoinder. The Hon'ble Tribunal also decided to extend the interim order until the next hearing, which is scheduled for April 24, 2026. The communication was provided by Sundae Capital Advisors Private Limited.Source:

Torrent Power Acquires 100% Equity in Torrent Urja 47 Private Limited Torrent Power Limited announced the acquisition of 100% of the equity shares of Torrent Urja 47 Private Limited from Torrent Green Energy Private Limited, a wholly-owned subsidiary of Torrent Power, on March 27, 2026. The total consideration for the acquisition was ₹5,00,000, involving 50,000 equity shares at a face value of ₹10 each. The transaction occurred at 6:42 pm on the acquisition date.Torrent Urja 47 Private Limited, incorporated in India on March 19, 2025, has an authorized share capital of ₹5,00,000 and a paid-up share capital of ₹5,00,000, with a turnover of Nil.The acquisition qualifies as a related party transaction and was completed at arm's length...

Maharashtra Scooters Limited Acquires Stake in Bajaj Finance and Bajaj Auto Maharashtra Scooters Limited announced on March 27, 2026, the acquisition of shares in Bajaj Finance Ltd. and Bajaj Auto Ltd. through secondary market transactions.The company acquired 0.0043% stake in Bajaj Finance Ltd. on March 27, 2026, for a cost of Rs. 23.07 crore. The cumulative acquisition up to the date totals 3.0576%, with a total cost of Rs. 94.71 crore.Additionally, 0.0048% of shares were acquired in Bajaj Auto Ltd. on March 27, 2026, for a cost of Rs. 12.03 crore, bringing the cumulative acquisition to 2.4787% and the total cost to Rs. 124.50 crore.Maharashtra Scooters Limited, an unregistered core investment company, stated that these...

Motisons Jewellers Reschedules Board Meeting Motisons Jewellers Limited has announced a rescheduling of its Board of Directors meeting. The meeting, initially scheduled for Friday, March 27, 2026, is now planned for Thursday, April 02, 2026, due to unforeseen circumstances.This change follows an earlier notification issued on March 23, 2026, regarding the original meeting date. The rescheduling has been noted for record-keeping purposes.Motisons Jewellers Limited is listed on the BSE with Scrip Code: 544053, and on the NSE with Symbol: MOTISONS. The company’s CIN is L36911RJ2011PLC035122.Source:

Kranti Industries Ltd. Executes Share Purchase Agreement for Preciso Metall Private Limited Kranti Industries Ltd. announced on March 27, 2026, that it entered into a Share Purchase Agreement with Mr. Sunil Rameshlal Gadiya and Mr. Kunal Vijay Vora for the off-market transfer of shares in Preciso Metall Private Limited (PMPL), a subsidiary of the company.The Board of Directors of Kranti Industries Ltd. approved the proposal on March 25, 2026, to disinvest up to 10,00,000 equity shares, representing 15.22% of the paid-up share capital of PMPL. The Seller, Kranti Industries Ltd., transferred 4,00,000 equity shares to each purchaser at an issue price of ₹10 per share, representing 6.09% equity stake in PMPL.Details of Agreements...

Polyplex Corporation Limited Announces Voluntary Dissolution of U.S. Subsidiary, PAR LLC Polyplex Corporation Limited announced on March 27, 2026, that its step-down subsidiary, PAR LLC, based in the United States of America, has been voluntarily dissolved. The dissolution follows the completion of necessary filings with the Secretary of State of the State of Texas.PAR LLC was a step-down subsidiary of Polyplex Corporation Limited. Following the liquidation of its assets, the full capital contribution along with surplus has been remitted to its immediate parent company.According to financial data from the fiscal year 2024-25, PAR LLC contributed a turnover of NIL (0%) and a net worth of Rs. 15.55 crore (0.25%) to the company.The...

Suzlon Energy Limited Announces Resignation of CEO - Global Operations and Maintenance Services Suzlon Energy Limited announced on March 27, 2026, the resignation of Sairam Prasad, CEO of Global Operations and Maintenance Services. Prasad’s resignation will be effective from the close of business hours on March 31, 2026.According to a company statement, Prasad is relocating to Mumbai for family health reasons. He is not related to any of the company’s directors.Details of Resignation:DetailInformationName of Senior Managerial PersonnelMr. Sairam PrasadReason for ChangeResignation as CEO - Global Operations and Maintenance ServicesDate of CessationClose of business hours on March 31, 2026A resignation letter detailing...

Beacon Trusteeship Limited Appoints New Company Secretary and Additional Director Beacon Trusteeship Limited announced several key appointments and approvals following a board meeting held on March 27, 2026.The company appointed Ms. Diksha Shetty as Company Secretary and Compliance Officer, effective March 27, 2025. Ms. Shetty is an Associate Member of the Institute of Company Secretaries of India, holding membership number A80027.Additionally, Ms. Bonani Roychoudhury (DIN: 10305089) was appointed as an Additional Director (Non-Executive, Non-Independent) of the company, effective March 27, 2026. Ms. Roychoudhury holds an MBA in Finance from ICFAI and an MA in Economics from Guwahati University, along with CAIIB from the Indian...

Meesho Limited Allots Equity Shares Under Employee Stock Option Plan Meesho Limited announced the allotment of equity shares to eligible employees following the exercise of options under its Employee Stock Option Plan 2024 (ESO P 2024 Plan). The Nomination and Remuneration Committee of the Board approved the allotment via a circular resolution on March 27, 2026.A total of 3,63,12,662 equity shares, each with a face value of Re. 1, were allocated. These shares rank equally with existing equity shares of the company.The allotment has increased the company's issued, subscribed, and paid-up equity share capital from Rs. 4,52,77,42,534 (representing 4,52,77,42,534 equity shares) to Rs. 4,56,40,55,196 (representing 4,56,40,55,196 equity...