Markets

IRB Infrastructure Developers Limited Enters into Project Implementation Agreement for TOT-18 Project IRB Infrastructure Developers Limited has executed a Project Implementation Agreement with IRB Chandibhadra Tollway Private Limited, a wholly-owned special purpose vehicle of IRB Infrastructure Trust. This agreement follows a disclosure dated February 13, 2026, and shareholder approval via postal ballot on March 23, 2026.Under the agreement, IRB Infrastructure Developers Limited will serve as the Project Manager for IRB Chandibhadra Tollway Private Limited in relation to the implementation of the TOT-18 Project, aligning with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended...

JM Financial Ltd. Subscribes to Shares in Overseas Holdings Subsidiary JM Financial Limited announced on March 25, 2026, that it has subscribed to 24,25,000 ordinary shares of USD 1 each in JM Financial Overseas Holdings Private Limited, a wholly owned subsidiary. The subscription was made at a premium of USD 0.48 per share, totaling a consideration of USD 3.59 million, equivalent to approximately Rs. 33.70 crore.JM Financial Overseas Holdings Private Limited, incorporated in October 2008, is registered with the Financial Services Commission in Mauritius. It operates as an investment holding company and had a turnover of Rs. 13.59 crore as of March 31, 2025.The acquisition, considered a related party transaction due to the...

Sasken Technologies Limited Receives Assessment Order from Income Tax Department Sasken Technologies Limited announced that it received an assessment order from the Assessment Unit, Income Tax Department on March 24, 2026.The order, issued under section 143(3) read with section 144B, includes additional disallowances and adjustments to the company's reported income. Specifically, the assessment unit has added the following to the returned income, resulting in a tax demand of Rs. 8,14,70,360:Additional disallowance under section 14A of the Income Tax Act: Rs. 33,74,000 Income disclosed under Schedule A-OI not offered for tax: Rs. 11,52,81,541According to the company, there is no anticipated material impact on its financial or...

Brainbees Solutions Limited Income Tax Demand Reduced Following Rectification Order Brainbees Solutions Limited announced a significant reduction in an income tax demand following a rectification order from the Office of the Assistant Commissioner of Income Tax, Central Circle 1(1), Pune. The update follows a previous intimation dated January 31, 2026, regarding an initial assessment order and notice of demand totaling Rs. 31,36,30,330 for Assessment Year (AY) 2022-23.The initial assessment included an addition of Rs. 93,57,99,520 to the company’s total income for AY 2022-23. However, after the company applied for rectification and the authority reviewed the case records, the total income for AY 2022-23 has been recomputed to Rs...

Fino Payments Bank Limited Addresses Legal Developments, Highlights Deposit Growth Fino Payments Bank Limited announced on March 24, 2026, that the Hon'ble High Court of Telangana dismissed a Writ petition filed by Rishi Gupta, the MD & CEO of the bank. The petition challenged his recent arrest.The bank stated that the ongoing investigation relates to certain program managers associated with multiple banks and is separate from Fino Payments Bank's GST compliance. Legal recourse will be pursued regarding the court's decision. A bail application for Rishi Gupta has been filed with the Hon'ble Special Judge for Economic Offences in Hyderabad.Fino Payments Bank reaffirmed its commitment to strong governance practices, regulatory...

Kajaria Ceramics Acquires Remaining Stake in Kajaria Surfaces, Making it a Wholly-Owned Subsidiary Kajaria Ceramics Limited announced on March 25, 2026, that it has acquired an additional 950,000 equity shares of Kajaria Surfaces Private Limited. This acquisition represents 10% of the company’s equity, making Kajaria Surfaces a wholly-owned subsidiary of Kajaria Ceramics.Kajaria Surfaces Private Limited, incorporated in December 2023, manufactures tiles. The company reported a turnover of Rs. 109.97 crores and a profit after tax of Rs. 1.09 crores as of March 31, 2025.The acquisition was completed on March 24, 2026, for a cash consideration of Rs. 1.16 crores. The transaction, which involved acquiring shares from other shareholders...

Melstar Information Technologies Limited Announces Director Resignation Melstar Information Technologies Limited announced on March 24, 2026, that Uttam Prakash Agarwal has resigned from his position as Non-Executive Chairman and Independent Director, effective March 23, 2026. Agarwal cited preoccupation with other professional commitments and responsibilities as the reason for his departure.According to disclosures, Uttam Prakash Agarwal holds directorships in Zee Entertainment Enterprises Limited and 3I Infotech Limited. In Zee Entertainment Enterprises Limited, he serves as a Non-Executive Independent Director, chairing the Audit and Stakeholders Relationship Committees. At 3I Infotech Limited, he is a Non-Executive Independent...

R R Kabel Limited Receives Re-assessment Orders from Income Tax Department R R Kabel Limited announced it received Re-assessment Orders from the Office of the Deputy Commissioner of Income Tax concerning Assessment Years 2018-19, 2019-20, and 2021-22. The communication was received on March 24, 2026, for AY 2018-19 and AY 2019-20, and March 23, 2026, for AY 2021-22.The Income Tax Department’s orders indicate a demand of ₹66.58 Crores, including ₹42.27 Crores in interest, due to additions and disallowance of expenditures under various sections of the Income Tax Act.R R Kabel Limited stated it believes the demand is higher due to computational errors in one of the reassessment orders and intends to file rectification under section 154...

RKEC Projects Limited Receives New Work Order from National Highways Authority of India RKEC Projects Limited announced on March 25, 2026, that it has been awarded a work order by the National Highways Authority of India (NHAI). The project involves the balance work of a new bridge on the Gandak river, including approaches, and the rehabilitation of existing Gandak Bridge and Mahi Bridge. The project is situated on the Chappara-Hajipur section of NH-19 in Bihar and will be executed on an Engineering, Procurement, and Construction (EPC) mode.The value of the awarded work order is Rs. 40.50 Crore. The company stated that this order falls within its ordinary course of business.For further information, contact: M: 0891-2574517 Tele Fax...

HMT Limited Appoints N. Ramesh Kumar as Chairman and Managing Director (Additional Charge) HMT Limited announced that N. Ramesh Kumar, Executive Director (SBD) of Bharat Heavy Electricals Limited (BHEL), has been appointed as the Additional Charge of Chairman and Managing Director, effective March 25, 2026. The appointment was approved by the Ministry of Heavy Industries, Government of India, through an order dated March 24, 2026.This appointment is for a period of one year or until a regular incumbent joins, whichever occurs first, and is subject to the approval of the Appointment Committee of the Cabinet (ACC).The company is currently completing the necessary appointment formalities in accordance with the Companies Act, 2013 and...

Cummins India Limited Receives Favorable Order from CIT(A) Regarding Assessment Year 2014-15 Pune, March 24, 2026 – Cummins India Limited announced today that the Commissioner of Income Tax (Appeals) (CIT(A)) has issued a favorable order dated March 23, 2026, concerning an appeal filed against an assessment order for the assessment year 2014-15.The CIT(A)’s order grants relief to the company regarding additions totaling INR 8.38 Crores, resulting in a tax impact of INR 2.85 Crores, which the company is expected to receive.The details of the favorable order are as follows:Sr. No.Particular(s)Information of such event(s)1aName of opposing partyIncome Tax Department1bCourt/ tribunal/agencyCommissioner of Income Tax (Appeals)...

United Spirits Limited Announces Sale of Royal Challengers Sports Stake for INR 166.6 Billion United Spirits Limited (USL) announced on March 24, 2026, that its Board of Directors approved the sale of 14,690 equity shares of Royal Challengers Sports Private Limited (RCSPL) for an aggregate consideration of INR 166.6 billion. The transaction is subject to adjustments and conditions outlined in a Share Purchase Agreement (SPA) executed on March 24, 2026.The buyers are Bolt IPL Holdings LLC, Aelius Investments Pte Ltd, Asia Investment Topco II Pte. Ltd., Times Internet Limited, and Metropolitan Media Company Limited. Upon completion, USL will cease to hold any shareholding in RCSPL, and RCSPL will no longer be a subsidiary of USL. RCSPL...

Sammaan Capital Limited Receives RBI Approval for Proposed Acquisition Sammaan Capital Limited, formerly known as Indiabulls Housing Finance Limited, announced on March 24, 2026, that it has received approval from the Reserve Bank of India (RBI) for a proposed acquisition of a controlling stake. The acquisition is being pursued by Avenir Investment RSC Ltd, which is owned and controlled by International Holding Company PJSC.The RBI’s approval, conveyed in a letter dated March 24, 2026, covers the applications made by Sammaan Capital Limited and its wholly-owned subsidiary, Sammaan Finserve Limited (formerly Indiabulls Commercial Credit Limited), regarding the transaction and related indirect change of control of Sammaan Finserve...

Smarten Power Systems Limited Receives ESC National Export Excellence Award 2026 New Delhi, March 24, 2026 – Smarten Power Systems Limited has been recognized with the ESC National Export Excellence Award 2026 by the Electronics and Computer Software Export Promotion Council (ESC).The company secured the first position within the “Solar Power Systems / Equipment (MSME)” category, according to ESC’s evaluation criteria. The award presentation took place on March 23, 2026, at Bharat Mandapam in New Delhi. Representing Smarten Power Systems were Rajnish Sharma, Whole-Time Director and Chief Executive Officer, and Tirath Singh Khaira, Whole-Time Director.Smarten Power Systems Limited, incorporated in 2014 and headquartered in Gurgaon...

IIRM Holdings India Ltd. Schedules Board Meeting to Consider Corporate Guarantee and Potential Fundraising IIRM Holdings India Ltd. (formerly Sudev Industries Limited) announced it will hold a Board of Directors meeting on Saturday, March 28, 2026. The meeting’s agenda includes the consideration and approval of providing a corporate guarantee to India Insure Risk Management and Insurance Broking Services Private Limited, a wholly-owned subsidiary. The Board will also discuss potential fundraising from eligible investors.Furthermore, the company has closed its trading window for securities dealings among designated individuals, insiders, connected persons, and their immediate relatives, and this closure will remain in effect until 48...

Interarch Building Solutions Acquires Industrial Land in Gujarat Interarch Building Solutions Limited announced the completion of an industrial land acquisition in Gujarat on March 24, 2026. The company purchased freehold industrial land measuring approximately 52,855 square meters.The land is located at Block/Survey No. 276 (Old Survey No. 173-A-1/Paiki 1), City Survey No. NA 276, Mouje Viroja, Taluka: Matar, Kheda, Gujarat, India. The acquisition was made through a registered Sale Deed.The total consideration for the land amounted to ₹5,81,40,500, excluding stamp duty and registration fees. The land will be used for setting up or expanding the company's industrial and operational facilities. Mr. Iqbalbhai Husenbhai Shaikh was the...

Simran Farms Ltd. Announces Board Meeting and Share Allotment Simran Farms Ltd. announced a board meeting scheduled for March 30, 2026, at the company's registered office in Indore, Madhya Pradesh. The meeting will address several key matters, including the allotment of equity shares and approval for a postal ballot.During the meeting, the Board will consider and approve the allotment of 10,18,300 equity shares with a face value of Rs. 10 each. This allotment follows the conversion of 10,18,300 share warrants, upon receipt of the remaining 75% of the consideration amount, to members of the promoter group and other non-promoter entities.The Board will also approve the Notice of postal ballot, accompanied by an Explanatory Statement...

IIRM Holdings India Ltd. Acquires Stake in Saferisk Insurance Brokers Private Limited IIRM Holdings India Limited (formerly Sudev Industries Limited) announced the acquisition of equity shares in Saferisk Insurance Brokers Private Limited by its wholly-owned subsidiary, India Insure Risk Management and Insurance Broking Services Private Limited. The acquisition, disclosed on March 24, 2026, follows prior communications dated July 31, 2025, and October 30, 2025.Saferisk Insurance Brokers Private Limited, incorporated on December 1, 2014, is an insurance broking firm based in Bhubaneswar. Its turnover for the fiscal year 2024-25 was ₹27.78 crore, with a net worth of ₹1 crore. The company’s turnover for 2023-24 and 2022-23 was ₹33.82...

Asian Paints Limited Approves Scheme of Amalgamation for Subsidiaries Asian Paints Limited announced on March 24, 2026, that the Boards of Directors of Harind Chemicals and Pharmaceuticals Private Limited and Nova Surface-Care Centre Private Limited have approved a Scheme of Amalgamation. Under the scheme, Nova will be merged with Harind.Nova Surface-Care Centre Private Limited was incorporated on September 7, 2011, while Harind Chemicals and Pharmaceuticals Private Limited was incorporated on June 6, 1995. Nova is a wholly-owned subsidiary of Harind, and Asian Paints Limited holds a 51% stake in Harind.The amalgamation is not expected to have a material impact on the financials of Asian Paints Limited. The transaction is considered...

Interise Trust Appoints Neera Saggi for Second Term as Independent Director Interise Trust announced the reappointment of Ms. Neera Saggi as an Independent Director for a second term of five years. The decision, approved by the Board of Directors of Interise Investment Managers Private Limited, the Investment Manager (IM) to Interise Trust, follows the conclusion of Ms. Saggi’s first five-year term, which ended on March 23, 2026.Ms. Saggi’s new term will commence on March 24, 2026, and extend through March 23, 2031, pending approval from the shareholders of Interise Investment Managers Private Limited. Ms. Saggi's Director Identification Number (DIN) is 00501029.The reappointment was preceded by Ms. Saggi’s consent, declarations...