Stovec Industries MD, chairman, board of directors and AGM

• Fine or penaltyIncome Tax Department – Commissioner of Income Tax Circle 4(1)(1), AhmedabadSince 26 Jun 2026

  Details of order passed / notice issued Proceedings under section 148A of Income-tax Act, 1961 was initiated for Assessment Year (‘AY’) 2020-21 wherein Income Tax Department have alleged that following Income has escaped assessment and proposed following disallowance: (a) Disallowance of depreciation amounting to INR 4,14,95,298 pertaining to intangible assets acquired pursuant to acquisition of the spare and service business of SPG Prints BV. (b) Disallowance of INR 19,90,00,000 paid to SPG Prints BV for acquisition of the spare and service business under section 40(a)(i) of the Income-tax Act, 1961. The Company had duly filed detailed submission dated 15 April 2026 & 22 May 2026, setting out the factual and legal basis supporting its contention that no disallowance is warranted in the present case. Thereafter, company was in receipt of order under section 148A of the Income-tax Act, 1961 dated 26 June 2026 wherein Income Tax Department had held that income aggregating to INR 24,04,95,298 has escaped assessment and accordingly, the case of the Company is fit for initiation of reassessment proceedings. Further, Income Tax Department had issued notice under section 148 of the Income-tax Act 1961 requesting to file return of Income within a period of 90 days. Details of Action taken The Company has duly responded to the show cause notices issued by the Income Tax Department by filing detailed written submissions dated 15 April 2026 and 22 May 2026. Pursuant to receipt of the reassessment notice dated 26 June 2026, the Company is in the process of filing the return of income in accordance with applicable provisions of the Income-tax Act 1961.

  (i) proposed disallowance pertains to depreciation claimed on intangible assets and (ii) payments made to SPG Prints B.V. which have been proposed to be disallowed under Section 40(a)(i) of the Income-tax Act, 1961.MoreLess
• Tax disputeIncome Tax Department - Assistant Commissioner of Income Tax, Circle ( International taxation ) – 2, AhmedabadSince 27 Feb 2026
  Thereafter, the Company received a notice for hearing dated 30 April 2026 issued by CIT(A), requesting to furnish ground wise written submissions. In response to which the Company had filed detailed ground wise written submission on 14 May 2026. The matter is currently pending with CIT(A) for disposal, and the Company is awaiting further communication in this regard. The Company is also exploring options to seek an expeditious disposal of the appeal.MoreLess
  At the filing before: Details of order passed The Income Tax Department has held that the Company was required to deduct tax at source under Section 195 of the Income-tax Act, 1961 on remittances made to SPGPrints B.V. in relation to the acquisition of the Service and Spares Parts business. Accordingly, a demand amounting to ₹ 4,02,42,222/- (Rupees Four Crore Two Lakh Forty Two Thousand Two Hundred Twenty Two Only) has been raised by the tax authorities. Details of Action taken; Against the aforesaid order, the Company has filed an appeal before the Commissioner of Income-tax (Appeals) (CIT(A))on 28 March 2026. Further, the Company has also filed a stay application before the Assessing Officer on 26 March 2026, seeking a stay on the recovery proceedings during the pendency of the appeal. Presently, notice for hearing from CIT(A) is awaited.MoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

Yes

The board has a regular chairperson

Yes

The company has a risk management committee

No

The chair is related to the managing director

No

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.