CG Power and Industrial Solutions Limited — Others, 05-12-2024: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

CG Power and Industrial Solutions Limited has announced a board meeting to discuss a recent order from the Income Tax Department regarding an earlier demand of ₹188.79 crore for the Assessment Year 2022-23. Following an appeal filed by the company, the Assistant Commissioner of Income Tax granted a stay on the remaining demand, requiring a deposit of ₹4.89 crore until the appeal is resolved. This development may provide temporary relief and enhance investor sentiment, reducing immediate financial pressure while the company navigates the appeal process.