GTL Limited — Important, 28-03-2025: Updates

GTL Limited has received a Notice of Demand under Section 156 of the Income Tax Act from the National Faceless Assessment Centre. The company is contesting an Assessment Order related to the Assessment Year 2017-18, which has led to a demand of ₹59.38 Crore due to perceived additions and disallowances to their declared income. However, GTL anticipates no material impact on its financial operations as it believes the demand to be erroneous. The company is currently preparing to file a rectification and appeal with higher authorities to address the issue. No penalties or restrictions have been imposed at this stage, although a notice for potential penal proceedings has been issued. Shareholders should monitor this situation closely due to its possible implications on the company’s financial standing and operational integrity.