The New India Assurance Company Limited — Important, 26-06-2025: Disclosure of material issue

New India Assurance has announced a board meeting on June 26, 2025, to consider the financial results for the quarter and half-year.

The company has received a Show Cause Notice (SCN) from the Additional Commissioner, Mumbai-South, seeking alleged GST demand of approximately Rs. 2298 Cr for the period April 2018 to March 2023. The notice alleges tax short payment, erroneous refunds, or wrongful input tax credits due to fraud or willful misstatement, along with failure to submit required information returns.

The company believes it has a strong case and is preparing a detailed response based on tax consultants’ advice. Importantly, the company states the SCN does not presently impact its financials or operations.

Investors should note the pending GST dispute and closely monitor any developments, but currently, the company is actively addressing the matter with legal and tax compliance steps in place.