Devyani unit gets INR 59.52 million tax demand over share premium

An update from Devyani International Ltd. ( (IN:DEVYANI) ) is now available.

Devyani International has disclosed that its wholly owned subsidiary Sky Gate Hospitality has received an income tax demand order under section 143(3) of the Income-tax Act for assessment year 2024-25, linked to alleged excess share premium on equity issued in financial year 2023-24, with a total demand of INR 59.52 million. The company stated that the order does not have a material impact on its financial or operational activities and that Sky Gate is evaluating the demand and plans to pursue available legal remedies, including an appeal before the appropriate appellate authority, signaling a contained regulatory issue for stakeholders at this stage.

More about Devyani International Ltd.

Devyani International Ltd. operates in the quick-service restaurant and food services industry through various subsidiaries, focusing on branded restaurant formats and related hospitality operations. Its wholly owned unit Sky Gate Hospitality Private Limited is part of the group structure used for expansion and corporate activities in the Indian market.

Average Trading Volume: 330,965

Technical Sentiment Signal: Sell

Current Market Cap: 126.1B INR

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