Religare Enterprises Faces ₹1.05 Billion Income Tax Demand

Religare Enterprises Ltd. announced that its unit has received two orders raising an income tax demand of ₹1.05 billion (approximately $12.6 million). This demand includes penalties and interest, significantly impacting the company's financial outlook. The tax authority's decision is based on previous assessments and has raised concerns among investors regarding the company's fiscal health. Following this announcement, shares of Religare Enterprises experienced fluctuations as market participants reacted to the news. The company is expected to evaluate its options for addressing this demand while continuing its governance review and seeking financial support from its new promoters, the Burman Group.

 

Source: Business Standard