Stovec Industries MD and chairman

• Tax disputeIncome Tax Department - Assistant Commissioner of Income Tax, Circle ( International taxation ) – 2, AhmedabadSince 27 Feb 2026
  The Company has also filed an early hearing request letter dated 5 August 2026 before CIT(A) seeking an expeditious disposal of the appeal. Further notice is awaited from CIT(A). Based on management’s assessment of the merits of the matter and reliance on available judicial precedents in similar cases, the Company believes that it has reasonable grounds in support of its position and accordingly there is a moderate possibility to get favourable outcome at the appellate level. Accordingly, the said order may not be expected to have any material adverse impact on the financial position, results of operations, or other activities of the Company. Further, in order to obtain stay order from Assessing officer and for proceeding on the appeal filed, the Company may be required to deposit 20% of the outstanding demand, amounting to ₹ 80,48,444/-, in accordance with CBDT’s Office Memorandum dated 29 February 2016, as amended on 31 July 2017MoreLess
  At the filing before: Details of order passed The Income Tax Department has held that the Company was required to deduct tax at source under Section 195 of the Income-tax Act, 1961 on remittances made to SPGPrints B.V. in relation to the acquisition of the Service and Spares Parts business. Accordingly, a demand amounting to ₹ 4,02,42,222/- (Rupees Four Crore Two Lakh Forty Two Thousand Two Hundred Twenty Two Only) has been raised by the tax authorities. Details of Action taken; Against the aforesaid order, the Company has filed an appeal before the Commissioner of Income-tax (Appeals) (CIT(A)) on 28 March 2026. Further, the Company has also filed a stay application before the Assessing Officer on 26 March 2026, seeking a stay on the recovery proceedings during the pendency of the appeal. Thereafter, the Company received a notice for hearing dated 30 April 2026 issued by CIT(A), requesting to furnish ground wise written submissions. In response to which the Company had filed detailed ground wise written submission on 14 May 2026. The matter is currently pending with CIT(A) for disposal, and the Company is awaiting further communication in this regard.MoreLess
• Tax disputeIncome Tax Department – Commissioner of Income Tax Circle 4(1)(1), AhmedabadSince 26 Jun 2026
  Pursuant to receipt of the reassessment notice dated 26 June 2026, the Company has filed its filing the return of income on 18 September 2026 in accordance with applicable provisions of the Income-tax Act 1961.Notice for assessment is awaited. Based on management’s assessment of the merits of the matter and reliance on available judicial precedents in similar cases, the Company believes that it has reasonable grounds in support of its position and accordingly there is a moderate possibility to get favourable outcome in reassessment proceedings. Accordingly, the notice/order may not be expected to have any immediate material adverse impact on the financial position, results of operations, or other activities of the Company. The potential monetary exposure, if any, would arise only upon completion of the reassessment proceedings and determination of final tax liability by the tax authorities.MoreLess
  At the filing before: Details of order passed / notice issued Proceedings under section 148A of Income-tax Act, 1961 was initiated for Assessment Year (‘AY’) 2020-21 wherein Income Tax Department have alleged that following Income has escaped assessment and proposed following disallowance: (a) Disallowance of depreciation amounting to INR 4,14,95,298 pertaining to intangible assets acquired pursuant to acquisition of the spare and service business of SPG Prints BV. (b) Disallowance of INR 19,90,00,000 paid to SPG Prints BV for acquisition of the spare and service business under section 40(a)(i) of the Income-tax Act, 1961. The Company had duly filed detailed submission dated 15 April 2026 & 22 May 2026, setting out the factual and legal basis supporting its contention that no disallowance is warranted in the present case. Thereafter, company was in receipt of order under section 148A of the Income-tax Act, 1961 dated 26 June 2026 wherein Income Tax Department had held that income aggregating to INR 24,04,95,298 has escaped assessment and accordingly, the case of the Company is fit for initiation of reassessment proceedings. Further, Income Tax Department had issued notice under section 148 of the Income-tax Act 1961 requesting to file return of Income within a period of 90 days. Details of Action taken The Company has duly responded to the show cause notices issued by the Income Tax Department by filing detailed written submissions dated 15 April 2026 and 22 May 2026.MoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

Yes

The board has a regular chairperson

Yes

The company has a risk management committee

No

The chair is related to the managing director

No

The filing has a part on fines and penalties

No

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.