REC Limited has incorporated Ambernath Power Transmission Limited as a wholly owned subsidiary on December 19, 2025. The subsidiary was established to facilitate the establishment of a 400/220 kV GIS substation project in Ambernath (Dist. Thane). This move aligns with REC’s strategy to participate in power transmission infrastructure development. Ambernath Power Transmission Limited has an authorized and paid-up capital of ₹5,00,000.

Subsidiary Incorporation

REC Limited announced the incorporation of a new wholly-owned subsidiary, Ambernath Power Transmission Limited, on December 19, 2025. The newly formed entity has an authorized capital of ₹5,00,000 and a paid-up capital of the same amount.

Purpose of Incorporation

The primary objective of Ambernath Power Transmission Limited is to contribute to the establishment of a 400/220 kV GIS substation in Ambernath, located in the Thane district. REC Power Development and Consultancy Limited (RECPDCL) has been appointed as the Bid Process Coordinator (BPC) for the selection of a bidder for this project.

Project Allocation and Future Plans

The Government of Maharashtra allocated an intra-state transmission project on October 3, 2025, assigning RECPDCL as the BPC. Following the selection of a successful bidder under the Tariff Based Competitive Bidding (TBCB) guidelines, Ambernath Power Transmission Limited will be transferred to the winning bidder, along with all its assets and liabilities.

Related Party Transaction

As Ambernath Power Transmission Limited is a wholly-owned subsidiary of RECPDCL, it qualifies as a related party of REC Limited. However, the promoter group companies have no direct interest in the subsidiary beyond their shareholding.

Industry Focus

The newly incorporated subsidiary will operate within the power sector, specifically focusing on power transmission infrastructure.

Source: BSE

Timken India has received an order from the Income Tax Department concerning the assessment year 2022-23. The IT Department has calculated a higher income, resulting in a demand notice of ₹74,76,70,348/-, inclusive of interest. The company believes the order is flawed and plans to appeal, anticipating no immediate financial impact.

Income Tax Assessment Order

Timken India has been notified of an order passed by the Income Tax Department, Assessment Unit, pertaining to the assessment year 2022-23. The order was issued under Section 143(3) read with Section 144C (13) read with section 144B of the Income Tax Act, 1961.

Details of the Order

The IT Department’s order relates to transactions with associated enterprises, specifically concerning the distribution segment of the company. The IT Department has disallowed the methods used by Timken India for determining the arm’s length price and adopted alternative methods. As a result, the IT Department has calculated a higher income for the assessment year 2022-23, by ₹89,08,07,881/- compared to the income reported by the company.

Financial Impact and Company Response

In connection with the above, the IT Department has issued a demand notice under Section 156 of the Act, requesting a payment of ₹74,76,70,348/-, which includes interest under sections 234A, 234B, and 234C of the Act. Timken India believes that the order and demand notice are erroneous and unsustainable. The company intends to file an appeal before the appropriate authority to have the order quashed or rectified. The company does not expect any immediate financial or monetary impact as a result of this order.

Source: BSE

Tata Steel has received an order directing it to pay ₹493.35 crore in GST, along with penalties of ₹638.83 crore and applicable interest. The demand stems from alleged irregular Input Tax Credit claims from FY2018-19 to FY2022-23. Tata Steel, however, believes its submissions were not adequately considered and will contest the order through appropriate legal channels, with no immediate impact on operations or financials.

GST Demand Received

Tata Steel received an order on December 18, 2025, from the Commissioner of CGST & Central Excise, Jamshedpur, Jharkhand, demanding a payment of ₹493.35 crore related to Goods and Services Tax (GST).

Breakdown of the Order

The order includes the GST demand of ₹493.35 crore, a penalty of ₹638.83 crore, and applicable interest on the total amount. The demand pertains to alleged irregularities in availing Input Tax Credit during the period from FY2018-19 to FY2022-23.

Company’s Response

Tata Steel disagrees with the order and believes that proper cognizance was not taken of the submissions made during the adjudication process. The company intends to contest the order before the appropriate legal forum and is confident in its case. The company states that the order has no immediate impact on its financial, operational, or other activities.

Source: BSE

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹61.95 lakh on Kotak Mahindra Bank for non-compliance with certain Credit Information Companies Rules. The penalty was levied following an order dated December 11, 2025, after an assessment of the bank’s adherence to regulatory guidelines. The RBI’s decision was based on observations during the statutory inspection for the financial year ended March 31, 2024.

Monetary Penalty Imposed

Kotak Mahindra Bank has been notified of a monetary penalty of ₹61.95 lakh imposed by the Reserve Bank of India (RBI). The notification was received on December 19, 2025.

Reason for Penalty

The penalty was imposed by the RBI for non-compliance with directions related to the Credit Information Companies Rules. The action follows the RBI’s assessment of compliance, based on its statutory inspection of the Bank for the financial year ending March 31, 2024.

Source: BSE

Indian Hotels Company (IHCL) transitions its joint venture with the GVK-Bhupal family into a long-term management agreement for Taj GVK Hotels and Resorts Ltd. IHCL will sell its 25.52% shareholding to the GVK-Bhupal family, who will then hold 74.99%. IHCL will continue managing 6 operational hotels, alongside future opportunities with the GVK-Bhupal family in India’s hospitality sector. This is effective as of December 19, 2025.

Strategic Shift to Management Agreement

The Indian Hotels Company (IHCL), India’s largest hospitality company, announced a redefined alliance with the GVK-Bhupal family on December 19, 2025. The joint venture will transition into a long-term management agreement for Taj GVK Hotels and Resorts Ltd. This strategic move aligns with IHCL’s ‘Accelerate 2030’ roadmap, focusing on a capital-light strategy.

Key Transaction Details

As part of the new arrangement, IHCL will sell its entire shareholding of 25.52% in TAJ GVK to the GVK-Bhupal family. Upon completion, the GVK-Bhupal family will hold 74.99% of the company. The existing partnership between IHCL and the GVK-Bhupal family has cultivated a portfolio of seven hotels featuring over 1,500 keys.

Future Growth and Collaboration

IHCL will continue to manage the currently operational 6 hotels. Furthermore, both IHCL and the GVK-Bhupal Family will collaborate on evaluating future opportunities within the Indian hospitality sector. A management contract with IHCL was executed in October 2025 for a 256-key Taj in Yelahanka, Bengaluru, slated to open in 2026, with expansion potential on the remaining ~4-acre land.

Management Commentary

Mr. Puneet Chhatwal, Managing Director & CEO of IHCL, stated that this transition elevates IHCL’s capital-light operating inventory to 67%. Mr. Krishna Bhupal highlighted the long-standing association’s role as a benchmark in India’s hospitality landscape. He also mentioned plans to scale the hospitality business to approximately 4,000 keys within the next five years.

Source: BSE

Tech Mahindra has received an order concerning Provident Fund contributions, potentially requiring a payment of ₹1287.44 Crores. The company intends to file an appeal and believes a favorable outcome is possible. While the appeal is pending, Tech Mahindra does not foresee any material financial impact, based on their assessment. The order relates to the period between May 2014 to March 2016.

Provident Fund Order Received

Tech Mahindra has received an order related to employee provident fund contributions. This order was received via email on December 18, 2025, at 6:45 p.m. (IST).

Details of the Order

The order directs Tech Mahindra to remit ₹1287.44 Crores, including ₹566.78 Crores in Provident Fund contributions and ₹720.66 Crores in interest. This amount relates to certain identified domestic employees and those deputed to foreign locations in non-SSA countries (countries without a Social Security Agreement with India).

Company Response

Tech Mahindra intends to file an appeal against the order. Based on the company’s assessment, they are hopeful for a favorable outcome at the appellate level and do not anticipate any significant financial impact. The matter has been appropriately disclosed as part of contingent liabilities in the audited financial statements of the company. The disputed period is May 2014 to March 2016.

Alleged Violation

The Employees’ Provident Fund Organization (EPFO) has alleged non-remittance of Provident Fund contributions for specific domestic employees and employees working in non-SSA countries.

Source: BSE

Waaree Energies has announced the incorporation of Hydro Bloom Energy Private Limited as a wholly-owned step-down subsidiary. The incorporation date was December 18, 2025. This new entity is under Waaree Forever Energies Private Limited. The move is aimed at facilitating and holding specific power projects under the IPP framework, expanding Waaree’s footprint in the renewable energy sector.

Hydro Bloom Energy Incorporated

Waaree Energies has expanded its corporate structure by incorporating a new wholly-owned step-down subsidiary, Hydro Bloom Energy Private Limited. The incorporation took place on December 18, 2025, marking a strategic move to enhance the company’s focus on specific power projects.

Subsidiary Details

Hydro Bloom Energy Private Limited is a subsidiary of Waaree Forever Energies Private Limited (WFEPL). WFEPL holds 100% of Hydro Bloom Energy’s share capital. The company’s primary objective is to facilitate and hold specific power projects within the Independent Power Producer (IPP) framework. The entity is registered in Mumbai and is yet to commence its business operations.

Strategic Rationale

The incorporation of Hydro Bloom Energy aligns with Waaree Energies’ broader strategy to consolidate and manage its power projects more efficiently. This structure allows for dedicated focus and potentially streamlined operations for projects within the IPP framework.

Source: BSE