Sterling and Wilson Renewable Energy Limited has received assessment orders from the Kenya Revenue Authority (KRA) for the period January 1, 2020, to December 31, 2023. The assessment pertains to a shortfall of tax, including applicable interest and penalties, aggregating to approximately ₹50.41 Crore. The company intends to file appeals against these orders with the appropriate authorities.

Tax Assessment Details

The company, Sterling and Wilson Renewable Energy Limited, has been issued assessment orders by the Kenya Revenue Authority (KRA). The assessment period covers January 1, 2020, to December 31, 2023.

Financial Impact and Response

The assessment orders indicate a tax shortfall, including applicable interest and penalty, totaling approximately ₹50.41 Crore. Sterling and Wilson Renewable Energy Limited plans to file appeals against the orders with the relevant authorities within the stipulated timeframe. The KRA’s assessment challenges the company’s income-tax returns and attributes higher profits to the Kenya branch.

Key Issues Raised by KRA

The KRA has disregarded the company’s income-tax returns (including transfer pricing study) and deemed a higher attribution of profits to its Kenya Branch. This has consequently led to a consideration of transfer pricing adjustments and associated withholding tax obligations in Kenya. Additionally, VAT demand has been raised concerning ineligible credits, along with PAYE (pay as you earn) related to accommodation provided to employees.

Source: BSE

KFin Technologies Limited announces it has become the first Registrar and Transfer Agent at the International Financial Services Centre (IFSC), GIFT City in Gujarat, as of September 17, 2025. The company registered itself in the depository system and secured its initial mandate in GIFT City for an upcoming IPO.

First Registrar Appointment

KFin Technologies Limited has achieved a milestone by becoming the first Registrar and Transfer Agent at the International Financial Services Centre (IFSC), GIFT City in Gujarat. This appointment took effect on September 17, 2025.

Details of Registration and Mandate

The company has successfully registered within the depository system of India International Depository IFSC Limited (IIDI), which operates within the IFSC. This registration has allowed KFin Technologies to secure its first Issuer Solution mandate within GIFT City.

Involvement with Upcoming IPO

KFin Technologies will act as the Registrar for the upcoming initial public offer (IPO) of XED Executive Development Limited. This offering is planned for public listing on the NSE IFSC Limited and India International Exchange (IFSC) Limited.

Source: BSE

Power Finance Corporation (PFC) has announced the appointment of Thakur Vaidyanath Aiyar & Co and Mehra Goel & Co as Joint Statutory Auditors for the financial year 2025-26. The appointment follows the communication from the Comptroller and Auditor General of India dated September 10, 2024. Both firms have provided their consent and will serve under Section 139 of the Companies Act, 2013.

Joint Statutory Auditors Named

Power Finance Corporation (PFC) has appointed Thakur Vaidyanath Aiyar & Co and Mehra Goel & Co as Joint Statutory Auditors. This appointment is for the financial year 2025-26.

Appointment Details

The Comptroller and Auditor General of India communicated the selection on September 10, 2024. This decision complies with Section 139 of the Companies Act, 2013. Consents from both Thakur Vaidyanath Aiyar & Co and Mehra Goel & Co were received on September 17, 2024.

About Thakur, Vaidyanath Aiyar & Co

Thakur, Vaidyanath Aiyar & Co (“TVA”) was formed in 1970, as a result of re-organisation of S. Vaidyanath Aiyar & Co, established in 1934, and Thakur & Co, established in 1952. It has 12 Partners and a staff strength of 200. The Firm has Head office at New Delhi and Branches at Mumbai, Chennai, Kolkata, Patna & Hyderabad.

About Mehra Goel & Co

Mehra Goel & Co is an Accounting firm set up in the year 1963. At present, the firm has 16 partners with a combined working experience of over 200 years; 50+ Chartered Accountants and 100+ Semi-Qualified staff and trainees.

Source: BSE

Asahi India Glass Limited has announced the closure of its Qualified Institutions Placement (QIP) issue. The LTP Committee approved the closure on September 18, 2025, with an issue price of ₹844.79 per equity share. A total of 1,18,37,261 equity shares were allocated to eligible qualified institutional buyers. The committee also approved the placement document.

QIP Issue Closure

Asahi India Glass Limited (AIS) has successfully closed its Qualified Institutions Placement (QIP) issue. The decision was made during the LTP Committee meeting held on September 18, 2025.

Key Details of the QIP

The LTP Committee approved the following key resolutions:

• Closure of the Issue: The QIP issue officially closed on September 18, 2025, following the receipt of application forms and funds in the escrow accounts.
• Share Allocation: 1,18,37,261 Equity Shares were allocated at an issue price of ₹844.79 per Equity Share, which includes a premium of ₹843.79 per Equity Share.
• Placement Document: The Placement Document dated September 18, 2025, was approved and adopted.
• Allocation Confirmation: The Confirmation of Allocation Note (CAN) will be sent to eligible qualified institutional buyers, notifying them of their share allocation.
• Refund Issuance: A refund intimation letter will be issued to bidders entitled to receive a refund.

Meeting Conclusion

The LTP Committee meeting commenced at 5:00 P.M. and concluded at 6:00 P.M. on September 18, 2025. The company is filing the Placement Document dated September 18, 2025, with the relevant office.

Source: BSE

Metropolis Healthcare has acquired Dr. RS Patil’s Ambika Pathology Laboratory, a sole proprietorship, effective September 18, 2025. The acquisition was executed under a Business Transfer Agreement (BTA). Operations of Ambika Pathology will now be carried out under Metropolis Healthcare, expanding their service offerings.

Acquisition of Ambika Pathology

Metropolis Healthcare has announced the acquisition of Dr. RS Patil’s Ambika Pathology Laboratory (‘Ambika Pathology’), a sole proprietorship firm of Dr. Rajendra Sadashiv Patil. The acquisition became effective on September 18, 2025.

Terms of the Agreement

The acquisition was completed as per the agreed terms under the Business Transfer Agreement (‘BTA’). The company has stated that all terms and conditions, including deferred consideration, will be carried out in accordance with the BTA. With this transfer, the operations of Ambika Pathology are now under the management and operation of Metropolis Healthcare.

Source: BSE

V-Guard Industries announces the resignation of Mr. Manoj Panditrao Dalal from his position as Business Head (Switches & Switchgears), effective September 14, 2025. This change in senior management is in accordance with company policies. Mr. Dalal has formally resigned from his position, and his last working day was September 14th, 2025.

Senior Management Change

V-Guard Industries has accepted the resignation of Mr. Manoj Panditrao Dalal from the role of Business Head (Switches & Switchgears). The resignation is effective from September 14, 2025.

Resignation Details

Mr. Dalal formally resigned from his position, with his last working day at V-Guard Industries being September 14, 2025.

Source: BSE

Vedanta has been declared the ‘Preferred Bidder’ for the Punnam Manganese Block in Andhra Pradesh following an e-auction conducted by the Department of Mines & Geology. The announcement, dated September 18, 2025, confirms Vedanta’s success in securing the block. The Punnam Manganese Block has a total area of 152 hectares and is at the G4 level of exploration.

Manganese Block Acquisition

Vedanta announced that it has been declared the ‘Preferred Bidder’ for the Punnam Manganese Block, located in Andhra Pradesh. This announcement follows the company’s participation in an e-auction conducted by the Department of Mines & Geology.

Key Details of the Block

The ‘Declaration of Preferred Bidder’ notification was issued on September 18, 2025, officially confirming Vedanta’s status. The Punnam Manganese Block spans a total area of 152 hectares. As per the tender document, the block is classified as G4 level of exploration.

Next Steps

The grant of the Composite License for the mine is subject to certain conditions. These include making the necessary payments for a Performance Bank Guarantee and fulfilling the terms outlined in the Tender Document. It also requires obtaining the required approvals, permissions, and clearances from relevant government departments, as well as executing the necessary agreements.

Source: BSE

Kansai Nerolac Paints has received orders from the Income-tax Department related to penalties for Assessment Years 2009-10, 2010-11, and 2011-12. The penalties arise from disallowances/additions made in the respective Assessment Orders. The company intends to appeal these orders, citing relevant records to support its claims. Kansai Nerolac asserts that these penalties will not have a material impact on the company’s financials or operations.

Assessment Year 2009-10 Penalty

The Income-tax Department has imposed a penalty of Rs. 1,05,83,727/- on Kansai Nerolac for Assessment Year 2009-10. This penalty is a result of actions taken under section 271(1)(c) of the Income-tax Act, 1961. The company received the order on 17th September 2025 and relates to disallowances made in the Assessment Order.

Assessment Year 2010-11 Penalty

For Assessment Year 2010-11, a penalty of Rs. 41,06,332/- has been levied. Similar to the previous assessment year, this penalty stems from actions under section 271(1)(c) of the Income-tax Act, 1961. The receipt date for this order was also 17th September 2025, and it is connected to disallowances in the corresponding Assessment Order.

Assessment Year 2011-12 Penalty

The penalty for Assessment Year 2011-12 is significantly higher, amounting to Rs. 5,35,98,190/-. This penalty also falls under section 271(1)(c) of the Income-tax Act, 1961 and was received on 17th September 2025. Like the previous years, the penalty is due to disallowances/additions in the Assessment Order.

Company Response and Impact

Kansai Nerolac plans to appeal against these penalties. The company states it possesses the necessary records and precedence to support its claims. The company maintains that the penalties will not materially affect its financial condition or operations.

Source: BSE

ICRA Ratings has reaffirmed IDBI Bank’s long-term ratings at ‘[ICRA]AA (Stable)’ and short-term ratings at ‘[ICRA]A1+’, according to a report dated September 18, 2025. The ratings reflect IDBI’s healthy profitability and capitalisation levels, benefiting from recoveries and lower credit costs. The bank’s vulnerable loan book and restructured book are at manageable levels, with contingent provisions providing further comfort. The rating is based on the bank’s standalone credit profile.

ICRA Ratings Reaffirmation

IDBI Bank’s long-term ratings have been reaffirmed at ‘[ICRA]AA (Stable)’ and its short-term ratings at ‘[ICRA]A1+’ by ICRA Ratings, as per the report dated September 18, 2025. These ratings take into account the bank’s robust profitability and capitalisation.

Key Rating Drivers

The ratings are influenced by the continuous benefit from recoveries from legacy stressed assets, which enhances profitability. Lower credit costs have also supported internal capital generation. IDBI Bank’s capitalisation profile has improved, strengthening its loss-absorption capability.

Asset Quality and Vulnerable Loans

IDBI’s vulnerable loan book, consisting of SMA-1 and SMA-2, stood at 1.3% of standard advances as of June 30, 2025. The standard restructured book is also at a manageable level. The bank maintains a contingent provision of ₹1,319 crore (0.62% of standard advances) as of June 30, 2025, providing additional comfort.

Factors Influencing Future Performance

IDBI Bank’s ability to maintain incremental credit costs in check, especially considering the current geopolitical scenario, and the expected compression in net interest margins, will be crucial for sustaining profitability. Recoveries are expected to continue supporting profitability, although the quantum of recoveries is likely to reduce.

Business Growth and Deposits

The bank has experienced steady growth in advances and deposits. As of June 30, 2025, IDBI’s deposit base included a high share of current account and savings account (CASA) deposits, at 44.65%. Total deposit growth has been slow compared to the industry average, with its share in sector deposits declining to 1.3% as of June 30, 2025 from 2.8% as of March 31, 2016, although it has since stabilized.

Rating Withdrawal

ICRA has reaffirmed and withdrawn the rating assigned to the ₹3,000.00-crore infrastructure bonds and ₹302.00-crore senior and lower Tier II Bonds. The rating assigned to the ₹15,994.63-crore senior & lower Tier II bonds and ₹20.00-crore subordinated debt has also been withdrawn at the request of the issuer. This is due to the full redemption of these bonds with no outstanding amount against the same.

Key Financial Indicators

The Return on Assets (RoA) stood strong at 2.02% (annualized) in Q1 FY2026, 1.99% in FY2025 and 1.66% in FY2024.

The Tier I ratio and Capital-to-Risk Weighted Assets Ratio (CRAR) as of June 30, 2025, were 23.71% and 25.39%, respectively.

Liquidity Position

The daily average liquidity coverage ratio (LCR) remained strong at 128.11% for Q1 FY2026, and the net stable funding ratio (NSFR) stood at 119.26%.

Source: BSE

The Reserve Bank of India (RBI) has imposed a penalty of ₹5,97,650.00 on Union Bank due to deficiencies observed in regulatory compliance. The penalty relates to issues such as shortages, counterfeit notes, mutilated notes in remittance, and non-conduct of surprise verifications. Union Bank has taken necessary preventive measures to avoid recurrence of similar instances.

RBI Penalty Imposed

Union Bank has been penalized by the Reserve Bank of India (RBI) with a fine of ₹5,97,650.00. The penalty was levied due to non-compliance issues and deficiencies noted by the regulatory authority.

Details of the Deficiencies

The deficiencies leading to the penalty included issues related to shortages, counterfeit notes, and mutilated notes discovered during remittance processes. Further deficiencies stemmed from non-conduct of surprise verifications and certain other shortcomings. The date of receipt of the direction regarding the penalty was September 17, 2025.

Bank’s Response

Union Bank has stated that it has taken the necessary preventive steps to avoid the recurrence of such instances. The bank is committed to adhering to the compliance standards set by the RBI. The bank has classified the impact on financial and operational activities as Not Significant.

Source: BSE