Corporate

TV Today subsidiary receives demand notices worth Rs 69.24 cr from IT dept

TV Today Network subsidiary India Today Online Private limited (ITOPL) has two demand notices worth Rs 69.24 crore from the Income Tax (I-T) department. The demand notices dated 9 October pertain to the assessment years 2013-14 and 2014-15. For FY14, IOTPL has been asked to pay Rs 26 crore while for the FY15 the amount is Rs 43.24 crore. TV Today Network informed the Bombay Stock Exchange that the notice was received by the company on 13 October. It further stated that the management is evaluating the notices in the aforesaid matter and will take appropriate course of action. In reference to the captioned subject, please take note that ITOPL has received separate notice of demands dated October 09, 2018 to the tune of Rs 26 Crores and Rs 43.24 Crores for the assessment years 2013-14 and 2014-15 respectively from the Income Tax Department, which were received at our office on Saturday, October 13, 2018. The management of ITOPL is evaluating the notices in the aforesaid matter and will take appropriate course of action, TV Today said. The company also noted that the receipt of the notice of demands is not a material event in accordance with the policy on determination of materiality of events requiring appropriate disclosures and pertains to a non-material subsidiary. IOTPL is being merged with TV Today Network as per a composite scheme of arrangement and amalgamation filed before the National Company Law Tribunal (NCLT), New Delhi. The company said that it has made the information public as a matter of good corporate governance practice and to keep stakeholders duly informed, the aforesaid disclosure is being made.

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