Bansal Wire Industries Secures Major Legal Relief as Delhi HC Quashes Rs 78.14 Million Tax Demands

Bansal Wire Industries Limited has informed the stock exchanges that in relation to the civil writ petition filed by its wholly owned subsidiary, Bansal Steel & Power Limited (previously known as Garg Inox Limited), the Delhi High Court has issued an order, setting aside multiple income tax demand notices that were issued for periods before the approval of the company’s resolution plan, which had earlier been disclosed in its IPO documents.

Specifically, the court quashed an income tax demand of Rs 56.77 million raised by the Income Tax Department for the assessment year 2015-16. It also cancelled another demand of Rs 21.37 million along with interest of Rs 10.69 million for the assessment year 2017-18. These demands are no longer valid following the court’s decision.

The ruling was based on the “clean slate theory”, which means that past claims prior to the resolution plan are treated as settled and cannot be enforced. As a result, all related demand notices have been dismissed. The company pointed out that this outcome reinforces its strong compliance practices. It also clarified that the decision will not have any financial impact on its current operations or financial position.

Bansal Wire Industries Limited has made the aforementioned disclosure to the Bombay Stock Exchange (BSE) Limited and the National Stock Exchange of India (NSE) Limited through an intimation dated May 01, 2026, issued under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.