CL Educate Ltd Receives Tax Demand Order of INR 4.85 Crores for FY 2019-20

CL Educate Ltd. has received an Order from the Office of the Deputy Commissioner of Income Tax, Delhi, under Section 201(1)/201(1A) of the Income Tax Act, 1961, for the Financial Year 2019-20 (Assessment Year 2020-21). The Order pertains to an alleged default in deduction/short deduction/late deduction and deposit of TDS, resulting in a total demand of INR 4,85,32,252. The Company intends to file an appeal before the appropriate appellate authority and does not anticipate any material adverse impact on its business operations.