September 25, 2013

Press Release No. 1

News about Tilaknagar Industries Limited

The media had reports that "Tilaknagar Industries Under I-T Scanner for Alleged Tax Evasion".

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company.

Tilaknagar Industries Limited has vide its letter inter-alia stated, "There was a survey carried out by the Income Tax Authorities at the Company's Premises and in the Course of the Survey due to lack of adequate supporting evidence at that relevant point of time, the management admitted certain inadmissible revenue expenses for the period of 4 years. On further scrutiny of the details we found that substantial revenue expenses considered inadmissible are fully supported by adequate documentary evidence. The Company is looking into further details in support of its position. Matter is presently pending for assessment.

We further wish to clarify that the Mega Project has been cleared by the Maharashtra Government after due audit and Company has already received the amount shown as income for the year FY13."