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Edelweiss Financial Services Limited's subsidiary, Edelweiss Rural & Corporate Services Ltd., received a tax demand notice of Rs. 2.61 crores from the Income Tax Department, the company informed the exchange in its filing. The company stated that the notice, received on May 31, 2024, pertains to the assessment year 2016-17 and includes certain disallowances.
Get latest articles and stories on Business at LatestLY. Edelweiss Financial Services Limited's subsidiary, Edelweiss Rural & Corporate Services Ltd., received a tax demand notice of Rs. 2.61 crores from the Income Tax Department, the company informed the exchange in its filing. Business News | Edelweiss Rural and Corporate Services Received Rs 2.61 Crore Tax Notice from Income Tax Department.
The Reserve Bank of India (RBI) on May 29 directed ECL Finance Ltd (ECL) to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/or closure of accounts in its normal course of business.
ECL Finance Ltd was barred from undertaking any structured transactions in respect of its wholesale exposures, while Edelweiss ARC was barred from buying stressed assets.
The regulator said supervisory examinations had revealed that ECL Finance and Edelweiss Asset Reconstruction Co. had engaged in a series of structured transactions aimed at evergreening the stressed exposures of ECL