BENGALURU: TV Today Network Limited (TVTN) has informed the bourses that its wholly owned non-material subsidiary India Today Online Private Limited (ITOPL) has received separate demand notices from the Income Tax department.

“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, “ the company informed stock exchanges through a letter.

“The receipt of aforesaid notice of demands is not a material event in accordance with the policy on determination of materiality of events of the Company (the "Policy") requiring appropriate disclosures and pertains to a non-material subsidiary of the Company. However, considering the fact that a composite scheme of arrangement and amalgamation ("Scheme") has been filed before the Hon'ble National Company Law Tribunal, New Delhi, ITOPL is in the process of being merged with the Company pursuant to the Scheme filed by the Company, as a matter of good corporate governance practice and to keep stakeholders duly informed, the aforesaid disclosure is being made. Further, as part of the Scheme documentation, the Company has already submitted the financials of ITOPL to the stock exchanges, reflecting the amounts in dispute. Kindly take the same on record,” added the company.