Cohesion MK stake in Himatsingka falls to 2.21%

Cohesion MK Best Ideas Sub-Trust has divested a significant portion of its holding in himatsingka seide through a series of open market transactions. The entity sold 23,28,473 equity shares between May 5 and May 8, 2026, a move that has altered its shareholding structure in the textile manufacturer.

Shareholding Details

The disposal of shares resulted in a reduction of the acquirer's stake from 5.19% to 2.21% of the paid-up share capital of Himatsingka Seide Limited. The transaction was executed via the open market mechanism, and the disclosure was filed in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Breakdown

The following table outlines the changes in shareholding before and after the transaction period:

Description Number of Shares % of Share Capital Holding Before Sale Shares carrying voting rights 51,15,960 5.1961 Shares Sold Shares disposed 23,28,473 2.9793 Holding After Sale Remaining shares 27,87,487 2.2168

Company Capital Structure

According to the disclosure, the total equity share capital of Himatsingka Seide Limited stood at 125,742,289 equity shares. These shares have a face value of ₹5 each and are fully paid-up, aggregating to ₹62,87,11,445. The capital structure remained unchanged before and after the said acquisition or sale of shares by the acquirer.

Himatsingka Seide Limited has filed a disclosure with the stock exchanges on May 07, 2026, providing an update on its ongoing litigation with the Assistant Commissioner of Income Tax. The disclosure was made pursuant to Regulation 30 read with Part B of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Nature of the Dispute

The litigation involves transfer pricing adjustments related to three distinct matters pertaining to Assessment Year 2008-09. The case is being heard before the Income Tax Appellate Tribunal, Kolkata, with the opposing party being the Assistant Commissioner of Income Tax. The key details of the dispute are outlined below:

Parameter: Details Opposing Party: Assistant Commissioner of Income Tax Forum: Income Tax Appellate Tribunal, Kolkata Assessment Year: 2008-09

The transfer pricing adjustments under dispute relate to the following:

Corporate Guarantee provided by the company to its subsidiaries

Inter-corporate loan provided by the company to its Associated Enterprise (AE)

Exports made by the company to its subsidiary

Key Developments in the Proceedings

For Assessment Year 2008-09, both the Revenue and the company had filed appeals before the Income Tax Appellate Tribunal against the order passed by the Commissioner of Income Tax (Appeals). The Tribunal dismissed the appeal and deleted additions to the extent of Rs. 6.90 crores.

Subsequently, the Revenue filed an application for condonation of delay before the High Court, which has been accepted. In response to this development, Himatsingka Seide has proposed to file an appeal before the Supreme Court.

Development: Status Appeals Filed By: Revenue and the Company Tribunal Outcome: Appeal dismissed; additions of Rs. 6.90 crores deleted Revenue's High Court Application: Condonation of delay accepted Company's Next Step: Proposes to file appeal before the Supreme Court

Settlement and Key Management Personnel

The company has confirmed that the litigation does not involve any key management personnel, promoters, or ultimate persons in control. Additionally, there has been no settlement of the proceedings, and accordingly, no terms of settlement, compensation, or penalty are applicable at this stage.

The disclosure was signed by Bindu D., Company Secretary and Compliance Officer of Himatsingka Seide Limited, from the company's registered office at No. 4/1-2, Crescent Road, Bangalore – 560001, India.

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