Cholamandalam Investment and Finance Company has received a demand notice for Rs 212.64 crore (including tax and interest) from the Deputy Commissioner of Income Tax, Chennai, for Assessment Year 2009-10. The company intends to contest the reassessment and also seek a stay on the demand.
Cholamandalam Investment is among the top 5 NBFC’s in the country operating in vehicle finance, home equity, corporate and mortgage finance segments with subsidiaries in the broking and wealth advisory space.