Fortis Malar Hospitals Limited has successfully resolved an income tax demand through the processing of its rectification application, marking a favorable outcome for the healthcare company. The development was communicated to BSE Limited on March 28, 2026, in compliance with regulatory disclosure requirements.

Tax Demand Resolution Details

The Centralized Processing Centre (CPC) of the Income Tax department in Bengaluru processed the company's rectification application filed under Section 154 of the Income Tax Act, 1961. The application was filed against an intimation order issued under Section 143(1) of the Income Tax Act for Assessment Year 2024-25.

Favorable Outcome

The rectification order has resulted in a complete deletion of the original demand of INR 20.82 lakhs that was raised in the Section 143(1) intimation. Additionally, the order has determined a refund of Rs.41.11 lakhs in favor of the company, representing a significant positive development.

Financial Impact Assessment

The company has disclosed that there are no expected financial implications due to compensation, penalty, or other charges arising from this matter. The quantum of claims has been reported as nil, indicating a clean resolution of the tax dispute.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in continuation of the company's earlier communication dated December 24, 2025. The announcement follows the prescribed format under Schedule III of the Listing Regulations and SEBI Master Circular guidelines.

This resolution demonstrates the company's proactive approach to tax compliance and its ability to successfully navigate regulatory processes. The favorable outcome, including the deletion of the original demand and determination of a refund, strengthens the company's financial position.

Fortis Malar Hospitals Limited has successfully completed its postal ballot process with overwhelming shareholder approval for three key board appointments. The healthcare company received strong support across all resolutions, with approval rates exceeding 99.90% for each proposed appointment.

Postal Ballot Process Overview

The postal ballot concluded on March 27, 2026, with scrutinizer CS Mukesh Kumar Agarwal certifying the results. The company dispatched electronic notices on February 25, 2026, following the notice dated February 6, 2026, and published advertisements in Business Standard (English) and Rozana Spokesman (Punjabi) on February 26, 2026.

Board Appointments Approved

All three resolutions received requisite majority approval with exceptional shareholder support:

Resolution 1: Director Appointment

Mr. Bidesh Chandra Paul (DIN: 08596135) was appointed as director with 1,17,60,663 votes in favor, representing 99.9067% approval.

Resolution 2: Whole-Time Director Appointment

Mr. Bidesh Chandra Paul's appointment as whole-time director was approved with 1,17,60,662 votes in favor, achieving 99.9067% approval rate.

Resolution 3: Independent Director Re-appointment

Ms. Shailaja Chandra (DIN: 03320688) was re-appointed as independent director for a second term of 5 consecutive years effective from March 10, 2026, with 1,17,60,763 votes in favor representing 99.9075% approval.

Detailed Voting Results

Shareholder Participation Analysis

The voting demonstrated strong promoter group support with complete participation, while public participation remained limited. Out of 1,87,41,759 total shares, 1,17,71,646 shares participated in voting, representing 62.81% of outstanding shares.

Regulatory Compliance

The postal ballot was conducted in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and various MCA circulars. The company provided electronic voting facility only, with no physical postal ballot forms received. Two shareholders holding 15 equity shares abstained from voting across all resolutions.

Company Secretary Vinti Verma confirmed that all resolutions were deemed passed on March 27, 2026, strengthening the company's board composition and governance framework for future operations.