General Insurance Corporation of India has announced the extension of additional charge of the post of Chairman-cum-Managing Director (CMD) to Shri Hitesh Ramesh Chandra Joshi, Executive Director, GIC Re. The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, vide reference no. GIC-HO/BOARD/SE-DIR-1/33/2026-27 dated 6th May 2026.

Extension of CMD Charge

The Ministry of Finance, vide letter no. eF.No. A-1101/05/2025-I dated 6th May 2026, conveyed that the Competent Authority has approved the extension of additional charge of the post of CMD to Shri Hitesh Ramesh Chandra Joshi for a period of three months with effect from 1st April 2026. The arrangement will continue until the assumption of charge by the regular incumbent or until further orders, whichever is the earliest. This development is in continuation of the corporation's earlier communication ref. no. GIC-HO/BOARD/SE-DIR-8/306/2025-26 dated 7th January 2026.

The key details of the appointment extension are summarised below:

Profile of Shri Hitesh Ramesh Chandra Joshi

Shri Hitesh Ramesh Chandra Joshi brings extensive academic credentials and professional experience to his role. He is a post-graduate in Accountancy from Mumbai University and holds a master's degree in financial management from the Jamnalal Bajaj Institute of Management Studies. He is also a Fellow of the Insurance Institute of India.

Over the course of his career at the corporation, Shri Joshi has undertaken a diverse range of assignments across all key functions, including:

• Reinsurance (both domestic and international inward business)
• Retrocession
• Finance
• Enterprise Risk Management
• Budgetary control and strategic planning
• Internal audit
• Credit rating and investor relations
• Executive Assistant to the Chairman and Managing Director of the Corporation

In his capacity as Executive Director, Shri Joshi has overseen multiple operational and administrative areas, including:

• Human Resource Management
• International Business Operations
• Information Technology
• Vigilance Compliance
• Claims Vertical
• Audit & Compliance (Internal & CAG)
• Budgeting and Right to Information
• Grievance Redressal & Complaints
• Legal, Mergers & Acquisitions
• Digital Team and Business Intelligence Unit (BIU)
• Actuary and Office Support Services

The disclosure was signed by Satheesh Kumar, Company Secretary & Compliance Officer of General Insurance Corporation of India, on 6th May 2026.

GIC of India has received an income tax demand notice of Rs 350.47 crores for assessment year 2023-24, the company disclosed in a regulatory filing on 10th April 2026. The notice was issued under Section 156 of the Income Tax Act, 1961, by the Assessment Unit of the Income Tax Department, Mumbai.

Details of the Tax Demand

The demand notice follows an assessment order under Section 143(3) of the Income Tax Act and pertains to various additions made by the tax authorities. The company has provided detailed information about the nature of violations alleged by the authorities.

Breakdown of Alleged Violations

The tax demand is based on several grounds of additions made by the assessment officer:

• Transfer Pricing Additions: Rs 88.84 crore
• Disallowance of 14A Expenses: Rs 2.70 crore
• Payment to Unregistered GST Entities: Rs 565.01 crore
• Amortization of Premium on Investment: Rs 52.81 crore
• Provision for Doubtful Debts: Rs 329.48 crore

Company's Response and Next Steps

General Insurance Corporation of India has indicated that it will challenge the demand notice based on the merits of the matter. The company plans to pursue an appeal before the National Faceless Appeal Centre (NFAC) or explore other legal options against the said notice.

Financial and Operational Impact

The company has stated that there will be no immediate impact on its financial, operational, or other activities. This assessment is based on the company's confidence in the merits of its case and its intention to contest the demand through appropriate legal channels. The disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring transparency with stakeholders regarding this significant development.