Global Surfaces Ltd has disclosed receiving an assessment order and notice of demand from the Income Tax Department for Assessment Year 2023-24. The company received the communication on March 31, 2026, from the Assistant Commissioner of Income Tax, Central Circle 2(2), Kolkata.

Tax Demand Details

The assessment order was passed under Section 143(3) of the Income-tax Act, 1961, followed by a notice of demand under Section 156. The total demand raised against the company amounts to ₹37,48,89,740.

Assessment Order Contents

The assessment order contains certain additions, disallowances and observations in respect of the return of income filed by the company for Assessment Year 2023-24. The order was accompanied by a computation sheet detailing the aggregate demand payable.

Company's Response and Action Plan

Global Surfaces has indicated that it is reviewing the assessment order and related demand notice. The company plans to take appropriate remedial steps in accordance with the applicable provisions of the Income-tax Act, 1961.

Planned Actions:

• Review of the assessment order and demand notice
• Filing an appeal before the appropriate appellate forum
• Taking other remedial measures as per Income Tax Act provisions

Financial Impact Assessment

The company believes it has adequate legal and factual grounds to appropriately address the matter. Global Surfaces does not expect any material adverse impact on its financials, operations or other activities from this development.

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, which mandates companies to inform stock exchanges about communications from regulatory authorities.

Global Surfaces has announced significant board changes following its meeting held on March 30, 2026. The company approved the appointment of Rakesh Grover as Additional Director while accepting the resignation of Ashish Kumar Kachawa from his directorial positions.

Board Meeting Outcomes

The board meeting, which commenced at 08:46 P.M. and concluded at 09:00 P.M. on March 30, 2026, addressed key governance matters. The company has informed both BSE and NSE about these developments under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

New Director Appointment

Rakesh Grover (DIN: 09673773) has been appointed as Additional Director under the category of Non-Executive Independent Director, effective from March 30, 2026. His appointment is for a term of two consecutive years, subject to shareholder approval. The company has confirmed that Grover is not debarred from holding the office of Independent Director by SEBI or any other authority.

Grover brings over 37 years of banking and financial services experience to the board. He superannuated as Chief General Manager from Punjab National Bank and previously served as Chief Executive of PNB Hong Kong. His expertise spans regulatory compliance, risk management, treasury management, and stressed asset resolution.

Director Resignation

Ashish Kumar Kachawa (DIN: 02530233) has resigned from his position as Non-Executive, Non-Independent Director, effective from the closure of business hours on March 30, 2026. Additionally, he has also resigned from the board of Global Surfaces FZE, a material subsidiary of the company, effective from the same date.

In his resignation letter, Kachawa cited increased professional engagements and commitments requiring substantial time and travel as the reason for his departure. He stated that these commitments made it difficult to devote adequate time to effectively discharge his directorial duties.

Professional Background

Grover holds an MBA (Finance) from FMS, Delhi University, and is ACWA and CAIIB qualified. He also possesses a Diploma in Treasury, Investment & Risk Management from the Indian Institute of Banking, Mumbai. His career highlights include serving as CGM – Recovery Division at Punjab National Bank, where he played a key role in improving asset quality and recovery outcomes.

He has also served as Nominee Director on the boards of Everest Bank Ltd., Nepal and Asset Reconstruction Company (India) Ltd., demonstrating his governance experience across different financial institutions.