HCL Infosystems has received a refund amounting to ₹26.35 crores from the Rajasthan Value Added Tax (VAT) authorities. The refund pertains to the pre-deposit made in connection with a matter relating to the taxability of batteries sold in composite packs along with mobile phones in the State of Rajasthan. The company disclosed this development through an intimation filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Refund

The following table summarizes the key parameters of this development:

Significance of the Development

The receipt of ₹26.35 crores from the Rajasthan VAT authorities reflects the resolution of a long-standing tax dispute concerning the taxability of batteries sold as part of composite packs with mobile phones in the state. VAT refunds of this magnitude can have a meaningful impact on a company's working capital and overall financial position. This outcome underscores HCL Infosystems' active engagement with state-level tax compliance and dispute resolution frameworks.

HCL Infosystems Limited has officially announced the completion of Mr. Raj Sachdeva's tenure as Manager, marking the end of his five-year term with the company. The cessation became effective from the close of business hours on April 30, 2026, as communicated to BSE Limited and National Stock Exchange of India Limited under regulatory compliance requirements.

Management Transition Details

The company has provided comprehensive details regarding the management change in accordance with SEBI regulations. The transition represents a planned succession as Mr. Sachdeva successfully completed his designated tenure period.

Board Recognition and Succession Planning

The board and management of HCL Infosystems have formally acknowledged Mr. Raj Sachdeva's contributions during his tenure. The company had demonstrated proactive succession planning by previously informing the exchanges about the appointment of Mr. Gaurav Bhalla as the new Manager on April 13, 2026.

The seamless transition ensures continuity in the company's management structure, with Mr. Bhalla taking over the managerial responsibilities from May 1, 2026, immediately following Mr. Sachdeva's tenure completion.

Regulatory Compliance and Filing Details

The announcement was made in strict compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company referenced multiple SEBI master circulars in its disclosure:

The disclosure was digitally signed by Twinkle Monga, Company Secretary and Compliance Officer (Membership No: A-54882), ensuring proper authorization and documentation of the management change. This transition reflects the company's commitment to transparent governance and regulatory adherence in managing key personnel changes.