HCL Infosystems has received a penalty of ₹80.22 lakhs from the Additional Commissioner, CGST (Appeals), Noida. The order, dated September 15, 2026, was received by the company on September 24, 2026.

The penalty arises from a dispute over CENVAT credit availed for various cesses in the pre-GST regime. The adjudicating authority initially confirmed a tax demand of ₹80.22 lakhs under Section 74(1) of the CGST Act, 2017, but dropped proposals relating to interest and penalty in its original order dated February 1, 2025.

Appeal Outcome

The Department preferred an appeal against the original order, challenging the dropping of interest and penalty. The Additional Commissioner partially allowed this appeal, modifying the original order to impose the penalty amount on the company.

The core issue involved was the applicability of interest and penalty on the confirmed tax demand. While the tax liability itself remained unchanged from the original assessment, the appellate authority reversed the earlier relief granted regarding penalties.

Company Response

HCL Infosystems stated it is evaluating the Order-in-Appeal and considering available legal remedies in accordance with law. The company filed the intimation with BSE and NSE under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Litigation Details

The company referenced previous disclosures filed on February 5, 2025, and June 4, 2025, regarding the original order and its rectification. The current development marks a shift in the financial implication of the litigation, moving from a tax-only demand to one inclusive of significant penalties.

HCL Infosystems shareholders approved all five resolutions at its 40th annual general meeting held on September 16, 2026. The meeting was conducted via video conferencing from 10:30 am to 11:40 am, with 138 members attending via VC and satisfying quorum requirements.

A total of 192,270 shareholders were on record as of September 9, 2026. Voting was conducted through remote e-voting and during the meeting, scrutinized by CS Vineet K Chaudhary of VKC & Associates. National Securities Depository Limited (NSDL) facilitated the e-voting process.

Key Resolutions Passed

Shareholders approved ordinary and special business items including audited financial statements, director re-appointments, manager remuneration, and related-party transactions.

Voting Results Breakdown

Promoter group shareholders, holding 207,031,161 shares, voted 100% in favour on all resolutions where they participated. Public institutional shareholders did not cast votes on any resolution. Non-institutional public shareholders participated actively, showing varying levels of support across resolutions.

Audit and Governance Updates

Dr. Nikhil Sinha, Chairman of the Board, informed members that the statutory auditor’s report and secretarial auditor’s report for the financial year ended March 31, 2026, contained no qualifications or adverse remarks. Consequently, these reports were not read out in full during the meeting.

Mr. Pawan Kumar Danwar was re-appointed as a Non-Executive, Non-Independent Director liable to retire by rotation. The company also secured approval for entering material related-party transactions with promoter group companies HCL Capital Private Limited and HCL Corporation Private Limited.

What the Numbers Show

The voting pattern reveals a clear divergence between promoter and public shareholder sentiment. While promoters provided unanimous backing for all resolutions, non-institutional public shareholders expressed notable dissent on governance matters. Specifically, 13.61% of public votes polled opposed the re-appointment of Mr. Pawan Kumar Danwar, and 13.25% opposed the related-party transaction with HCL Capital Private Limited. This suggests active scrutiny by retail investors on director appointments and related-party dealings, even though the promoter bloc ensured passage of all resolutions.