Hinduja Global Solutions Limited has filed its quarterly compliance certificate with stock exchanges, confirming adherence to SEBI regulations for dematerialization processes during the quarter ended March 31, 2026.

Regulatory Compliance Submission

The company submitted its confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 to both BSE Limited and National Stock Exchange of India Limited on April 07, 2026. The submission was signed by Narendra Singh, Company Secretary, and filed under the company's scrip code 532859 on BSE and symbol HGS on NSE.

Certificate Details and Compliance Confirmation

KFin Technologies Limited, serving as the company's Registrar and Transfer Agent, issued the compliance certificate dated April 4, 2026. The certificate confirms that all regulatory requirements under SEBI regulations have been met during the specified quarter.

Dematerialization Process Compliance

KFin Technologies confirmed compliance with several key regulatory requirements for dematerialization processes. The registrar certified that all actions were completed within the mandated 15-day timeframe upon receipt of share certificates from Depository Participants.

The compliance activities included:

• Confirmation of dematerialization requests through proper approval or rejection processes
• Verification that dematerialized shares remain listed on stock exchanges where previously issued shares are traded
• Proper mutilation and cancellation of physical share certificates received from Depository Participants
• Accurate substitution of depository names as registered owners in company records

Regulatory Framework and Certification Process

The certificate was issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, which mandates quarterly compliance reporting for dematerialization activities. KFin Technologies, operating from its operations center in Hyderabad and registered office in Mumbai, continues to provide certification services to depositories and stock exchanges in accordance with applicable regulations.

The submission demonstrates Hinduja Global Solutions' ongoing commitment to maintaining regulatory compliance and transparent reporting practices in its share transfer and dematerialization processes.

Hinduja Global Solutions Limited has informed stock exchanges about receiving an income tax assessment order that has resulted in a significant tax demand of Rs 15.49 crores for Assessment Year 2021-22. The company downloaded the assessment order from the Income Tax website on April 1, 2026, and has disclosed the details in compliance with SEBI listing regulations.

Assessment Order Details

The assessment order was passed under Section 143(3) of the Income Tax Act, 1961 by the Office of the Assistant Commissioner of Income Tax, Central Circle 2(3), Mumbai. The primary issue leading to the tax demand centers around the disallowance of foreign exchange loss claimed by the company.

Company's Position and Response

HGS has strongly contested the disallowance of the foreign exchange loss of Rs 34.31 crores, which forms the basis of the tax demand. The company maintains that this foreign exchange loss represents legitimate business expenditure that should be allowable under Section 37 of the Income Tax Act, 1961.

The company is currently undertaking a comprehensive review of the assessment order in consultation with its tax and legal advisors. Based on professional advice, HGS intends to pursue the following course of action:

• File an appeal before the Commissioner of Income Tax (Appeals)
• Seek rectification under Section 154 of the Income Tax Act, 1961 due to apparent computational errors in interest calculation

Financial Impact Assessment

Despite the substantial demand amount, HGS has stated that there will be no material impact on the company's financial, operational, or other activities. This assessment suggests that the company has adequate resources and legal grounds to contest the demand effectively.

The company has also identified what appears to be an error in the Notice of Demand relating to the computation of interest, which is currently under review. This technical discrepancy provides additional grounds for seeking rectification of the assessment order.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically under Sub-Para 20 of Para A of Part A of Schedule III. The company has also placed this information on its official website at www.hgs.com to ensure comprehensive stakeholder communication.