ICICI Lombard General Insurance Company Limited has confirmed a Goods and Services Tax (GST) demand of ₹20,26,514, including interest and penalty, for the period April 2019 to March 2020. The order, issued by the Additional Commissioner, State Tax (Appeal), Large Taxpayers Unit on June 24, 2026, upholds the original demand raised by the Office of the Special Commissioner, Large Taxpayers' Unit regarding the computation of input tax credit eligible to the company. The insurer stated there is no financial impact at this stage as the total amount is already part of its contingent liabilities.

The company disclosed that it had previously received an order on August 8, 2024, from the Office of the Special Commissioner, Large Taxpayers' Unit, 14, Beliaghata Road, Kolkata-15, under Section 73 of the Central Goods and Services Tax Act, 2017. Following that intimation, the company filed an appeal. The recent order from the appellate authority has confirmed the initial demand, interest, and penalty.

Financial Implications and Response

ICICI Lombard stated that the total demand, including interest and penalty, is already provided for in the books of accounts as a contingent liability. Consequently, the confirmation of the order does not have any material financial impact on the company's financial statements for the current period. The company intends to pursue further legal remedies against the order, including filing an appeal or evaluating other legal options such as a writ petition to challenge the confirmation of the demand.

The details of the order were submitted to the stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Vikas Mehra, Company Secretary.

Breakdown of Confirmed Demand

ICICI Lombard General Insurance Company Limited declared a final dividend of ₹7 per equity share for the financial year ended March 31, 2026, at its Twenty-Sixth Annual General Meeting held on June 19, 2026. The meeting, conducted through Video Conferencing and Other Audio Visual Means, was chaired by Mr. Rakesh Jha, Chairperson and Non-executive, Non-independent Director. Shareholders also confirmed the payment of an interim dividend of ₹6.5 per share for the same period.

All ten resolutions listed in the notice were passed with the requisite majority. The business included the adoption of audited financial statements for FY2026, the re-appointment of Mr. Sandeep Batra as a director, and the appointment of B S R & Co. LLP as a Joint Statutory Auditor for a term of four years. Shareholders also approved the audit remuneration for the statutory auditors for FY2027 and material related party transactions with ICICI Bank Limited and ICICI Securities Primary Dealership Limited.

The Board appointed Mr. Shyam Srinivasan as a Non-executive, Independent Director through a special resolution. Additionally, the meeting approved a revision in the remuneration of Mr. Sanjeev Mantri, Managing Director & CEO. The Joint Statutory Auditors' Report and the Secretarial Audit Report for the financial year ended March 31, 2026, contained no qualifications, observations, or adverse remarks.

Voting Results

The remote e-voting facility was available from June 16, 2026, to June 18, 2026. A total of 1,341 members participated through remote e-voting and e-voting during the AGM. The scrutinizer's report confirmed that all resolutions received the necessary support from shareholders.

Mr. Sanjeev Mantri, Managing Director & CEO, highlighted the company's 25-year legacy and its financial performance for FY2026, noting growth in premium and profitability driven by disciplined underwriting. The meeting concluded at 5:14 p.m. IST.