IIFL Capital Services Limited has successfully completed its postal ballot process, with shareholders approving two critical resolutions related to borrowing limits under the Companies Act, 2013. The company announced the voting results on April 28, 2026, following the completion of remote e-voting that concluded on April 24, 2026.

Postal Ballot Process Details

The postal ballot notice was issued on March 24, 2026, seeking shareholder approval for two special resolutions. The remote e-voting period commenced at 9:00 a.m. IST on Thursday, March 26, 2026, and concluded at 5:00 P.M. IST on Friday, April 24, 2026. CS Snehal Shah of Snehal Shah & Associates was appointed as the scrutinizer for the voting process.

Resolution 1: Borrowing Limits Under Section 180(1)(c)

The first resolution sought approval for increasing borrowing limits under Section 180(1)(c) of the Companies Act, 2013. This resolution received overwhelming support across all shareholder categories.

Resolution 2: Limits Under Section 180(1)(a)

The second resolution addressed increasing limits under Section 180(1)(a) of the Companies Act, 2013. This resolution also secured strong shareholder support, though with slightly higher opposition votes.

Compliance and Documentation

The voting process was conducted in accordance with Rule 20(4) of the Companies (Management and Administration) Rules, 2014, and Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company followed MCA circulars, including Circular No. 03/2025 dated September 22, 2025, conducting the ballot entirely through electronic means without physical postal ballot forms.

The scrutinizer's report and voting results have been made available on the company's website at www.iiflcapital.com and will also be accessible on the Central Depository Services (India) Limited website at www.evotingindia.com . Company Secretary Meghal Shah signed the disclosure documents, confirming that both resolutions were duly passed with the requisite majority.

IIFL Capital Services Limited has informed stock exchanges about significant tax demand orders issued by the Income Tax Authority against two of its wholly owned subsidiaries, totaling ₹56.28 crore including surcharge and cess.

Tax Demand Details

The Joint Commissioner of Income Tax (OSD), Central Circle – 4(4), Mumbai issued assessment orders dated April 22, 2026, under Section 158BC(1)(c) of the Income Tax Act, 1961. The demands cover an extended block period from April 01, 2018 to February 03, 2025.

Company's Response and Position

IIFL Capital Services has stated that both subsidiary companies believe they have duly discharged all their tax liabilities as applicable. The company emphasized that the subsidiaries have adequate factual and legal grounds to substantiate their position regarding the tax matters.

Expected Financial Impact

The company has indicated that it does not expect any material impact on the financials or operations of the subsidiaries due to these tax demand orders. IIFL Capital Services is currently evaluating various options and will pursue appeals against the orders under applicable laws.

Regulatory Compliance

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with the SEBI Master Circular dated January 30, 2026. This follows the company's earlier intimation dated January 29, 2025, indicating ongoing tax-related matters.

Next Steps

The company plans to challenge the tax demands through the appropriate legal channels, confident in its position that all tax obligations have been properly fulfilled. The assessment orders represent a significant development that the company is addressing through its legal and tax advisory teams.