Mastek receives tax order for FY 2022-23, plans appeal

Mastek Limited has received a Final Assessment Order from the Income Tax Department for the Financial Year 2022-23, proposing a transfer pricing addition of Rs. 90,95,38,080. The order, received on May 30, 2026, was issued under Section 143(3) read with Section 144C(3) and Section 144B of the Income Tax Act, 1961. Additionally, the department has initiated penalty proceedings under Section 270A of the Act.

The company stated that the order includes a transfer pricing adjustment computed under Section 92CA(3) of the Income Tax Act. While the assessment order outlines significant additions, Mastek has indicated that it does not foresee any material financial impact at this stage. Management identified several errors in the computation sheet annexed to the order, including the calculation of tax liability at a higher rate, the non-allowance of foreign tax credit, and the failure to grant credit for advance tax paid by a subsidiary that was amalgamated with the company.

Details of the Assessment Order

The assessment order details the specific adjustments proposed by the tax authorities. The table below outlines the key financial figures mentioned in the intimation:

Particulars	Amount
Transfer pricing addition	Rs. 90,95,38,080/-

Company Response and Future Action

Mastek intends to file its objections and response with the Income Tax Appellate Authorities within the prescribed timelines. The company believes that once the identified computational errors are rectified, there will be no impact on the financials, operations, or other activities of the company resulting from the order. The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.55%	+2.49%	-1.25%	-23.05%	-27.77%	-13.28%

Mastek Limited will transfer unclaimed dividends and underlying equity shares to the Investor Education and Protection Fund (IEPF) Authority in August 2026. The transfer pertains to the final dividend declared for the financial year 2018-19, which has remained unpaid or unclaimed for seven consecutive years. Shares will be transferred along with all accruing benefits, except where restrained by a court, tribunal, or statutory authority, or if pledged under the Depositories Act, 1996.

The company has sent individual communications to affected shareholders via its Registrar to an Issue and Share Transfer Agent (RTA) vide letter dated May 26, 2026. Shareholders must claim their dividends on or before August 1, 2026, to prevent the transfer of their underlying shares. Details of unclaimed dividends and liable shares are available on the company's website. If no communication is received by the deadline, Mastek will proceed with the transfer without further notice, and no liability will lie against the company post-transfer.

Special Window for Physical Shares

Pursuant to a SEBI circular dated January 30, 2026, a special window is open from February 5, 2026, to February 4, 2027. This window allows for the transfer and dematerialization of physical securities purchased prior to April 1, 2019, that were not lodged for transfer or were rejected due to deficiencies. Shareholders must submit complete documents to the company's RTA or the company directly.

Key Dates and Contacts

Event	Date
Dividend Claim Deadline	August 1, 2026
Transfer to IEPF Authority	August 2026
Special Window Opens	February 5, 2026
Special Window Closes	February 4, 2027

Shareholders with queries can contact KFin Technologies Limited, the company's RTA, or the Company Secretary & Compliance Officer via email at investor_grievances@mastek.com .