Mphasis Limited has formally notified the stock exchanges about its upcoming board meeting scheduled for April 29, 2026, to review and approve the company's financial performance for the fourth quarter and full year ended March 31, 2026. The announcement was made through an official communication to both BSE Limited and National Stock Exchange of India Limited on March 27, 2026.

Board Meeting Agenda and Timeline

The board meeting will focus on several key agenda items as outlined in the company's regulatory filing pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Trading Window Restrictions

In accordance with SEBI regulations on insider trading prevention, Mphasis has implemented mandatory trading restrictions for company securities. The trading window closure affects all stakeholders who may have access to unpublished price-sensitive information.

Investor Engagement Initiative

Mphasis has scheduled a dedicated earnings conference call to discuss the financial results with the investment community. This initiative demonstrates the company's commitment to transparent communication with stakeholders.

Regulatory Compliance and Documentation

The board meeting notification has been issued pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Mayank Verma, Senior Vice President and Company Secretary (Membership No.: ACS 18776), ensuring proper corporate governance protocols are followed. All relevant information has been made available on the company's official website at www.mphasis.com for stakeholder reference.

Mphasis Limited has received a significant tax assessment order and demand notice from the Income Tax Department, marking a notable regulatory development for the IT services company. The communication was received on March 25, 2026, and pertains to Assessment Year 2023-24.

Assessment Order Details

The company received an Assessment Order under Section 143(3) read with Section 144B along with a Notice of demand under Section 156 of the Income-Tax Act, 1961. The case was selected for scrutiny as per provisions of Section 143 of the Income Tax Act, 1961, leading to the current assessment proceedings.

Key Tax Variations Identified

The assessment order contains several additions to taxable income that have resulted in the substantial demand notice. The Income Tax Department has identified specific areas of concern in the company's tax filings.

The primary variations include:

• ESOP Expenses: Disallowance of Employee Stock Option Plan expenses claimed by the company
• Subcontractor Payments: Issues related to payments made to overseas associated enterprises without deduction of tax at source
• GST Turnover Differences: Variations between GST turnover figures and those reported in Audited Financial Statements

Management Response and Financial Impact

Mphasis management has expressed confidence regarding the assessment order's implications. The company believes there is no material financial impact expected from this development. Management's position is supported by several factors that strengthen their case for appeal.

Planned Legal Actions

The company has outlined a comprehensive response strategy to address the assessment order. Mphasis plans to pursue multiple legal remedies to contest the demand notice.

The planned actions include:

• Filing a rectification petition to address computational errors in the order
• Evaluating legal remedies available under the Income Tax Act
• Filing an appropriate appeal against the assessment order
• Leveraging favorable precedents from higher courts

Regulatory Compliance

Mphasis has fulfilled its disclosure obligations under SEBI regulations by promptly informing the stock exchanges. The company submitted the required Form-A disclosure under Regulation 30 of SEBI Listing Regulations, ensuring complete transparency with investors and regulatory authorities.

The company has confirmed that no penalties, restrictions, or sanctions have been imposed pursuant to this communication, limiting the current impact to the tax demand itself. Based on preliminary assessment, management remains confident of achieving a favorable outcome at the appellate stage.