Religare Enterprises Limited has disclosed that its material subsidiary, Care Health Insurance Limited (CHIL), has received a Rectification Order dated April 28, 2026, under Section 154 of the Income Tax Act, 1961. The order, issued by the Office of the Deputy Commissioner of Income-Tax, Central Circle 6(2) Mumbai, corrects a technical error in the tax computation pertaining to Assessment Year 2023-24. CHIL received the communication from the authority on May 04, 2026, and the disclosure was made to stock exchanges on May 07, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Tax Liability Significantly Reduced

The rectification order marks a meaningful reduction in CHIL's tax liability following the correction of a computational error identified in the previous demand order. The authority upheld CHIL's rectification application and corrected the technical error in computation, consequently rectifying the original demand. The key financial impact of the rectification is summarised below:

Background and Regulatory Context

This development is a continuation of Religare Enterprises' earlier disclosure dated March 18, 2026, which pertained to the initial tax demand raised against CHIL for Assessment Year 2023-24. Following that demand, CHIL filed an application for rectification of the mistake apparent from records. Upon verification, the income tax authority accepted CHIL's application and issued the rectification order, reducing the net tax liability from Rs. 89.02 Crore to Rs. 45.16 Crore.

It is important to note that no violation or contravention has been alleged in connection with this order, as the rectification solely addresses a technical error in tax computation. No penalty, restriction, or sanction has been imposed pursuant to this communication.

Appeal Pending; Financials Consolidated with REL

While the rectification order reduces the immediate tax liability, CHIL had previously filed an appeal against the additions made in the original assessment order for Assessment Year 2023-24 with the appropriate authority within the stipulated timelines. The appeal remains pending for adjudication and disposal, and CHIL continues to defend its interest in the matter.

The income tax demand, if required to be paid, is payable by CHIL. The financials of CHIL are consolidated with Religare Enterprises Limited. The disclosure was signed by Anuj Jain, Company Secretary & Compliance Officer of Religare Enterprises Limited.

Religare Enterprises Limited has announced significant leadership changes at its material subsidiary Care Health Insurance Limited (CHIL), with both the conclusion of current leadership tenure and strategic succession planning taking shape.

Current CEO Tenure Concludes

The company has formally disclosed that the tenure of Mr. Anuj Gulati as Managing Director & CEO of CHIL has ended with effect from the close of business hours on April 25, 2026. The announcement was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board of Directors and Management have placed on record their appreciation of Mr. Gulati's invaluable contribution during his tenure. His entrepreneurial vision and leadership acumen were instrumental in building CHIL from the ground up into a credible institution and the second largest company in the standalone health insurance segment.

Incoming Leadership Appointments

The company has secured regulatory approvals for two key executive positions to lead CHIL forward, with appointments effective April 26, 2026. The appointments received formal approval from CHIL's Board of Directors during their meeting held on November 11, 2025, following recommendations from the Nomination & Remuneration Committee.

New Leadership Expertise

Mr. Ajay Kumar Shah brings over 30 years of extensive experience across the Insurance and Financial Services sectors to his new role as Managing Director & CEO. His association with CHIL spans 14 years, during which he has played a pivotal role in establishing the company's Services Division. Currently serving as Chief Business Officer of CHIL, Mr. Shah has successfully led the company's Business Verticals for 10 years, during which CHIL's Gross Written Premium (GWP) has grown more than thirtyfold.

Mr. Manish Vishnu Dodeja, appointed as Whole-time Director (Executive Director), brings over 21 years of experience in handling Claims, Underwriting, Product, Risk, Reinsurance, Operations, Finance, Customer Service, and Technology. He has been an integral part of CHIL for the past 15 years and currently works as Chief Operating Officer managing all Services.

Both appointments form part of CHIL's internal succession plan and represent strategic leadership transitions within the material subsidiary. The appointments are subject to approval from the shareholders of Religare Enterprises Limited, ensuring proper governance protocols are maintained throughout the transition process.