State Bank of India has announced a General Meeting of Shareholders scheduled for May 15, 2026 at 03:00 PM to elect four Directors to the Central Board under the provisions of Section 19(c) of the State Bank of India Act, 1955. The meeting will be conducted through Video Conferencing (VC) and Other Audio-Visual Means (OAVM) at the State Bank Auditorium, State Bank Bhavan, Madame Cama Road, Mumbai.

Director Election Details

The election is being held to fill vacancies arising from the retirement of four current Directors whose terms conclude on June 25, 2026:

The newly elected Directors will serve a three-year term from June 26, 2026 to June 25, 2029. These positions are designated for Directors elected by eligible shareholders other than the Central Government.

Nomination Process and Eligibility

Shareholders interested in contesting the election must meet specific criteria. Any shareholder holding not less than 5000 unencumbered shares as of the nomination filing date, registered in their own right either as sole holder or first named holder in joint holdings, is eligible to contest. Candidates must not be disqualified under Section 19A and 22 of the State Bank of India Act, 1955 and Section 20 of the Banking Regulation Act, 1949.

Nomination forms and Declaration & Undertaking formats are available at Local Head Offices, Central Board Secretariat, and the bank's website at sbi.bank.in under Investor Relations → General Meeting → General Meeting FY 2026-27.

Voting Rights and E-Voting Process

Shareholders with 50 or more shares, registered for a minimum period of three months prior to the General Meeting date and continuing to hold minimum 50 shares as of the meeting date, are eligible to vote. The Central Government is excluded from this voting process.

The bank will conduct e-voting through National Securities Depository Limited (NSDL) platform. Remote e-voting will be available from May 12, 2026 at 10:00 AM to May 14, 2026 at 05:00 PM. M/s Parikh & Associates, Company Secretaries, has been appointed as Scrutinizer to ensure fair and transparent e-voting process.

Meeting Participation Guidelines

The General Meeting will accommodate up to 1000 members on a first-come-first-served basis through VC/OAVM facility. Large shareholders holding 2% or more shareholding, promoters, institutional investors, directors, and key managerial personnel can attend without restriction. Physical attendance at the venue is not required, following Ministry of Corporate Affairs guidelines for virtual meetings.

Shareholders can join the meeting 15 minutes before and after the scheduled time. The bank recommends using PC or laptop for better experience and stable internet connection to avoid technical disruptions during the meeting.

State Bank of India has received an official income tax demand notice of ₹6,337 crore from the Income Tax Department for Assessment Year 2023-24. The bank disclosed this development through a regulatory filing under SEBI (LODR) Regulations, 2015, marking a significant tax dispute for India's largest public sector bank.

Official Assessment Details

The bank received an Order dated March 19, 2026, under Section 143(3) read with Section 144C(3) and 144B of the Income Tax Act from the Assessment Unit of the Income Tax Department. The demand amount of ₹6,337 crore includes interest and has been raised pursuant to scrutiny assessment proceedings conducted for Assessment Year 2023-24.

Assessment Grounds and Bank's Position

According to the regulatory disclosure, the Assessment Unit has made disallowances on various grounds during the scrutiny assessment proceedings. The bank has indicated that it is already in litigation on similar grounds for earlier assessment years, suggesting a pattern of disputes with tax authorities on comparable issues.

The bank emphasized that the aggregate amount involved in the order exceeds the materiality threshold, necessitating the regulatory disclosure to stock exchanges.

Legal Response Strategy

State Bank of India has announced its intention to contest the assessment order before appellate authorities within the prescribed timelines. The bank's approach demonstrates confidence in challenging the demand through proper legal channels, similar to its ongoing litigation for previous years on comparable grounds.

Operational Impact Assessment

The bank has specifically stated that there is no impact on its operations or other activities due to this tax demand order. This clarification aims to reassure stakeholders that the bank's day-to-day banking operations and customer services remain unaffected by the ongoing tax dispute.

The disclosure was signed by Aruna N. Dak, Deputy General Manager (Compliance & Company Secretary), and submitted to both BSE and NSE as required under regulatory compliance norms.