The Principal Commissioner, Central Goods and Services Tax, Noida has filed an appeal before the Allahabad High Court challenging a favorable order previously passed by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT). The tax department's move contests the relief granted to HCL Infosystems regarding a substantial demand raised under the Finance Act, 1994.

The dispute stems from an Order-In-Original dated March 10, 2021, which imposed a demand of Rs. 312.34 Crores plus interest and an equivalent penalty on the company. This demand was issued under Rule 14 of the CENVAT Credit Rules, 2004, read with the proviso to Section 73(1) of the Finance Act, 1994.

In a disclosure dated October 17, 2025, HCL Infosystems informed the exchanges that the Hon'ble CESTAT, Allahabad had allowed its appeal and set aside the aforementioned demand order. The recent intimation confirms that the department has now preferred an appeal against this CESTAT order.

The matter is presently at the stage of admission before the High Court, and no interim order has been passed that affects the favorable CESTAT ruling. Consequently, the company stated that there is presently no additional financial impact arising from these proceedings.

HCL Infosystems maintains that it has a strong case on the merits of the issue. The company further stated that it will continue to take all necessary legal steps to defend the matter before the Hon'ble Allahabad High Court.

Promoters of hcl infosystems have declared that no shares held by them in the company were encumbered during the financial year ended March 31, 2026. The disclosure confirms that the promoters did not create any direct or indirect encumbrance on their shareholding throughout FY26. This declaration ensures that the promoter holding remains free from pledges or charges, providing clarity on the ownership structure for investors.

The disclosure was submitted to the National Stock Exchange of India in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011. The filing serves as a formal confirmation to the stock exchange regarding the status of the promoter shareholding. Roshni Nadar Malhotra, acting as the authorized signatory for the promoters, signed the declaration dated April 02, 2026.

Key Details of the Disclosure

The declaration explicitly states that the promoters have not made any encumbrance of shares held in HCL Infosystems Limited during the specified period. Furthermore, it confirms that no share held by the promoters in the company is currently under any encumbrance. The communication was addressed to the National Stock Exchange of India Ltd., located at Exchange Plaza, Bandra Kurla Complex, Mumbai.