TeamLease Services shareholders have approved the buyback of up to 14,87,500 fully paid-up equity shares at a price of ₹1,600 per share. The resolution was passed via a postal ballot process, with the remote e-voting period concluding on June 28, 2026. The buyback will be conducted on a proportionate basis through the tender offer route, adhering to the Companies Act and SEBI Buyback Regulations.

The special resolution for the buyback received overwhelming support, with 100% of the valid votes cast in favor. A total of 14,284,706 votes assented to the proposal, while only 26 votes dissented. The voting process was scrutinized by M Siroya and Company, Company Secretaries, who confirmed the results in a report dated June 29, 2026.

Re-appointment of Independent Directors

Alongside the buyback, shareholders approved the re-appointment of three independent directors. Mr. Mekin Maheshwari, Ms. Meenakshi Nevatia, and Mr. Subramaniam Somasundaram were all re-appointed to the board following the postal ballot results. Each re-appointment resolution was passed with the requisite majority, though the level of support varied for each director.

Voting Results Summary

The following table summarizes the voting outcomes for the special resolutions:

The remote e-voting was facilitated by KFin Technologies Limited. The total number of members who participated in the e-voting was 161 for the buyback resolution. The scrutinizer's report confirmed that all resolutions were passed with the requisite majority, and the electronic voting records are under safe custody to be handed over to the company.

TeamLease Services received an interim order dated June 17, 2026, from the Hon'ble High Court of Karnataka regarding Writ Petition No. 18126/2026. The petition challenges an Order-in-Appeal dated January 30, 2026, from the Commissioner of CGST & Central Excise (Appeals-III), Mumbai, which upheld a penalty of approximately ₹32.29 crore. The company stated that no tax demand was raised and there is no material impact on operations at this stage.

The Order-in-Appeal arises from proceedings initiated by the Directorate General of GST Intelligence. The authorities alleged the issuance of invoices without an underlying supply of services for manpower services rendered between July 2017 and July 2022. A penalty was imposed under Section 122(1)(ii) read with Section 74 of the CGST Act, 2017. The company contends that it duly rendered services, issued valid GST invoices, and discharged the requisite tax, arguing that the order suffers from jurisdictional and legal infirmities.

TeamLease Services had filed the writ petition on June 12, 2026, challenging the said order. The company disclosed that the matter had been previously reported as a contingent liability under Note 46(f) in the standalone financial statements for FY25. The company noted that a similar case re-opened under Section 147 of the Income Tax Act, 1961, for the period FY2019 to FY2022 was closed with NIL observations.

The following table outlines the key details of the regulatory communication and the company's response:

The company attributed the delay in intimation to the initial decision to disclose the matter as a contingent liability since there was no financial implication at the time the demand notices were received. Management has revised its recommendation to intimate stock exchanges of all demand and show cause notices based on the materiality threshold, irrespective of their disclosure as contingent liabilities. TeamLease Services stated it remains committed to ensuring full compliance with applicable laws and will inform the exchanges of any material developments.