teamlease services has fixed Friday, July 3, 2026, as the record date to determine shareholder eligibility for its proposed buyback of equity shares. The company intends to repurchase up to 14,87,500 fully paid-up equity shares at a price of ₹1,600 per share on a proportionate basis through the tender offer process. The buyback is subject to the approval of shareholders, which is currently being sought via postal ballot.

The Board of Directors approved the buyback proposal at its meeting on May 20, 2026. Subsequently, the Buyback Committee authorized the record date through a resolution passed on June 12, 2026. The initiative is being conducted in accordance with the Companies Act, 2013, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.

Shareholders can cast their votes through the remote e-voting facility, which opened on May 30, 2026, at 09:00 A.M. IST. The voting period will conclude on June 28, 2026, at 05:00 P.M. IST. The outcome of this voting process will determine whether the buyback proceeds to implementation.

Key Buyback Details

The company filed the intimation with the exchanges on June 17, 2026, under Regulation 42 of the SEBI LODR Regulations, 2015, and Regulation 9(i) of the SEBI Buyback Regulations.

TeamLease Services Limited has filed a writ petition with the Hon'ble High Court of Karnataka challenging an Order-in-Appeal dated January 30, 2026, from the Commissioner of CGST & Central Excise (Appeals-III), Mumbai. The order upheld a penalty of approximately ₹32.29 crore but did not raise any tax demand, resulting in no material impact on operations at this stage. The penalty arises from allegations regarding the issuance of invoices without an underlying supply of services for manpower services rendered between July 2017 and July 2022.

The company contends that it duly rendered the manpower services, issued valid GST invoices, processed payments of salaries with applicable statutory deductions, and discharged the requisite GST. TeamLease asserts that all transactions were reported in statutory returns and reflected in financial statements. The company argues that the impugned order suffers from jurisdictional and legal infirmities, including a violation of the principles of natural justice and the summary disposal of multiple appeals through a common order.

Legal Proceedings and Financial Implications

The authorities imposed the penalty under Section 122(1)(ii) read with Section 74 of the CGST Act, 2017, following an investigation by the Directorate General of GST Intelligence. TeamLease stated 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 after the Income Tax Department verified the records.

The matter has been disclosed as a contingent liability under Note 46(f) in the standalone financial statements for FY25. The company is seeking appropriate interim relief, including a stay against recovery proceedings, through the writ petition. TeamLease remains committed to ensuring full compliance with applicable laws and regulatory requirements and will inform the stock exchanges of material developments.