Thomas Cook (India) Limited's Board of Directors convened on March 20, 2026, to approve several strategic decisions that will impact the company's corporate structure and leadership team. The meeting, which commenced at 3.45 P.M. (IST) and concluded at 6.00 P.M. (IST), addressed key matters under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Inter-Company Loan Conversion Approved

The board granted in-principle approval for the conversion of inter-company loan given by the company to Thomas Cook Lanka (Private) Limited, a non-material wholly owned subsidiary, into Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS). The board has delegated powers to a sub-committee to execute this conversion in one or more tranches as deemed appropriate.

The company has committed to making comprehensive and detailed disclosures regarding the proposed conversion to stock exchanges at the appropriate stage, following prescribed timelines and regulatory requirements.

Senior Management Appointments

The board approved two significant senior management appointments, both effective April 1, 2026:

Mr. Deepesh Varma's Profile

Mr. Deepesh Varma brings over 26 years of professional experience to his new role. He has been with the organization for more than 13 years, initially joining Thomas Cook (India) Limited as Head – Business Process and Operational Excellence on March 4, 2013. He was subsequently transferred to the Foreign Exchange Business on January 16, 2018.

His educational qualifications include:

• Hotel Management Graduate (1999)
• Senior Management Programme from IIM Calcutta (2010)

Prior to joining Thomas Cook, Mr. Varma held strategic positions including Business Improvement Consultant at British Telecom (March 2011 – February 2013), heading Operations at WNS for multiple processes (January 2004 – February 2011), trainer for Sales & Processes at E-Bookers.com (March 2001 – February 2004), and Front Office Executive at Hotel Le Meridien.

Ms. Deepti Sheth's Profile

Ms. Deepti Sheth has been part of the organization for over 11 years and brings more than 20 years of experience in Human Resource Management. She originally joined Thomas Cook (India) Limited as General Manager – Human Resources on November 3, 2014, and was later transferred to SOTC Travel Limited as Vice President & Head – Human Resources on April 15, 2019.

Her educational background includes:

• Post Graduate in Human Resources (2006)
• Bachelor's degree in Commerce from Narsee Monjee College (2004)

Before joining Thomas Cook, Ms. Sheth held strategic HR roles at Edelweiss Financial Services Limited (July 2012 – October 2014), ASK Investment Holdings Private Limited (February 2008 – June 2012), and Avenues India Private Limited.

Regulatory Compliance

Both appointments have been made in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2//3762/2026 dated January 30, 2026. The detailed profiles and regulatory disclosures for both appointees have been provided in separate annexures as part of the board meeting outcome disclosure to BSE Limited and National Stock Exchange of India Limited.

Thomas Cook (India) Limited has received contrasting orders from tax authorities, with one providing relief while another confirms significant GST demands. The travel services company informed stock exchanges about these developments on March 18, 2026, under Regulation 30 of SEBI Listing Regulations.

Mumbai Authority Drops Penalty

The Deputy Commissioner, Division III, Mumbai Central, Maharashtra issued a rectification order dropping a penalty that had been imposed on the company. The order provided complete relief from the penalty amount.

Chennai Authority Confirms GST Demand

In contrast to the Mumbai relief, the Commercial Tax Officer, Chennai Central, Tamil Nadu confirmed a substantial GST demand against the company. The order encompasses multiple components including the original short payment, applicable interest, and penalties.

The penalty has been imposed under Section 74 of CGST Act 2017, while the interest component falls under Section 50 of the same Act.

Company Response and Impact Assessment

Thomas Cook India has indicated that it is evaluating the necessary steps regarding the Chennai order. The company has assessed that despite the significant monetary amount involved, there is no material financial or operational impact on the entity.

Both orders were received on March 18, 2026, and the company has fulfilled its disclosure obligations by informing BSE and NSE under the SEBI Master Circular requirements. The intimation has also been uploaded on the company's website for stakeholder access.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 read with Para A of Part A of Schedule III of the SEBI Listing Regulations and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. This demonstrates the company's commitment to maintaining transparency with regulatory authorities and stakeholders regarding material developments.