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.

Thomas cook (India) Limited has received board approval for the transfer of equity shares under its Employee Stock Option Plan (ESOP) schemes to eligible employees. The development was communicated to stock exchanges through a regulatory filing under SEBI's listing obligations framework.

Board Committee Authorization

The company's Nomination and Remuneration Committee passed a resolution on March 13, 2026, authorizing the transfer of equity shares under two distinct ESOP schemes. The committee acted under the delegation of powers granted by the Board of Directors to facilitate the share transfer process.

ESOP Share Transfer Details

The authorization covers the transfer of equity shares under two separate schemes operated by the company:

Transfer Mechanism

The share transfer will be executed through the Thomas Cook (India) Limited ESOP Trust, with IDBI Trusteeship Services Limited acting as the trustee. The shares will be transferred from the trust's custody to the respective employees based on their entitlements as prescribed under the scheme guidelines.

Regulatory Compliance

The intimation was filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with mandatory disclosure requirements. Company Secretary and Compliance Officer Amit J. Parekh signed the regulatory communication on March 14, 2026.

The ESOP share transfer represents the company's commitment to employee participation in equity ownership, allowing eligible employees to exercise their stock options under the established schemes.