Transport Corporation of India Limited has officially notified stock exchanges about a significant leadership change in its freight division through a formal regulatory filing dated March 31, 2026. The company announced the cessation of Mr. Ishwar Singh Sigar as Chief Executive Officer of the TCI Freight Division, effective from the close of business hours on March 31, 2026.

Leadership Transition Details

The leadership change has been communicated to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI Listing Regulations. Mr. Sigar's departure from the CEO position is attributed to changes in his roles and responsibilities within Transport Corporation of India. As a consequence of stepping down from the CEO role, he will also cease to be a Key Managerial Personnel of the company from the same date.

Successor Appointment

Mr. Rajendra Sharma has been identified as the successor to lead the freight division. As previously communicated through the company's letter dated February 4, 2026, he was designated as CEO-Designate for TCI Freight and currently serves as Senior Management Personnel. He is set to assume the full responsibilities of Chief Executive Officer for the TCI Freight Division.

Regulatory Compliance and Documentation

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The formal notification was signed by Company Secretary Hansa Sharma and submitted with comprehensive details as required by SEBI Master Circular No. HO/49/14/14/(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

Transport Corporation of India has confirmed in its official communication that there are no reasons for this leadership change beyond the organizational restructuring mentioned. The transition appears to be part of planned internal changes rather than any external factors or performance-related issues.

Transport Corporation of India Limited has received an assessment order under Section 143(3) of the Income Tax Act, 1961, along with a demand notice of ₹81.96 crore for Assessment Year 2024-25. The company disclosed this development under Regulation 30 of SEBI Listing Regulations on March 25, 2026.

Assessment Order Details

The assessment order was issued by the Assessment Unit of the Income Tax Department for Assessment Year 2024-25, covering Financial Year 2023-24. The company received the order via email on March 25, 2026, without receiving any prior show cause notice.

Nature of Demand

The demand notice amounts to ₹81,96,27,360 (Rupees Eighty-One Crore Ninety-Six Lakhs Twenty-Seven Thousand Three Hundred Sixty only), including applicable interest, issued under Section 156 of the Income Tax Act. The company emphasizes that the assessment order reflects no variation from the returned income.

Company's Position

Transport Corporation of India maintains that it has not committed any violation or contravention under the said order. The company states that while the assessment order shows no additions to the returned income, the demand raised by the department does not clearly indicate the basis for the computation or any corresponding additions.

Key points of the company's position include:

• No additions made to the returned income in the assessment order
• Basis for the demand computation not clearly stated by the department
• The computation appears to be a mistake apparent on record
• No prior show cause notice was received

Planned Course of Action

The company has outlined its strategy to challenge the demand notice:

Financial Impact Assessment

Transport Corporation of India has stated that there is no impact on the company's operations or financial activities. The company expressed confidence in its position, noting that it has strong legal and factual grounds to challenge the demand before the appropriate authority.

The disclosure was made pursuant to Regulation 30 read with sub-para 20 of Para A, Part A of Schedule III of the SEBI Listing Regulations, ensuring compliance with regulatory requirements for material developments affecting the company.