Bandhan Bank Limited has received a GST demand order worth ₹2.99 crores from Gujarat tax authorities, the bank disclosed in a regulatory filing on December 26, 2025. The Deputy Commissioner, Range-2, Gujarat, issued the order under Section 73 of the Central Goods and Services Tax Act, 2017, alleging various GST-related violations.

Details of the GST Demand Order

The demand order encompasses multiple components including tax, interest, and penalty charges. The breakdown reveals the financial impact across different categories:

Nature of Alleged Violations

The order addresses several GST compliance issues pertaining to the financial year 2021-22. The key allegations include:

• Excess or ineligible Input Tax Credit availed and utilized by the bank
• Non-payment of GST on certain income categories
• Other related GST compliance matters

The bank received the demand order on December 26, 2025, and has disclosed the matter in compliance with SEBI listing regulations.

Bank's Response and Impact Assessment

Bandhan Bank has clarified that the GST demand order will not materially impact its financial position or operational activities. The bank emphasized that despite the substantial demand amount, its overall business operations remain unaffected.

The bank is currently examining the merits of the case and plans to initiate appropriate legal remedies. This includes the possibility of filing an appeal before higher tax authorities to contest the demand order.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank has provided comprehensive details as required under the regulatory framework, ensuring transparency with stakeholders and investors regarding this development.

Bandhan Bank has successfully concluded its postal ballot process with shareholders approving the appointment of two key directors to strengthen its board composition. The voting results, announced on December 12, 2025, confirmed both proposed appointments received requisite majority approval through the remote e-voting process.

Voting Results and Approval

The postal ballot process, conducted exclusively through remote e-voting from November 12 to December 11, 2025, saw significant shareholder participation. CS Hansraj Jaria, the appointed scrutinizer, confirmed that both resolutions were passed with the required majority.

Approved Appointments

Avijit Mukerji - Non-Executive Non-Independent Director

The appointment of Mr. Avijit Mukerji (DIN: 03534116) as Non-Executive Non-Independent Director was approved through an ordinary resolution. Nominated by Bandhan Financial Holdings Limited (BFHL), the bank's promoter, Mr. Mukerji brings over three decades of experience in audit and assurance as a former partner at PricewaterhouseCoopers India.

Gauri Prosad Sarma - Independent Director

Shareholders approved the appointment of Mr. Gauri Prosad Sarma (DIN: 09107885) as Independent Director through a special resolution. The former Chief General Manager at Punjab National Bank brings 37 years of banking experience, with expertise in digital banking, fintech, and IT operations.

Director Profiles and Expertise

Regulatory Compliance

The postal ballot process was conducted in compliance with the Companies Act 2013, SEBI LODR Regulations 2015, and Banking Regulation Act 1949. In accordance with Section 12(2) of the Banking Regulation Act, voting rights exceeding 26.00% of total voting rights were restricted, affecting Bandhan Financial Holdings Limited's voting capacity.

Strategic Significance

These appointments align with Bandhan Bank's strategy to enhance board expertise across critical areas. Mr. Mukerji's audit and assurance background is expected to strengthen financial oversight, while Mr. Sarma's extensive banking and digital transformation experience supports the bank's technological advancement initiatives.

The successful completion of this postal ballot process demonstrates strong shareholder confidence in the bank's governance structure and strategic direction, particularly in areas of financial management, digital banking, and risk assessment.