Dreamfolks Services Limited has disclosed receiving a GST show cause notice from the Revenue Bureau of Investigation, marking a significant regulatory development for the airport services company. The notice was issued on February 23, 2026, by the Office of the Special Commissioner of Revenue Bureau of Investigation (South Bengal), Kolkata.

Notice Details and Allegations

The show cause notice centers on alleged violations of place of supply provisions under the Integrated Goods and Services Tax (IGST) framework. The specific allegation pertains to violations of Section 12(3) of the IGST Act, 2017, covering the financial year 2023-24.

Financial Implications

The quantum of claims outlined in the notice represents a substantial amount for the company. The total potential liability includes both GST dues and penalty components.

Company's Response and Impact Assessment

Dreamfolks Services has maintained a measured stance regarding the potential impact of this notice. The company has stated it does not presently envisage any immediate material impact on its financials, operations, or other activities arising from the matter. The management plans to file an appropriate response to the notice within the prescribed timelines as mandated by GST regulations.

Regulatory Compliance and Disclosure

The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company fulfilled its obligation to inform both BSE Limited and National Stock Exchange of India Limited about this material development. The information has also been made available on the company's official website at www.dreamfolks.com , ensuring transparency for all stakeholders.

This development highlights the ongoing scrutiny faced by companies in the services sector regarding GST compliance, particularly around complex provisions such as place of supply determination under the IGST framework.

Dreamfolks Services Limited has issued a postal ballot notice dated February 09, 2026, seeking shareholder approval for a special resolution regarding the reappointment of its Executive Director and Chief Technology Officer. The notice, communicated to stock exchanges on February 23, 2026, outlines the company's proposal for leadership continuity in its technology division.

Special Resolution Details

The postal ballot seeks approval for the reappointment of Mr. Balaji Srinivasan (DIN: 03512187) as Executive Director and Chief Technology Officer. The proposed terms include:

E-Voting Schedule and Process

The company has implemented a remote e-voting system through National Securities Depository Limited (NSDL) for this postal ballot. The voting timeline is structured as follows:

The Board has appointed Mr. Deepak Kukreja (FCS No. 4140) or Ms. Monika Kohli (FCS 5480) of M/s. DMK Associates as scrutinizers for the postal ballot process.

Executive Profile and Contributions

Mr. Balaji Srinivasan has been associated with the company since March 01, 2019, and was appointed as Director on September 02, 2021. He holds a Diploma in Software and Systems Management from NIIT, New Delhi, and brings extensive experience in the technology sector.

Under his leadership, the company has developed an in-house proprietary technology platform enabling clients such as banks, card networks, and enterprises to create customized offerings. His previous roles include Vice President at Genpact India Private Limited, Chief Customer Officer at FarEye, and Chief Technology Officer at Stylofie.com.

Company Performance Overview

The company's financial performance over the past three years demonstrates growth in revenue from operations:

Recognition and Awards

Mr. Srinivasan has received several industry recognitions, including Top 20 India Tech Leaders at the 4th Annual Digital Transformation Summit (Dec-2023), Innovator Award by the Big CIO Show & Awards (May-2022), and Global FinTech Excellence in Leadership by Elets Banking and Finance (2022).

The company has also received multiple awards under his technology leadership, including FinTech Award 2022 by Financial Express, Most Trusted Service Provider for BFSI Sector award in India CX Summit & Awards 2023, and Deloitte India Technology Fast 50 Award in the Travel & Hospitality Tech category (Dec-24).

Compliance and Regulatory Framework

The postal ballot is conducted in compliance with Sections 110 and 108 of the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and relevant MCA circulars. The notice is being sent electronically to members whose email addresses are registered with the company, depositories, or registrar and transfer agent as of the cut-off date.