ICICI Bank has received an Order in Appeal (OIA) from the Maharashtra Goods and Services Tax Department, confirming a substantial tax demand of ₹50,38,09,792 along with equivalent penalty and interest amounts. The bank disclosed this development through a regulatory filing on February 22, 2026.

Background of GST Dispute

The current order stems from an original GST demand that ICICI Bank first disclosed on January 4, 2025. The Maharashtra GST Department had initially issued an Order in Original (OIO) demanding ₹50,38,09,792 as tax liability, accompanied by equivalent amounts in penalty and interest.

Appeal Process Update

Following the original order, ICICI Bank had filed an appeal with the appellate authority. However, on February 21, 2026, at 3:21 p.m., the bank received the Order in Appeal under Section 107 of the Central Goods and Services Tax Act, 2017. The appellate authority has upheld the original demand without providing any relief to the bank.

Financial Impact Details

The confirmed GST demand encompasses multiple components that significantly impact the bank's financial position:

Next Course of Action

ICICI Bank has indicated its intention to continue contesting the GST demand through available legal remedies. The bank stated it will take appropriate steps, including filing a further appeal against the Order in Appeal within the prescribed timelines under GST regulations.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material developments affecting the bank's operations.

ICICI Bank has successfully completed another allotment of equity shares under its employee compensation framework, demonstrating continued progress in its stock-based employee benefit programs. The latest allotment was executed on February 20, 2026, following proper regulatory approvals and internal authorization processes.

Latest Share Allotment Details

The bank has allotted a total of 16,216 equity shares under the ICICI Bank Employees Stock Unit Scheme-2022. Each share carries a face value of Rs.2, representing the bank's ongoing commitment to employee stock participation programs through its newer scheme structure.

Approval Process and Authorization

The allotment received approval from two Executive Directors of the bank, with the final approval granted at 10.36 a.m. on February 20, 2026. This approval was executed under the authority delegated by the Board of Directors during their meeting held on October 21, 2023.

The formal notification was digitally signed by Chetan Vithal Pawar from the Associate Leadership Team at 10:43:53 +05'30', ensuring proper documentation and regulatory compliance for the share allotment process.

Recent Employee Stock Activity

This latest allotment follows previous share allotments under the bank's employee stock programs. The bank had previously allotted 861,046 equity shares under the ICICI Bank Employees Stock Option Scheme-2000 on February 17, 2026, and 936,257 equity shares under the same scheme on February 13, 2026.

Regulatory Communication

ICICI Bank has formally notified both major stock exchanges about this development. The communication was sent to BSE Limited at Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai, and National Stock Exchange of India Limited at Exchange Plaza, Bandra-Kurla Complex, Mumbai, ensuring full transparency and regulatory compliance.

This allotment represents the bank's active implementation of its Employee Stock Unit Scheme-2022, providing eligible employees with equity participation opportunities through this newer scheme framework alongside the existing Employee Stock Option Scheme-2000.