Medi Assist Healthcare Services Limited has disclosed to stock exchanges that the Department of Goods and Services Tax, Maharashtra has initiated a search operation at the Mumbai office of its material wholly-owned subsidiary, Medi Assist Insurance TPA Private Limited.

Search Operation Details

The GST department conducted the search operation on February 16, 2026, under Section 67 of the Central Goods and Service Tax Act, 2017. The proceedings are currently ongoing, with the subsidiary cooperating fully with the department's investigation.

Company's Response and Impact Assessment

Medi Assist Healthcare Services has stated that it does not anticipate any impact on the financials of either the parent company or the subsidiary at this stage. The company emphasized that business operations of both entities remain unaffected despite the ongoing search proceedings.

The subsidiary, Medi Assist Insurance TPA Private Limited, is described as a material wholly-owned subsidiary of the listed entity and is providing full cooperation to the GST department during the investigation.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company filed the intimation on February 17, 2026, through its Company Secretary and Compliance Officer, Rashmi B V.

Current Status

As per the company's disclosure, no specific violations or contraventions have been detailed at this stage, and no quantifiable monetary impact has been identified. The search operation represents a routine regulatory action by the GST authorities, with the company maintaining transparency through timely disclosure to stakeholders.

Medi assist healthcare Services Limited has formally applied to stock exchanges for the reclassification of six entities from promoter and promoter group category to public category, following regulatory requirements under SEBI guidelines.

Regulatory Application Details

The company submitted applications to both BSE Limited and National Stock Exchange of India Limited on February 10, 2026, seeking no-objection certificates for the reclassification process. This move follows board approval granted on February 6, 2026, and builds upon earlier intimations dated January 9, 2026 and February 6, 2026.

Entities Proposed for Reclassification

The application covers six entities currently classified under promoter and promoter group categories:

Notably, all six entities currently hold no equity shares in the company, with NIL shareholding percentages across the board.

Compliance Framework

The reclassification application operates under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation provides the framework for promoter reclassification processes, ensuring transparency and proper disclosure to market participants.

Corporate Structure Impact

The proposed reclassification involves entities from the Bessemer investment group, including Bessemer India Capital Holdings II Ltd as a direct promoter, along with associated entities like Bessemer Health Capital LLC and Bessemer Venture Partners Trust. Additionally, technology companies Perfios Software Solutions Private Limited, Lentra AI Private Limited, and Global Apps Inc are included in the reclassification request.

The company has fulfilled its disclosure obligations by informing stock exchanges and maintaining transparency throughout the reclassification process, with Company Secretary Rashmi B V overseeing compliance requirements.