PNB Housing Finance Limited has disclosed receiving an income tax demand of ₹107.92 crores from the Deputy Commissioner of Income Tax, Central Circle 14, Delhi, covering assessment years 2019-20 and 2020-21. The company made this disclosure on December 23, 2025, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Income Tax Order Details

The income tax order dated December 22, 2025, was issued under sections 153C read with 153A and 144 of the Income Tax Act, 1961. The order resulted from a search conducted on a third party and led to the disallowance of certain revenue expenses and deductions.

Company's Response Strategy

PNB Housing Finance has identified several errors in the income tax order, including the application of incorrect tax rates. To address these issues, the company plans to file a rectification application under section 154 of the Income Tax Act, 1961, before the Deputy Commissioner of Income Tax, Central Circle 14, Delhi.

The company stated that the current order does not contain any additional disallowances beyond those already identified in regular assessment proceedings. The disallowances mentioned in this order are reiterations of issues previously raised during regular assessment procedures.

Existing Appeal Process

PNB Housing Finance has already filed an appeal against the disallowances identified in the regular assessment proceedings with the Income Tax Appellate Tribunal, Delhi.

Financial Impact Assessment

Despite the claims amounting to ₹107.92 crores, PNB Housing Finance expects a favorable resolution. Based on the company's assessment, it does not anticipate any material financial impact on its operations.

The company's expectation of a positive resolution appears to be based on its assessment of the errors in the order and its ongoing appeal processes for similar disallowances in regular assessment proceedings.

PNB Housing Finance Limited has announced a senior management change with the elevation of Mr. Mukesh Agarwal as Function Head, effective December 15, 2025. The company informed stock exchanges about this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Elevation Details

The elevation pertains to Agarwal's role as Chief Sales Officer-Retail. The following table summarizes the key details of this management change:

Professional Background

Mr. Mukesh Agarwal, currently Chief Sales Officer-Retail, brings 21 years of experience in the finance industry. As a seasoned finance professional and Chartered Accountant (ICAI 2003), Agarwal has extensive experience in credit, underwriting, policy formulation, and sales leadership across leading financial institutions.

Career Progression at PNB Housing Finance

Agarwal has demonstrated significant growth during his tenure with PNB Housing Finance Limited. His career progression within the organization includes:

Throughout his tenure, Agarwal has been instrumental in driving credit operations and policy frameworks, leveraging his expertise in credit risk management and business strategy.

Prior Experience

Before joining PNB Housing Finance Limited, Agarwal worked with several prominent financial institutions, including Standard Chartered Bank, ICICI Bank, and IndusInd Bank. His experience at these institutions focused on credit initiation, regional credit management, and audit functions, providing him with a comprehensive understanding of the banking and financial services sector.

Regulatory Compliance

The company has fulfilled all disclosure requirements pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The information has also been made available on the company's website at https://www.pnbhousing.com/ .

This elevation reflects PNB Housing Finance Limited's commitment to recognizing and promoting internal talent while strengthening its leadership team for continued growth in the competitive housing finance sector.