SBI Life Insurance Company Limited has received a significant rectification order from tax authorities that substantially reduces its tax demand for the financial year 2021-22. The company disclosed this development through a regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Rectification Order Details

The rectification order was received on March 04, 2026 at 03:53 pm from the Deputy Commissioner of Income Tax, Circle 1(3)1, Mumbai. This order was issued under Section 154 read with Section 143(3) of the Income Tax Act, 1961, following the company's rectification application that highlighted incorrect computation of tax demand and applicable interest by the department.

Significant Reduction in Tax Demand

The rectification order has resulted in a substantial reduction in the total tax demand. The company had previously disclosed on March 30, 2024, that it received an income tax order with a significant demand. Following the rectification, the financial implications have been considerably reduced.

Company's Legal Strategy

SBI Life Insurance has maintained a proactive approach in addressing the tax matter. The company had filed an appeal with the Commissioner of Appeals against the original order within the stipulated timeline. Following the receipt of the rectification order, the company will submit this order before the appellate authority.

The company has clarified that the grounds of appeal filed in the original appeal will remain in force even after the deletion of the erroneous demand pursuant to the rectification order. This indicates that the company continues to contest the remaining tax demand through the appellate process.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 read with Para A of Part A of Schedule III of the SEBI Listing Regulations. The company provided comprehensive details including the nature of communication, financial implications, and actions taken in response to the rectification order. No penalties have been imposed pursuant to this communication, and the company has maintained full compliance with regulatory disclosure requirements.

SBI Life Insurance Company Limited has successfully concluded its Board of Directors meeting on February 25, 2026, declaring an interim dividend of Rs 2.70 per equity share for Financial Year 2025-26 and approving postal ballot for material related party transactions. The board meeting commenced at 05:45 P.M. and concluded at 06:05 P.M., addressing key corporate actions under Regulation 30 of SEBI Listing Regulations.

Interim Dividend Declaration

The Board of Directors has declared an interim dividend of Rs 2.70 per equity share with face value of Rs 10 each, representing 27% for Financial Year 2025-26. This dividend will be paid to shareholders whose names appear in the Register of Members or Depository records as on the previously announced record date.

Postal Ballot Approval

The Board has approved seeking shareholders' approval through postal ballot for material related party transactions that the company may enter during FY 2026-27. These transactions will be conducted in the ordinary course of business and at arm's length basis, ensuring compliance with Regulation 23 of SEBI Listing Regulations.

Material Related Party Transactions

The postal ballot will seek approval for material related party transactions with four key entities for FY 2026-27. All proposed transactions are designed to be conducted in the ordinary course of business while maintaining arm's length pricing principles.

Official Communication

The board meeting outcome was formally communicated to stock exchanges through letter reference SBIL/CS/NSE-BSE/2526/182 dated February 25, 2026. The communication was digitally signed by Girish Manik, Company Secretary, ensuring compliance with listing requirements for both NSE and BSE.

The postal ballot notice will be circulated electronically to all eligible shareholders, with the complete outcome also available on the company's website at www.sbilife.co.in for stakeholder reference.