Updater Services Limited has announced key leadership changes at its material subsidiary Denave India Private Limited, marking a strategic transition as the company prepares for its next phase of growth. The changes involve the resignation of a senior director and the appointment of a new executive leader.

Leadership Transition Details

The Board of Denave India Private Limited approved these leadership changes at its meeting held on January 29, 2026. The transition involves two key appointments that will reshape the executive structure of the material subsidiary.

Outgoing Director

Mr. Snehashish Bhattacharjee will step down from his role as Whole Time Director of Denave India Private Limited with effect from the close of business hours on March 31, 2026. The resignation is intended to enable new leadership for the company's next stage of growth, indicating a planned transition rather than an abrupt departure.

New Executive Appointment

Mr. Sunil Munshi has been appointed as Additional Executive Director of Denave India Private Limited, bringing substantial experience to the role. He is described as a seasoned revenue and growth leader with over 29 years of diverse professional experience. Mr. Munshi holds a B.Tech degree in Electronics and Communication Engineering, providing technical expertise relevant to the company's operations.

Regulatory Compliance

The announcement was made pursuant to Regulation 30(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure ensures compliance with regulatory requirements for material subsidiaries of listed companies. The company confirmed that there are no relationships between the directors in connection with the new appointment.

Company Information

Updater Services Limited, formerly Updater Services Private Limited, operates from Chennai and is engaged in business services. The company maintains its corporate office at Gandhi Mandapam Road, Kotturpuram, Chennai, and trades on both BSE (Scrip Code: 543996) and NSE (Code: UDS).

Updater services Limited has informed stock exchanges about receiving a CGST order of ₹21,99,560/- from the Commercial Tax Officer, Chennai, Tamil Nadu. The company disclosed this development under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Order Details and Allegations

The order was issued under Section 74 of the CGST Act, 2017, dated January 23, 2026. The tax authority has alleged wrongful availment of Input Tax Credit (ITC) on insurance expenses, forming the basis for the monetary demand.

Company's Response and Assessment

Updater Services Limited has expressed disagreement with the tax order, stating that it was passed without considering the response they had submitted against the initial notice. The company's management has assessed that the order lacks merit and expects the financial impact to be negligible.

According to the company's disclosure, they are actively exploring all available legal remedies to contest the order. This includes the possibility of filing a writ petition or an appeal before the appropriate appellant authority.

Financial Impact Assessment

Based on the company's internal evaluation, the expected financial impact from this CGST order is nil. The management believes the order is devoid of merits and is confident about their legal position in the matter.

The disclosure was made in compliance with SEBI regulations and was signed by Sandhya Saravanan, Company Secretary and Compliance Officer, on January 24, 2026.