TeamLease Services Ltd

Meeting Details

• Conference call for Q2 FY27 results on Thu, 5 November 2026 at 05:00 PM IST.
• Organised by HDFC Securities Ltd.
• Type: group, virtual conference call.

Participants

• Company management: MD & CEO; CFO & COO; CEO - Specialized Staffing; Senior VP - Staffing.

Purpose

• Purpose: discuss Q2 FY27 results with investors.

Additional Notes

• Recording/presentation availability not specified.

Meeting Details

• Board meeting scheduled for November 5, 2026 at 12:00 Noon IST; location not disclosed.

Key Agenda Items

• Unaudited standalone and consolidated financial results for Q2 FY27 (quarter and half-year ended Sep 30, 2026).

Other Notes

• Trading window closed for designated persons and their immediate relatives from Oct 1, 2026 to Nov 9, 2026.
• Notice of the board meeting will be available on the company website.

Key Update

• Show Cause Notice from Karnataka Department of Commercial Taxes (KGST Act) and CGST Act for FY 2022-23.
• Date of receipt: September 29, 2026.
• Period disputed: April 2022 to March 2023.
• Total liability proposed: INR 52,76,08,537.
• Tax portion: INR 28,91,89,566.
• Interest: INR 20,95,00,014; Penalty: INR 2,89,18,957.
• Two issues remain; seven were dropped.
• SCN proposes 18% tax on INR 42,47,67,225.
• Company evaluating the notice; reply by Oct 29, 2026.
• 13-day delay in intimation due to internal reporting gap.
• Internal reporting processes strengthened to prevent recurrence.

Litigation Update

• Hearing on Sept 22, 2026 remained at notice stage; adjourned to Nov 30, 2026.
• EPFO affidavit reiterates NEEM trainees are employees; TLSU disputes and pursues remedies.

ESG rating

• SES ESG Research assigned SES ESG SCORE 70.4, equivalent to a B+ overall ESG rating.
• The company did not engage SES ESG; rating produced independently from public information.
• Rating is published publicly and accessible on SES ESG site.

TeamLease Services Limited - Trading Window closed from Oct 01, 2026 to Nov 09, 2026 in relation to unaudited financial results for the quarter and half year ended Sep 30, 2026; reopening date to be intimated

Formation details

• TL Business Solutions Inc. incorporated in Delaware as a wholly owned subsidiary of TeamLease Digital Private Limited.
• Authorized capital: 1,050,000 shares of USD 0.10 par; aggregate USD 105,000.

Ownership & related-party

• Corporation is a related party, 100% owned by TeamLease Digital Private Limited.
• Promoter group has no direct interest; arm's length not applicable for wholly owned entity.

Strategic rationale and regulatory

• Purpose to expand staffing services internationally, strengthening United States presence.
• Incorporation under Delaware General Corporation Law; registered office in Lewes, Delaware; date Sep 23, 2026.

Financials and incorporation costs

• Cost of incorporation includes initial paid-up capital and consultancy and statutory fees.
• Last three years turnover not available for the newly formed entity.

Crystal HR JV exit

• Purpose: Exit of TeamLease's 30% equity stake in Crystal HR JV.
• Initial transfer of 1,800 shares to promoter Srividya V completed Aug 20, 2026.
• Remaining 1,200 shares tendered for buyback; extinguishment to be completed under Exit Agreement.
• Post extinguishment, TeamLease's shareholding in Crystal HR is Nil; JV ceases effective Sept 21, 2026.
• Total divestment: 30% equity in Crystal HR, comprising 3,000 shares.
• Consideration: Rs 10.12 crore cash payable.
• Buyers: Crystal HR & Security Solutions Private Limited and promoter Srividya V.
• Related party transaction; conducted at arm's length with independent valuation.
• Impact: JV ceases to be a joint venture; portfolio rationalisation cited.
• Subject to customary conditions precedent and regulatory approvals for completion.

AGM Details

• AGM held on 18 Sep 2026 at 3:00 PM IST via VC/OAVM.
• Venue deemed at Registered Office; meeting conducted through video conferencing.
• Voting record date: 11 Sep 2026; e-voting window: 15–17 Sep 2026.

Resolutions

• Item 1: Standalone financials adopted with auditor’s report.
• Item 2: Consolidated financials adopted with auditor’s report.
• Item 3: Board’s report adopted.
• Item 4: Re-appointment of Manish Sabharwal as director.

Voting Results

• Item 1: Passed with requisite majority.
• Item 2: Passed with requisite majority.
• Item 3: Passed with requisite majority.
• Item 4: Passed with requisite majority; minor opposing votes.

Dividend

• No dividend proposed or declared at this AGM.

Director & Governance Changes

• MD & CEO appointed: Suparna Mitra, effective 02 Feb 2026.
• Ashok Reddy transitioned to Executive Vice Chairman.
• Manish Sabharwal transitioned to Non-Executive Non-Independent Director.
• Narayan Ramachandran redesignated as Non-Executive Chairman.

Auditors

• Statutory auditors continued; no change.
• Secretarial auditor present; no change disclosed.

Material Related Party Transactions

• No material related party transactions approved at the AGM.

Other Material Updates

• Acquisitions disclosed: TSR Darashaw HR Services full stake; 30% stake in Crystal HR and Security Solutions.

Litigation Update

• Appeal against EPFO order concerning TLSU filed with HC Gujarat.
• Hearing on Sept 01, 2026 remained at notice stage; respondents allotted time to appear.
• Matter adjourned; next hearing scheduled for September 22, 2026.