Teamlease Services Limited (TEAMLEASE) — Announcement

📢 Key Event
TeamLease files writ petition challenging CGST penalty order

🔄 What Changed
Filed writ petition challenging order that upheld penalty

💡 Investor Takeaway
The penalty is a contingent liability with no current financial impact, but legal challenges may lead to recovery attempts.

⚠️ Risks
Potential recovery proceedings under the upheld penalty

TeamLease Services disclosed on June 12, 2026 that it filed a writ petition challenging a CGST & Central Excise (Appeals-III) order dated January 30, 2026 that upheld a penalty of approximately Rs. 32.29 Crores related to alleged invoicing without underlying supply of manpower services from July 2017 to July 2022. The company maintains the order suffers from legal infirmities and seeks interim relief including a stay against recovery. It continues to pursue legal recourse while ensuring compliance with applicable laws and will update exchanges on any material developments.

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