28 Apr , 2026 By : Debdeep Gupta
Shares of TeamLease Services fell 2% on April 28 after the firm received show-cause notice from EPFO for alleged contraventions in fund management.
At 12 pm on April 28, TeamLease shares were trading 2% lower at Rs 1,225 apiece.
"The Show Cause Notice issued by the Employees' Provident Fund Organisation alleges certain contraventions in relation to the administration and management of funds by the Employees’ Provident Fund Trust. The key observations include: (i) Investment Losses ; (ii) Losses on sale of Bonds and Debentures; (iii) Misappropriation of Reserves ; and (iv) Certain employee-related amounts reflected as recoverable, for which supporting documentation has been sought," said TeamLease in a stock exchange filing.
"Before surrender we have taken clarification from Regional Provident Fund Organisation, Bengaluru (Central) wherein employer is allowed to fund only to the extent of the shortfall arrived as per the Balance Sheet and the same has been funded on March 30, 2022. We are working closely with the department to resolve the demand," the company added.
The company said it is currently evaluating the notice and will take appropriate legal action.
TeamLease Services Limited is a human resource and staffing company. It provides temporary and contractual workers for various industries like retail, manufacturing, and e-commerce.
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