Key Quantitative Figures and Dates

  • Final Dividend: ₹0.60 per equity share (30% on face value of ₹2 each).
  • Board Approval Date: 13th May, 2026.
  • AGM Date for Shareholder Approval: 12th August, 2026.
  • Record Date: Wednesday, 5th August, 2026.
  • Payment Timeline: The dividend will be paid within 30 days from the date of declaration at the AGM.
  • Document Submission Deadline: Wednesday, 5th August, 2026.
  • Resident Individual TDS Threshold: No TDS if aggregate dividend during Tax Year 2026-27 does not exceed ₹10,000.

Parties Involved

  • Regulators: Securities and Exchange Board of India (SEBI), Income Tax Department.
  • Registrar and Transfer Agent (RTA): MUFG Intime India Private Limited.
  • Company Officer: Shalaka Ovalekar, Company Secretary.

Purpose and Rationale

The purpose of this communication is to inform shareholders about the mandatory deduction of TDS on the final dividend as per the provisions of the Income Tax Act, 2025, and to guide them on the process for submitting necessary documents to avail of applicable exemptions or lower withholding rates.

Detailed TDS Provisions

For Resident Shareholders

  • Default TDS Rate: 10% if PAN is registered and linked with Aadhaar.
  • Higher TDS Rate: 20% if PAN is not registered or not linked with Aadhaar (as per Section 397(2)).
  • Resident Individuals: No TDS if total dividend from the company during the tax year does not exceed ₹10,000 (Section 393(4)). They can also submit Form 121 for exemption under Section 393(6).
  • Resident Non-Individuals: Eligible entities (Insurers, Mutual Funds, AIFs, NPS Trust, others) can submit specific self-declarations along with supporting documents (e.g., SEBI/IRDAI registration, PAN) for exemption from TDS.
  • Lower/NIL TDS Certificate: Shareholders can submit a valid certificate issued under Section 395(1) of the Income Tax Act for a lower or nil rate of deduction.

For Non-Resident Shareholders

  • Default TDS Rate: 20% (plus applicable surcharge and cess).
  • DTAA Benefit: Non-resident shareholders can opt for the beneficial rates under the Double Tax Avoidance Agreement (DTAA) between India and their country of residence. To avail this, they must submit:
  • Self-attested copy of PAN (if any).
  • Self-attested copy of Tax Residency Certificate (TRC).
  • Electronic Form 41.
  • A self-declaration certifying tax residency, beneficial ownership, no permanent establishment in India, and eligibility for DTAA benefits.
  • For FIIs/FPIs: Self-attested copy of SEBI registration certificate.
  • Specific documents for Singapore tax residents regarding Article 24 - Limitation of Relief.
  • Lower/NIL TDS Certificate: They can also submit a certificate under Section 395(1) for a lower or nil rate.

Other Provisions

  • Rule 203 Declaration: Required if the dividend income is assessable in the hands of a person other than the registered shareholder.
  • Multiple Accounts: For shareholders with multiple accounts under a single PAN, the highest applicable tax rate will be applied to the entire holding.

Submission Instructions

All relevant documents (Forms 121, self-declarations, certificates, PAN, TRC, etc.) must be submitted on or before Wednesday, 5th August, 2026 to:

  • RTA: MUFG Intime India Private Limited at C-101, Embassy 247, LBS Marg, Vikhroli (West), Mumbai - 400 083. Tel: 08108116767, Toll-free: 1800 1020 878, Email: investor.helpdesk@in.mpms.mufg.com

Financial and Operational Impact

  • The communication details the procedural impact of the dividend distribution and associated tax compliance.
  • The actual financial impact of the dividend outflow is the payment of ₹0.60 per share to eligible shareholders, subject to TDS deductions as outlined.

Additional Information

  • The dividend will be paid only via electronic mode as mandated by SEBI. Physical shareholders must update their KYC details (PAN, nomination, contact details, bank account, signature) with the Company/RTA.
  • The TDS certificate will be emailed to shareholders after the quarterly TDS return is filed. TDS credit can be viewed in Form 168 on the income tax e-filing portal.
  • The company disclaims any advisory role and recommends shareholders seek independent tax advice.