Dividend Recommendation

The Board of Directors, at their meeting held on May 05, 2026, recommended a Final Dividend of ₹0.20 (Twenty Paise) per equity share of face value ₹2 each for the Financial Year ended March 31, 2026. This dividend is subject to approval by shareholders at the forthcoming 87th Annual General Meeting (AGM).

Key Dates

  • Record Date: The dividend will be payable to shareholders whose names appear on the Register of Members or in depository records as of the record date (to be announced).
  • Document Submission Deadline: Shareholders must submit all required TDS-related documents to the Registrar and Transfer Agent (RTA) on or before Tuesday, September 15, 2026.

TDS Provisions for Resident Shareholders

General Rates:

  • 10% TDS: Applied if a valid Permanent Account Number (PAN) is registered.
  • 20% TDS: Applied if PAN is absent, inoperative, invalid, or not linked with Aadhaar (as per Section 397(2) of the IT Act, 2025).

Exemptions for Resident Individuals:

No TDS will be deducted if:

1. The total dividend received during FY 2026-27 does not exceed ₹10,000.

2. The shareholder provides a duly filled Form 121 (subject to the Company's discretion and eligibility conditions).

3. An exemption certificate is issued by the Income-tax Department.

Exemptions for Resident Non-Individuals (Subject to Submission of Required Documents):

  • Insurance Companies: Must provide a self-declaration, PAN, and IRDA registration certificate.
  • Mutual Funds: Must provide a self-declaration, PAN, and SEBI registration certificate.
  • Alternative Investment Funds (AIFs): Category I or II AIFs must provide a self-declaration, PAN, and SEBI AIF registration certificate.
  • NPS Trust: Must provide a self-declaration and PAN.
  • Business Trusts: Must provide a self-declaration.
  • Government, RBI, Tax-Exempt Corporations: Must provide a self-declaration and PAN.
  • Other Exempt Entities: Must provide relevant exemption provisions, self-declaration, PAN, and any certificates.

Lower/Nil TDS Certificate:

Shareholders can provide a certificate under Section 395 of the IT Act, 2025, issued by tax authorities for lower or nil withholding rates for FY 2026-27.

TDS Provisions for Non-Resident Shareholders

Domestic Tax Law:

  • Default Rate: 20% (plus applicable surcharge and cess).
  • Specified Funds: 10% TDS for funds referred to in Schedule VI [Note 1(g)] of the IT Act 2025, upon submission of a self-declaration and PAN.
  • Lower/Nil TDS Certificate: A certificate under Section 395 can be submitted for a lower rate.

Double Tax Avoidance Agreement (DTAA):

Non-resident shareholders can opt for beneficial DTAA rates by submitting the following documents by September 15, 2026:

1. Self-attested copy of PAN card.

2. Self-attested copy of Tax Residency Certificate (TRC) for FY 2026-27.

3. Mandatory online filing of Form 41 on the Income Tax e-filing portal.

4. A self-declaration of meeting treaty eligibility and beneficial ownership requirements.

5. For FIIs/FPIs: SEBI registration certificate.

6. For Singapore tax residents: Evidence demonstrating non-applicability of Article 24 (Limitation of Relief) under the India-Singapore DTAA.

The application of DTAA rates is at the Company's discretion based on document completeness.

Additional TDS Provisions

  • PAN-Aadhaar Linking: PAN becomes inoperative if not linked with Aadhaar, triggering a 20% TDS rate under Section 397.
  • Declaration under Rule 203: Required if dividend income is assessable in the hands of a person other than the registered shareholder.
  • Multiple Accounts: The highest applicable tax rate across all accounts under a single PAN will be applied to the entire holding.

Submission Process

  • Recipient: All documents must be submitted to the Registrar and Transfer Agent, M/s. Bigshare Services Private Limited.
  • Address: S6-2, 6th floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai 400093.
  • Online Portal: https://www.bigshareonline.com/Investorlogin.aspx
  • Format: Scanned, self-attested copies with the statement "certified true copy of the original". Originals may be requested later.
  • Joint Holdings: The first-named shareholder must furnish the documents.

Payment and Refunds

  • The dividend, after TDS deduction, will be paid electronically after shareholder approval at the AGM.
  • No refund claims will be entertained by the Company; shareholders must claim refunds via their income tax returns.
  • TDS is deducted based on records from Depositories (NSDL/CDSL) or the RTA (for physical shares); no revisions to TDS returns will be made.
  • TDS credits can be viewed in Form 168 on the TRACES portal or the Income Tax e-filing website.

Shareholder Updates Required

  • KYC and Bank Details: Shareholders must ensure their latest bank account details are updated in their demat accounts or physical folios to receive direct credit of dividends.
  • Email and Contact Details: Shareholders must update their email IDs and mobile numbers with the Depository/RTA.
  • Physical Shareholders Mandate: Effective April 1, 2024, SEBI mandates electronic dividend payments. Physical shareholders must furnish PAN, nomination (optional), contact details, bank account details, and specimen signatures to the Company/RTA.

Special Window for Physical Shares

Pursuant to SEBI Circular dated January 30, 2026 (HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026), the Company offers a Special Window from February 05, 2026, to February 04, 2027, for re-lodging transfer deeds of physical shares that were lodged before April 01, 2019, and were rejected/returned due to deficiencies. Re-lodged shares will be issued in dematerialized form and locked-in for one year from the transfer registration date, during which they cannot be transferred, lien-marked, or pledged.

Disclaimer

The communication summarizes TDS provisions and does not constitute a complete tax analysis. Shareholders are advised to consult their own tax advisors.

Contacts

All queries are to be directed to the RTA at tds@bigshareonline.com.