Date: August 26, 2026

Dividend Declaration

  • The Board of Directors declared a final dividend of ₹12.00 per fully paid-up equity share of face value ₹10 each (120%) for FY ended March 31, 2026 at its meeting held on May 06, 2026.
  • Dividend payment is subject to approval by shareholders at the Annual General Meeting (AGM) scheduled on Wednesday, September 23, 2026.
  • Record date for determining eligible shareholders is Wednesday, September 16, 2026.
  • Dividend will be paid after deducting applicable tax at source within stipulated time after AGM approval.

Tax Deduction at Source Procedures

For Resident Shareholders:

  • TDS rate of 10% applies where shareholders have registered valid PAN
  • TDS rate of 20% applies if no PAN/invalid PAN/PAN not linked with Aadhaar
  • No TDS for resident individuals if total dividend during FY 2026-27 does not exceed ₹10,000 or if Form 121 is furnished with all mandatory fields completed
  • No TDS for specific resident non-individuals (Insurance Companies, Mutual Funds, AIFs, NPS Trust) upon providing required declarations and documents as per Annexure 2 format

For Non-Resident Shareholders:

  • Withholding tax at rate of 20% (plus applicable surcharge and cess) on dividend payable
  • Option to be governed by DTAA provisions if more beneficial
  • Required documents: PAN card (or alternative details), Tax Residency Certificate (TRC) for FY 2026-27, e-filed Form 41 valid for April 2026-March 2027, self-declaration of treaty eligibility
  • Specific requirements for Singapore tax residents regarding Article 24-Limitation of Relief
  • SEBI registration certificate required for FIIs/FPIs

General TDS Provisions:

  • Lower/nil withholding possible with certificate under Section 395 of Income Tax Act
  • Certificate must mention Company's TAN: MUMG08506B
  • Higher TDS rate applied for multiple accounts under different status/category with single PAN
  • Declaration under Rule 203 required if dividend income assessable in hands of person other than deductee

Submission Requirements

  • Deadline for submitting all tax-related documents: Thursday, September 10, 2026 till 7:00 PM IST
  • Documents to be uploaded at: https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html
  • Documents submitted after deadline may not be accepted
  • Assistance available at email: cs@garwarehitech.com

Payment Method

  • Dividend will be paid only through electronic mode as mandated by SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated November 3, 2021 (and subsequent amendments)
  • Shareholders must ensure updated bank account details in demat accounts/physical folios
  • Physical folio holders must furnish PAN, nomination choice, contact details, bank account details, and specimen signature

Additional Information

  • Tax credit can be viewed in Form 168 on TRACES portal or Income Tax e-filing website
  • Shareholders can claim refund from Income-tax Authorities if higher TDS deducted
  • Company disclaimer states this communication is not tax advice
  • All annexures (1-4 and Appendix A) are referenced but not included in the text