Dividend Recommendation

The Board of Directors at its meeting held on May 21, 2026 recommended a dividend of ₹1.5 per equity share of ₹10 each (15%) for FY 2025-26, subject to shareholder approval at the forthcoming Annual General Meeting.

Key Dates

  • AGM Date: Thursday, August 06, 2026
  • Record Date: Thursday, July 30, 2026
  • Dividend Payout Date: From Monday, August 10, 2026
  • Last date to submit tax-related documents: Thursday, July 30, 2026

Tax Deduction Framework

As per Income Tax Act, 2025, dividend is taxable in the hands of shareholders, and the company is required to deduct TDS at the time of dividend payment if approved by shareholders.

For Resident Shareholders

  • TDS rate of 10% under Section 393(1) read with 393(4) for shareholders with valid PAN
  • TDS rate of 20% under Section 397(2) for shareholders without PAN/invalid PAN/PAN not linked with Aadhaar

Exemptions for Resident Individuals

No TDS if:

  • Total dividend amount during TY 2026-27 does not exceed ₹10,000
  • Shareholder provides valid Form 121
  • Exemption certificate issued by Income-tax Department

Resident Non-Individual Categories

Specific documentation requirements for:

  • Insurance Companies: Self-declaration of qualification as 'Insurer' under Insurance Act, 1938, PAN copy, and registration certificate with IRDA/LIC/GIC
  • Mutual Funds: NIL TDS rate with self-declaration of SEBI registration, PAN copy, and SEBI registration certificate
  • Alternative Investment Funds: Self-declaration of exemption under Schedule V, PAN copy, and SEBI AIF registration certificate
  • National Pension System Trust: Self-declaration of qualification as NPS Trust, PAN copy
  • Other Non-Individual Shareholders: Documentary evidence supporting exemption with PAN copy

For Non-Resident Shareholders

Domestic Tax Law
  • TDS rate of 20% plus applicable surcharge and cess under Section 393(2)
  • Lower/NIL withholding possible with certificate under Section 395(1)
DTAA Benefits

To avail DTAA benefits, non-resident shareholders must submit:

  • Self-attested PAN copy
  • Tax Residency Certificate (TRC) for 2026-27 or calendar year 2026 valid as on record date
  • Form 41 for TY 2026-27 executed electronically from Income tax portal
  • Self-declaration of meeting treaty eligibility and beneficial ownership requirements (TY 2026-27)
  • For FIIs/FPIs: SEBI registration certificate
  • For Singapore residents: Evidence demonstrating non-applicability of Article 24 limitation of relief

Additional Provisions

  • TDS at higher rate (20%) for non-linkage of PAN with Aadhaar under Section 262
  • Declaration under Rule 203 required if dividend income assessable in hands of person other than deductee
  • Higher tax rate applicable across all accounts for shareholders holding under multiple statuses with single PAN

Document Submission Process

Tax-related documents (Form 121, documents under Sections 393(5), 393(6), etc.) must be uploaded at https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html on or before July 30, 2026.

Post-Deduction Options

Shareholders can file income return and claim appropriate refund if eligible, and view tax credit in Form 168 via TRACES portal or Income Tax e-filing website.

Shareholder Requirements

Shareholders must ensure bank account details in demat accounts/physical folios are updated for timely dividend credit.