Dividend Recommendation

The Board of Directors, at their meeting held on May 14, 2026, recommended a final dividend of ₹2 per equity share of face value ₹5 each (40%) for the financial year ended March 31, 2026. This is subject to approval by shareholders at the ensuing Annual General Meeting scheduled for September 9, 2026.

Tax Withholding Requirements

Pursuant to the Income Tax Act, 2025, the company is required to withhold taxes on dividend payments at prescribed rates effective from April 1, 2026. The withholding tax rate varies depending on the residential status of shareholders and documents submitted.

Key Tax Rates and Conditions:

For Resident Shareholders:

  • No TDS if total dividend during TY 2026-27 does not exceed ₹10,000 for resident individuals
  • 10% TDS with valid PAN
  • 20% TDS with no/invalid PAN
  • Lower rates possible with certificate under section 395(1)
  • Nil TDS available for certain entities (LIC, GIC, Business Trusts, Mutual Funds, Category I & II AIFs) upon submission of specific declarations

For Non-Resident Shareholders:

  • 20% plus surcharge and cess for FIIs/FPIs (or treaty rate if beneficial)
  • 10% plus surcharge and cess for Category III AIFs in IFSC
  • 20% plus surcharge and cess for other non-residents (or treaty rate)
  • 30% for residents of Notified Jurisdictional Areas
  • Nil rate for notified Sovereign Wealth Funds and Pension Funds
  • Nil rate for subsidiaries of Abu Dhabi Investment Authority

Documentation Requirements

Shareholders must submit required documents by Friday, September 4, 2026, to enable appropriate tax deduction. Documents include:

  • PAN card copies
  • Form 121 for resident individuals
  • Tax Residency Certificates for non-residents
  • Form 41 for non-residents
  • Various self-declaration forms (Annexures 2-8)
  • Lower tax withholding certificates under section 395(1)

Documents can be uploaded at: https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html

Additional Compliance Notes

  • PAN must be linked with Aadhaar as per section 262 of Income Tax Act
  • Shareholders must update KYC details with RTA MUFG Intime India Private Limited
  • TDS certificates will be issued electronically post dividend payment
  • The company reserves the right to verify PAN details through NSDL utility
  • Higher tax rates will apply for multiple accounts with different residential status under single PAN
  • Shareholders indemnify the company against any tax demands arising from misrepresentation

Record Date and Payment Timeline

The record date for dividend entitlement will be announced separately. The dividend will be payable within prescribed timelines as specified under law after shareholder approval at the AGM.