Dividend Recommendation

The Board of Directors at their meeting held on May 19, 2026 recommended a Dividend of Rs. 1.00 per Equity Share of Rs. 10 each for the Financial Year ended March 31, 2026. The payment is subject to shareholders' approval at the ensuing 27th Annual General Meeting.

TDS Applicability

Pursuant to the Income-tax Act, 2025 as amended by the Finance Act, 2026, dividend income is taxable in the hands of shareholders. The Company is required to deduct tax at source (TDS) at the time of making dividend payments, if declared at the AGM.

Resident Shareholder TDS Rates and Requirements

Table 1: Resident Shareholders Categories

  • Any resident shareholder: 10% with PAN or 20% without PAN/Invalid PAN (PAN-Aadhar not linked)
  • Form 121 submission: NIL TDS for eligible resident individuals fulfilling prescribed conditions (PAN mandatory)
  • Section 395 Order: Rate provided in the Order with self-attested copy of Lower/NIL withholding tax certificate
  • Insurance Companies: NIL TDS with self-declaration of beneficial ownership and documentary evidence
  • Corporations exempt from income-tax: NIL TDS with self-declaration under section 393(5)
  • Mutual Funds: NIL TDS for entities specified in Schedule VII [Table Sl. No. 20 or 21] with self-declaration
  • Alternative Investment Funds (AIF): NIL TDS for Category I or Category II AIFs with documentary evidence
  • Recognized Provident Funds/Approved Superannuation Funds/Approved Gratuity Funds: NIL TDS with self-attested valid documentary evidence
  • National Pension Scheme Trust: NIL TDS as per Section 393(9) of the Act

Important Notes for Resident Shareholders

1. Valid PAN recording is mandatory - absence leads to 20% TDS rate under Section 397(2)

2. Shareholders with multiple accounts under single PAN will have higher applicable tax rate considered on entire holding

3. For dividend taxable in hands of person other than shareholder, declaration under Rule 203 must be filed

Non-Resident Shareholder TDS Rates and Requirements

Table 2: Non-Resident Shareholders Categories

  • Non-resident shareholders (other than FIIs/FPIs): 20% (plus applicable surcharge and cess) subject to applicable Treaty rate
  • FIIs/FPIs: 20% (plus applicable surcharge and cess) subject to applicable Treaty rate under Section 393(2)[Table Sl. No. 15]
  • Section 395 Order: Rate provided in the Order with self-attested copy of certificate

Required Documents for Non-Resident Shareholders

  • Self-attested Copy of PAN Card (if allotted)
  • Self-attested copy of valid Tax Residency Certificate (TRC)
  • E-filed Form 41 (erstwhile Form 10F) on income tax e-filing portal
  • Self-declaration confirming no Permanent Establishment in India and eligibility for Tax Treaty benefits
  • Declaration for establishing genuineness of treaty provisions including GAAR and MLI provisions
  • SEBI Registration certificate for FIIs/FPIs

Important Notes for Non-Resident Shareholders

1. Multiple accounts under single PAN will have higher applicable tax rate considered on entire holding

2. Company is not obligated to apply beneficial tax treaty rates - depends on completeness of documents submitted

Deadline for Document Submission

All required documents must be submitted by Monday, August 31, 2026 11:59 p.m. (IST) through the designated portal: web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html

Consequences of Non-Submission

If tax is deducted at higher rate due to non-receipt of documents, shareholders may file income return and claim appropriate refund if eligible.

Transfer of TDS Credit to Beneficial Owner

For shareholders who are custodians but not beneficial owners of dividend, declaration under Rule 203 of Income-tax Rules, 2026 must be provided by August 31, 2026, containing:

  • Name, address, PAN and residential status of person to whom credit is to be given
  • Payment details for which credit is to be given
  • Reason for giving credit to such person

Communication Channels

All queries to be addressed to RTA: MUFG Intime India Private Limited at investor.helpdesk@in.mpms.mufg.com or through https://web.in.mpms.mufg.com/helpdesk/Service_Request.html

TDS Certificate Distribution

The Company will email soft copy of TDS certificate to shareholders' registered email ID post dividend payment. Credit will be visible in Form 168 downloadable from e-filing account.

Shareholder Updates Required

Shareholders must ensure latest email ID is updated with RTA for communications and bank account details are updated in demat accounts for electronic dividend payment as mandated by SEBI.

Disclaimer

The communication is not tax advice and shareholders should consult tax professionals. Company is not liable for taxes deducted based on shareholder-provided information.

Annexures Provided

  • Annexure 1: Form 121 for resident individuals
  • Annexure 2: Resident Tax Declaration for various exempt categories
  • Annexure 3: Declaration for foreign companies without Permanent Establishment in India
  • Annexure 4: Self-declaration for claiming DTAA benefits
  • Annexure 5: Declaration under Rule 203 for transfer of TDS credit