Dividend Recommendation

The Board of Directors, at its meeting held on May 12, 2026, recommended a dividend of Re. 0.50 (Rupee Fifty paise only) per equity share of face value Rs. 1/- each for the Financial Year ended March 31, 2026.

Governing Law

The dividend distribution is governed by the newly implemented Income Tax Act, 2025, effective from April 1, 2026, which makes dividends taxable in the hands of shareholders, mandating TDS by the company.

Key Dates

  • Board Meeting Date: May 12, 2026
  • 49th AGM Date: Thursday, September 10, 2026 (Dividend subject to shareholder approval)
  • Document Submission Deadline: Thursday, August 27, 2026 (Cut-off period for submitting TDS-related documents)

TDS Provisions for Resident Shareholders

  • Standard Rate: 10% TDS under Section 393(1) and 393(4) for shareholders with a valid PAN.
  • Higher Rate: 20% TDS under Section 397(2) for shareholders without PAN, invalid PAN, or if PAN is not linked with Aadhaar as per Section 262.

Exemptions for Resident Individuals

No TDS if:

  • Total dividend received during Tax Year 2026-27 does not exceed Rs. 10,000.
  • The shareholder provides a duly filled Form 121 (template in Annexure 1).
  • An exemption certificate is issued by the Income-tax Department.

Exemptions for Resident Non-Individuals (Upon submitting Annexure 2)

No TDS for specific entities upon providing self-declarations and supporting documents:

  • Insurance Companies: Must qualify as an 'Insurer' per the Insurance Act, 1938.
  • Mutual Funds: Must be SEBI-registered and notified under the relevant sections of the Act.
  • Alternative Investment Funds (AIF): Must be SEBI-registered Category I or II AIF with exempt income.
  • NPS Trust: Must qualify as an NPS trust under the Indian Trusts Act, 1882.
  • Other Non-Individuals: Must provide documentary evidence supporting exemption.

TDS Provisions for Non-Resident Shareholders

  • Domestic Law Rate: A base TDS rate of 20% (plus applicable surcharge and cess) under Section 393(2) and 207(1).
  • DTAA Benefit: Shareholders can opt for more beneficial rates under Double Tax Avoidance Agreements by submitting:
  • i. Self-attested PAN copy
  • ii. Tax Residency Certificate (TRC) for FY27
  • iii. Mandatory online filing of Form 41
  • iv. Self-declaration of treaty eligibility (Annexure 3)
  • v. If no PAN, details as per Annexure 4 (name, email, contact, foreign tax ID, address)
  • vi. For FIIs/FPIs: SEBI registration certificate
  • vii. For Singapore residents: Evidence for non-applicability of Article 24 of India-Singapore DTAA.
  • The company is not obligated to apply DTAA rates and will do so only after a satisfactory review of submitted documents.

General TDS Provisions

  • Lower/Nil TDS Certificate: Shareholders (resident or non-resident) can provide a certificate under Section 395(1) for lower or nil withholding tax.
  • Multiple Demat Accounts: For a single PAN with shares held under different statuses, the highest applicable TDS rate will be applied to the entire holding.
  • Rule 203 Declaration: If dividend income is assessable in the hands of a person other than the registered shareholder (e.g., a beneficiary), a declaration as per Rule 203 of Income Tax Rules 2026 (Annexure 5) must be filed.

Submission Process

  • All documents (Form 121, Annexures, certificates) must be uploaded via the designated portal: https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html by August 27, 2026.
  • Documents sent after the cut-off date will be accepted at the sole discretion of the company.
  • Designated Email IDs for Queries:
  • Resident Shareholders: Csgexemptforms2627@in.mpms.mufg.com
  • Non-Resident Shareholders: NRI.exemptiondocs@thomascook.in

Post-TDS Actions

  • Shareholders can claim a refund by filing an income tax return if TDS is deducted at a higher rate.
  • Tax credit can be viewed in Form 168 on the TRACES portal (https://www.tdscpc.gov.in) or the e-filing website (https://www.incometax.gov.in).

Additional Request

Shareholders are requested to ensure their bank account details are updated in their demat accounts/physical folios to facilitate direct credit of the dividend.

Disclaimer

The communication includes a standard disclaimer stating it is not to be treated as advice from the company, its affiliates, or its RTA (MUFG Intime India Private Limited).