Event Details

Veritas (India) Limited has issued notice for its 41st Annual General Meeting (AGM) scheduled to be held on Thursday, September 03, 2026, at 11:30 A.M. (IST) through Video Conferencing (VC) / Other Audio-Visual Means (OAVM). The deemed venue is the Registered Office of the Company at Floor-1, Plot-18, Vakil Building, S. S. Ram Gulam Marg, New Custom House, Ballard Estate, M.P.T., Mumbai - 400001.

Ordinary Business

1. Adoption of Financial Statements

  • To consider and adopt the Audited Standalone Financial Statements for the financial year ended March 31, 2026, together with Reports of the Board of Directors and Auditors.
  • To consider and adopt the Audited Consolidated Financial Statements for the financial year ended March 31, 2026, together with Report of the Auditors.

2. Declaration of Dividend

  • To declare dividend for Financial Year 2025-26 @ 5%, i.e. ₹0.05 for every equity share of face value of ₹1/- each on 2,68,10,000 equity shares.
  • Total dividend amount: ₹13,40,500/- (Rupees Thirteen Lakh Forty Thousand Five Hundred Only).
  • Dividend to be paid out of accumulated free reserves of the Company.
  • Record Date: Friday, August 28, 2026.
  • Dividend to be paid to beneficial owners as per depository records as of Record Date.

3. Re-appointment of Director retiring by rotation

  • To re-appoint Mr. Paresh V. Merchant (DIN: 00660027) as a Director of the Company who retires by rotation.

Special Business

4. Re-appointment of Mr. Paresh V. Merchant as Managing Director

  • To re-appoint Mr. Paresh V. Merchant (DIN: 00660027) as Managing Director and Key Managerial Personnel for a period of three consecutive years from December 28, 2026 to December 27, 2029.
  • He shall not be entitled to any remuneration, including perquisites, allowances, benefits, performance-linked incentives, severance fees, and sitting fees during this period.
  • The Board may alter, vary or approve payment of remuneration subject to statutory approvals.
  • Mr. Merchant has over 40 years of experience in business management, strategic planning and corporate leadership.
  • His performance evaluation was consistently rated good with no adverse observations.

5. Approval of Material Related Party Transactions of Subsidiaries

  • Approval sought for subsidiaries to enter into/continue related party transactions/contracts/arrangements/agreements.
  • Consolidated turnover of the Company as on March 31, 2026: ₹3,11,262.91 lakhs.
Table 1: Transactions between Verasco FZE and Ignivis Trading FZE
  • Transaction Value: Upto ₹60,000 lakhs comprising:
  • Loans and advances (other than trade advances) or inter-corporate deposits to be given by Verasco to ITF: Upto ₹30,000 lakhs
  • Borrowings by Verasco from ITF: Upto ₹30,000 lakhs
  • Value as % of consolidated turnover: 19.28%
  • Value as % of subsidiary's standalone turnover: 901.62%
  • Value as % of related party's turnover: 92.57%
  • Financial Performance (FY 2025-26):
  • Verasco: Turnover ₹3,02,357.48 lakhs, PAT ₹4,219.05 lakhs, Net Worth ₹98,691.39 lakhs
  • ITF: Turnover ₹64,816.33 lakhs, PAT ₹(2,002.23) lakhs, Net Worth ₹1,647.45 lakhs
Table 2: Transactions between Veritas International FZE and Ignivis Trading FZE
  • Transaction Value: Upto ₹60,000 lakhs comprising:
  • Loans and advances (other than trade advances) or inter-corporate deposits to be given by VI to ITF: Upto ₹30,000 lakhs
  • Borrowings by VI from ITF: Upto ₹30,000 lakhs
  • Value as % of consolidated turnover: 19.28%
  • Value as % of subsidiary's standalone turnover: 19.84%
  • Value as % of related party's turnover: 92.57%
  • Financial Performance (FY 2025-26):
  • VI: Turnover ₹3,02,357.48 lakhs, PAT ₹4,219.05 lakhs, Net Worth ₹98,691.39 lakhs
  • ITF: Turnover ₹64,816.33 lakhs, PAT ₹(2,002.23) lakhs, Net Worth ₹1,647.45 lakhs

Voting Arrangements

  • Remote e-voting period: Monday, August 31, 2026 at 9:00 A.M. to Wednesday, September 02, 2026 at 5:00 P.M.
  • Cut-off date for determining voting rights: Friday, August 28, 2026
  • Scrutinizer: Mr. Jignesh Pandya, Practicing Company Secretary (CP No. 7346)
  • Results to be placed on company website and forwarded to BSE

Dividend Taxation Details

  • TDS applicable on dividend income as per Finance Act 2020
  • Resident members: 10% with valid PAN; 20% without PAN
  • Non-resident members: 20% plus applicable surcharge and cess or tax treaty rate, whichever beneficial
  • No TDS for resident individual members if dividend does not exceed ₹10,000
  • Documents must be submitted by Friday, August 28, 2026

Other Important Information

  • Register of Members and Share Transfer Books will remain closed from Saturday, August 29, 2026 to Thursday, September 03, 2026 (both days inclusive)
  • Unpaid dividends declared up to FY 2017-18 transferred to Investor Education and Protection Fund (IEPF)
  • Shares relating to FY 2017-18 transferred to IEPF Authority on May 20, 2026
  • Dividend payment to physical shareholders mandated only through electronic mode from April 01, 2024

Director Profile - Mr. Paresh V. Merchant

  • DIN: 00660027
  • Date of Birth: September 19, 1963 (Age: 62 years)
  • Qualification: Management Education Programme from IIM Ahmedabad
  • Experience: Over 40 years across diverse industries including textiles, real estate, energy, shipbuilding and heavy engineering
  • Current Positions: Managing Director of Veritas (India) Limited, Non-Executive Director of Swan Defence and Heavy Industries Limited
  • Board Meetings Attendance: 5 out of 5 meetings during the year
  • Shareholding: NIL in the Company

#Tags: #VeritasIndia #AGM #Dividend #RelatedPartyTransactions #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Neutral