Bajaj Electricals Limited has announced a postal ballot notice seeking shareholder approval for key governance matters, including the appointment of a new Independent Director and remuneration approvals amid challenging financial conditions. The company has now confirmed the dispatch of the postal ballot notice dated February 9, 2026, through newspaper publications in compliance with SEBI Listing Regulations.

Regulatory Compliance and Notice Dispatch

The company confirmed the dispatch of its postal ballot notice through newspaper advertisements published on March 27, 2026, in The Free Press Journal (English) and Navshakti (Marathi). This publication fulfills the requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Resolutions for Shareholder Approval

The postal ballot covers two critical corporate governance matters that require special resolution approval:

Independent Director Appointment Details

Mr. Pramod Agrawal, former Chairman and Managing Director of Coal India Limited, has been proposed for appointment as an Independent Director for a five-year term from February 9, 2026, to February 8, 2031. The 62-year-old IAS officer brings extensive administrative experience across state and central government positions.

Professional Background:

• Former CMD of Coal India Limited
• Joint Secretary in Department of Disinvestment, Ministry of Finance
• Principal Secretary in Government of Madhya Pradesh
• Distinguished visiting professor at IIM Ranchi
• B.Tech (Civil) from IIT Mumbai and M.Tech (Design Engineering) from IIT Delhi

Mr. Agrawal currently serves as an Independent Director on several listed companies including The Tata Power Company Limited, Tata Steel Limited, Century Plyboards (India) Limited, and Trident Limited.

E-Voting Schedule and Process

The company has established a comprehensive timeline for the postal ballot process:

Financial Performance and Remuneration Context

The second resolution addresses director remuneration approval amid the company's current financial challenges. Bajaj Electricals reported inadequate profits for FY 2025-26, necessitating special shareholder approval for director compensation.

Financial Highlights (Standalone):

The company's Consumer Products vertical experienced a significant 25% revenue decline in Q3 FY 2025-26, primarily due to channel inventory normalization measures and underperformance of summer-related product categories.

Recovery Measures and Future Outlook

Management has outlined several strategic initiatives to address current challenges:

• Channel Restructuring: Transition to secondary offtake-led execution model
• Price Increases: 2-5% price increases effective February 1, 2026
• Cost Rationalization: Comprehensive review of logistics and operational costs
• Portfolio Expansion: Entry into Switchgear, Solar Solutions, and Wires segments

The company generated operating cash flow of ₹211 crore in Q3 FY 2025-26 and maintained cash and cash equivalents of ₹620 crore, providing financial flexibility for strategic initiatives.

Source: None/Company/INE193E01025/5c472a66-166e-4111-a203-f83cbfa96196.pdf

Bajaj Electricals Limited has received another favorable outcome in a separate GST dispute, with the appellate authority reducing the demand to Rs. 4.60 lakh including penalty. The company disclosed this latest development through a regulatory filing on March 26, 2026, marking the resolution of a different GST case from its earlier reported matter.

Latest GST Appeal Order Details

The company received an Appeal Order dated March 13, 2026, from the Office of the Commissioner, Appeals-I, CGST & CX, Mumbai, delivered on March 25, 2026, at 14:00 hours through courier. The order was issued under Section 107 of the CGST Act 2017, with the appellate authority partially accepting the company's submissions.

Background of This GST Case

This matter originated from an assessment order issued by the Superintendent, Range-I, Division-II, CGST & Central Excise, Mumbai South Commissionerate, Maharashtra. The original gross demand was Rs. 11.51 lakh, including a general penalty of Rs. 1.68 lakh, based on alleged GST input mismatch issues.

The company had previously made a partial payment of Rs. 6.71 lakh, which included a general penalty of Rs. 0.61 lakh, as communicated in January 2026. The remaining portion of the demand was pending before the appellate authority until this recent order.

Management's Legal Strategy

Bajaj Electricals' management is currently evaluating appropriate legal options in response to this appellate order. The potential courses of action include:

• Filing an appeal before the appropriate appellate tribunal
• Filing a writ petition before the Hon'ble High Court against the Appeal Order

Financial Impact Assessment

The company has clarified that the financial impact of this Appeal Order, if it materializes, would be limited to the extent of the demand raised and penalty levied. Bajaj Electricals emphasized that there is no impact on its operational, financial, or other activities due to this order or assessment.

Regulatory Compliance Framework

This disclosure was made pursuant to Regulation 30 of the SEBI Listing Regulations, specifically under sub-para 8 of Para B and/or sub-para 20 of Para A, Part A of Schedule III. The filing follows the company's established policy on the Determination of Materiality for Disclosure of Events or Information, ensuring transparency with stakeholders regarding material legal developments.