Bajaj Electricals Limited has received a GST assessment order with a demand of Rs. 67.31 lakh, including penalties, from the Mumbai South Commissionerate. The company disclosed this development to stock exchanges under regulatory compliance requirements on March 31, 2026.

GST Assessment Details

The assessment order was issued by the Office of the Assistant Commissioner of CGST & Central Excise, Division-II, Mumbai South Commissionerate on March 30, 2026. The company received the order on the same day at 17:36 hours.

The demand has been raised on account of non-filing of return, specifically GSTR 3B, by the company's vendors. The penalty of Rs. 33.65 lakh forms a significant portion of the total demand.

Company's Response Strategy

Bajaj Electricals' management is currently evaluating appropriate legal options to address the assessment order. The company has indicated that these options include filing an appeal before the appropriate appellate authority against the said order.

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

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Specifically, the disclosure falls under sub-para 8 of Para B and/or sub-para 20 of Para A of Part A of Schedule III of the SEBI Listing Regulations.

The company has informed both BSE Limited (Code No. 500031) and National Stock Exchange of India Limited (BAJAJELEC - Series: EQ) about this development as part of its compliance obligations. The disclosure was signed by Prashant Dalvi, Chief Compliance Officer & Company Secretary, on March 31, 2026.

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