Benares Hotels Limited has outlined the procedure for tax deduction at source (TDS) on dividend income for the financial year 2026-27, requiring shareholders to comply with specific formalities under the Income Tax Act, 2025. The company communicated that dividend income is taxable in the hands of shareholders and detailed the necessary declarations to ensure appropriate tax withholding. Shareholders must submit relevant forms to the company, its Registrar and Transfer Agent (RTA), or depositories to facilitate correct tax deduction.

The company specified that shareholders seeking to receive income without tax deduction must file Form No. 121 under section 393(6) of the Income Tax Act. This declaration requires the declarant to certify that their estimated total income for the tax year will be nil and that the income does not exceed the maximum amount not chargeable to tax. The form mandates details such as the declarant's name, address, Permanent Account Number (PAN), residential status, and the nature of income.

Additionally, Benares Hotels requires declarations from specific entities to verify their exemption status. Insurance companies, mutual funds, Alternative Investment Funds (AIFs), recognized provident funds, the New Pension System Trust, and business trusts must declare their category and beneficial ownership. These entities must provide self-attested copies of their PAN cards and registration certificates to validate their exemption from withholding tax under section 393 of the Act.

For shareholders residing outside India, the company has mandated a certification process to determine tax liability under section 393. These shareholders must confirm their tax residency status, eligibility for benefits under the relevant Double Tax Avoidance Agreement (DTAA), and the absence of a Permanent Establishment (PE) in India. They must also furnish a valid Tax Residency Certificate (TRC) and details of e-Form 41 filed on the income tax e-filing portal.

The company also instructed stock brokers or intermediaries holding shares on behalf of beneficial shareholders to provide a declaration under Rule 203 of the Income Tax Rules, 2026. This declaration certifies the details of the beneficial shareholders to ensure the TDS certificate is issued in their favour. Benares Hotels Limited has made these procedures available on its website for shareholder reference.

Benares Hotels Limited has announced the resignation of its Independent Director, Mr. Moiz Miyajiwala. The resignation is effective from the close of business hours on May 23, 2026. This decision was taken in accordance with the prescribed age limit applicable to Independent Directors.

Consequently, Mr. Miyajiwala has ceased to be the Chairman of the Nomination and Remuneration Committee and the Audit and Risk Management Committee of the company. The Board of Directors placed on record its appreciation for his valuable contribution and guidance during his tenure.

Details of Resignation

The company disclosed that Mr. Miyajiwala confirmed there are no material reasons for his resignation other than those stated in his letter. The specific details regarding the change in directorship were provided in the regulatory filing.

Other Directorships

Mr. Miyajiwala holds directorships in other listed entities. He serves as an Independent Director at Oriental Hotels Limited. Additionally, he holds key committee positions in that organization.

The resignation has been communicated to the stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.