Bharat Forge Limited has successfully concluded its postal ballot exercise, with shareholders approving the re-appointment of two Whole-Time Directors designated as Executive Directors. The resolutions were deemed passed on Wednesday, April 22, 2026 — the last date specified for e-voting — and the certified true copy of proceedings was submitted to stock exchanges on May 14, 2026 by Company Secretary and Compliance Officer Tejaswini Chaudhari.

Postal Ballot Process and Timeline

The Board of Directors, vide Board Resolution dated February 12, 2026, approved the conduct of the postal ballot through a remote e-voting process. The company availed the services of National Securities Depository Limited (NSDL) as the e-voting agency. Ms. Ashwini Inamdar (Membership No. FCS 9409, CP No. 11226), failing her, Mr. Atul Mehta (Membership No. FCS 5782, CP No. 2486), Partners of M/s. Mehta & Mehta, Practicing Company Secretaries, Pune, were appointed as scrutinizer to conduct the process in a fair and transparent manner.

Key dates in the postal ballot process were as follows:

The notice dated February 12, 2026 was circulated via electronic mode to members whose names appeared on the Register of Members as on the cut-off date of March 13, 2026. A newspaper advertisement was published on March 24, 2026 in the English and Marathi editions of Financial Express and Loksatta respectively.

Re-appointment of Mr. B. P. Kalyani as Executive Director

Shareholders approved the re-appointment of Mr. B. P. Kalyani (DIN: 00267202) as Whole-Time Director designated as Executive Director for five consecutive years with effect from May 23, 2026 (i.e., from May 23, 2026 to May 22, 2031, inclusive of both days). The key terms of his appointment are detailed below:

The e-voting result for this resolution was as follows:

Note: Scrutinizer declared 1,11,239 votes as Invalid Votes.

Re-appointment of Mr. S. E. Tandale as Executive Director

Shareholders also approved the re-appointment of Mr. S. E. Tandale (DIN: 00266833) as Whole-Time Director designated as Executive Director for five consecutive years with effect from May 23, 2026 (i.e., from May 23, 2026 to May 22, 2031, inclusive of both days). The key terms of his appointment are as follows:

The e-voting result for this resolution was as follows:

Note: Scrutinizer declared 1,11,239 votes as Invalid Votes.

Common Terms Applicable to Both Appointments

Both appointments carry identical conditions with respect to duties, conduct, and certain remuneration components:

• Each Executive Director is required to devote full time and attention to the company's operations, acting in the best interest of the company and its subsidiaries, joint ventures, and associate companies.
• Both are liable to retire by rotation.
• Adherence to the company's Code of Conduct and maintenance of confidentiality are mandatory conditions.
• All company policies and associated rules applicable to other employees shall also apply to the Whole-Time Directors, except where expressly stated otherwise.
• Contribution to provident fund, superannuation fund, or national pension fund is included in the computation of the ceiling on fixed remuneration.
• Gratuity is payable as per company policy; encashment of leave is permitted at the end of tenure.
• Provision of car for use on company's business and telephone at residence shall not be considered as perquisites.
• In any financial year where the company has no profits or its profits are inadequate, remuneration by way of salary and perquisites shall be paid subject to requisite approvals under the Companies Act, 2013.
• The Board of Directors is authorised to revise salary and remuneration from time to time, provided total remuneration does not exceed limits prescribed under Section 197 read with Schedule V of the Companies Act, 2013.

The results were simultaneously intimated to stock exchanges and uploaded on the websites of the company and NSDL upon declaration on April 24, 2026.

Bharat Forge Limited has received an income tax appellate order from the Commissioner of Income-tax (Appeals), Income Tax Department, with a reduction of penalty to Rs. 85,29,661 for under-reporting of income for the financial year 2016-17. The order was passed under Section 250 of the Income Tax Act, 1961, dated May 11, 2026, and received by the company on May 12, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Appellate Order

The following table summarises the relevant details of the order as disclosed by the company under Regulation 30 of the Listing Regulations:

Company's Response and Financial Impact

Bharat Forge has indicated that the appellate order is subject to further appeal, and the company is in the process of filing an appeal before the Income Tax Appellate Tribunal (ITAT), Pune, against the said penalty. The company has explicitly stated that there is no material impact on its financials, operations, or other activities as a result of this order. The intimation was signed by Tejaswini Chaudhari, Company Secretary and Compliance Officer, on May 13, 2026.