Bharat Gears Limited disclosed on July 31, 2026, that the appeal filed by its Chairman and Managing Director, Surinder Paul Kanwar, against the revocation of his passport has been dismissed by the Ministry of External Affairs. The dismissal raises procedural concerns as the authority disposed of the appeal without providing Kanwar an opportunity to present his case, potentially impacting executive travel and corporate governance continuity.

The Joint Secretary (PSP) & Chief Passport Officer (CPO), Ministry of External Affairs, passed the dismissal order on July 23, 2026, which was received by Mr. Kanwar on July 29, 2026. This development follows a previous disclosure made by the company on April 16, 2026, under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding the initial filing of the appeal.

Mr. Kanwar informed the company that the disposal of the appeal violated the proviso to Section 11(5) of the Passports Act, 1967, which mandates that a reasonable opportunity must be given before disposing of an appeal. Consequently, he is in the process of taking appropriate steps to file a rectification, clarificatory, or appropriate application against the said order.

Despite the legal challenge, Mr. Kanwar assured the Board that he remains fully mindful of his fiduciary duties. He committed to keeping the Board promptly informed of any material developments and advised that statutory authorities be informed accordingly in a fair and transparent manner. The company stated it will continue to inform investors of any material developments in this matter as required by applicable laws and regulations.

Key Details of the Appeal Dismissal

Regulatory Disclosure Context

The intimation was issued pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company referenced its earlier letter dated April 16, 2026, which had notified the stock exchanges about the initiation of the appeal process. Prashant Khattry, Corporate Head (Legal) and Company Secretary, signed the disclosure on behalf of Bharat Gears Limited.

Bharat Gears Limited will hold its 54th Annual General Meeting on August 13, 2026. The meeting will be conducted via video conferencing or other audio-visual means. The company has published the notice for the meeting in newspapers on July 21, 2026.

The Board of Directors approved the financial results for the quarter ended June 30, 2026, on July 20, 2026. The results were reviewed by the Audit Committee. The company reported a net profit of ₹118.59 crore for the quarter ended June 30, 2026, compared to ₹108.84 crore in the previous quarter ended March 31, 2026. Total income from operations stood at ₹781.68 crore for the quarter ended June 30, 2026.

Financial Results

Remote e-voting for the AGM will commence on August 10, 2026, at 9:00 AM and conclude on August 12, 2026, at 5:00 PM. Shareholders whose names appear in the register of members or the register of beneficial owners as of August 6, 2026, are eligible to vote. The facility for remote e-voting is being provided by MNFG Instadem India Private Limited.

The annual report for the financial year 2025-26 has been sent electronically to shareholders whose email addresses are registered with the company. Physical copies of the annual report have been dispatched to shareholders who have not registered their email addresses. The documents are also available on the company's website.