Bharat Seats has accepted the resignation of Venkat Raman Challa from its Board of Directors, effective July 30, 2026. The departure is attributed to a change in nomination from Maruti Suzuki India Limited, which holds membership in the company. This structural change in governance reflects the evolving representation of key stakeholders on the board.

The company disclosed the development to BSE Limited and the National Stock Exchange of India Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was submitted in compliance with SEBI circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Resignation Details

Venkat Raman Challa, identified by DIN 07093663, tendered his resignation due to the change in nomination from Maruti Suzuki India Limited. His tenure concluded at the close of business hours on July 30, 2026.

The resignation letter, signed by Challa, expressed gratitude to the Board Members for their support during his tenure. He wished the company success in its future endeavors. The filing was certified by Ritu Bakshi, Company Secretary and Compliance Officer of Bharat Seats Limited.

Shareholders of bharat seats have formally approved the declaration of a dividend on equity shares for the financial year ended March 31, 2026, alongside key governance resolutions at the company’s 39th Annual General Meeting (AGM). The meeting, held via video conferencing on July 24, 2026, concluded with all five listed resolutions passing with near-unanimous support. A critical outcome was the approval of Mr. Rishabh Relan’s re-appointment as Whole Time Director for a three-year term effective from February 4, 2027, to February 3, 2030. The approvals validate the company’s capital allocation strategy and reinforce its critical supply chain partnership with Suzuki Motorcycle India Private Limited.

The Board of Directors convened the meeting to transact both ordinary and special business items. A requisite quorum was present throughout the proceedings, with 216 members attending through video conferencing or online audio-video messaging (VC/OAVM). The Chairman declared the voting results based on the report submitted by the scrutinizer, Rupinder Singh Bhatia, a Company Secretary in Practice appointed pursuant to Sections 108 and 109 of the Companies Act, 2013, read with Rule 20 of the Companies (Management and Administration) Rules, 2014.

Voting Results and Key Resolutions

The remote e-voting period commenced on July 21, 2026, at 09:00 a.m. and ended on July 23, 2026, at 05:00 p.m., facilitated by National Securities Depository Limited (NSDL). E-voting at the AGM remained open until the conclusion of the meeting. The cut-off date for determining voting entitlements was July 17, 2026.

All five resolutions were passed with significant majority support. The voting pattern for each resolution is detailed below:

Note: For Resolution 5, only votes by public shareholders were considered in accordance with Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Governance and Leadership Continuity

Under ordinary business, shareholders adopted the Audited Financial Statements for FY26, along with the reports of the Board of Directors and Auditors. Mr. Raman Venkat Challa (DIN: 07093663), who retired by rotation, was re-elected as a Director.

Under special business, the shareholders approved the re-appointment and payment of remuneration to Mr. Rishabh Relan (DIN: 07726444) as a Whole Time Director. This resolution ensures continuity in executive leadership for the coming fiscal period. Mr. Relan, aged 35, has been associated with the company since August 2012 and has served as Whole Time Director since February 2021. He holds a Bachelor’s degree in Industrial Engineering from Georgia Institute of Technology and a Diploma in Six Sigma in Lean Manufacturing from the Institute of Industrial Engineering in the United States. He is currently a Director at NDR Auto Components Limited, an associate company, and is the son of Mr. Rohit Relan, Chairman & Managing Director. His shareholding in the company is nil.

Strategic Partnership Validation

A critical outcome of the AGM was the approval of Material Related Party Transactions with Suzuki Motorcycle India Private Limited. This approval is vital for maintaining and expanding the supply chain relationship between Bharat Seats Limited and its key automotive partner. The high level of support (99.831%) from public shareholders underscores confidence in the strategic importance of this partnership to the company’s revenue model and operational stability.

What the Numbers Show

The overwhelming support for all resolutions, particularly the dividend declaration and the related-party transaction approval, signals strong shareholder alignment with management’s strategic direction. The adoption of the FY26 Audited Financial Statements confirms the completion of the statutory audit process for the year ended March 31, 2026. The simultaneous approval of the dividend indicates that the company generated sufficient distributable profits during the fiscal year, reflecting operational health. The explicit shareholder consent for transactions with Suzuki Motorcycle India Private Limited highlights the dependency of Bharat Seats’ business model on this key account, necessitating formal regulatory compliance under SEBI LODR norms.