Bharat Seats Limited has officially declared the results of its postal ballot process, confirming overwhelming shareholder approval for material related party transactions with Maruti Suzuki India Limited. The company's Chairman declared the results on March 13, 2026, based on the Scrutinizer's Report, with the resolution passing with requisite majority.

Official Declaration and Regulatory Compliance

The company submitted its formal declaration to both BSE Limited and National Stock Exchange of India Limited on March 13, 2026. The disclosure was signed by Company Secretary and Compliance Officer Ritu Bakshi (Membership No.: F3401) and submitted in compliance with regulatory requirements under SEBI LODR Regulations, 2015.

Postal Ballot Results and Shareholder Participation

The postal ballot witnessed exceptional shareholder support for the proposed resolution. A total of 237 shareholders participated in the voting process, casting 10,81,324 votes through the electronic voting platform with remarkable consensus.

E-Voting Process and Timeline

The remote e-voting facility was conducted through the National Securities Depository Limited (NSDL) platform. The comprehensive voting process spanned over a month to ensure maximum shareholder participation and regulatory compliance.

Category-wise Voting Analysis

The voting results demonstrated varied participation across different shareholder categories, with public non-institutional shareholders showing the highest engagement in the voting process.

Scrutinizer Oversight and Regulatory Framework

CS Rupinder Singh Bhatia, a practicing Company Secretary, served as the scrutinizer for the postal ballot process. The appointment was formalized during the Board meeting held on February 3, 2026, ensuring compliance with Sections 108 and 110 of the Companies Act, 2013, and relevant SEBI regulations. The scrutinizer's report dated March 13, 2026, confirmed that the voting process adhered to all regulatory requirements and was conducted transparently.

The approved ordinary resolution specifically addresses material related party transactions with Maruti Suzuki India Limited. Under SEBI LODR Regulations, 2015, particularly Regulation 23, only public shareholders' votes were considered for this resolution, explaining the promoter group's non-participation in the voting process. The Chairman's declaration marks the formal completion of the postal ballot process, enabling the company to proceed with the approved transactions.

Bharat Seats Limited has issued a postal ballot notice seeking shareholder approval for enhanced related party transactions with Maruti Suzuki India Limited. The notice, dated February 03, 2026, proposes to increase the transaction limit from Rs 1300 crores to Rs 2400 crores per financial year.

Enhanced Transaction Limits

The company seeks approval for material related party transactions covering various business activities with Maruti Suzuki India Limited. The proposed resolution aims to modify the earlier approval granted at the Annual General Meeting held on July 9, 2025.

Rationale for Enhancement

The transaction limit enhancement stems from the amalgamation of Suzuki Motor Gujarat Private Limited with Maruti Suzuki India Limited, effective December 01, 2025. Previously, Bharat Seats had separate transaction approvals for both entities - Rs 1300 crores for MSIL and Rs 500 crores for Suzuki Motor Gujarat Private Limited.

The Audit Committee and Board of Directors approved this enhancement in their respective meetings held on February 3, 2026, recommending it to shareholders for approval.

E-Voting Schedule

The postal ballot process will be conducted entirely through electronic voting, with notices sent only to shareholders whose email addresses are registered with the company or depositories.

Transaction History and Performance

Bharat Seats' existing relationship with Maruti Suzuki demonstrates substantial business volumes. For FY 2024-25, actual transactions totaled Rs 88,258.08 lakhs, while nine months ended December 31, 2025, recorded Rs 85,267.54 lakhs.

Regulatory Compliance

The proposed transactions represent 186.22% of Bharat Seats' annual consolidated turnover for the immediately preceding financial year, qualifying as material related party transactions under SEBI regulations. Maruti Suzuki India Limited, holding 14.81% equity in Bharat Seats, is classified as a promoter entity.

The company has appointed Mr. R.S. Bhatia and Mr. Hardev Singh as scrutinizers to ensure fair and transparent conduct of the postal ballot process. All transactions will be conducted at arm's length basis and in the ordinary course of business, verified by independent third-party transfer pricing consultants.