Bharat Seats Limited has scheduled its 37th Annual General Meeting (AGM) for Tuesday, July 23, 2024, at 11 a.m. through Video Conferencing (VC) and Other Audio Visual Means (OAVM). The meeting will be conducted under the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice and annual report for the financial year 2023-24 have been dispatched electronically to shareholders with registered email addresses.

The company has provided the facility of remote e-voting to enable members to vote on all resolutions proposed at the AGM. The remote e-voting period will commence at 9:00 a.m. on Saturday, July 20, 2024, and conclude at 5:00 p.m. on Monday, July 22, 2024. Shareholders holding shares in physical or dematerialized form are eligible to participate.

The cut-off date to determine eligibility for voting and attending the meeting is Tuesday, July 16, 2024. Only those members whose names appear in the register of members or the register of beneficial owners maintained by depositories as on this date are entitled to vote. Members who have not registered their email addresses are requested to do so to receive notices and participate in e-voting.

For queries related to e-voting, shareholders can refer to the FAQs and user manual available at www.evoting.nsdl.com or contact the support numbers provided in the notice.

Bharat Seats received four penalty orders totaling Rs 271.48 lakhs from the Income Tax Department, Office of the Deputy Commissioner of Income Tax, Central Circle 19, Delhi, on June 24, 2026. The orders were issued under section 271 DA read with section 269ST of the Income Tax Act, 1961, covering assessment years 2019-20, 2020-21, 2021-22, and 2024-25. The company disclosed this information in a regulatory filing submitted to the exchanges on June 25, 2026.

Penalty Breakdown

The penalties are distributed across the specified assessment years, with the highest charge levied for A.Y. 2021-22. The total demand of Rs 271.48 lakhs is broken down as follows:

Company Response and Impact

Bharat Seats has confirmed that it will be filing appeals against the orders for all the mentioned assessment years. Management stated that based on its own assessment and legal advice received, it is confident of a favorable outcome in these appeals. Consequently, the company has stated that no impact is envisaged on its financials, operations, or other activities as a result of these orders. The disclosure was made within 24 hours of receiving the orders.