Carraro India Limited has officially declared the results of its postal ballot process, with shareholders demonstrating overwhelming support for a material related party transaction. The company announced the results on March 31st, 2026, through regulatory filings to BSE and NSE, following a comprehensive e-voting process that maintained high standards of corporate governance and regulatory compliance.

Voting Results and Shareholder Participation

The postal ballot, conducted for approving a material related party transaction through an ordinary resolution, achieved remarkable shareholder consensus. The voting statistics reveal strong institutional backing and measured retail participation across different shareholder categories.

Category-wise Voting Analysis

The voting pattern across different shareholder categories highlighted distinct participation levels and unanimous institutional support. Public institutions demonstrated complete alignment with the proposed transaction, while retail investors showed measured but positive response.

Notably, promoter and promoter group shareholders, holding 39,095,857 shares, abstained from voting due to their interest in the agenda, as required under regulatory provisions.

Process Timeline and Regulatory Compliance

The postal ballot process followed a structured timeline ensuring adequate shareholder communication and voting opportunity. The company maintained strict adherence to regulatory requirements throughout the process.

Scrutinizer Oversight and Transparency

Ms. Ashwini Inamdar from Mehta & Mehta, Company Secretaries, served as the appointed scrutinizer, ensuring the voting process met all regulatory standards. The scrutinizer's report confirmed that the postal ballot was conducted in a fair and transparent manner, with proper maintenance of electronic records as required under the Companies Act, 2013.

The e-voting facility was provided by MUFG Intime India Private Limited, with votes being unblocked in the presence of witnesses on March 29th, 2026. The process included comprehensive documentation and verification procedures to maintain the integrity of the voting mechanism.

Corporate Governance and Compliance Framework

The postal ballot process demonstrated Carraro India Limited's commitment to robust corporate governance practices. The company ensured compliance with multiple regulatory frameworks, including the Companies Act, 2013, SEBI Listing Regulations, and various MCA circulars. The electronic-only communication approach aligned with current regulatory guidelines while maintaining accessibility for all eligible shareholders.

Company Secretary Mohith Kumar Khandelwal oversaw the administrative aspects of the process, ensuring proper documentation and regulatory filings. The results and related documents have been made available on the company's investor relations website, maintaining transparency and accessibility for stakeholders.

Carraro India Limited has received a significant favourable ruling from customs authorities, obtaining complete relief from a substantial tax demand of ₹7,92,36,269. The company announced this development through a regulatory filing under Regulation 30 of SEBI Listing Regulations.

Customs Order Details

The favourable order was issued by the Office of the Commissioner of Customs, Pune, bearing order number PUNE-CUSTOMS-000-COMMR-02/2025-26 dated 13th March, 2026. The company received this order on 14th March, 2026 via email at 16:43 p.m.

Background and Resolution

The favourable order stems from a show cause notice dated 2nd September, 2025, which was filed with stock exchanges on 3rd September, 2025. The notice pertained to allegations of short levy of Integrated Goods and Services Tax (IGST) at 10%.

Following comprehensive submissions and representations made by Carraro India Limited before the tax authorities, the customs department has dropped the tax demand entirely. This resolution demonstrates the company's successful defence of its position regarding the IGST levy matter.

Financial Impact

The customs order will have a positive financial impact on Carraro India Limited's books. The complete relief from the tax demand will result in a reduction of the company's contingent liability by ₹7,92,36,269. This significant amount was previously recorded as a potential financial obligation that could have affected the company's financial position.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 read with Clause 8 of Para B of Part A of Schedule III of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The announcement was signed by Mohith Kumar Khandelwal, Company Secretary and Compliance Officer, ensuring proper regulatory compliance and transparency with stakeholders.

This favourable outcome eliminates a significant contingent liability from Carraro India Limited's financial obligations, providing the company with enhanced financial flexibility and removing uncertainty related to this customs matter.