Cummins India Limited has announced a postal ballot to seek shareholder approval for revising the remuneration structure of its Managing Director, Ms. Shveta Arya. The company issued the notice on March 18, 2026, with the cut-off date for determining eligible shareholders set as March 13, 2026.

Proposed Remuneration Changes

The postal ballot seeks approval for significant revision in Ms. Arya's compensation package for the remaining tenure of her appointment until August 31, 2027. The key changes include substantial increases in both basic salary and performance-linked components.

E-Voting Schedule and Process

The company has established a comprehensive remote e-voting framework for the postal ballot process. Shareholders will vote exclusively through electronic means, with no physical ballot forms being distributed.

Public Notice Publication

Following earlier intimations dated March 13, 2026 and March 18, 2026, the company published a public notice by way of advertisement on March 19, 2026. The notice appeared in Business Standard (All Editions) and Marathi newspaper Loksatta (Pune Edition), including their electronic editions, in compliance with Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014.

Rationale for Revision

The board has justified the remuneration revision based on independent industry benchmarking indicating higher compensation levels for comparable leadership roles in the Indian manufacturing and engineering sector. The company states that the increase aligns with Cummins' global philosophy of rewarding senior leadership and reflects Ms. Arya's strong performance and value creation under her leadership.

The Nomination and Remuneration Committee and Board view the enhancement as essential to attract and retain high-calibre leadership aligned with higher standards of governance and performance excellence. The revised structure ensures compensation remains commensurate with strategic responsibilities and expanded regulatory oversight.

Managing Director Profile

Ms. Shveta Arya, aged 46 years, currently leads the Power Systems Business and serves as Managing Director. She was appointed as Additional Director and Managing Director (Designate) effective August 08, 2024, and as Managing Director from September 01, 2024, for a three-year term until August 31, 2027.

Her qualifications include an MBA from Indian Institute of Management, Ahmedabad (IIMA) and a Bachelor's in Engineering in Information Technology from Delhi University. She brings over 20 years of industry and management consulting experience across automotive, travel, financial services, and telecom sectors.

Additional Benefits and Terms

The revised remuneration package maintains existing benefits including life insurance, medical insurance for family members, statutory deductions for Provident Fund and Gratuity Fund, and leave encashment as per company rules. All other terms and conditions of Ms. Arya's appointment approved through postal ballot on October 17, 2024, remain unchanged.

The remuneration revision is subject to limits under Sections 196, 197, and Schedule V of the Companies Act, 2013. Results of the remote e-voting will be declared within two working days from the end of the voting period and will be available on the company website and stock exchange platforms.

Cummins India Limited has progressed with its corporate governance process by publishing formal newspaper notices regarding the proposed postal ballot for Managing Director remuneration revision. Following the board's unanimous approval on March 11, 2026, the company has now initiated public communication to shareholders about the upcoming voting process.

Board Decision and Initial Approval

The Board of Directors unanimously approved a revision in the remuneration package of Managing Director Ms. Shveta Arya during their meeting on March 11, 2026. The decision was reached following recommendations from the company's Nomination and Remuneration Committee, with the meeting conducted between 16:50 hours and 17:05 hours.

Newspaper Publication and Public Notice

On March 13, 2026, Cummins India published newspaper advertisements in Business Standard (All Editions) and Marathi newspaper Loksatta (Pune Edition), formally notifying shareholders about the proposed postal ballot. The publication serves as an official intimation regarding the postal ballot notice and e-voting process that will be dispatched to shareholders through email.

Postal Ballot Process and E-Voting Facility

The company will conduct the postal ballot exclusively through remote e-voting, in compliance with MCA General Circular 03/2025 and SEBI regulations. The postal ballot notice will be sent electronically to members whose email addresses are registered with the company, NSDL, CDSL, or their respective Depository Participants.

Cummins India has appointed MUFG Intime India Private Limited (formerly Link Intime India Private Limited) as the Registrar and Share Transfer Agent to facilitate the e-voting process using the Insta-Vote platform. The detailed voting instructions will be provided in the formal notice.

Regulatory Compliance and Scrutinizer Appointment

To ensure transparency and fairness in the voting process, the board has appointed M/s. Mehta & Mehta, Company Secretaries based in Pune, as the scrutinizer for the postal ballot's e-voting process. The company will adhere to all regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholder Communication and Next Steps

The formal postal ballot notice will be made available on multiple platforms including the company's website at www.cumminsindia.com , the Insta-Vote platform, and stock exchange websites. Shareholders holding physical shares who have not updated their email addresses are advised to register with the RTA to participate in the e-voting process.

The communication was signed by Vinaya A. Joshi, Company Secretary & Compliance Officer, demonstrating the company's commitment to proper corporate governance standards and transparent shareholder engagement in executive compensation decisions.