DIC India Limited successfully conducted its 78th Annual General Meeting on March 23, 2026 at 11:00 AM through two-way video conferencing, marking another milestone in the company's corporate governance practices. The meeting was held in compliance with circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India, with 51 shareholders participating in the virtual proceedings.

Official Voting Results and Regulatory Compliance

The company has released comprehensive voting results for all five resolutions presented during the AGM, demonstrating strong shareholder support across all agenda items. CS Karan Arora of Karan Arora & Associates served as the scrutinizer for the e-voting process, which included both remote e-voting and electronic voting during the meeting.

E-Voting Process and Shareholder Participation

The comprehensive voting process included remote e-voting facility from March 19, 2026 (9:00 AM IST) to March 22, 2026 (5:00 PM IST), along with electronic voting during the AGM for members who attended through video conferencing. The total voting participation reached 71.77% of outstanding shares, with 6,587,890 votes polled out of 9,178,977 total shares.

Board Participation and Key Appointments

The AGM witnessed full board participation with all nine directors present during the meeting. Mr. Rajeev Anand, Chairman of the Board and Independent Director, chaired the proceedings and addressed shareholders regarding the company's financial performance. The meeting successfully approved the re-appointment of Mr. Hayato Kashiwagi, who serves as Regional Business Product Director of DIC Asia Pacific Pte Ltd with 25 years of experience at DIC Corporation.

Additionally, shareholders approved the re-appointment of Mr. Adnan Wajhat Ahmad as Independent Director for a second three-year term commencing April 01, 2026. The company also appointed M/s Chandra Wadhwa & Co., Cost Accountants in Practice, as Cost Auditor for financial year 2026.

Stock Exchange Notifications and Compliance

The company formally notified all major stock exchanges about the AGM proceedings and voting results under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Communications were sent to BSE Limited (Scrip Code: 500089), National Stock Exchange of India Limited (Scrip Code: DICIND), and The Calcutta Stock Exchange Ltd (Scrip Code: 10013217), ensuring full regulatory compliance.

The voting results and consolidated Scrutinizer's Report have been submitted to stock exchanges and published on the company's website within prescribed timelines, maintaining transparency in the corporate governance process. The cut-off date for voting eligibility was March 16, 2026, with voting disabled at 12:15 PM following the meeting's conclusion at 12:00 PM.

DIC India Limited has informed stock exchanges about receiving a draft order from the Income Tax Department that proposes a significant upward adjustment in its reported income for the financial year 2022-23.

Tax Department Order Details

The Income Tax Department has issued a draft order under Section 144C(1) of the Income-tax Act 1961, making an upward adjustment of Rs 3,84,17,653 in the company's income for FY 2022-23 (Assessment Year 2023-24). The order was dated March 02, 2026, and received by the company on the same day.

Transfer Pricing Adjustments

The upward revision in income stems from transfer pricing adjustments made by the Income Tax Department across various accounts. The order specifically addresses alleged discrepancies in the company's transfer pricing practices, which involve transactions between related entities.

Company's Response Strategy

DIC India Limited has stated that it is currently evaluating the draft order and intends to file an appeal against it with the appropriate authority within the stipulated timeframe. The company maintains that it will challenge the department's findings through proper legal channels.

Additional Penalty Proceedings

Beyond the income adjustment, the Income Tax Department has initiated separate penalty proceedings under Section 270A of the Income-tax Act 1961 for alleged under-reporting of income. This adds another layer of regulatory scrutiny to the company's tax compliance matters.

Financial Implications

The company has disclosed that the expected financial implications include additional income tax liability on the upward adjustment amount. However, DIC India Limited has indicated that there is no other impact beyond what has been stated in the disclosure, pending the outcome of its planned appeal process.