Exicom Tele-Systems Limited has achieved a significant legal victory by successfully overturning a substantial penalty imposed by tax authorities. The company announced on April 13, 2026, that the Court of the Joint Commissioner (Appeal), State Tax, Haldwani, Uttarakhand has allowed its appeal and set aside a penalty of ₹90,11,224/- that was previously imposed by lower tax authorities.

Background of the Tax Dispute

The penalty was originally imposed by the Office of the Assistant Commissioner, State Tax Department, Rudrapur, Uttarakhand under Section 130 of the Central/State/Integrated Goods and Services Tax Act, 2017. The company had initially disclosed this development to the stock exchanges on October 28, 2025, informing investors about the confiscation and penalty amounting to ₹90,11,224/- inclusive of taxes.

Appellate Court Decision

Following the imposition of the penalty, Exicom Tele-Systems filed an appeal before the Appellate Authority challenging the lower authority's order. The appellate proceedings concluded favorably for the company, with the Court of the Joint Commissioner (Appeal) passing an order that completely set aside the impugned order.

Resolution and Financial Impact

The appellate order brings complete resolution to the matter, with the penalty and all other consequences arising from the earlier order being set aside. The company has explicitly stated that there is no financial impact resulting from the appellate order, indicating a complete vindication of its position in the tax dispute.

Regulatory Compliance

Exicom Tele-Systems made this disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's compliance function became aware of the appellate order on April 12, 2026, and the disclosure was made promptly thereafter on April 13, 2026, demonstrating adherence to regulatory timelines for material disclosures.

Exicom Tele-Systems Limited has officially disclosed the results of its postal ballot process under Regulation 44(3) of SEBI Listing Regulations, with shareholders overwhelmingly approving remuneration packages for two key directors. The company submitted its regulatory disclosure on April 6, 2026, following the completion of remote e-voting that concluded on April 4, 2026.

Regulatory Compliance and Process

The postal ballot was conducted in strict accordance with Section 110 of the Companies Act, 2013, and applicable SEBI regulations. The remote e-voting facility was provided by National Securities Depository Limited (NSDL), with the voting period running from March 6, 2026 (9:00 AM IST) to April 4, 2026 (5:00 PM IST).

Resolution 1: Managing Director Remuneration Approval

The first special resolution sought approval for payment of remuneration to Mr. Anant Nahata (DIN: 02216037), Managing Director and Chief Executive Officer, for the remaining period of his existing term from April 1, 2026 to July 6, 2028. The resolution received exceptional shareholder support.

Resolution 2: Whole-time Director Remuneration Approval

The second special resolution concerned approval for payment of remuneration to Mr. Vivekanand Kumar (DIN: 10244171), Whole-time Director, for the remaining period from August 21, 2026 to August 20, 2028. This resolution achieved even higher approval rates with significant promoter participation.

Scrutinizer Report and Documentation

MZ & Associates, Company Secretaries, served as the scrutinizer for the postal ballot process, with CS Mohd Zafar (Membership No. FCS 9184) submitting the comprehensive scrutinizer's report on April 6, 2026. The scrutinizer confirmed that both resolutions were passed with the requisite majority and recommended their acceptance.

The company fulfilled all regulatory requirements including publication of advertisements in Business Standard (English) and Hind Janpath (Hindi) newspapers on March 6, 2026. All voting results and scrutinizer's report have been made available on the company's website and NSDL's e-voting platform as required under applicable regulations.

Key Remuneration Provisions

The approved remuneration packages for both directors include salary, perquisites, and allowances. For the Managing Director, the package additionally includes performance-linked commission not exceeding 2% of net profits. Both resolutions provide the Board with authorization to alter remuneration within approved limits based on performance evaluation and statutory amendments, ensuring flexibility while maintaining shareholder oversight.