Mafatlal Industries Limited has scheduled its 112th Annual General Meeting for August 7, 2026, to seek shareholder approval for the re-appointment of its top executives and other key resolutions. The meeting will be conducted through Video Conferencing and Other Audio-Visual Means (OAVM). Shareholders will vote on the re-appointment of Mr. Priyavrata H. Mafatlal as Managing Director and Chief Executive Officer (MD & CEO) for a period of three years from June 1, 2026, to May 31, 2029, and Mr. Hrishikesh A. Mafatlal as Executive Chairman for two years from November 1, 2026, to October 31, 2028.

The Board of Directors, based on the recommendations of the Nomination and Remuneration Committee, approved these appointments at their meeting held on May 5, 2026. The remuneration proposed for Mr. Priyavrata H. Mafatlal includes a basic salary not exceeding ₹ 2.50 Crores per annum, allowances not exceeding ₹ 1.25 Crores per annum, and perquisites not exceeding ₹ 1.25 Crores per annum. He is also eligible for a performance-linked incentive of up to ₹ 3.00 Crores per annum. For Mr. Hrishikesh A. Mafatlal, the proposed remuneration includes a basic salary not exceeding ₹ 1.08 Crores per annum and allowances not exceeding ₹ 0.48 Crores per annum.

Financial Performance and Remuneration

The company reported a total turnover and other operational income of ₹ 3,902.15 crore for the financial year ended March 31, 2026, compared to ₹ 2,845.30 crore in the previous year. The EBITDA (excluding exceptional items) stood at ₹ 124.85 crore, while the net profit after tax was ₹ 91.07 crore. Despite remaining profitable, the company noted an inadequacy of profits as computed under Section 198 of the Companies Act, 2013, necessitating shareholder approval for remuneration that may exceed statutory limits.

Special Business Resolutions

Apart from the re-appointments, the AGM will transact special business including the ratification of the Cost Auditor's remuneration. M/s. B. Desai & Co., Cost Auditors, are proposed to be ratified for the financial year 2026-27 with a remuneration of ₹ 4,75,000 plus applicable taxes and reimbursement of out-of-pocket expenses.

The company also seeks approval for the payment of commission to Non-Executive Independent Directors for the financial year 2025-26. The aggregate commission proposed is not exceeding ₹ 96,00,000. The individual commission proposed for six directors is ₹ 15,00,000 each, while two directors who ceased to hold office during the year are proposed to be paid ₹ 3,00,000 each.

E-Voting and Meeting Details

The remote e-voting facility will be available from August 4, 2026, at 9.00 a.m. (IST) to August 6, 2026, at 5.00 p.m. (IST). The company has fixed July 31, 2026, as the cut-off date for determining the eligibility of members to vote and receive dividends. The dividend, if declared, is scheduled to be paid on or before August 27, 2026.

Mafatlal Industries Limited has recommended a final dividend of ₹1.25 per equity share for the financial year ended March 31, 2026, subject to shareholder approval. The record date for determining eligibility for this dividend is July 31, 2026. The company has communicated the applicable tax deduction at source (TDS) rates to shareholders, noting that dividend income is taxable in the hands of recipients under the Finance Act, 2020.

The Board of Directors approved the dividend recommendation at a meeting held on May 5, 2026. The payout will be finalized following approval by members at the 112th Annual General Meeting scheduled for August 7, 2026. The company has outlined specific TDS rates and required documentation for various categories of shareholders to ensure compliance with the Income-tax Act, 2025.

For resident shareholders, the TDS rate varies based on the dividend amount and documentation provided. Individuals receiving an aggregate dividend not exceeding ₹10,000 during the financial year 2026-27 are not subject to TDS. Shareholders with a valid PAN are subject to a 10% TDS, while those without a valid PAN face a 20% deduction. Specific exemptions apply to entities such as insurance companies, government bodies, and mutual funds upon submission of valid declarations and certificates.

Non-resident shareholders are subject to a base TDS rate of 20%, plus applicable surcharge and cess, unless a lower rate applies under a relevant Double Taxation Avoidance Agreement (DTAA). Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) must submit a Tax Residency Certificate (TRC) and electronically filed Form 41 to claim treaty benefits. Non-resident shareholders from notified jurisdictional areas face a 30% TDS rate.

Shareholders must submit all necessary documents, including self-attested copies of PAN and relevant declarations, by 5 P.M. IST on July 31, 2026, via the company's Registrar and Transfer Agent (RTA) website. The company reserves the right to deduct tax at the maximum applicable rate if documents are incomplete or not submitted by the deadline. KFin Technologies Limited acts as the RTA for Mafatlal Industries Limited.

Resident Shareholder TDS Rates

Non-Resident Shareholder TDS Rates