Munjal Showa Limited received tax assessment notices aggregating ₹3.27 crore from the Excise and Taxation Department, Gurugram. The assessments pertain to the period spanning Assessment Years 2008-09 to 2014-15.

The notices were issued under Section 9 of the Haryana Tax on Entry of Goods into Local Areas Act, 2008. The company informed BSE and NSE of the development via a regulatory filing dated September 24, 2026.

Breakdown of proposed assessments

The total liability comprises seven separate annual assessments, with the quantum increasing incrementally over the period.

Company stance and financial impact

Munjal Showa stated that it believes the proposed tax assessments are not maintainable. The company is currently evaluating available legal remedies to challenge the notices.

Regarding financial implications, the company does not anticipate any material impact on its financial position, operations, or other activities as a result of these assessments. The filing was made in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Munjal Showa Limited shareholders approved all five resolutions proposed at its 41st Annual General Meeting (AGM) held on August 24, 2026. The meeting was conducted through video conferencing and other audio-visual means, with remote e-voting facilities provided to equity shareholders.

The company submitted the consolidated voting results and scrutinizer’s report to the stock exchanges in compliance with Section 108 of the Companies Act, 2013 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Central Depository Services (India) Limited served as the e-voting agency. Mr. Arun Kumar of M/s AKU & Associates was appointed as the Scrutinizer for the voting process.

Voting Participation

As on the record date of August 17, 2026, the company had 29,859 shareholders. A total of 26,071,405 votes were polled across all resolutions, representing 65.19% of the outstanding shares held by eligible voters. The promoter group held 26,004,173 shares, while public institutions held 28,858 shares and non-institutional public shareholders held 13,961,969 shares. Remote e-voting commenced on August 21, 2026, and ended on August 23, 2026. One Hundred and One (101) members attended the meeting via video conferencing.

Resolution Outcomes

Shareholders passed four ordinary resolutions and one special resolution with requisite majorities. The key agenda items included:

• Adoption of the audited financial statements for FY26, including the balance sheet as at March 31, 2026.
• Approval and declaration of the final dividend for FY26.
• Re-appointment of Mr. Neeraj Munjal as a director retiring by rotation.
• Re-appointment of Mr. Tetsuya Katsumata as a director retiring by rotation.
• Re-appointment of Mr. Yogesh Chander Munjal as Chairman & Managing Director.

Secretarial Audit Observations

While the statutory auditors reported no qualifications or adverse remarks, the secretarial audit identified several compliance observations during the period under review:

• The company did not maintain the minimum of six directors required under Regulation 17(1)(c) of SEBI LODR from April 8, 2025, to May 26, 2025, following the resignation of Mr. Kazuhiro Nishioka. Board strength was restored on May 26, 2025.
• A delayed submission of the outcome of the Board Meeting held on May 26, 2025, to the National Stock Exchange by approximately 3 hours 58 minutes.
• Certain instances of sharing Unpublished Price Sensitive Information (UPSI) were not fully captured in the Structured Digital Database.
• Delayed filing of e-Form IEPF-2 for the appointment of CFO Mr. Pankaj Gupta as Nodal Officer due to technical glitches on the MCA portal.
• Delays in the timely circulation of draft Minutes of Board and Committee meetings.

Management stated that these lapses were inadvertent or technical and assured strict adherence to timelines going forward.

What the Numbers Show

Promoter participation was near-universal, with 99.98% of promoter-held shares voted in favor of all resolutions. In contrast, non-institutional public shareholders showed lower engagement, polling only 0.34% of their holdings. However, among those who did vote, institutional public shareholders cast 100% of their votes in favor, while non-institutional public shareholders voted against the resolutions in approximately 63% of cases. This divergence highlights a split in sentiment between institutional and retail non-institutional blocs, though the promoter majority ensured unanimous passage of all items.