Nectar Lifesciences Limited shareholders adopted the standalone and consolidated financial statements for the financial year ended March 31, 2026, during its 31st Annual General Meeting held on September 18, 2026.

The meeting was conducted through video conferencing and other audio-visual means. Statutory auditors M/s Deepak Jindal & Co., Chartered Accountants, issued an unqualified opinion on the financial statements for FY26. The Secretarial Auditor, P. Chadha & Associates, also provided an unqualified report.

Director Appointments and Reappointments

Members approved the reappointment of Sanjiv Goyal as a director retiring by rotation. Additionally, Dr. Kuldip Kumar Bhasin and Dr. Indu Pal Kaur were reappointed as Independent Directors for a second term of five consecutive years each. Dr. Gunmala Suri was appointed as a Non-Executive Non-Independent Director with effect from August 15, 2026.

Voting Results

All five resolutions passed with requisite majority. Promoter and promoter group votes supported all items unanimously. Institutional holders also voted in favor of all resolutions. Public shareholders voted against certain director appointments, but the overall majority remained strong due to promoter support.

Governance Observations

The voting pattern highlights a significant divergence between institutional and public shareholder sentiment on governance matters. While public shareholders cast approximately 53% of their votes against the reappointment of independent directors and the CMD, the overwhelming support from the promoter group ensured passage. This indicates that minority dissent is currently insufficient to impact board composition decisions given the existing shareholding structure.

Nectar Lifesciences Limited disclosed on October 3, 2026, that the Hon'ble High Court of Punjab and Haryana remanded a Central Goods and Services Tax (CGST) dispute back to the Appellate Authority for fresh consideration, with a potential financial exposure of up to ₹89.32 crore plus interest and penalties.

Background of the CGST dispute

The Commissioner (Appeal), acting as the Appellate Authority, had passed an order dated May 27, 2025, in a matter involving Nectar Lifesciences. The Appellate Authority's order addressed multiple demands and penalties raised by the Principal Commissioner of CGST Commissionerate, Ludhiana, Punjab. The key outcomes of that appellate order are summarised below.

Writ petition and high court order

Following the Appellate Authority's order, the Principal Commissioner of CGST Commissionerate, Ludhiana, filed a civil writ petition before the Hon'ble High Court of Punjab and Haryana, challenging the appellate order. The writ petition sought, among other reliefs:

• An appropriate writ order quashing and setting aside the impugned order
• Directions restoring the Order-in-Original that was quashed in the impugned order
• An interim stay on the operation of the impugned order

The Hon'ble High Court of Punjab and Haryana, vide its order dated September 24, 2026, remanded the matter back to the Appellate Authority for fresh consideration.

Financial implication for the company

Nectar Lifesciences stated that in the event the Appellate Authority reconsiders the matter, the company may be exposed to the following financial liabilities:

The company noted that the final quantum of liability is presently not ascertainable. Nectar Lifesciences also stated that it reserves the right to prefer an appeal before the Hon'ble Tribunal, if required. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the related SEBI Master Circular.