Stovec Industries Ltd. has announced the schedule for its 52nd Annual General Meeting, marking an important milestone in the company's corporate calendar. The meeting will be conducted through video conferencing in accordance with current regulatory guidelines.

AGM Schedule and Format

The company will hold its 52nd Annual General Meeting on Thursday, May 7, 2026 at 02:30 p.m. The meeting will be conducted through video conferencing and other audio-visual means (VC/OAVM) in compliance with MCA General Circular No. 03/2025 dated September 22, 2025 and other applicable provisions. This virtual format ensures broader shareholder participation while adhering to regulatory requirements.

Book Closure and Record Date Details

In accordance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 91 of the Companies Act, 2013, the company has announced specific dates for book closure and record determination.

The Register of Members and Share Transfer Books will remain closed during the specified period to ascertain eligible shareholders for the AGM and potential dividend payment.

Proposed Dividend Declaration

Stovec Industries has announced a proposed dividend of Rs. 12.00 per equity share of Rs. 10.00 each, subject to approval at the Annual General Meeting. This dividend proposal will be presented to shareholders for consideration and approval during the AGM proceedings.

Regulatory Compliance and Communication

The company has fulfilled its disclosure obligations by formally communicating with the Corporate Relations Department of BSE Limited and other relevant regulatory authorities. The official intimation was addressed to BSE Limited at Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai, ensuring compliance with listing requirements.

Additionally, copies of the communication have been sent to National Securities Depository Ltd., Central Depository Services (India) Ltd., and MUFG Intime India Pvt. Ltd. The announcement was digitally signed by Sanjeev Singh Sengar, Company Secretary & Compliance Officer, on April 8, 2026.

Stovec Industries Limited has informed the stock exchange about receiving a significant income tax demand notice worth ₹4.02 crore from the Income Tax Department. The notice, received on 27th February 2026, pertains to the assessment year 2020-21 and relates to alleged tax deduction at source (TDS) non-compliance.

Tax Demand Details

The Income Tax Department has raised observations regarding the company's obligation to deduct tax at source under section 195 of the Income Tax Act, 1961. The demand specifically relates to remittances made in respect of "Acquisition of Service and Spares parts Business."

Financial Implications

The company has outlined the expected financial impact of this demand notice. The primary implications include a mandatory pre-deposit requirement of 20% of the demand amount to file an appeal, which will result in cash outflow. Additionally, the company will need to disclose this amount as contingent liability until the conclusion of the final appeal process.

Company's Response Strategy

Stovec Industries has announced its intention to contest the demand notice through proper legal channels. The company plans to file an appeal before the Appellate Authority under Section 246A of the Income Tax Act, 1961 against the demand notice within the stipulated time period.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also published this information on its official website at www.stovec.com as part of its transparency obligations to stakeholders.