Tata Steel Limited held its 119th Annual General Meeting on July 2, 2026, approving a dividend of ₹4 per share for the financial year 2025-26. The meeting, conducted through video conferencing, saw the adoption of the audited standalone and consolidated financial statements for the year ended March 31, 2026. Shareholders also ratified the appointment of cost auditors and approved three material related party transactions totaling ₹27,475 crore.

All eight resolutions proposed at the meeting were passed with the requisite majority. The voting results, which included remote e-voting conducted prior to the meeting and during the AGM, were scrutinized by P. N. Parikh of Parikh & Associates. The record date for determining shareholder eligibility was June 25, 2026.

Financial Results and Dividend

The adoption of the financial statements confirmed the company's performance for FY26. The declared dividend of ₹4 per share on equity shares of face value ₹1 each marks an increase from the previous year's payout. The resolution for the dividend received overwhelming support, with over 99.99% of valid votes cast in favor.

Related Party Transactions

Shareholders approved three material related party transactions involving group entities. These transactions are intended to facilitate operational synergies within the Tata group. The details of the approved transactions are as follows:

For the resolutions involving related party transactions, promoters and promoter group members did not vote as they were interested parties. Public shareholders approved these resolutions with a majority exceeding 99.9% of the votes cast.

Appointments and Auditor Ratification

The meeting approved the re-appointment of Mr. Koushik Chatterjee, who retires by rotation and is eligible for re-appointment. Additionally, shareholders ratified the remuneration of Messrs Shome & Banerjee, Cost Accountants, for their appointment as cost auditors for the financial year 2026-27. The statutory auditors for the company are Price Waterhouse & Co. Chartered Accountants LLP.

The meeting commenced at 10:30 a.m. and concluded at 2:05 p.m. The proceedings were webcast live for shareholders who could not attend via video conferencing.

The tax department has filed an appeal against an Adjudication Order that dropped a penalty of ₹368.72 crore on Tata Steel Limited . The appeal, filed on June 16, 2026, by the Assistant Commissioner, Division-I, CGST & Central Excise, Jamshedpur, challenges the Commissioner's decision dated December 18, 2025, which had reduced the penalty amount initially proposed in a show cause notice. The company stated it will contest the appeal before the Appellate Authority within statutory timelines, emphasizing that the matter is currently sub judice before the Hon'ble High Court of Jharkhand and there is no impact on its financial or operational activities.

Background of the dispute

The dispute originated from a show cause cum demand notice dated June 27, 2025, from the Office of the Commissioner (Audit), Central Tax, Ranchi. The notice proposed the disallowance of Input Tax Credit for the period FY2018-19 through FY2022-23, demanding a total GST amount of ₹1007,54,83,342 along with interest and penalty. Tata Steel had already paid ₹514,19,36,211 in the normal course of business, resulting in an alleged exposure of ₹493,35,47,131.

Adjudication Order details

The Adjudication Order passed on December 18, 2025, directed the payment of tax amounting to ₹493,35,47,131 and a penalty of ₹638,82,62,185. However, the Adjudicating Authority dropped the penalty amount of ₹368,72,21,158 that was originally proposed in the show cause notice. Following this, Tata Steel filed a Writ Petition before the Hon'ble High Court of Jharkhand on March 11, 2026, which granted a stay on all further proceedings.

Financial implications

The company maintains that it has a good case on merit and will contest the appeal. The disclosure was made in compliance with Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.