Tera Software Limited has successfully completed its postal ballot process through remote e-voting, with shareholders overwhelmingly approving the appointment of Sri. Veera Brahma Rao Arekapudi as an Independent Director. The company announced the results on March 26, 2026, following the conclusion of the voting period and submission of the scrutinizer's report.

Voting Results and Participation

The postal ballot achieved significant shareholder participation across all categories, with the resolution passing by an overwhelming majority. The detailed voting breakdown demonstrates strong support from both promoter and public shareholders:

E-Voting Process Timeline

The remote e-voting process was conducted over a month-long period to ensure comprehensive shareholder participation. A total of 92 members exercised their voting rights through the electronic platform:

Director Appointment Details

Sri. Veera Brahma Rao Arekapudi brings significant expertise to the board with his extensive background in the financial sector. His appointment has been structured for a five-year term with specific governance provisions:

Regulatory Compliance and Scrutinizer Report

The postal ballot process was conducted under the supervision of Y. Ravi Prasada Reddy (FCS 5783), Proprietor of RPR & Associates, who served as the appointed scrutinizer. The process adhered to all regulatory requirements under Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations.

KFin Technologies Limited served as the service provider for the remote e-voting facility, ensuring secure and transparent voting process. The company published advertisements in Financial Express (English) and Nava Telangana (Telugu) newspapers on February 23, 2026, as required under regulatory guidelines.

Independence and Professional Background

The company confirmed that Sri. Arekapudi meets all regulatory requirements for independent director appointment, including no relationships with existing directors, key managerial personnel, or promoters. He brings over three decades of experience in banking and finance operations, corporate governance frameworks, and regulatory compliance to the board.

Tera Software has achieved a favorable resolution in its legal challenge against a significant GST demand order. The company's writ petition against a GST demand worth ₹120.47 crores has been disposed of without costs by the Hon'ble High Court of Andhra Pradesh, providing relief from potential financial liability.

Legal Proceedings and Court Decision

The High Court of Andhra Pradesh disposed of Writ Petition No. WP/0006870/2026 filed against GST Demand Order (DRC-07). The company discovered the disposal status on the High Court's website, though the certified copy of the formal order is yet to be received.

GST Demand Order Details

The original GST demand order was issued by the Assistant Commissioner, Tenali, Commercial Taxes Department, Government of Andhra Pradesh. The demand amount of ₹120.47 crores includes tax, interest, and penalty under applicable GST provisions.

Alleged Violations and Company Response

The GST authorities alleged discrepancies relating to excess claim of Input Tax Credit (ITC) and under-declaration of output tax in GSTR-3B compared to GSTR-1 for the period from July 2017 to August 2019. Tera Software challenged these allegations through the writ petition, which has now been disposed of favorably.

Financial and Operational Impact

According to the company's disclosure under Regulation 30 of SEBI regulations, there is no material impact on the financial or operational activities of Tera Software. The disposal of the writ petition without costs eliminates the potential financial burden and provides clarity on the company's tax position.

This resolution demonstrates the company's effective legal strategy in handling regulatory challenges while protecting shareholder interests and maintaining operational stability.