Timex Group India Board Approves Rs. 3.08 Crore Interim Dividend and Preference Share Redemption

Timex Group India Limited's board of directors has approved the payment of interim dividend and redemption of preference shares in its meeting held on March 20, 2026. The board meeting commenced at 4:00 PM and concluded at 4:30 PM, with the decisions communicated to BSE Limited through a regulatory filing under Regulation 30.

Board Meeting Decisions

The board approved two key resolutions during the meeting. The company will pay an interim dividend of Rs. 3,08,27,290 on its preference shares, covering the period from April 1, 2025, to March 20, 2026. Additionally, the board approved the redemption of all outstanding preference shares that were due for redemption on March 20, 2026.

Parameter:	Details
Nature of Shares:	13.88% Cumulative Redeemable Non-Convertible Preference Shares (unlisted)
Number of Shares:	2,29,00,000
Face Value per Share:	Rs. 10
Dividend Rate:	13.88% (Rs. 1.388 per share)
Total Dividend Amount:	Rs. 3,08,27,290
Dividend Period:	April 1, 2025 to March 20, 2026
Total Redemption Amount:	Rs. 22,90,00,000

Payment Timeline and Compliance

According to the board resolution, the interim dividend will be paid within 30 days from the date of declaration, ensuring compliance with regulatory requirements. The dividend payment will be made out of the company's profits, and the redemption covers all preference shares that reached their maturity date on March 20, 2026.

Corporate Governance

The regulatory communication was digitally signed by Dhiraj Kumar Maggo, Vice President-Legal, HR & Company Secretary, holding ICSI Membership No. F7609. The filing was submitted to BSE Limited under scrip code 500414, maintaining transparency with stakeholders and adherence to listing obligations.

The official board meeting outcome document confirms that both resolutions were considered and approved during the 30-minute meeting. The company had previously announced the closure of its trading window from March 16, 2026, to March 22, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct for insider trading.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.85%	-3.99%	-6.90%	-25.06%	+64.23%	+838.15%

Timex Group India Limited has informed the stock exchanges about receiving a significant order from the GST Appeals Commissioner regarding reassessment of its tax returns for the financial year 2019-20. The development was communicated to BSE Limited on February 18, 2026, under Regulation 30 of SEBI listing requirements.

GST Appeals Commissioner Order Details

The company received the order on February 17, 2026, from the Office of the Commissioner (Appeals), Central Goods & Services Tax Appeals Commissionerate, Chandigarh. This order came in response to an appeal filed by Timex Group on October 24, 2024, against an earlier order passed by the Assistant Commissioner, CGST Division, Baddi on July 30, 2024.

Authority Details:	Information
Authority Name:	Office of the Commissioner (Appeals)
Location:	Central GST Appeals Commissionerate, Chandigarh
Order Date:	February 17, 2026
Original Appeal Date:	October 24, 2024

Nature of GST Assessment Issues

The Appeals Commissioner has directed a remand-back order to the Assistant/Deputy Commissioner Baddi for reassessment covering multiple GST compliance areas. The order specifically addresses discrepancies in the company's GST returns for FY2019-20, focusing on documentation verification and input tax credit claims.

Key Assessment Areas

The reassessment covers the following specific issues:

Difference in outward taxable supplies between GSTR1 and E-way bill documentation
Ineligible input tax credit (ITC) claims identified by the department
Excess input tax credit availed in GST returns beyond permissible limits

Financial Impact Assessment

The order carries significant financial implications for Timex Group India, with the total impact quantified in the regulatory disclosure.

Financial Impact:	Amount (Rs.)
Outward Supply Differences & Ineligible ITC:	48,60,702
Excess Input Tax Credit:	8,10,048
**Total Impact:	56,70,750**
Additional Liability:	Interest and penalty (if applicable)

Company Response and Next Steps

Timex Group India is currently assessing the comprehensive impact of the Appeals Commissioner's order with assistance from legal counsel. The company has indicated its intention to file the necessary response and documentation as required under the remand-back order.

The reassessment process will involve detailed documentation review with the Assistant Commissioner, CGST Division, Baddi, to address the identified discrepancies in the FY2019-20 GST returns. The company's legal team is preparing the required submissions to support its position on the contested tax matters.

This disclosure follows the company's earlier communications to the stock exchanges dated January 3, 2024, and August 1, 2024, regarding ongoing GST proceedings, indicating the extended timeline of these tax assessment matters.