TVS Srichakra Shareholders Approve Re-appointment of Managing Director with 96.35% Majority

TVS Srichakra Limited has successfully concluded its postal ballot process for the re-appointment of Mr. R Naresh as Managing Director, with shareholders demonstrating strong support for the leadership continuity. The company announced the results on 31st March 2026, following the completion of the electronic voting process.

Voting Results and Shareholder Participation

The special resolution for Mr. R Naresh's re-appointment as Managing Director, designated as Executive Vice-Chairman, received overwhelming approval from shareholders. The voting process was conducted through remote electronic voting facility from 28th February 2026 at 9.00 A.M. to 29th March 2026 at 5.00 P.M.

Voting Summary:	Details
Total Shareholders on Record Date:	24,651
Record Date:	20.02.2026
Members Who Cast Votes:	215
Total Votes Cast:	4064054
Valid Votes:	3559105
Votes in Favour:	3429181 (96.35%)
Votes Against:	129924 (3.65%)

Category-wise Voting Pattern

The voting results revealed strong support across different shareholder categories, with promoters showing unanimous backing for the resolution.

Category	Shares Held	Votes Polled	Polling %	Votes in Favour	Votes Against	Favour %	Against %
Promoter & Promoter Group:	3499493	2994544	85.57%	2994544	0	100.00%	0.00%
Public - Institution:	546218	510939	93.54%	382266	128673	74.82%	25.18%
Public - Non Institution:	3611339	53622	1.48%	52371	1251	97.67%	2.33%

Resolution Details and Term

The approved resolution pertains to the re-appointment of Mr. R Naresh as Managing Director for a term of three years, effective from 16th June 2026. His designation will be Executive Vice-Chairman during this tenure. The resolution required special resolution approval, which was successfully obtained with the requisite majority.

Scrutinizer Confirmation

The voting process was overseen by N Balachandran, Company Secretary in Practice (CP No 3200), who served as the scrutinizer for the e-voting process. The scrutinizer confirmed the validity of the electronic voting registers received from National Securities Depository Limited (NSDL), which served as the service provider for the e-voting facility. Integrated Registry Management Services Private Limited (IRMSPL) acted as the Registrar and Share Transfer Agent for the company.

Corporate Governance Compliance

The postal ballot process was conducted in accordance with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had initially submitted the postal ballot notice on 25th February 2026, seeking shareholder approval for the re-appointment through special resolution. Company Secretary Chinmoy Patnaik (Membership No. A14724) oversaw the compliance and disclosure requirements for the voting process.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.75%	-1.48%	-14.49%	+5.91%	+29.64%	+89.88%

TVS Srichakra Limited has informed the stock exchanges about receiving a significant income tax demand notice of ₹29.47 crores for the financial year 2017-18. The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Income Tax Demand Details

The company received the demand notice from the Assessment Unit of the Income Tax Department on March 26, 2026, with DIN No. ITBA/AST/S/156/2025-26/1087920366(1). The order has been issued under section 147 read with section 144B of the Income Tax Act, 1961, specifically regarding disallowance under section 14A for FY 2017-18 (Assessment Year 2018-19).

Parameter	Details
Total Demand Amount	₹29,47,06,740 (including tax and interest)
Assessment Year	2018-19 (FY 2017-18)
Nature of Disallowance	Section 14A of Income Tax Act
Penalty Proceedings	Section 270A for under-reporting of income
Notice Date	March 26, 2026

Company's Response and Financial Impact

TVS Srichakra Limited has stated that it does not expect any material financial implications from this demand notice. The company believes the demand lacks merit, asserting that the discrepancies pointed out by the tax authority do not consider the detailed responses and case laws already submitted by the company.

The management has indicated its intention to contest the demand notice by filing an appeal with the Commissioner of Income Tax (Appeals) within the stipulated 30-day period. This approach suggests the company's confidence in its tax position and documentation for the relevant financial year.

Regulatory Compliance

The disclosure demonstrates the company's adherence to regulatory requirements under SEBI LODR Regulations. Such transparency in reporting material developments helps maintain investor confidence and ensures proper market information flow. The company has provided comprehensive details about the litigation, expected financial implications, and quantum of claims as required under the regulations.

This development represents a significant tax matter for TVS Srichakra Limited, though the company's stance indicates it views the demand as contestable through proper legal channels.