Whirlpool of India Limited has informed stock exchanges about pending litigation with the Income Tax Department that may impact the listed entity. The disclosure was made on March 26, 2026, pursuant to SEBI regulations requiring transparency on legal disputes.

Tax Assessment Dispute Details

The company received a draft assessment order for Assessment Year 2023-24 from the Assessment unit of the Income Tax Department. The order proposes significant disallowances totaling ₹28.39 crore across two main categories.

Financial Implications

The expected financial impact on Whirlpool of India is substantial, with the company facing a total liability of ₹7.14 crore. This amount represents the core liability before additional charges that may be imposed.

Management Response and Strategy

Whirlpool of India's management has expressed confidence in challenging the proposed additions. The company's position includes several key elements:

• The proposed additions are not maintainable against the company
• Plans to file objections before the Dispute Resolution Panel
• No material impact expected on operations or other business activities
• Formal objection process is currently underway

Regulatory Compliance

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows the Securities and Exchange Board of India's requirements for listed entities to inform stakeholders about pending litigation that may have material impact.

The company secretary and compliance officer, Sweta Srivastava, signed the disclosure document, ensuring proper regulatory compliance. The information was simultaneously shared with both BSE Limited and National Stock Exchange of India as per standard listing requirements.

Whirlpool of India Limited's board of directors has approved the formulation and implementation of a new employee stock option plan during their meeting held on March 23, 2026. The board meeting, which commenced at 09:20 AM and concluded at 09:32 AM, considered and approved the ESOP 2026 on the recommendation of the nomination and remuneration committee.

ESOP 2026 Key Features

The Employee Stock Option Plan 2026 has been designed to grant stock options to eligible employees with specific parameters and compliance requirements.

Pricing and Exercise Terms

The ESOP 2026 incorporates specific pricing mechanisms and exercise conditions for option holders. The exercise price for the options shall not be less than the face value of company shares and shall not exceed the prevailing fair market value on the grant date. Each option, once vested and exercised, will entitle the eligible employee to apply for one equity share of the company.

The vested options shall be exercisable upon payment of exercise price and applicable taxes according to the terms and conditions set forth under the ESOP 2026. The nomination and remuneration committee will have the authority to determine exercise prices subject to compliance with accounting policies under SEBI regulations.

Regulatory Compliance and Approval Process

The ESOP 2026 has been prepared in full compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, along with all related circulars and notifications. The plan will involve secondary acquisition of shares by the ESOP Trust within statutory limits prescribed under SEBI regulations.

Administrative Structure

The nomination and remuneration committee will be empowered to establish, amend, and rescind rules relating to the ESOP 2026 in compliance with applicable laws. The committee's powers include:

• Identifying eligible employees
• Determining quantum of options to be granted
• Fixing grant dates, exercise periods, and exercise dates
• Prescribing terms and conditions including exercise price modifications
• Setting lock-in restrictions and other conditions

Next Steps

The board has approved seeking member approval for the ESOP 2026 through postal ballot in accordance with the Companies Act, 2013, listing regulations, and various circulars issued by the Ministry of Corporate Affairs. The implementation of the plan remains subject to obtaining the necessary approvals from company members through this postal ballot process.