TVS Motors has announced that its US-based associate company Altizon Inc. has ceased to be an associate entity following a significant dilution in shareholding. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholding Dilution Details

The change in associate status occurred due to the issuance of additional shares to Altizon Inc.'s promoters. This corporate action resulted in a substantial reduction of TVS Digital Pte Ltd's stake in the US company.

Corporate Structure Impact

TVS Digital Pte Ltd, Singapore, which is a step-down wholly-owned subsidiary of TVS Motor Company Limited, was the entity holding the stake in Altizon Inc., USA. Following the dilution, TVS Digital's shareholding fell below the threshold required to maintain associate company status.

The reduction from 20.064% to 10.489% means that Altizon Inc. has ceased to be an associate of both TVS Digital and TVS Motor Company Limited. This change affects the corporate structure and reporting requirements for the Indian automotive manufacturer.

Regulatory Compliance

The company has fulfilled its disclosure obligations by informing both BSE Limited and the National Stock Exchange of India about this development. The notification was signed by K S Srinivasan, Company Secretary of TVS Motor Company Limited, ensuring proper regulatory compliance.

This disclosure represents a routine corporate development where changes in shareholding patterns affect the classification of business relationships between companies in the TVS Motors group structure.

TVS Motor Company Limited has successfully completed its postal ballot process, with shareholders overwhelmingly approving the appointment of Ms Kalpana Unadkat as an Independent Director. The company announced the results on 22nd January 2026 at 08:27 PM (IST), marking the conclusion of a month-long e-voting process that demonstrated strong shareholder confidence in the proposed appointment.

Appointment Details and Resolution Outcome

The special resolution sought approval for appointing Ms Kalpana Unadkat (DIN: 02490816) as a Non-Executive Independent Director for a period of five consecutive years, effective 15th December 2025. The appointment received substantial support from shareholders across all categories.

Category-wise Voting Pattern

The voting results revealed varying levels of support across different shareholder categories. Promoter and promoter group shareholders demonstrated unanimous support, while institutional and non-institutional public shareholders showed mixed responses.

Promoter and Promoter Group

• Shares Held: 238,812,786
• Votes Polled: 238,782,786 (99.99% participation)
• Support: 100.00% in favour
• Opposition: 0.00%

Public Institutions

• Shares Held: 195,959,543
• Votes Polled: 167,589,293 (85.52% participation)
• Support: 112,311,481 votes (67.02%)
• Opposition: 55,277,812 votes (32.98%)

Public Non-Institutions

• Shares Held: 40,314,785
• Votes Polled: 2,960,091 (7.34% participation)
• Support: 2,953,754 votes (99.79%)
• Opposition: 6,337 votes (0.21%)

E-Voting Process and Timeline

The postal ballot process was conducted entirely through electronic voting, utilizing the NSDL platform. The company initiated the process on 23rd December 2025 by sending notices to shareholders whose names appeared on the register as of the record date of 15th December 2025.

Regulatory Compliance and Scrutinizer Report

B. Chandra & Associates, practicing Company Secretaries, served as scrutinizers for the postal ballot process. The scrutinizer confirmed compliance with Section 110 of the Companies Act 2013 and the Companies (Management and Administration) Rules 2014, along with SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015.

The company published public advertisements on 24th December 2025 in English newspaper "Business Standard" and Tamil newspaper "Makkal Kural" to inform shareholders about the voting process. The scrutinizer reported that 15,937 emails had bounced during the notification process, and votes from corporate members without proper board resolutions were invalidated.

Resolution Approval and Next Steps

The special resolution was deemed passed with the requisite majority, as the number of votes in favour exceeded three times the number of votes against. The appointment of Ms Kalpana Unadkat as Non-Executive Independent Director became effective from 15th December 2025, as specified in the resolution.

The company has fulfilled its disclosure obligations under Regulation 44 and Regulation 30 of SEBI (LODR) 2015 by announcing the results to BSE Limited and National Stock Exchange of India Limited. All e-voting data and connected records remain under the scrutinizer's custody and will be transferred to the company after the Chairman signs the minutes.