Apollo Tyres has successfully concluded its postal ballot process with all three special resolutions receiving overwhelming shareholder approval. The company announced the results on January 19, 2026, with scrutinizer P.P. Zibi Jose confirming the passage of resolutions related to private placement of non-convertible debentures and appointment of two independent directors.

Postal Ballot Results Overview

The remote e-voting process concluded on January 16, 2026, with strong participation from shareholders across all categories. Out of 409,092 total shareholders on record, significant voting participation was recorded through the electronic platform.

Private Placement of Non-Convertible Debentures - Approved

The primary resolution for raising funds through private placement of unsecured/secured non-convertible debentures received unanimous support with 100.00% votes in favor.

The approved funds will be utilized for reimbursement of capital expenditure, ongoing capital expenditure, or other purposes permitted under applicable law. The Board retains authority to determine issue terms including investor class, number of debentures per tranche, issue price, tenor, interest rate, and listing requirements.

Independent Director Appointments - Both Approved

Mr. Rajendra Chitale Appointment

The appointment of Mr. Rajendra Chitale (DIN: 00015986) as Independent Director received strong approval with 99.93% votes in favor.

Mr. Tapan Mitra Appointment

The appointment of Mr. Tapan Mitra (DIN: 08445248) as Independent Director was approved with 98.06% votes in favor.

Voting Pattern Analysis

The voting results demonstrated strong support across different shareholder categories, with promoter and promoter group showing 100% support for all resolutions.

Regulatory Compliance and Next Steps

The postal ballot was conducted in compliance with Section 110 of the Companies Act 2013, SEBI Listing Regulations, and MCA circulars. The company appointed Mr. P.P. Zibi Jose, Practicing Company Secretary, as scrutinizer for the voting process. All resolutions met the special resolution requirement of receiving more than three times the votes in favor compared to votes against.

With shareholder approval secured, Apollo Tyres can now proceed with the private placement of NCDs up to ₹10,000 crores and formalize the appointment of both independent directors effective February 9, 2026. The company has filed the results with BSE and NSE in compliance with regulatory disclosure requirements.

Apollo Tyres , a leading tire manufacturer, has emerged victorious in a significant tax litigation case, marking a substantial financial relief for the company. The Madras High Court has quashed proceedings initiated under Section 74 of the Central Goods and Services Tax (CGST) Act against Apollo Tyres, effectively setting aside a demand of Rs 2,791 million in a matter related to composite supply.

Key Highlights of the Court Decision

• Proceedings Quashed: The Madras High Court has nullified the proceedings initiated under Section 74 of the CGST Act against Apollo Tyres.
• Financial Impact: The court's decision has resulted in the elimination of a Rs 2,791 million tax demand against the company.
• Case Background: The litigation was related to a composite supply matter, details of which were previously disclosed to the exchanges in August 2023.

Implications for Apollo Tyres

This legal victory represents a significant financial reprieve for Apollo Tyres, potentially strengthening its financial position. The quashing of the tax demand not only eliminates a substantial liability but also brings closure to a pending legal issue that had been hanging over the company since at least August 2023.

Financial Context

While this legal development is noteworthy, it's important to view it in the context of Apollo Tyres' overall financial health. Based on the most recent balance sheet data available:

The resolution of this Rs 279.1 crore (2,791 million) tax liability, while significant, should be considered in light of the company's total asset base of over Rs 27,000 crore.

Conclusion

The Madras High Court's decision marks a positive development for Apollo Tyres, alleviating a substantial tax burden and resolving a pending legal issue. This outcome may contribute to improved investor confidence and potentially impact the company's financial planning and strategies moving forward. However, stakeholders should continue to monitor the company's overall financial performance and market position for a comprehensive understanding of its prospects.