Goodyear India Limited has disclosed receiving an Income Tax Department order that disallows certain expenditures for FY 2021-22, creating a significant tax liability for the tyre manufacturer. The company received the order on January 16, 2026, and has made the disclosure under Regulation 30 of SEBI listing regulations.

Tax Order Details

The Income Tax authorities issued an order under Section 144C(1) of the Income Tax Act, 1961, for Assessment Year 2022-23. The order specifically targets four categories of expenditures that the department has disallowed:

Financial Impact

The disallowance has created substantial financial implications for the company. The total expenditure amount disallowed reaches ₹80.65 crores, which has generated a comprehensive tax impact.

Company's Response Strategy

Goodyear India has expressed confidence in challenging the Income Tax Department's decision. The company believes the disallowances lack legal sustainability and can be successfully defended on merit. Management has characterized these disallowances as contingent in nature, indicating they view the matter as disputable rather than definitive.

The company is preparing to file an appeal before the tribunal to contest the order. This legal recourse represents the standard procedure for companies disagreeing with income tax assessments and seeking judicial review of the department's decisions.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Anup Karnwal signed the regulatory filing, ensuring compliance with mandatory disclosure requirements for material events affecting listed companies.

Goodyear India Limited has announced a key board appointment, naming Mr. Anil Kumar Singh as Additional Director and Non-Executive Director effective January 07, 2026. The appointment was approved by the company's Board of Directors during their meeting held on January 07, 2026, based on the recommendation of the Nomination and Remuneration Committee.

Board Meeting Outcome

The board meeting, which commenced at 11:30 A.M. and concluded at 12:00 P.M., formalized Mr. Singh's dual role within the organization. The company has informed BSE Limited about the appointment outcome pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Professional Background and Expertise

Mr. Anil Kumar Singh brings extensive financial leadership experience to Goodyear India's board. His professional journey spans over 35 years with significant global exposure across the United States and Asia Pacific regions, including China, Singapore, Japan, Australia, and Fiji.

His core areas of expertise encompass:

• Strategic and operational financial management
• Mergers and acquisitions
• Compliance and controllership
• Tax and treasury operations
• Business rationalization and transformation

Career Highlights

Mr. Singh currently serves as VP Finance for Goodyear Asia Pacific, operating from China. His career includes several senior leadership positions with Tyco International Group companies, where he held roles such as Regional Chief Finance Officer for Tyco Fire & Security – Asia Pacific based in Singapore, Global Controller for Tyco Safety Products in the United States, and Regional Controller for Tyco Fire & Security – ANZ based in Sydney.

Prior to his corporate roles, he served as Senior Audit Director with PricewaterhouseCoopers (PwC) in Sydney and Fiji. His educational credentials include Chartered Accountant qualification and a Bachelor of Arts degree with a major in Accounting from the University of South Pacific.

Regulatory Compliance and Independence

The appointment follows regulatory requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and complies with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company has confirmed that Mr. Singh is not debarred from holding the office of Director by any order from the Securities and Exchange Board of India or any other authority.

Mr. Singh is not related to any other Director of the company, ensuring independence in his non-executive role. He was recently appointed as a Director on the Board of Goodyear Technology Center India Pvt. Ltd., demonstrating his growing involvement with Goodyear's Indian operations. The appointment is subject to shareholders' approval through a postal ballot process.