Hero MotoCorp has received favorable appeal orders from the Commissioner of Income Tax (Appeals) - 29, resulting in a substantial reduction of tax demand from ₹177.96 crore to ₹27 crore. The company disclosed this development under Regulation 30 of SEBI Listing Regulations through official communication to stock exchanges.

Appeal Orders and Assessment Years

The company received appeal orders dated March 09, 2026 and March 10, 2026 from CIT(A) - 29 on March 11, 2026. These orders pertain to reassessment proceedings for assessment years 2013-14 to 2017-18 and 2019-20, where Hero MotoCorp had previously filed appeals against the original reassessment orders.

Regulatory Compliance and Disclosure

The development was communicated to both National Stock Exchange of India Ltd. and BSE Limited through a formal letter signed by Company Secretary & Compliance Officer Prabhat Singh. This disclosure follows the company's previous communications dated April 04, 2024 and May 25, 2024 regarding the same matter, ensuring complete transparency with stakeholders.

Company's Strategic Response

Despite the favorable outcome, Hero MotoCorp has outlined its plan to challenge the remaining ₹27 crore tax demand. The company will file appeals for the balance tax demands before higher appellate authorities and submit applications for refunds and demand reductions where applicable, demonstrating its commitment to comprehensive resolution of all tax-related matters.

Financial Relief and Impact

The ₹150.96 crore reduction represents approximately 85% of the original tax demand, providing significant financial relief to the leading two-wheeler manufacturer. This substantial decrease in tax liability improves the company's financial position and reduces contingent liabilities, potentially enhancing cash flow and operational flexibility.

Hero MotoCorp Limited has made a regulatory disclosure regarding dividend payments that were withheld due to incorrect bank account details, following new SEBI regulations that mandate electronic-only dividend payments.

Regulatory Compliance and New Requirements

The company filed the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on March 10, 2026. The disclosure relates to amendments in SEBI regulations that became effective from November 19, 2025, which discontinued the provisions allowing dividend payments through 'payable-at-par' warrants or cheques. Under the new framework, all dividend payments must be remitted compulsorily through electronic mode only.

Transaction Rejection and Withholding Details

Hero MotoCorp attempted to remit dividends electronically using bank account details available in the records of the Company's Registrar and Transfer Agent (RTA). However, several transactions were rejected by the banking system, resulting in dividend payments being withheld for affected shareholders.

The company has provided affected shareholders with detailed information about their withheld dividends:

Resolution Process for Affected Shareholders

Shareholders whose dividends have been withheld are required to take immediate action to receive their payments. The company has outlined specific steps for different categories of shareholders:

• Dematerialized shares: Update bank account details with Depository Participant
• Physical shares: Update details with Company's RTA
• Notification: Inform KFin Technologies Limited after updating details

The RTA contact details provided are KFin Technologies Limited, Unit: Hero MotoCorp Limited, located at Selenium Tower B, Plot 31-32, Financial District, Nanakramguda, Serilingampally, Rangareddy, Telangana, Hyderabad – 500032, with email contact at einward.ris@kfin-tech.com .

Electronic Payment Mandate

The disclosure emphasizes that withheld dividends will be released only in electronic mode once shareholders update their bank account details and send confirmation to the Company's RTA. This reflects the strict compliance requirements under the amended SEBI regulations that eliminate physical payment methods for dividends.

The company has also advised shareholders to consider converting their physical holdings to dematerialized form to eliminate risks associated with physical shares and for ease of holding. Company Secretary & Compliance Officer Prabhat Singh signed the disclosure digitally on March 10, 2026.