Marico Limited , a leading Indian consumer goods company, has announced the completion of an income tax survey conducted at its offices and manufacturing sites. The company, known for its popular brands in the beauty and wellness space, has provided an update on the matter through a regulatory filing.

Survey Details

According to the company's statement, the Income Tax Department carried out a survey action under Section 133A of the Income Tax Act, 1961. The survey encompassed several of Marico's offices and manufacturing units across India.

Company's Response

Marico has emphasized its full cooperation throughout the survey process. In its regulatory filing, the company stated:

"The said action has now been completed and the Company extended its full co-operation on the matter."

No Material Impact

Importantly, Marico has indicated that there are no additional updates required regarding the matter. The company's statement suggests that the survey has not resulted in any material findings that would necessitate further disclosure under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transparency Measures

In line with its commitment to transparency, Marico has made this information available on its official website for shareholders and other stakeholders. The company's proactive communication aims to keep investors informed about significant events that may affect its operations.

Market Implications

While income tax surveys can sometimes raise concerns among investors, Marico's prompt disclosure and assertion of full cooperation may help alleviate any potential market anxieties. The company's statement indicating no further material updates suggests that the survey is unlikely to have a significant impact on its operations or financial standing.

As the market digests this information, investors and analysts will likely monitor any potential follow-up actions or statements from either Marico or the tax authorities. However, based on the current disclosure, the company appears to have navigated the survey process without any reported complications.

Marico continues to maintain its position as a key player in the Indian FMCG sector, and this recent development is not expected to alter its business trajectory significantly, according to the information provided by the company.

Marico Limited , a leading Indian consumer goods company, has announced that its shareholders have resoundingly approved the appointment of Mr. Bhaskar Bhat as an Independent Director. The decision, made through a postal ballot conducted via remote e-voting, marks a significant addition to Marico's board.

Voting Results

The special resolution for Mr. Bhat's appointment received overwhelming support, with 99.88% of votes cast in favor. Out of a total of 1,18,93,83,541 votes polled, representing 91.64% of outstanding shares, 1,18,79,45,881 votes were in favor of the appointment.

Voting Breakdown

The voting results revealed strong support across different shareholder categories:

E-Voting Process

The remote e-voting process was conducted from August 24 to September 22, ensuring a comprehensive period for shareholders to cast their votes. The scrutinizer's report, prepared by M/s. Makarand M. Joshi & Co., Practicing Company Secretaries, confirmed that no invalid or abstained votes were cast.

Appointment Details

Mr. Bhaskar Bhat's appointment as an Independent Director will be effective from October 1. This appointment comes as part of Marico's ongoing efforts to strengthen its board with experienced professionals.

Company Response

Vinay M A, Company Secretary & Compliance Officer of Marico Limited, stated that the voting results and the Scrutinizer's report have been made available on the company's website and on the website of Central Depository Services (India) Limited.

The strong shareholder approval for Mr. Bhat's appointment reflects the confidence in his potential contribution to Marico's board. As the company continues to navigate the competitive consumer goods market, the addition of Mr. Bhat to its leadership team could bring valuable insights and expertise to guide Marico's future strategies.