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.

In a recent development, income tax officials have initiated a survey at the offices of Marico , a prominent consumer goods company in India. The tax department's action has brought the company under scrutiny, raising questions about its financial practices and compliance.

Survey Details

The income tax department has launched a survey operation at Marico's offices. While specific details about the scope and nature of the survey remain undisclosed, such actions typically involve examination of financial records, transactions, and other relevant documents.

Implications for Marico

This survey by income tax officials could have several implications for Marico:

1. Regulatory Scrutiny: The action indicates that the company's financial practices are under close examination by tax authorities.

2. Potential Financial Impact: Depending on the outcome of the survey, there could be financial implications for the company, including possible tax adjustments or penalties if any discrepancies are found.

3. Market Perception: Such regulatory actions often impact investor sentiment and may influence the company's stock performance in the short term.

4. Operational Disruption: The ongoing survey might cause some temporary disruption to Marico's normal business operations at the affected offices.

Company Response

As of now, Marico has not issued an official statement regarding the income tax survey. Investors and market observers will be keenly watching for any updates or clarifications from the company about this development.

About Marico

Marico is a well-known Indian consumer goods company that specializes in health, beauty, and wellness products. The company's portfolio includes popular brands such as Parachute, Saffola, Hair & Care, Nihar, and Set Wet, among others.

This ongoing income tax survey serves as a reminder of the increasing regulatory oversight in the corporate sector. As the situation develops, more details may emerge about the nature and outcome of this tax department action at Marico's offices.