Deduction of tax at source from the Final Dividend and the Special Dividend for the financial year ended 31st March, 2023 The Board of Directors of the Company (‘the Board’) at the Meeting held on 18th May, 2023 have recommended Final Dividend of Rs. 6.75 and Special Dividend of Rs. 2.75 per Ordinary Share of Re. 1/- each for the financial year ended 31st March, 2023, aggregating Rs. 9.50 per Ordinary Share, subject to declaration of the same by the Members at the ensuing 112th Annual General Meeting of the Company; such Dividend, if declared, will be paid between 14th August, 2023 and 17th August, 2023. Together with the Interim Dividend of Rs. 6/- per Ordinary Share declared by the Board on 3rd February, 2023, the total Dividend for the financial year ended 31st March, 2023 would be Rs. 15.50 per Ordinary Share of Re. 1/- each. Pursuant to the Income-tax Act, 1961, dividend income is taxable in the hands of the shareholders and the Company will be deducting tax at source (TDS), as applicable, from the aforesaid Final Dividend and Special Dividend. I. Resident Shareholders TDS will be deducted @ 10% on the amount of dividend payable where a valid Permanent Account Number (PAN) has been furnished by the resident shareholders to their respective Depository Participants (in case shares are held in dematerialised form) or to the Investor Service Centre (ISC) of the Company (in case shares are held in certificate form). TDS will be deducted @ 20% i.e. at twice the applicable rate on the amount of dividend payable where the resident shareholders: • have not furnished valid PAN; or • have not linked PAN with their Aadhaar, where applicable. The last date for linking PAN with Aadhar is 30th June, 2023 (unless extended further) as stipulated by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India; or are considered to be ‘Specified Person’ under Section 206AB of the Income Tax Act, 1961. The Central Board of Direct Taxes (CBDT) has prescribed the functionality for determining whether a person fulfils the conditions of being a ‘Specified Person’ or not. Accordingly, the Company will verify from the above functionality provided by CBDT whether any Shareholder of the Company qualifies as a ‘Specified Person’ prior to applying the relevant TDS rates. A resident shareholder qualifies as ‘Specified Person’ if he / she has: not filed return of income for the assessment year relevant to the previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing of return of income under Section 139(1) of the Income-tax Act, 1961 has expired; and been subjected to tax deduction / collection at source aggregating to Rs. 50,000/- or more in the aforesaid previous year. TDS will be deducted under Section 206AB of the Income Tax Act, 1961 @20% i.e. at twice the applicable rate on the amount of dividend payable to a resident shareholder who qualifies as ‘Specified Person’. Shareholders who are yet to furnish their PAN to their respective Depository Participants / ISC are therefore requested to do so immediately.