BAJAJELEC - Bajaj Electrical

CRISIL Ratings has reaffirmed Bajaj Electricals Limited's credit ratings for its bank loan facilities totaling Rs. 1,400 Crores. The long-term rating is maintained at 'CRISIL AA-/Stable' and the short-term rating at 'CRISIL A1+'. Furthermore, at the company's request, CRISIL has withdrawn the 'CRISIL A1+' rating for a separate Rs. 600 crore bank facility. This reaffirmation signifies the company's stable credit profile and its ability to meet financial obligations.

• Long-term rating reaffirmed at 'CRISIL AA-/Stable' for Rs. 1,400 crore bank facilities
• Short-term rating reaffirmed at 'CRISIL A1+' for Rs. 1,400 crore bank facilities
• Withdrawal of CRISIL A1+ rating for Rs. 600 crore bank-wise loan facilities at company request
• Ratings received from CRISIL Ratings Limited on April 23, 2026

Bajaj Electricals Limited has received an adverse order from the Appellate Authority in Patna, Bihar, regarding a GST dispute. The authority rejected the company's appeal against a 2023 assessment order that disallowed transitional credit claimed in Form Tran 1. The total demand upheld is ₹1.16 crore, which includes a penalty component of ₹39.68 lakh. The company is currently evaluating further legal options, including filing an appeal before a tribunal or a writ petition in the High Court.

• Appellate Authority upheld a total tax demand of ₹1.16 crore against the company.
• The demand includes a general penalty of ₹39.68 lakh related to transitional credit disallowance.
• The dispute originates from an assessment order issued by the GST Authority, Kotwali, Bihar, in May 2023.
• Management confirms no impact on operational or other financial activities of the company.
• Company is exploring legal remedies including the Appellate Tribunal or High Court writ petitions.

Bajaj Electricals Limited has received an assessment order from the GST Authority in Indore, Madhya Pradesh, raising a gross demand of Rs 5.75 crore. The demand includes a penalty of Rs 1.88 crore and pertains to alleged mismatches in Input Tax Credit (ITC) for the financial year 2019-20. The company is currently evaluating legal options and intends to file an appeal before the appropriate appellate authority. Management has confirmed that there is no impact on the company's operational activities.

• Total tax demand raised amounts to Rs 5.75 crore under the MPGST Act, 2017.
• The demand includes a penalty component of Rs 1.88 crore.
• The issue relates to alleged Input Tax Credit (ITC) mismatches for the financial year 2019-20.
• The company plans to challenge the order through an appeal process.

Bajaj Electricals Limited has received an adverse order from the GST Appellate Authority, Jaipur, upholding a total demand of ₹80.75 lakh for FY 2017-18 and FY 2018-19. The demand includes a penalty of ₹34.42 lakh primarily due to delayed reporting of sales invoices. Although the company had applied for an amnesty scheme for FY 2017-18, the authority issued the order without taking cognizance of the withdrawal of the previous appeal. The company is now evaluating further legal options, including filing a writ petition before the High Court.

• Total GST demand of ₹80.75 lakh upheld by the Appellate Authority.
• Includes a general penalty of ₹34.42 lakh for delayed reporting of sales invoices.
• Covers tax periods for FY 2017-18 and FY 2018-19.
• Company is exploring legal remedies including the Appellate Tribunal and High Court.
• Management confirms no material impact on operational or financial activities.

Bajaj Electricals Limited has received an assessment order from the GST Authority raising a gross demand of ₹67.31 lakh. This demand includes a penalty of ₹33.65 lakh and is primarily due to the alleged non-filing of GSTR 3B returns by the company's vendors. The company is currently evaluating legal options, including filing an appeal before the appropriate appellate authority. Management has confirmed that this order has no impact on the operational or financial activities of the company beyond the specific demand amount.

• Total demand raised by the GST Authority amounts to ₹67.31 lakh.
• The demand includes a penalty component of ₹33.65 lakh under Section 74 of the CGST Act.
• The issue pertains to Input Tax Credit discrepancies caused by vendor non-filing of GSTR 3B returns.
• Company intends to contest the order through an appeal process with the appellate authority.

Bajaj Electricals Limited has announced the closure of its trading window for all designated persons and their relatives starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial disclosures. The closure pertains to the audited financial results for the fourth quarter and the full financial year ending March 31, 2026. The trading window will remain shut until 48 hours after the results are officially declared to the stock exchanges.

• Trading window closure effective from April 1, 2026
• Applies to audited financial results for Q4 and FY ending March 31, 2026
• Restriction covers Designated Persons, Immediate Relatives, and Connected Persons
• Window to reopen 48 hours after the formal announcement of financial results

Bajaj Electricals has initiated a postal ballot to seek shareholder approval for the appointment of Mr. Pramod Agrawal as an Independent Director for a five-year term ending February 2031. Additionally, the company is seeking a special resolution to approve director remuneration for FY 2025-26 in the event of inadequate profits. This proposal includes a waiver for recovering any excess remuneration paid beyond statutory limits during the fiscal year. The voting period is set for April 2026, with final results to be declared by May 2, 2026.

• Appointment of Mr. Pramod Agrawal as Independent Director for a 5-year term until February 8, 2031.
• Special resolution to pay directors' remuneration for FY 2025-26 despite potential profit inadequacy.
• Request for waiver of recovery of remuneration paid in excess of limits prescribed under Section 197 of the Companies Act.
• Remote e-voting period scheduled from April 1, 2026, to April 30, 2026.

Bajaj Electricals has received an appeal order from the GST Appellate Authority regarding a tax dispute originally involving a demand of Rs 11.51 lakh. The Appellate Authority has partially accepted the company's submissions, reducing the gross demand to Rs 4.60 lakh, which includes a penalty of Rs 0.87 lakh. The company had previously paid Rs 6.71 lakh toward a partially accepted portion of the initial demand. Management is currently evaluating further legal options, including a potential appeal before a tribunal or the High Court.

• Appellate Authority passed an order with a gross demand of Rs 4.60 lakh.
• The demand includes a general penalty of Rs 0.87 lakh related to GST input mismatch.
• The original assessment order from February 2025 involved a demand of Rs 11.51 lakh.
• Company had already settled Rs 6.71 lakh of the demand in January 2026.
• Management confirms no material impact on operational or financial activities.

Bajaj Electricals has appointed Mr. Suketu Shah as the Interim Chief Financial Officer and Key Managerial Personnel, effective March 16, 2026. Mr. Shah, a company veteran of 8 years, has been instrumental in major corporate actions including a ₹350 crore rights issue and the demerger of the EPC business. Additionally, Chief Supply Chain Officer Rahul Pundir has been designated as Senior Management Personnel. These moves indicate a focus on internal leadership continuity and financial discipline.

• Mr. Suketu Shah appointed as Interim CFO and KMP effective March 16, 2026.
• Mr. Shah has 13+ years of experience and has been with the company for over 8 years.
• Key achievements include managing a ₹350 crore rights issue and the EPC business demerger.
• Mr. Rahul Pundir, Chief Supply Chain Officer, designated as Senior Management Personnel.

Bajaj Electricals has announced the appointment of Mr. Suketu Shah as the Interim Chief Financial Officer and Key Managerial Personnel, effective March 16, 2026. Mr. Shah, who has been with the company for over eight years, previously headed Investor Relations and has 13+ years of financial experience. Additionally, the company has designated Mr. Rahul Pundir, the Chief Supply Chain Officer, as Senior Management Personnel. These appointments come as the company continues to focus on financial discipline following its recent demerger of the EPC business.

• Mr. Suketu Shah appointed as Interim CFO and Key Managerial Personnel effective March 16, 2026.
• Mr. Shah has 13+ years of experience and previously managed the company's ₹350 crore rights issue.
• Mr. Rahul Pundir, Chief Supply Chain Officer, officially designated as Senior Management Personnel.
• The new Interim CFO was instrumental in the demerger of the company's EPC business into a separate entity.

Bajaj Electricals Limited has approved the grant of 18,894 performance stock options to one eligible employee under the PSOP Plan 2023. Each option is convertible into one equity share of face value Rs. 2 at an exercise price of Rs. 2 per share. The exercise period is set for two years from the date of vesting, subject to the plan's terms. Although the grant does not meet the materiality threshold, the company disclosed it as part of good corporate governance practices.

• Approved the grant of 18,894 stock options to a single eligible employee.
• Exercise price is fixed at the face value of Rs. 2 per equity share.
• Options are exercisable within two years from the respective vesting dates.
• The grant is part of the 'Bajaj Electricals Limited- Performance Stock Option Plan 2023'.