Munjal Auto Industries has informed that the Board of Directors at its meeting held on May 27, 2022 recommended a final dividend of Rs 1 per equity share of the face value of Rs 2 each for FY 2021-22, subject to the approval of Shareholders at the ensuing 37th Annual General Meeting and shall be paid after deduction of tax at the prescribed rates. Pursuant to provisions of the Income Tax Act, 1961 (Act), as amended by the Finance Act, 2020, dividend paid or distributed by a Company on or after April 01, 2020 shall be taxable in the hands of the shareholders, therefore, the Company is required to deduct tax at source at the time of making payment of dividend at the prescribed rates. In this regard, the company has enclosed an email communication which has been sent to all the shareholders whose e-mail addresses are registered with the Company/ Depositories, elaborating the process and documentation required.
The above information is a part of company’s filings submitted to BSE.
