About Maharashtra Scooters Limited

Maharashtra Scooters Limited (MSL) was incorporated in 1975 and is classified as an unregistered Core Investment Company (CIC) that does not require RBI registration, with at least 90% of net assets invested in Bajaj Group entities and the balance deployed in debt and other instruments to earn reasonable returns while protecting principal. In FY2025, the Board permanently shut manufacturing operations at the Satara factory due to prolonged pricing pressure and losses; lease-hold rights in the factory land, plant, and machinery were transferred on February 21, 2025 after due process, aligning fully with MSL’s CIC objective. The Company’s business is now solely treasury operations managing surplus funds, with total income of Rs 185.20 crore in FY2025 versus Rs 223.54 crore in FY2024 (₹ in lakh unit header applied). Products/services comprise financial activities (non-operating holding/investment company); manufacturing/tool-room operations were discontinued with effect from July 22, 2024, and the Company now retains only one office for administration in Pune, India. MSL has no subsidiaries, associates, or joint ventures; Bajaj Holdings & Investment Limited holds 51% as the holding company. Key milestones in FY2025 include factory closure and asset transfer, implementation of voluntary separation schemes (VSS) for all factory workers and staff, and a special dividend recommendation within the final dividend for the year.

Maharashtra Scooters Limited Business Segment

• The Company operates as a CIC; revenue from operations in FY2025 comprised dividend income Rs 156.27 crore, interest income Rs 22.24 crore, net fair value gains Rs 1.83 crore, and residual sale of goods Rs 2.99 crore. 
• exports are Nil, markets are domestic with a single administrative office in Pune. 

Maharashtra Scooters Limited Key Management

• Sanjiv Bajaj — Chairman, Non-executive, Non-independent. 
• Mayur Chokshi — Non-executive, Independent; Chairman, NRC and RMC. 
• Mayur Patwardhan — Non-executive, Independent; Chairman, Audit Committee and SRC. 
• Sanjay Uttekar — Chief Executive Officer. 
• Anant Marathe — Chief Financial Officer. 
• Sriram Subbramaniam — Company Secretary (till April 23, 2025). 
• Mangesh Deshpande — Compliance Officer (from April 24, 2025). 

Latest Updates on Maharashtra Scooters Limited

• Permanent closure of manufacturing operations; tool-room discontinued on July 22, 2024; factory land lease-rights and assets at Satara transferred on February 21, 2025, with profits on transfer/sale reflected under exceptional items. 
• Implementation of VSS for all factory workers and staff; workforce reduced to 5 employees as at March 31, 2025, with one female trainee (non-permanent). 
• The board recommended a final dividend of Rs 60 per share (including a special dividend of Rs 30) for FY2025; an interim dividend of Rs 110 per share was declared on September 12, 2024; total FY2025 dividend payout Rs 194.29 crore 
• Appointment of Independent Directors: Jasmine Chaney (effective July 24, 2024), Mayur Patwardhan and Mayur Chokshi (effective October 1, 2024) via AGM/postal ballot approvals. 
• Continuation of Sanjiv Bajaj as Chairman not liable to retire by rotation approved by the Board on April 23, 2025, with member approval to be sought via postal ballot per SEBI amendments. 

Appointment of DVD Associates as Secretarial Auditor for five consecutive years proposed for shareholder approval; secretarial audit fees cap Rs 3.50 lakh for FY2026.