Aksharchem India Seeks Shareholder Approval for Director Appointment

Shareholder consent is sought via a Special Resolution for the appointment of Mr. Devalkumar Indrabal Suthar (DIN: 11511925).

Role: Appointment as a Director and as Whole Time Director (Executive).
Tenure: A period of 3 (three) years, commencing from May 21, 2026, up to May 20, 2029.
Current Status: He was appointed as an Additional Director by the Board of Directors effective May 21, 2026, and will hold office until the next AGM.
Rationale: The appointment is based on the recommendation of the Nomination and Remuneration Committee. Mr. Suthar is described as a finance professional with over 15 years of experience, holding Bachelor's and Master's degrees in Commerce from Gujarat University. He has been with the company since 2010 and has been involved in strengthening financial systems, implementing SAP, and supporting business growth and plant operations.

The resolution seeks approval for the following remuneration terms for Mr. Suthar:

Consolidated Salary: ₹126,620 per month (Basic: ₹70,310 per month + other allowances).
Other Benefits: Contribution to provident fund, payment of bonus and gratuity as per company schemes, and other perquisites as decided by the Board/NRC.
Minimum Remuneration Clause: The resolution includes approval for paying the proposed remuneration even in the event of loss or inadequacy of profits during his tenure, which would be in excess of the limits prescribed under Section 197 of the Companies Act, 2013, subject to Schedule V.
Sitting Fees: He shall not be entitled to any sitting fees for attending Board or Committee meetings.

The Explanatory Statement provides financial context for the 'inadequate profits' clause:

FY 2025-26 Performance: The company reported a standalone total income of ₹37,262.78 lakhs and a Loss Before Tax (PBT) of (₹613.92) lakhs.
Reasons for Inadequate Profits: Cited reasons include accumulated consumer demand, supply interruptions, significant increases in commodity prices, and consumer destocking in overseas markets leading to decreased demand and lower realizations.

Cut-off Date: May 22, 2026 (Members holding shares as on this date are eligible to vote).
E-Voting Period: Commences on Monday, June 01, 2026 (9:00 AM IST) and ends on Tuesday, June 30, 2026 (5:00 PM IST).
Service Provider: National Securities Depository Limited (NSDL) has been engaged to facilitate the remote e-voting process.
Scrutinizer: Mr. Bipin L. Makwana (Membership No. A15650), a Practicing Company Secretary, has been appointed to scrutinize the e-voting process.
Result Declaration: The scrutinizer's report and the result of the postal ballot will be announced within statutory timelines and posted on the company's website (www.aksharchemindia.com) and the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).
Deemed Passing Date: If approved, the resolution will be deemed to have been passed on June 30, 2026.

Notice Dispatch: The notice is being sent only through electronic mode to members whose email addresses are registered. Physical copies are not being sent.
Board Authority: The Board of Directors (including its Committee) is authorized to alter and vary the terms of appointment and to execute all necessary documents to give effect to the resolution.
Interest Disclosure: Except Mr. Suthar and his relatives, no other Directors or Key Managerial Personnel of the company are concerned or interested in this resolution.
Shareholding: Mr. Suthar holds 2 (two) shares in the company.

Company Reference: Aksharchem (India) Limited (CIN: L24110GJ1989PLC012441). Scrip Code: BSE 524598, NSE Symbol: AKSHARCHEM.
Business: The company is engaged in the manufacturing of Dyes, Pigments, and Precipitated Silica.