Key Quantitative Figures
- Santosh Raveshia's Proposed Remuneration: ₹228.77 lakhs per annum for FY 2026-27
- Sanjay Rajani's Proposed Remuneration: ₹155.56 lakhs per annum for FY 2026-27
- Santosh Raveshia's Current Remuneration (FY 2025-26): ₹220.58 lakhs
- Sanjay Rajani's Current Remuneration (FY 2025-26): ₹149.99 lakhs
- Santosh Raveshia's Shareholding: 95,62,679 Equity Shares of ₹10 each
- Sanjay Rajani's Shareholding: 45,38,497 Equity Shares of ₹10 each
- Incentive Potential: Up to 10% of gross annual salary subject to achievement of business plan
Dates of Action
- Postal Ballot Notice Date: June 10, 2026
- Cut-off Date for Eligibility: Friday, June 12, 2026
- Remote e-voting Commencement: Tuesday, June 16, 2026 at 09:00 a.m. IST
- Remote e-voting Conclusion: Wednesday, July 15, 2026 at 05:00 p.m. IST
- Results Announcement: On or before Friday, July 17, 2026
- New Term Commencement: January 1, 2027 to December 31, 2031 (5 years)
- Current Term Expiry: December 31, 2026
Parties Involved
- Directors: Mr. Santosh Raveshia (DIN: 00147624), Mr. Sanjay Rajani (DIN: 03329095)
- Scrutinizer: CS Shreyans Jain (Membership No. 8519) of M/s. Shreyans Jain & Co.
- E-voting Service Provider: National Securities Depository Limited (NSDL)
- Registrar & Share Transfer Agent: MUFG Intime India Private Limited
Purpose and Rationale
The Board of Directors at its meeting held on May 18, 2026, based on the recommendation of the Nomination and Remuneration Committee, determined that the reappointment of both directors would be beneficial to the Company given their extensive expertise, experience, strategic vision, and valuable contributions toward the Company's progress. Both directors satisfy all conditions specified in Part I of Schedule V and Section 196 of the Companies Act, 2013.
Voting Details
- Voting rights are proportional to shareholding as on cut-off date (June 12, 2026)
- Remote e-voting facility provided through NSDL
- Results will be deemed passed on July 15, 2026, if approved by requisite majority
- Documents available for electronic inspection during voting period
Terms and Conditions
Both directors will be liable to retire by rotation and eligible for reappointment as per provisions of the Act. They shall devote full time and attention to business affairs, perform duties as entrusted by the Board, and comply with all applicable laws and company policies. Any variation to terms and conditions will require review and approval of the Nomination and Remuneration Committee, Board, and Shareholders if applicable.
Additional Benefits
Both directors are entitled to:
- Reimbursement of expenses in accordance with company policies
- Gratuity in accordance with company policies
- Incentive of up to 10% of gross annual salary based on achievement of key performance targets
The aggregate remuneration payable shall be within maximum limits laid down under Sections 196, 197 and other applicable provisions of the Companies Act, 2013.
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