Key Event
JK Lakshmi Cement Ltd submitted a detailed clarification/representation to Institutional Investor Advisory Services (IiAS) regarding their voting recommendations report dated 17th July 2026. The company requested IiAS to issue an addendum to their original report incorporating the company's response.
Factual Corrections Provided
- AGM Notice date correction: Actual date is 2nd July 2026 (not 6th July 2026 as mentioned in IiAS report)
- Promoter classification: Dwarkesh Energy Limited is a Promoter Group entity, not a Promoter (only Bengal & Assam Company Limited is the Promoter)
- Executive remuneration corrections:
- Dr. Arun Kumar Shukla, President & Director: ₹68.4 million (not ₹123.6 million)
- Shri Shrivats Singhania, Dy. Managing Director: ₹123.6 million (not ₹68.4 million)
- Shri Vimal Bhandari: ₹0.8 million (excluding sitting fees)
Response to Voting Recommendations
Item 5: Re-appointment of Smt. Vinita Singhania as Chairperson & Managing Director
IiAS Recommendation: AGAINST with rationale (G) Governance Concern and (T) Weak Transparency
Company's Defense:
- Vinita Singhania is a Promoter Group constituent, not the Promoter
- Remuneration recommended by Nomination & Remuneration Committee and approved by Board of Directors
- Remuneration structure based on industry benchmarks, company financial position, past performance, and responsibilities
- Total remuneration for all managerial personnel (Vinita Singhania, Shrivats Singhania, Arun Kumar Shukla) will remain within 10% of Net Profit limit under Section 197 of Companies Act, 2013
- In case of loss or inadequate profits, minimum remuneration will be paid with no commission as per Schedule V provisions
- Performance Linked Incentive (PLI) is only an enabling approval - no current PLI scheme exists
- Commission payment will be decided by Board and linked to Net Profit, with no absolute quantification possible
- No regulatory requirement for absolute cap on variable pay
- No conflict of interest - Vinita Singhania abstained from NRC discussions regarding her remuneration
Company Request
Requested IiAS to:
- Change voting recommendation from AGAINST to FOR on Item No. 5
- Issue requisite Addendum incorporating company's response
- Disseminate updated recommendations to shareholders
Communication Details
Submitted via email dated 19th July 2026 at 1:37:04 pm to smart@iiasadvisory.com, reports@iias.in, and Anup Pawar
Copied to Sudhir Bidkar, Puran Singh Rawat, and Poonam Singh
Filed separately with stock exchanges for uniform dissemination to all shareholders