3M India Limited has informed the Exchange regarding Notice of Postal Ballot dated February 12, 2026
3MINDIA · price
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Awaiting price reaction for this filing.
3M India has issued a Postal Ballot Notice (dated February 12, 2026) seeking shareholder approval through e-voting for six items. These include: (1) appointment of former Infosys CFO Mr. MD Ranganath as Non-Executive and Independent Director for 5 years (Feb 2026 to Feb 2031); (2 & 3) appointment of Mr. Aseem Kuldip Joshi as Director and Managing Director for 5 years (April 1, 2026 to March 31, 2031) at a salary not exceeding ₹45 lakhs per month; (4) approval of material related party transactions with parent 3M Company, USA worth up to ₹576 crores for FY26-27; (5) royalty payment to 3M USA of up to ₹110 crores (at 3.25% on sale of manufactured goods) for FY26-27; and (6) material related party transactions with 3M Innovation Singapore Pte Ltd worth up to ₹623 crores for FY26-27. E-voting runs from February 25, 2026 to March 26, 2026, with results declared on or before March 28, 2026. 3M Company, USA holds a 75% stake in 3M India, making these related party transactions significant.
The resolutions formalize a leadership transition with a new MD (Aseem Joshi) and a high-profile Independent Director (former Infosys CFO), which could be viewed positively by the market. The related party transactions with the 75% parent company are substantial (combined over ₹1,300 crores for FY27), so shareholders should note that the promoter effectively controls voting outcomes on these items; however, royalty at 3.25% is noted to be at the lower end compared to the 7% charged to most other 3M group companies.