Notice of Extra-Ordinary General Meeting dated 2nd May, 2025.
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Awaiting price reaction for this filing.
7NR Retail Limited has called an EGM on Friday, 2nd May 2025 at 4:00 PM via Video Conferencing to seek shareholder approval for two items. First, the appointment of Mr. Chetan Kumar Ojha (DIN: 09706197) as Managing Director for a 5-year term from 5 February 2025 to 4 February 2030, with a salary of up to Rs. 9 lakh per annum (Ordinary Resolution). Second, the regularization of Ms. Hiral Vinodbhai Patel (DIN: 09719512) as Non-Executive Independent Director for a similar 5-year term (Special Resolution). The notice also discloses that the company posted a loss of Rs. 111.44 lakh in FY 2023-24, reversing a profit of Rs. 23.96 lakh in FY 2022-23, with revenue dropping sharply from Rs. 4,768 lakh to Rs. 1,162 lakh. Remote e-voting runs from 29 April to 1 May 2025, with the cut-off date set as 24 April 2025.
EGM outcomes will formalize leadership at the top — a new full-time Managing Director and a regularized Independent Director — which may bring stability but does not change shareholder economics directly. The disclosed FY24 losses and steep revenue decline are a concern and investors should weigh the new MD's strategy to reverse the downturn before the meeting.