EGM Notice to the Sharehoders
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7Seas Entertainment Ltd has called an Extra-Ordinary General Meeting (EGM) on May 26, 2025 at 9:00 AM via video conferencing to seek shareholder approval for two special resolutions. The first is the re-appointment of Mr. L. Maruti Sanker as Managing Director for 5 years (April 1, 2025 to March 31, 2030) at a proposed remuneration of Rs. 2,50,000 per month. The second is the re-appointment of Mrs. L. Hemalatha as Whole Time Director for 5 years (March 28, 2025 to March 27, 2030) at Rs. 1,50,000 per month. The two directors are spouses and are the main promoters, holding 60,90,821 and 4,00,000 shares respectively. The company noted strong financial growth — turnover rose from Rs. 51.65 lakhs in FY22 to Rs. 1,179.12 lakhs in FY24, with net profit after tax growing from Rs. 2.47 lakhs to Rs. 96.13 lakhs. E-voting window is open from May 23 to May 25, 2025.
This is a routine governance item to extend the tenure of the existing promoter-led leadership team. Since both appointees are related (spouses) and their combined remuneration may exceed statutory limits, minority shareholders should review the resolutions carefully before voting. Leadership continuity is positive, but the related-party nature of the appointments warrants attention.