Ashima Limited has informed the Exchange regarding Notice of Postal Ballot
ASHIMASYN · price
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Awaiting price reaction for this filing.
Ashima Limited has sent out a Postal Ballot Notice to its shareholders seeking approval (via Special Resolution) to redesignate Mr. Sanjay Shaileshbhai Majmudar (DIN: 00091305) from Non-Executive Independent Director to Non-Executive Non-Independent Director, effective 6th January 2026. The change is needed because the company plans to engage his chartered accountancy firm, Parikh & Majmudar, for direct tax and other professional services, which would otherwise compromise his independence under Section 149(6) of the Companies Act, 2013 and SEBI LODR rules. Mr. Majmudar, who has around 40 years of experience in corporate law, direct tax, M&A, and capital markets, will continue on the board but will become liable to retire by rotation and will only receive sitting fees. The remote e-voting window runs from 8th January 2026 (9:00 a.m.) to 5th/6th February 2026 (5:00 p.m.), with the cut-off date for eligibility set as 2nd January 2026. CS Tapan Shah has been appointed as the Scrutinizer for the process.
This is essentially a governance housekeeping step to allow Ashima to formally hire Mr. Majmudar's CA firm while keeping him on the board. It does not change the board's size or day-to-day operations, but it does reduce the number of independent directors on the board, which minority shareholders may want to monitor. The stock price impact is expected to be minimal as no financials or business strategy are affected.