The notice of Extra ordinary General Meeting is attached for reference
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Awaiting price reaction for this filing.
Chowgule Steamships issued a corrigendum to its EGM notice to fix an inadvertent error — words declaring the resolution to be passed as a 'Special Resolution' were missing from the heading, and a recommendation paragraph from the Nomination and Remuneration Committee was added for clarity. The sole business at the EGM is to approve a consolidated remuneration of INR 84 lakhs per annum (INR 7 lakhs per month) for Whole-time Director Mr. Vijay Vishwasrao Chowgule, effective December 1, 2025 to September 26, 2027, under Schedule V of the Companies Act (which applies in case of inadequate or absent profits). Notably, the director has received no remuneration since his 2022 appointment, and the company's net profit dropped sharply to INR 127.31 lakhs in FY25 from INR 740.78 lakhs in FY24. The EGM date, time (11:00 AM), and venue in Vasco-Da-Gama, Goa, remain unchanged; e-voting runs January 4–7, 2026.
This is primarily a procedural correction, but the underlying resolution is material — shareholders will be voting on promoter-director remuneration under loss-making provisions, against a backdrop of a steep fall in annual profits. No immediate stock price impact is expected, but minority shareholders should review the rationale carefully before voting.