The Notice of the Extra ordinary General meeting and the schedule of Evoting and Book Closures are attached for reference
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Awaiting price reaction for this filing.
Chowgule Steamships has called an EGM on January 8, 2026, at 11:00 AM at its Goa office, with e-voting open from January 4-7, 2026. The single special resolution seeks shareholder approval to pay remuneration of INR 84 lakh per annum (INR 7 lakh per month, excluding sitting fees) to Mr. Vijay Vishwasrao Chowgule, Whole-time Director and Promoter, effective December 1, 2025 until September 26, 2027. Notably, Mr. Chowgule has not received any remuneration from the company since his appointment as WTD in September 2022, and the proposed payment also covers scenarios where profits are inadequate or absent. The company reported a sharp drop in net profit to INR 127.31 lakhs in FY25 from INR 740.78 lakhs in FY24, while net worth stood at INR 4,451.47 lakhs.
This is a promoter-related party transaction that requires shareholder approval as a special resolution; the INR 84 lakh annual pay is modest for a promoter-director but is being pre-approved for loss-making years, giving the board flexibility. For shareholders, the key point is that this is the first remuneration being drawn by the WTD/promoter from the company despite being appointed in 2022, and a low turnout could affect the outcome.