Coromandel International Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report.
COROMANDEL · price
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Coromandel International shareholders approved three resolutions through a postal ballot (remote e-voting only) with about 80.9% voting participation. Mr. Natarajan Srinivasan (DIN: 00123338) was appointed as a Director with 98.67% votes in favour and as Whole-time Director designated as Executive Vice Chairman with 89.39% in favour, for the period April 30, 2025 to September 30, 2027, at a basic salary of Rs. 20 lakh per month plus allowances and perquisites of up to 300% of basic salary. The third resolution to amend the Memorandum of Association was passed with 99.99% approval, expanding the company's permitted business areas to include active pharmaceutical ingredients, animal and poultry feeds, green hydrogen and ammonia, chemicals for EV batteries and energy storage, mining, drone operations, e-commerce, and renewable energy. Notably, public institutional investors voted 35.51% against the Executive Vice Chairman appointment, while promoters voted 100% in favour across all resolutions.
The appointments formalise the new leadership structure under Mr. Srinivasan as Executive Vice Chairman, while the wide-ranging MoA amendment gives the company flexibility to enter high-growth areas such as green energy, EV battery chemicals, APIs, and mining. The substantial dissent from institutional investors on his remuneration may attract some governance attention, though all resolutions passed comfortably.