Intimation of notice of Postal Ballot
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Duroply Industries has issued a Postal Ballot Notice seeking shareholder approval through remote e-voting for two special resolutions to revise the remuneration of Mr. Sudeep Chitlangia (Executive Chairman) and Mr. Akhilesh Chitlangia (Managing Director & CEO), effective October 1, 2025. For Sudeep, the revised salary is Rs. 70 lakh per annum with a performance-linked incentive of up to Rs. 60 lakh per annum, plus standard perquisites; for Akhilesh, the salary is Rs. 60 lakh per annum with a PLI of up to Rs. 40 lakh per annum. The e-voting window runs from August 12, 2025 (9 AM IST) to September 10, 2025 (5 PM IST), with results to be announced by September 12, 2025. The company disclosed that despite a FY25 net profit of Rs. 7.77 crore, profits are classified as 'inadequate' under Section 197/Schedule V of the Companies Act, which is why shareholder approval is being sought. FY25 revenue stood at Rs. 371.79 crore versus Rs. 323.42 crore in FY24, reflecting continued top-line growth.
This is a routine governance action to align executive pay with current benchmarks, with no immediate material impact on shareholders. However, the company's classification of profits as 'inadequate' for managerial remuneration, despite posting a net profit, may invite scrutiny from retail investors on pay-for-performance alignment, especially given the family's significant shareholding and leadership control.