EID Parry India Limited has informed the Exchange regarding Notice of Postal Ballot
EIDPARRY · price
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EID Parry India has issued a Postal Ballot Notice to shareholders with three special resolutions. The first seeks approval to waive recovery of any excess remuneration paid to Mr. Muthiah Murugappan, Whole Time Director & CEO, for FY 2024-25, where his total pay was Rs. 3.60 crore. The second seeks approval for his remuneration for FY 2025-26 and FY 2026-27, with annual increases of up to 25%. The third seeks waiver of recovery of excess remuneration paid to Mr. S. Suresh, former Managing Director, who took early retirement on August 31, 2024, for his tenure in FY 2024-25, where his total pay was Rs. 2.26 crore. The company says these are precautionary measures because the sugar industry is cyclical and profits for FY 2024-25 may be inadequate under Schedule V limits. Remote e-voting runs from April 11, 2025 to May 10, 2025.
This is a procedural compliance matter and not expected to materially affect share price or operations. Shareholders will vote on director remuneration matters; the company has not defaulted on any bank or institutional dues. Approval is being sought as a safeguard given the cyclical nature of the sugar business.