The corrigendum to the notice of EGM dated 29th March, 2025 is submitted herewith for dissemination to shareholders of the company
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Garment Mantra Lifestyle Ltd has issued a corrigendum to its EGM notice scheduled for May 10, 2025. The key change is that the re-appointment resolutions for Mr. Prem Aggarwal (Managing Director) and Mrs. Shikha Aggarwal (Whole-time Director) have been upgraded from Ordinary Resolutions to Special Resolutions. Both directors are proposed to be re-appointed for a fresh term of 5 years, from March 23, 2025 to March 22, 2030. Mr. Prem Aggarwal's proposed remuneration is capped at Rs. 1,50,000 per month, while Mrs. Shikha Aggarwal's is capped at Rs. 1,00,000 per month. The EGM will also consider regularising the appointment of Mr. S. Babu as Independent Director as ordinary business.
Shareholders now need a higher voting threshold (75% approval) for the re-appointments, reflecting greater regulatory scrutiny. The relatively modest remuneration amounts and promoter-family re-appointments suggest continuity in management, with no immediate material change expected in operations or stock price.