IFGL Refractories Limited has informed the Exchange regarding Notice of Postal Ballot
IFGLEXPOR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
IFGL Refractories has issued a Postal Ballot Notice seeking shareholder approval (via special resolution) to appoint Mr. Mihir Prakash Bajoria (DIN: 09346426) as Managing Director for three years, from 1 March 2026 to 28 February 2029. Mr. Bajoria, son of Executive Chairman Mr. Shishir Kumar Bajoria, is currently a Non-Executive Non-Independent Director and brings 16 years of refractory industry experience, including prior leadership of the company's UK subsidiary. His proposed basic salary is Rs 21,66,000 per month, with yearly increments up to 25%, plus standard perquisites and retiral benefits, with overall pay capped within 5%/10% net profit limits under the Companies Act (or treated as minimum remuneration in case of loss/inadequate profits). E-voting runs from 9 AM on 3 April 2026 to 5 PM on 2 May 2026, with results to be declared by 5 May 2026. For reference, FY25 standalone total income was Rs 1,01,386 lakhs and consolidated Rs 1,67,044 lakhs.
Succession-related leadership change at the promoter family level; Mr. Bajoria is the son of the current Executive Chairman and is moving from a non-executive to the top executive role. Remuneration is set within statutory limits, but the 'minimum remuneration' clause gives the board flexibility if profits dip. The outcome of the postal ballot (a routine process) is unlikely to materially affect the stock, though rejection by shareholders would delay the appointment.