India Motor Parts and Accessories Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
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India Motor Parts and Accessories Limited conducted a postal ballot through remote e-voting between May 27, 2025 and June 25, 2025, and both resolutions were passed with overwhelming shareholder support. The first resolution, a Special Resolution, approved the appointment of Sri N Krishnan as Director and Whole Time Director for 3 years (July 5, 2025 to July 4, 2028) with a consolidated pay of Rs. 8,00,000 per month plus commission up to 1% of net profits — it received 99.997% votes in favour. The second resolution, an Ordinary Resolution, approved the appointment of Sri Mukund S Raghavan as Managing Director for 5 years (July 5, 2025 to July 4, 2030) with a basic salary of Rs. 6,00,000 per month in a scale of Rs. 6,00,000-8,50,000 plus commission up to 1.5% of net profits — it received 99.988% votes in favour. Out of 12,480,000 total outstanding shares, 54.94% participated in the first vote and 56.38% in the second, both well above the required majority.
Both director appointments have secured strong shareholder backing with near-unanimous approval, signalling confidence in the company's leadership transition. The salary structures and commission caps (1% for WTD and 1.5% for MD, linked to net profits) align pay with company performance, which is generally seen as shareholder-friendly. No immediate impact on stock price is expected as these are routine governance approvals.