Postal Ballot Notice - Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
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India Gelatine & Chemicals Ltd is seeking shareholder approval via postal ballot (remote e-voting) for three director appointments. (1) Mr. Niranjan Sankar Annamalai (from Pioneer Asia Group, which owns Pioneer Jellice India – a competing gelatin maker) to be appointed as Non-Executive Non-Independent Director. (2) Mr. Abhay Kumar Jha to be appointed as Whole Time Director designated as Executive Director for 5 years from April 21, 2025, with a CTC of Rs. 1 crore per annum (Rs. 82 lakh fixed + Rs. 18 lakh variable). (3) Mr. Uppili Rajan Babu (CS, M.Com, LLM in International Commercial Law, 45+ years experience) to be appointed as Independent Director for a 3-year term ending April 17, 2028. E-voting runs from May 27 to June 25, 2025; results to be declared by June 27, 2025.
Approval will formalise a new executive team and add a promoter-family-linked board member (Annamalai's father and uncle are already connected to the company), which may raise governance questions for some investors. The Rs. 1 crore CTC for the new Executive Director is a key cost line shareholders should note.