Indo Borax & Chemicals Limited has informed the Exchange regarding Notice of Postal Ballot
INDOBORAX · price
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Indo Borax & Chemicals has issued a Postal Ballot notice seeking shareholder approval through remote e-voting (from March 17 to April 15, 2026, cut-off date March 13, 2026) for eight special business resolutions. The key item is the appointment of Mr. Suresh Kalra (DIN: 02833715) as Managing Director & CEO for 5 years, with a salary of Rs. 3.5 crore per annum, a performance bonus of up to Rs. 3.5 crore, and ESOP eligibility of up to 5% of the fully diluted equity capital. Mr. Harsh Malhotra (DIN: 10785742) is being appointed as Executive Director for 5 years with Rs. 60 lakh salary and up to Rs. 60 lakh performance bonus. The company is also seeking approval to appoint Mr. Sunil Malhotra as Non-Executive Non-Independent Director, and three new Independent Directors – Ms. Prajnaparamita Sarkar, Mr. Parameswaranpillai Naga Prasad, and Mr. Rakesh Kumar Shrivastava – each for a 5-year term. Scrutiniser is CS Mannish L. Ghia, and results will be declared by April 17, 2026.
The postal ballot represents a significant board restructuring, including a new MD & CEO and an enlarged board with three additional independent directors, which could strengthen governance. The substantial pay package for the new MD & CEO (Rs. 3.5 cr fixed + Rs. 3.5 cr variable + ESOPs up to 5%) is a key item shareholders should review; outcomes may affect stock sentiment depending on shareholder approval and perception of management compensation.