Isgec Heavy Engineering Limited has informed the Exchange regarding Proceedings of Postal Ballot
ISGEC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Isgec Heavy Engineering Limited has announced the results of its postal ballot conducted through remote e-voting from February 26 to March 27, 2026. All four resolutions were approved by shareholders with overwhelming majorities. The key approvals include: (1) Re-appointment of Mr. Aditya Puri as Managing Director for 5 years (May 2026 to April 2031) with monthly basic salary of Rs. 21 lakh plus allowances up to Rs. 20 lakh and commission up to 2.5% of net profits - passed with 90.79% votes in favour; (2) Re-appointment of Mr. Kishore Chatnani as Joint Managing Director and CFO for 5 years with total remuneration capped at Rs. 3.52 crore annually - passed with 99.97% votes in favour; (3) Re-appointment of Mr. Sanjay Gulati as Joint Managing Director for 5 years with total remuneration capped at Rs. 3.53 crore annually - passed with 99.97% votes in favour; (4) Re-appointment of Mr. Arvind Sagar as Independent Director for a second consecutive 5-year term - passed with 91.73% votes in favour. Total valid votes cast across all resolutions was approximately 5.94 crore shares.
The strong shareholder approval (ranging from 90.79% to 99.97%) for re-appointing the key leadership team indicates continued confidence in the current management. The significant re-election mandates for the Managing Director and Joint Managing Directors provide stability in leadership for the next 5 years. The lower approval for the Managing Director's resolution (90.79%) compared to the others suggests some shareholders may have concerns about his higher compensation package. The Independent Director re-appointment demonstrates governance continuity.