Jain Resource Recycling Limited has informed the Exchange regarding Notice of Postal Ballot
JAINREC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Jain Resource Recycling Limited has sent a Postal Ballot notice to shareholders seeking approval via remote e-voting (March 28 to April 26, 2026; results by April 28, 2026) on four items. Item 1 (Special Resolution): approval of remuneration for Managing Director Mr. Kamlesh Jain for FY2026-27 at Rs. 30 lakhs per month, with an overall cap of Rs. 5 crore per annum. Item 2 (Ordinary Resolution): re-designation and remuneration of Mr. Atul Pareek as Whole-Time Director of subsidiary Jain CY Circular Solutions at Rs. 6 lakhs per month (Rs. 72 lakhs per annum) plus a one-time joining bonus of Rs. 30 lakhs. Item 3 (Special Resolution): ratification of the use of Rs. 540 million from the 'General Corporate Purposes' bucket of the September 2025 IPO proceeds to repay an unsecured loan taken from a Promoter-Director, which contradicts the original Prospectus. Item 4 (Special Resolution): amendment of Articles of Association to delete common seal-related provisions.
Item 3 is the most material for shareholders: Rs. 540 million of IPO funds were used to repay a promoter-related unsecured loan contrary to the original Prospectus terms, and management is now seeking shareholder ratification to regularise this deviation, which is a negative governance signal. Items 1 and 2 involve MD and subsidiary-director remuneration approvals. No immediate stock-price trigger is expected unless shareholders reject Item 3.