Jet Freight Logistics Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2025
JETFREIGHT · price
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Jet Freight Logistics has called its 19th AGM on September 25, 2025 at 11:30 a.m. via video conferencing. Shareholders will consider adoption of FY25 audited financial statements (standalone and consolidated), re-appointment of Mrs. Agnes Theknath as Director, and appointment of M/s. Ajay Shobha & Co. as new Statutory Auditor (5-year term, proposed fee of Rs. 16.50 lakh) following the resignation of M/s. GMCS & Co. due to pre-occupation. M/s. Parikh & Associates is proposed as Secretarial Auditor for FY 2025-26 to FY 2029-30 (Rs. 1 lakh fee for FY26). Key special business includes seeking shareholder approval to waive recovery of excess managerial remuneration paid during FY25 - Rs. 59.27 lakh to CMD Mr. Richard Francis Theknath and Rs. 54.43 lakh to Executive Director Mr. Dax Francis Theknath - citing inadequate profits due to falling freight rates and technology investments. The company is also seeking approval to revise both executives' remuneration for FY 2025-26 and to alter its object clause to add a general trading business.
The waiver request for over Rs. 1.13 crore in excess managerial pay signals weak FY25 profits driven by declining freight rates, which is a negative indicator for shareholders. The change in statutory auditor (resignation followed by replacement) and expansion of business objects into general trading suggest strategic shifts investors should monitor. Approval of revised remuneration during potentially inadequate-profit years could face shareholder pushback.