Notice of Postal Ballot
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Awaiting price reaction for this filing.
The Lakshmi Mills Company Limited has issued a Postal Ballot notice dated February 12, 2026, seeking shareholder approval via remote e-voting for the re-appointment of Sri Sundaram Pathy (DIN: 00013899), aged 76, as Managing Director for a further period of 5 years with remuneration fixed for 3 years effective April 24, 2026. Proposed pay includes a monthly salary of Rs. 15,00,000 with an annual increment of Rs. 1,00,000, 1% commission on net profits, and perquisites capped at Rs. 5,00,000 per year; he received Rs. 1,12,15,000 in FY25. E-voting runs from February 25, 2026 to March 26, 2026, with the cut-off date set as February 20, 2026, conducted through NSDL. Sri Pathy, a promoter, holds 1,13,570 equity shares (16.33% of paid-up capital) and has over 51 years of textile industry experience. The company's FY25 financials show total income of Rs. 26,953.50 lakhs but a net loss of Rs. 467.53 lakhs, though narrower than the Rs. 1,379.29 lakh loss in FY24.
This is a routine governance action where shareholders are being asked to approve the continuation of an experienced promoter-MD at a loss-making textile firm; the vote outcome (passing as a special resolution) is largely procedural and unlikely to materially move the stock, though ongoing losses may keep investor sentiment cautious.