Enclosed the 35th Annual General Meeting notice to be held on Thursday, 4th September, 2025 at 4.00 PM IST through VC/ OAVM.
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Magna Electro Castings Limited has filed the notice for its 35th AGM to be held on 4th September 2025 at 4:00 PM via video conferencing. Key items on the agenda include adoption of FY25 audited results (revenue of ₹17,817.49 Lakhs, up ~22.6% YoY), declaration of a ₹6/share dividend (60%, up from 50% in FY24), and re-appointment of director J Vijayakumar. Shareholders will also be asked to approve a higher related party transaction limit of ₹3,000 Lakhs (vs ₹2,500 Lakhs earlier) with M/s. Samrajyaa and Company, a partnership in which three of the company's directors are partners. The company plans to appoint MDS & Associates LLP as new Secretarial Auditors for 5 years from FY26 and elevate Ajeya Vel Narayanaswamy (son of MD N. Krishnasamaraj) as Executive Director – Marketing with a USD-denominated salary scale of USD 1,00,000–1,30,000. An amendment to Article 84 of the Articles of Association regarding retirement by rotation for executive directors is also proposed.
The 20% jump in dividend signals strong FY25 cash generation and rewards shareholders for the revenue and profit growth. However, shareholders should note the proposed executive director appointment involves family of the MD and the related party resolution benefits a firm in which directors have a direct financial interest—both are within regulatory norms but warrant scrutiny. Approval of these resolutions is needed to enable a new Third Moulding Line project, which the company says will drive significant future turnover growth.