Mahanagar Gas Limited has informed the Exchange regarding Notice of Postal Ballot
MGL · price
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Mahanagar Gas Limited is seeking shareholder approval via postal ballot for two key leadership appointments. First, Mr. Deepak Gupta, currently Managing Director cum Chairman of GAIL (India) Limited, is proposed to be appointed as Non-Executive Non-Independent Director and Chairman of MGL. Second, Mr. Praveer Kumar Srivastava, currently Executive Director at GAIL, is proposed as Managing Director for a 5-year term from April 30, 2026 to April 29, 2031. Both appointees are GAIL nominees, indicating continued parent company control over MGL. Mr. Srivastava's proposed basic salary is Rs. 2,66,820 per month plus allowances. The e-voting period runs from April 20, 2026 to May 19, 2026, with results expected by May 21, 2026.
This represents a leadership transition with both top positions being filled by GAIL nominees, consolidating parent company control. The appointments bring extensive oil and gas sector experience to MGL. Shareholder approval is required under SEBI regulations for continuation of these appointments.