MITCON Consultancy & Engineering Services Limited has informed the Exchange regarding Notice of Postal Ballot
MITCON · price
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MITCON Consultancy & Engineering Services Limited is seeking shareholder approval via postal ballot for six resolutions. Key items include: (1) Re-appointment of Mr. Anand Chalwade as Managing Director for 5 years (July 2026 to June 2031) with monthly remuneration of Rs. 12,30,236 plus performance incentive up to Rs. 50 lakhs, (2) Appointment of Dr. Prakash Vaidya as Independent Director for 3 years, and (3) Appointment of Mr. Sanjay Ballal Phadke as Non-Executive Non-Independent Director. Additionally, the company seeks approval for three material related party transactions involving corporate guarantees of up to Rs. 50 crore each to MINVEN Solar 01, 02, and 03 Private Limited (proposed associate companies). E-voting period runs from May 7 to June 5, 2026.
The re-appointment of the Managing Director ensures continuity in leadership. However, the three related party transactions involving Rs. 150 crore in corporate guarantees require careful shareholder scrutiny as they represent potential contingent liabilities. New board appointments may bring fresh perspectives to the board composition.