Mittal Life Style Limited has informed the Exchange regarding Notice of Postal Ballot.
MITTAL · price
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Awaiting price reaction for this filing.
Mittal Life Style Limited has issued a Postal Ballot Notice seeking shareholder approval for four key items. First, the company proposes to increase its Authorised Share Capital from Rs. 55 crore to Rs. 70 crore by adding 15 crore new equity shares of Re. 1 each, indicating possible future fundraising plans. Second, it seeks to revise the remuneration of Mr. Brijeshkumar Mittal, Chairman & Managing Director, to up to Rs. 24 lakh per annum. Third, it proposes the appointment of Mr. Pratik Brijeshkumar Mittal — son of the Managing Director and son-in-promoter family — as Executive Director for 5 years effective August 17, 2025. Fourth, it seeks approval for his remuneration as Executive Director & CFO, also capped at Rs. 24 lakh per annum. The company noted inadequate profits in FY25-26, triggering Schedule V approval for managerial remuneration. E-voting runs from August 28, 2025 to September 26, 2025.
Shareholders will vote on a significant expansion of authorised capital, which may lead to dilution if new shares are issued later. The appointment of the promoter's son as Executive Director and the revision in MD remuneration reinforce family control of the board, which minority shareholders may view as a governance concern, though it provides continuity. The share price may react based on how the market interprets the capital expansion plans.