MRF Limited has informed the Exchange regarding Notice of Postal Ballot
MRF · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
MRF Limited has issued a postal ballot notice seeking shareholder approval to revise the remuneration of its five promoter-family directors: Chairman & MD K M Mammen, Vice Chairman & MD Arun Mammen, MD Rahul Mammen Mappillai, and Whole-time Directors Samir Thariyan Mappillai and Varun Mammen. Fixed pay components (salary, accommodation, perquisites) remain unchanged, but the commission rate cap is being reduced — from 1% to 0.75% for the two senior MDs, 0.65% for Rahul Mammen Mappillai, and 0.45% for the two Whole-time Directors — while removing the earlier 36-month salary ceiling on commission. FY2024-25 total remuneration was Rs 32.09 cr (K M Mammen), Rs 26.97 cr (Arun Mammen), Rs 23.77 cr (Rahul), and Rs 11.86 cr (Samir). E-voting runs from 27 February to 28 March 2026; record date is 20 February 2026.
This is a structural pay tweak, not a raise — the commission rate is being lowered but the salary cap is removed, making pay more directly linked to company profits. For shareholders, the overall manager-remuneration ceiling stays capped at 5% of net profits, so long-term impact on earnings is limited.