Notice of Postal Ballot for appointment of- 1. Mr. Samarth Parekh as a Director of the Company 2. Mr. Samarth Parekh as Joint Managing Director of the Company 3. Mr. Anil Kumar Murarka ....
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SMIFS Capital Markets Limited has issued a Postal Ballot Notice seeking shareholder approval via e-voting (April 10 to May 09, 2025) for three key board changes. First, the appointment of Mr. Samarth Parekh (DIN: 00199598) as a Director of the Company. Second, his appointment as Joint Managing Director for a 3-year term starting April 08, 2025, with a monthly salary of Rs. 5,50,000 plus standard perquisites. Notably, Mr. Samarth Parekh is the son of Mr. Utsav Parekh, the Chairman of the Company, making him a related party. Third, the appointment of Mr. Anil Kumar Murarka (DIN: 00571568) as a Non-Executive Independent Director for a 5-year term (April 04, 2025 to April 03, 2030). The company reported a profit after tax of Rs. 241.09 lakhs in FY24, up significantly from Rs. 45.89 lakhs in FY23.
This is a governance event with a promoter-family member (Chairman's son) being elevated to Joint Managing Director, which strengthens family control but may raise corporate governance concerns among minority shareholders. The simultaneous appointment of a new Independent Director is a routine compliance move to refresh the board. For shareholders, the key item to watch is the voting outcome on Mr. Parekh's appointment as Joint MD, given his related-party status.