Please find attached Postal Ballot Notice dated 07th April, 2025.
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Awaiting price reaction for this filing.
Olatech Solutions Ltd (BSE SME, Scrip Code: 543578) has issued a Postal Ballot Notice dated April 7, 2025, seeking shareholder approval through remote e-voting from April 9 to May 8, 2025 (cut-off date April 4, 2025). Six resolutions are proposed: (1) regularising Mr. Naved Iqbal as Non-Executive Director, (2) changing Mr. Navneet Kakkar's designation from Non-Executive to Executive Director (Special Resolution), (3) appointing Mr. Vijay Mukesh Thakkar as Independent Director for 5 years till March 31, 2030, (4) approving director remuneration exceeding 11% of net profits under Section 197 (Special Resolution), (5) raising CMD Amit Kumar Singh's remuneration up to Rs. 48 lakhs per annum from April 1, 2025 (Special Resolution), and (6) authorising loans/guarantees up to Rs. 50 crore to group companies, associates and related entities under Section 185 (Special Resolution). NSDL has been engaged as the e-voting facilitator and M/s. Nikunj Kanabar & Associates appointed as Scrutinizer.
Most resolutions are routine board governance matters, but Item 6 (Rs. 50 crore inter-corporate loan/guarantee authorisation) and the CMD's pay hike to Rs. 48 lakh per annum are the more substantive items. The Section 185 authorisation gives the board wide latitude to deploy Rs. 50 crore to related/associate entities, which warrants shareholder attention.