Revised outcome In our Letter No. OCL/BSE/2025-26/11, May 18, 2026 we have filed details for Corporate Announcement under Regulation 30 of SEBI(LODR) Regulations, 2015 continuation of ....
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This filing is a revised outcome providing additional details on the appointment of Mr. N. Mohamed Iqbal as Manager (Marketing) with effect from 18.05.2026 at a monthly remuneration of Rs.49,000. The appointment was approved by the Board of Directors at their meeting held on 18.05.2026. Mr. N. Mohamed Iqbal is the brother of Mr. N. Mohamed Faizal (Managing Director) and son of Mrs. S. Jarina (Woman Director), making this a Related Party Transaction. He holds 1,245,381 equity shares (7.63%) of the company. This filing was submitted in response to a BSE query dated 19.05.2026 seeking more details on the appointment, as the original filing only provided limited information. The company clarified that since the position does not fall under KMP categories (Managing Director/CEO/CFO/CS), they initially provided only appointment details. The appointment was approved by both the Audit Committee and the Board of Directors, and the disclosure is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The appointment of a family member of both the Managing Director and a Woman Director to a senior management position at Rs.49,000 per month is a significant related party transaction that warrants attention from shareholders regarding governance practices.