Notice of Extra-ordinary General Meeting of the Company scheduled to be held on May 27, 2026
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Parmax Pharma Ltd has called an EGM on May 27, 2026 to appoint 4 new directors and re-appoint its Managing Director. The meeting was requisitioned by 3 shareholders holding 30.80% of the company who want better oversight, corporate governance, and professional expertise on the board. Two new Non-Executive Directors (Mr. Pradeep Gosalia and Ms. Salma Thobhani) and two Independent Directors (Mr. Ashish Shah and Ms. Anjana Shah) are proposed. The MD re-appointment of Mr. Umang Gosalia is also on the agenda with proposed remuneration of Rs 60 lakhs per annum. The company has suffered losses due to a December 2023 fire incident at its manufacturing plant, posting a net loss of Rs 209.40 lakhs in FY 2024-25 with negative shareholder funds of Rs 643.98 lakacs. Voting dates: May 24-26, 2026.
The board expansion aims to restore investor confidence amid financial distress and a fire incident. Shareholders should review the proposed remuneration and credentials of new directors, especially given the company's eroded net worth.