PERSISTENT: Persistent Systems Limited has informed the Exchange about the Addendum to the Notice of 35th Annual General Meeting of the Company
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Persistent Systems has issued an addendum to its 35th AGM notice (meeting scheduled for July 21, 2025), revising pay terms for two executive directors. For Mr. Sandeep Kalra's reappointment (Oct 1, 2025 to Sept 30, 2028), the annual bonus has been capped at the lower of 1% of consolidated net profits or INR 50 million, adding a hard ceiling to the earlier open-ended 1% clause. For Mr. Vinit Teredesai's appointment, stock options have been limited to those already granted on May 31, 2024, and any fresh ESOP grants will now need prior shareholder approval. The Nomination and Remuneration Committee and Board approved both revisions on July 12, 2025. All other items in the original AGM notice remain unchanged, and shareholders will vote on these resolutions at the July 21 meeting.
The revisions introduce clearer caps and shareholder oversight on executive pay, which retail investors generally view favourably as they limit discretionary bonuses and ESOP grants. No major impact on the stock price is expected, but it reinforces governance discipline ahead of the AGM.