Postal Ballot Notice dated March 13, 2025
Awaiting price reaction for this filing.
3M India Limited has issued a Postal Ballot Notice (dated March 13, 2025) seeking shareholder approval for three resolutions. Resolution 1 seeks to appoint Mr. Jayanand Vasudeorao Kaginalkar (DIN: 07904558) as a Director of the company. Resolution 2 seeks his appointment as Whole-Time Director for a 2-year term from April 1, 2025 to March 31, 2027, with an upper salary limit of ₹30 Lakhs per month plus standard perquisites. Resolution 3 seeks the appointment of Ms. Jung Hyun Kim (DIN: 10954275), currently 3M Asia HR Director, as a Non-Executive and Non-Independent Director. The e-voting window runs from April 23, 2025 to May 22, 2025, with results to be declared on or before May 24, 2025. The appointment of Mr. Kaginalkar is also subject to Central Government approval as he has not resided continuously in India for 12 months prior to his appointment.
These are routine governance changes to fill board positions with insiders from the 3M global group. The remuneration for the new Whole-Time Director (up to ₹30 Lakhs/month) is moderate and not expected to materially affect shareholders. No material impact on stock price is anticipated as the appointments are largely procedural and in line with corporate governance requirements.