Precision Wires India Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on Jun 17, 2025
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Precision Wires India held an Extraordinary General Meeting on June 17, 2025, via video conference from 11:00 AM to 11:22 AM. Seven special resolutions were transacted, including the issuance of equity shares and convertible warrants on a preferential basis to non-promoters, which would result in equity dilution. The meeting also approved the re-appointment of Shri Deepak Mahendra Mehta as Vice Chairman & Whole-Time Director and Shri Nirbhay D. Mehta as President, along with their remuneration. Additionally, shareholders approved a revision in the remuneration of CMD Shri Milan Mahendra Mehta, an increase in the overall managerial remuneration limit from 11% to 15% of net profits, and payment of remuneration to promoter executive directors exceeding 5% of net profits. The meeting began with a one-minute silence in tribute to the company's late Founder Chairman, Shri Mahendra Ratilal Mehta ji. E-voting results are expected within 48 hours.
The preferential issue of equity shares and warrants to non-promoters will lead to equity dilution for existing shareholders. The increase in managerial remuneration limits and higher payouts to promoter executive directors may be a concern for minority shareholders focused on cost discipline.