Precision Wires India Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on Jun 17, 2025
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Precision Wires India held an Extraordinary General Meeting (EGM) on June 17, 2025, via video conferencing, where all 7 special resolutions were passed by shareholders. The resolutions include issuing fresh equity shares and convertible warrants on a preferential basis to non-promoters (both passed with 99.99% votes in favor), re-appointing Shri Deepak Mahendra Mehta as Vice Chairman & Whole Time Director (99.90% in favor) and Shri Nirbhay D. Mehta as President (98.51% in favor), approving a revision in remuneration of Chairman & MD Shri Milan Mahendra Mehta (99.88% in favor), increasing the overall managerial remuneration cap from 11% to 15% of net profits (97.81% in favor), and approving payment of remuneration exceeding 5% of net profits to Executive Directors from the promoter group (99.87% in favor). The Scrutinizer was Mrs. Ragini Chokshi of Ragini Chokshi & Co. On the record date of June 10, 2025, the company had 61,126 shareholders, with 9 promoter group members and 42 public shareholders attending via video conferencing. Promoter shareholders were classified as 'interested' and did not vote on resolutions 3 through 7.
The preferential allotment of fresh equity shares and convertible warrants to non-promoters will result in equity dilution for existing shareholders, though the funds raised may support growth. The increased managerial remuneration cap (11% to 15% of net profits) and approvals for executive director remuneration represent higher payouts to promoter-group directors, which may concern minority shareholders focused on cost discipline.