Notice of Postal ballot & E-Voting -Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 read with Schedule III thereto
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Rathi Steel & Power Limited has issued a Postal Ballot Notice seeking shareholder approval through remote e-voting (May 17 to June 15, 2025) for five resolutions involving significant board changes. The company proposes to appoint Mr. Arpan Kumar Atrey as a new Independent Director for a 5-year term. Ms. Surbhi Pareek will be reclassified from Independent Director to Non-Executive Non-Independent Director, reducing board independence. Mr. Abhishek Verma will shift from Non-Executive to Executive Whole-Time Director (salary ₹5.04 lakh per annum), and Mr. Rajesh Khurana will be appointed as Executive Whole-Time Director for Business Development (salary ₹10.80 lakh per annum). Most notably, Mr. Mahesh Pareek will be appointed as the new Managing Director (salary ₹12 lakh per annum), marking a top leadership change.
This reshuffle consolidates executive power under the Pareek family (Mahesh Pareek as MD, Surbhi Pareek as Non-Independent Director), but the conversion of an independent director into a non-independent one reduces independent oversight on the board, which may be viewed as a governance concern by minority shareholders.