Rolex Rings Limited has informed the Exchange regarding Proceedings of Postal Ballot
ROLEXRINGS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Rolex Rings Limited announced the results of its postal ballot conducted between January 31 and March 1, 2026, with all four resolutions declared passed on March 2, 2026. Shareholders approved three special resolutions to revise the remuneration of the Chairman & Managing Director (Mr. Manesh Madeka) and two Whole-time Directors (Mr. Bhautik Madeka and Mr. Mihir Madeka), effective November 10, 2025. The MD and Bhautik Madeka will each receive Rs. 14 lakh per month, while Mihir Madeka will receive Rs. 10 lakh per month, with provisions allowing payment even in years of inadequate profits. An ordinary resolution was also passed to reclassify two individuals — Hemal Paresh Madeka (holding 30.9 lakh shares, 1.13% of paid-up capital) and Sanjay Bhagwanji Bole (nil shares) — from the Promoter Group to the Public category, with prior no-objection received from BSE and NSE.
Higher director remuneration will increase fixed costs and could pressure margins if not matched by revenue growth. The promoter-to-public reclassification slightly increases the public shareholding float, though the impact on the stock is minimal given the small shareholding involved.