Board approves CMD continuation post-70; alters Object Clause; AGM set for July 24

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AI summary

The Board approved continuation of Mr. Suresh Shastry as Chairman and Managing Director after he turns 70, subject to shareholder approval at the upcoming AGM. He holds about 2.92 crore shares and has 46 years of forging experience. The Board also approved adding a new sub-clause to the Object Clause of the Memorandum of Association to enable mergers, acquisitions, and corporate restructuring. The 35th AGM will be held on July 24, 2026 via video conferencing.

Likely market impact

CMD continuity ensures leadership stability. Expanded Object Clause opens the door to future mergers or restructuring. Shareholders will vote on the CMD continuation at the July 24 AGM.