Southern Petrochemical Industries Corporation Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
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Southern Petrochemical Industries Corporation Limited has announced the results of its Postal Ballot conducted through remote e-voting from 9th April 2026 to 8th May 2026. Four resolutions were passed with overwhelming shareholder approval (over 99% in favour in all cases). The key outcomes are: (1) Appointment of Mr. Manikkan Sangameswaran as Independent Director for 5 years (Special Resolution), (2) Appointment of Mr. K R Anandan as Director under Section 160 (Ordinary Resolution), (3) Appointment and remuneration of Mr. K R Anandan as Whole-Time Director from 13th February 2026 to 12th February 2029 (Ordinary Resolution), and (4) Payment of Special Incentive to Mr. E Balu, Whole-Time Director for FY 2024-25 (Ordinary Resolution). About 54% of total shares were voted, with the scrutinizer confirming all resolutions were duly passed.
The appointment of new independent and executive directors signals board strengthening and continuity planning. The special incentive approval for Mr. E Balu indicates performance-based compensation, which may be viewed positively by the market as it aligns management incentives with shareholder returns.