STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding Notice of Postal Ballot
STEELXIND · price
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On the reaction day the stock moved 1.0 pts less than Nifty Microcap 250 and 0.8 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Steel Exchange India Limited has issued a Postal Ballot Notice dated 23rd April 2025 seeking shareholder approval through e-voting for a single special resolution. The resolution is to re-appoint Mr. B. Satish Kumar (DIN: 00163676) as Chairman & Managing Director for a further three-year period effective 1st March 2025, as his current term ended on 28th February 2025. His proposed monthly salary is Rs. 8.25 lakh (Rs. 99 lakh per year), with perquisites up to 75% of salary, and he last drew Rs. 90 lakh as annual remuneration. Mr. Satish Kumar, 64, has been on the board since 2007, holds 64.59 lakh shares, and his brother Mr. Suresh Kumar Bandi is the Joint Managing Director while his son is a KMP. E-voting runs from 26th April 2025 to 25th May 2025 via CDSL.
This is a routine re-appointment of the existing CMD with no change in leadership, so it carries limited impact on the stock price. Shareholders should note the family concentration at the top — the CMD, Joint MD, and a KMP are all from the same Bandi family — and the fact that his proposed pay exceeds the 11% of net profit cap under Section 197, which is why shareholder approval via special resolution is required.