Intimation under regulation 30 for the various business transacted at the 51st AGM.
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Stovec Industries held its 51st AGM on May 5, 2025, where shareholders approved the audited financial statements for FY ended December 31, 2024. The Rs. 115 per share interim dividend already paid during the year was confirmed as the final dividend for FY2024. Price Waterhouse Chartered Accountants LLP (PwC) was appointed as the new statutory auditor for a 5-year term, replacing the previous auditor. Three independent director appointments/re-appointments were approved: Mrs. Kiran Dhingra re-appointed for a second 5-year term, and Mr. Bhanu Bhai Patel and Mr. Abhay Jadeja appointed for 3-year terms each. The cost auditor's remuneration for FY2025 was approved, and Sandip Sheth & Associates was appointed as secretarial auditor for 5 years (FY2025-FY2029). Mr. Eiko Ris was also re-appointed as a Non-Executive Non-Independent Director.
Mostly procedural items with no fresh cash impact for shareholders, as the Rs. 115 dividend was already paid as an interim dividend. The switch to PwC as statutory auditor and the addition of new independent directors (a former IAS officer, a CFO-turned-chairman, and a senior litigator) should be viewed positively from a governance and oversight perspective.