Proceedings of 51st Annual General Meeting
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Stovec Industries Ltd held its 51st AGM on May 5, 2025 at 11:35 AM via video conferencing, with 35 members attending virtually. All 10 resolutions were passed with overwhelming majority (over 99.99% votes in favour). Key items included: confirmation of Rs. 115 per share interim dividend as final dividend for FY ended December 31, 2024; adoption of standalone audited financial statements; appointment of Price Waterhouse Chartered Accountants LLP as statutory auditor for 5 years; appointment/re-appointment of three independent directors (Kiran Dhingra, Bhanu Bhai Patel, Abhay Jadeja); re-appointment of Mr. Eiko Ris as non-executive director; ratification of cost auditor remuneration for FY2025; and appointment of Sandip Sheth & Associates as secretarial auditor. Four special resolutions were passed, including commission to Chairman K.M. Thanawalla in excess of prescribed limit. SPGPrints B.V. (Netherlands), the promoter, holds 71.06% of paid-up equity capital (14,83,777 shares out of 20,88,016).
All resolutions sailed through easily, reflecting stable promoter control and shareholder support. The Rs. 115 per share dividend represents a strong payout. Chairman K.M. Thanawalla announced his retirement, which is a notable leadership change for minority shareholders to monitor. The 5-year statutory auditor appointment signals continuity in audit oversight.