Intimation of Postal Ballot Notice - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 as per the attachment.
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Awaiting price reaction for this filing.
Sumedha Fiscal Services has issued a Postal Ballot Notice seeking shareholder approval to re-appoint Mr. Bhawani Shankar Rathi (DIN: 00028499) as Whole-time Director for another 3-year term from April 1, 2025 to March 31, 2028. The proposed total remuneration is Rs. 45.50 lakh per annum, comprising basic salary of Rs. 28.80 lakh, HRA of Rs. 6 lakh, bonus of Rs. 3.60 lakh, PF contribution of Rs. 3.50 lakh, and other allowances of Rs. 3.60 lakh. Since the resolution may allow remuneration beyond statutory limits during years of inadequate or no profits, it requires approval as a Special Resolution. Remote e-voting via CDSL runs from April 7, 2025 (9:00 AM) to May 6, 2025 (5:00 PM), with the cut-off date set as March 28, 2025. Mr. Rathi is a Chartered Accountant with 31 years of experience, one of the promoters, and holds 1.49% equity in the company. The company's FY24 performance was strong, with total revenue of Rs. 95.50 crore and profit after tax of Rs. 7.72 crore (up sharply from Rs. 1.02 crore in FY23).
This is a routine governance matter with limited stock price impact, but shareholders should review the remuneration against the company's improved FY24 profitability. The special resolution route gives the company flexibility to pay the agreed salary even if profits dip in the future.