Sumit Woods Limited has informed the Exchange about Shareholders meeting
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Sumit Woods Limited has issued a postal ballot notice seeking shareholder approval for the continuation of Mr. Mitaram Jangid as Managing Director after he attains 70 years of age on June 18, 2026. Under Section 196(3) of the Companies Act 2013, companies require a special resolution to appoint or continue a Managing Director who is above 70 years. Mr. Jangid currently holds the position with his existing term running from May 26, 2023 to May 25, 2028. His re-appointment was originally approved by shareholders in June 2023. The Board, based on the Nomination and Remuneration Committee's recommendation, seeks approval for his continuation highlighting his 40+ years of experience and leadership in the company. E-voting will be open from May 9, 2026 to June 8, 2026.
This is a routine governance matter allowing continuity of leadership. Shareholders should note Mr. Jangid holds 1.06 crore shares (making him a significant stakeholder) and draws annual remuneration of Rs 3.50 crore. The resolution does not change any existing terms or remuneration and is expected to pass given the board's recommendation.