Pursuant to Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015 Please find attached the Postal Ballot Notice, which is being sent to the Shareholders of the Company ....
TIMEX · price
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Timex Group India has sent a Postal Ballot Notice to shareholders seeking approval through remote e-voting for three special resolutions. The first is to ratify and waive recovery of excess remuneration of Rs. 14,36,250 paid to Managing Director Mr. Deepak Chhabra for March 2024–February 2025, which exceeded the shareholder-approved ceiling due to higher performance-linked short-term incentives. The second is to revise his remuneration effective March 1, 2025, with a proposed annual ceiling of Rs. 5,70,00,000 plus retirals, perquisites, and long-term incentives (up from the earlier approved ceiling of Rs. 3,50,00,000). The third is his re-appointment as Managing Director for a further 3 years from March 28, 2025. E-voting runs from April 26, 2025 to May 25, 2025, with results to be announced by May 27, 2025.
Shareholders are being asked to approve a significant pay hike for the Managing Director (a ~63% rise in the annual remuneration ceiling) and forgive an overshoot from the previous year. This is a routine governance exercise tied to the MD's re-appointment, but the substantial increase in compensation may draw attention from institutional and retail investors watching for cost discipline.