Intimation of 78th AGM Notice and Annual Report 2024-25
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Tulsyan NEC Limited has issued the notice for its 78th Annual General Meeting to be held on Wednesday, September 17, 2025 at 11:30 AM via video conferencing, along with the Annual Report for FY 2024-25. The AGM agenda includes adoption of audited standalone and consolidated financial statements, re-appointment of Mr. Sanjay Agarwalla as Director retiring by rotation, and re-appointment of Mr. Somasundaram Ponsing Mohan Ram as Independent Director for a second 5-year term (Sept 19, 2025 to Sept 18, 2030). Shareholders will also vote on appointing M/s. M Damodaran & Associates LLP as Secretarial Auditors for 5 years at Rs. 67,000/year and ratifying cost auditor remuneration of Rs. 70,000. A major item is approval of material related party transactions worth up to Rs. 1,410 crores over 3 years with Tulsyan Smelters Pvt Ltd (a related party where directors are interested), including Rs. 1,000 crores for sale of goods and Rs. 400 crores for purchase. Another Rs. 235 crores in related party transactions are proposed with wholly-owned subsidiary Chitrakoot Steel and Power Pvt Ltd. Additionally, special resolutions seek approval for paying remuneration to Executive Chairman Lalit Kumar Tulsyan, Managing Director Sanjay Tulsyan, and Whole Time Director Sanjay Agarwalla in case of inadequate profits.
Shareholders should review these resolutions carefully before voting — particularly the large Rs. 1,410 crore related party transaction limit with Tulsyan Smelters (a promoter-related entity) over 3 years, and the proposed executive remuneration payable even if profits are inadequate. The AGM is the platform for retail investors to vote on these items; e-voting window runs from September 14-16, 2025 with cut-off date of September 10, 2025.