Updater Services Limited has informed the Exchange regarding Notice of Postal Ballot- Change in designation of Mr.Amitabh Jaipuria (DIN : 01864871)
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Updater Services Limited is seeking shareholder approval via postal ballot for changing the designation of Mr. Amitabh Jaipuria from Non-Executive, Non-Independent Director to Senior Executive Director and Whole-time Director (Key Managerial Personnel). Mr. Jaipuria, who has been on the board since March 2023, will receive an annual fixed salary of Rs. 1.50 crore with additional variable pay and perquisites as per company policy. His tenure will be for three years with possible extension. The appointment requires a special resolution passed by shareholders through e-voting, which runs from May 27, 2026 to June 25, 2026. The board approved this change based on the Nomination and Remuneration Committee's recommendation, citing his 37+ years of experience and significant contributions to the company.
This elevation of an existing director to an executive role with KMP status gives Mr. Jaipuria greater operational responsibility and aligns his interests with company performance. The significant remuneration package (from sitting fees to Rs. 1.50 crore fixed salary) indicates the company's intent to retain experienced leadership, which could be viewed positively by investors.