Carysil Limited has initiated a postal ballot process to secure member approval for the appointment of Prayasvin B. Patel as an independent director. The company issued the notice on September 30, 2026, seeking a special resolution to formalize his tenure for five years.

Patel, currently serving as an additional director since September 22, 2026, requires ratification under SEBI listing regulations. The proposal grants him a term from September 22, 2026, to September 21, 2031, exempting him from retirement by rotation. The board recommends this appointment citing his extensive experience in engineering and manufacturing.

Voting schedule and eligibility

The remote e-voting facility is managed by National Securities Depository Limited (NSDL). Members may cast their votes between 9:00 am on Friday, October 2, 2026, and 5:00 pm on Saturday, October 31, 2026. Only shareholders recorded in the register of members or beneficial owners as of the cut-off date, Friday, September 25, 2026, are eligible to vote.

Voting rights are determined by the paid-up value of shares held on the cut-off date. Physical copies of the notice are not being dispatched; instead, the document is sent electronically to registered email addresses. Results will be announced on or before Monday, November 2, 2026.

Profile of proposed director

Prayasvin B. Patel brings over five decades of experience in the industrial sector. He has led Elecon Engineering Company Limited since 1993, serving as Chairman and Managing Director since 2006. His profile highlights his role in building Asia's largest industrial gear manufacturer and driving international expansion.

Governance and compliance details

The appointment complies with Section 149 of the Companies Act, 2013, and Regulation 17(1C) of the SEBI Listing Regulations. Patel has submitted a declaration confirming his independence and eligibility. He is not related to any existing director or key managerial personnel of the company.

Mr. Punit P. Shah, proprietor of P. C. Shah & Co., has been appointed as the scrutinizer for the ballot. Institutional shareholders must submit relevant board resolutions or authority letters to the scrutinizer or upload them via the NSDL portal. The resolution, if passed, will be deemed effective on the last day of voting.

Carysil Limited disclosed the detailed voting results of its 39th Annual General Meeting (AGM) held on September 22, 2026. While all five ordinary resolutions were passed with the requisite majority, the revision of remuneration for Ms. Rhea Parekh witnessed significant dissent, with 26.41% of votes cast against the proposal.

The meeting, conducted via Video Conferencing and Other Audio-Visual Means, commenced at 3:00 pm and concluded at 4:25 pm. A total of 84 members attended through video conferencing, comprising 3 promoters and 81 public shareholders. The record date for voting entitlements was September 15, 2026.

Voting breakdown on key resolutions

The scrutiny report by P. C. Shah & Co. confirmed that Resolutions 1, 2, and 4 passed with near-unanimous support. However, Resolution 3 (re-appointment of Anand Sharma) and Resolution 5 (remuneration revision) drew notable opposition from institutional investors.

Institutional dissent on executive pay

The most significant divergence in voting occurred during the approval of Ms. Rhea Parekh's revised remuneration. While promoter group shareholders voted unanimously in favour, institutional investors cast 12,29,085 votes against the resolution, representing 44.53% of the total votes polled by institutions. Non-institutional public shareholders also registered a small dissent of 0.31%.

In contrast, the re-appointment of Executive Director & Group CFO Anand Sharma faced a 2.72% dissent from institutional investors, though it still secured overwhelming support overall. The adoption of financial statements and the declaration of the final dividend of ₹3 per equity share faced negligible opposition, with only 35 shares voted against across both resolutions.

Governance and compliance details

Chirag Parekh, Chairman & Managing Director, chaired the meeting. The Board members present included the Chairpersons of the Audit, Stakeholders' Relationship, Corporate Social Responsibility, Risk Management, and Nomination and Remuneration Committees. Reena Shah, Company Secretary & Compliance Officer, confirmed the meeting's compliance with Ministry of Corporate Affairs and SEBI circulars.

The scrutinizer, Punit Pradip Shah of P. C. Shah & Co., verified that the e-voting process was conducted fairly and transparently. The results have been disseminated to stock exchanges and placed on the company website.