Empower India Ltd has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. Rajesh Chavan as Managing Director and M/s. Nagadheep Sathyanarayana and Co. as statutory auditors. The resolutions, passed by the Board on June 19, 2026, aim to regularise the leadership position and fill a casual vacancy in the audit firm. The e-voting period is scheduled from June 25, 2026, to July 24, 2026, with a cut-off date of June 12, 2026, for determining shareholder eligibility.

The Board approved the appointment of Mr. Rajesh Chavan (DIN: 07011994) as Managing Director for a term of five years effective from April 27, 2026. His remuneration is capped at ₹5,00,000 per annum on a cost-to-company basis, inclusive of salary, perquisites, and commissions, subject to the limits under the Companies Act, 2013. Additionally, the directors appointed M/s. Nagadheep Sathyanarayana and Co., Chartered Accountants (FRN: 008003S), as statutory auditors for the financial year 2025-26 to fill the vacancy caused by the resignation of M/s. Rishi Sekhri & Associates.

M/s. Hemang Satra & Associates, Company Secretaries, have been appointed as the scrutinizer to oversee the postal ballot and remote e-voting process. The company has engaged National Securities Depository Limited (NSDL) to facilitate the e-voting facility. Shareholders can cast their votes electronically or via postal ballot form, with the facility closing at 5:00 P.M. on July 24, 2026.

Key Meeting Details

Empower has renewed its contract with the Employees Retirement System of Texas to administer the Texa$aver 401(k) and 457 retirement plans for approximately 300,000 employees with roughly $7B in assets under administration. The six-year contract, approved by the ERS Board of Trustees, is effective from Jan. 1, 2027, through Dec. 31, 2032. This agreement extends a relationship that began in 2009, ensuring continued retirement plan administration for state agency and higher education employees.

The Texa$aver program, funded entirely by participants, has experienced substantial growth since Empower first assumed the administrator role. Assets in the 401(k) plan have grown by 88%, while assets in the 457 plan have more than doubled, increasing by 106%. Annual contributions have also risen, with 401(k) contributions increasing by nearly 45% and 457 contributions growing by over 30%.

Service and Support

Empower provides its My Total Retirement professionally managed investment and planning service to participants, offering personalized retirement strategies. The firm maintains a local presence in Austin, TX, with seven dedicated retirement plan advisors, including two Spanish-speaking representatives, serving over 200 state agencies and higher education institutions.

Historical Growth Metrics

ERS Executive Director Porter Wilson emphasized that the continued growth reflects active employee engagement in retirement security. He noted that the renewed partnership ensures high-quality administration at lower-than-average costs, providing employees with the necessary tools and guidance for confident retirement decisions.