IFGL Refractories Ltd has announced the resignation of its Chief Procurement Officer (CPO), Mr. Sanjoy Gangopadhyay, effective from the close of working hours on April 3rd, 2026. The resignation was submitted through an official email on the same date, citing personal health issues as the primary reason for departure.

Regulatory Disclosure Details

The company has made the disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was formally communicated to both the National Stock Exchange of India Ltd and BSE Limited on April 3rd, 2026.

SEBI Circular Compliance

As per SEBI Circular dated January 30th, 2026 bearing No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, the company has provided the mandatory disclosure details in a structured format. The disclosure confirms that the resignation is effective immediately from the close of working hours on Friday, April 3rd, 2026.

Communication and Transparency

The resignation email was sent by Mr. Sanjoy Gangopadhyay to the company management at 10:56 AM on April 3rd, 2026, requesting immediate release from his position due to personal health concerns. The company has ensured transparency by hosting the announcement on its official website at ifglgroup.com, with the information available in the investor announcements section.

Corporate Governance

The disclosure was signed by Company Secretary Ms. Mansi Damani, ensuring proper corporate governance protocols were followed. The announcement demonstrates the company's commitment to timely and transparent communication with stakeholders regarding key personnel changes in senior management positions.

IFGL Refractories Limited has published its postal ballot notice in leading newspapers and filed the required disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company is seeking shareholder approval for the appointment of Mr. Mihir Prakash Bajoria as Managing Director through a special resolution.

Regulatory Compliance and Publication

On April 2, 2026, the company published the postal ballot notice in Business Standard (All Editions) and Pratidin (Odia Newspaper) pursuant to provisions of Sections 108 and 110 of the Companies Act, 2013, and Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014. The notice has also been hosted on the company's website at https://ifglgroup.com/ under the investor section.

Appointment Details and Terms

The Board of Directors, following recommendations from the Nomination and Remuneration Committee at their meeting held on February 14, 2026, has approved the appointment of Mr. Mihir Prakash Bajoria (DIN: 09346426) as Managing Director. The appointment is for a three-year period from March 1, 2026 to February 28, 2029, with the appointee liable to retire by rotation.

Remuneration Structure

The remuneration package for Mr. Bajoria has been detailed in the agreement executed on March 24, 2026. The compensation structure includes various components designed to align with industry standards and company performance.

The total remuneration, including allowances and perquisites, will remain within the individual limit of 5% and overall limit of 10% of eligible net profit for each respective year. In case of loss or inadequate profit during any financial year, the aggregate remuneration will be treated as minimum remuneration in accordance with Schedule V provisions of the Companies Act, 2013.

E-Voting Process and Timeline

The company has engaged National Securities Depository Limited (NSDL) to provide remote e-voting facility to shareholders. The voting process will be conducted entirely through electronic means, with no physical postal ballot forms being distributed.

Shareholders whose names appear on the Register of Members or List of Beneficial Owners as on the cut-off date of March 27, 2026, will be eligible to participate in the voting process. The company has appointed M/s P Sarawagi & Associates, Company Secretaries, as the scrutinizer for the e-voting process.

Background and Qualifications

Mr. Mihir Prakash Bajoria, aged 40 years, brings 16 years of experience to the role. He currently serves as a Non-Executive Non-Independent Director of the company and is the son of Executive Chairman Mr. Shishir Kumar Bajoria. His educational background includes a diploma in International Relations, Politics and Economy from Oxford Brookes University and completion of International Baccalaureate at Sevenoaks School.

His professional experience includes serving on the Board of the company's UK subsidiary, Monocon International Refractories Ltd, from February 2010 to August 2025, where he was elevated to Chairman in 2015. He currently serves as a member of the Risk Management Committee and Investment Committee of IFGL Refractories.

Company Performance Context

The appointment comes against the backdrop of the company's financial performance for FY 2024-25. On a standalone basis, the company reported total income of Rs 1,01,386 lakhs, profit before tax of Rs 7,455 lakhs, and profit for the year of Rs 5,760 lakhs. The consolidated figures showed total income of Rs 1,67,044 lakhs, profit before tax of Rs 5,954 lakhs, and profit for the year of Rs 4,298 lakhs. The company also achieved export performance with FOB value of exports at Rs 25,452 lakhs for FY 2024-25.