IFGL Refractories shareholders have approved the appointment of Mukesh Harshadrai Rawal as Whole-time Director and Chief Executive Officer India. The special resolution passed through a postal ballot received 99.99% of valid votes in favor, securing the requisite majority for his three-year tenure starting August 16, 2026.

The voting process concluded on October 8, 2026, following a remote e-voting window that opened on September 9, 2026. The resolution sought approval for Mr. Rawal’s designation as Director and CEO India, along with the payment of remuneration to him. The appointment is liable to retire by rotation and remains effective until August 15, 2029.

Voting pattern and shareholder participation

The scrutiny report highlights a significant divergence in participation between promoter groups and public shareholders. While promoters voted 100% of their holding in favor, public non-institutional investors showed low turnout, with only 2.56% of their shares cast in the vote. Despite this low engagement from the retail segment, the overall result was overwhelmingly positive due to the high concentration of promoter holdings.

What the numbers show

The voting data reveals that institutional investors participated almost fully (99.88% of their holding), mirroring the promoters' complete support. In contrast, non-institutional public shareholders demonstrated minimal engagement, casting votes for only 2.56% of their total holding. The small number of dissenting votes (4,186) originated entirely from this non-institutional segment, representing just 1.55% of the votes polled by this specific group. This suggests that while the management's proposal faced negligible opposition, broader retail investor interest in the governance decision remained limited.

IFGL Refractories has issued a postal ballot notice seeking shareholder approval for the appointment of Mukesh Harshadrai Rawal as Whole-time Director and Chief Executive Officer India.

The special resolution requires member approval through a remote e-voting process facilitated by National Securities Depository Limited (NSDL). The appointment is subject to necessary permissions from the Central Government and other regulatory bodies.

Appointment Details

Mr Rawal, son of the late Harshadrai Rawal, will serve a three-year term commencing on August 16, 2026, and concluding on August 15, 2029. He will be liable to retire by rotation during this period. The resolution also covers the payment of remuneration to him.

Voting Timeline

The company sent electronic notices to members registered as of September 4, 2026. Physical copies were not dispatched in accordance with Ministry of Corporate Affairs circulars. Shareholders can access the detailed notice on the company’s website under the investor section.

The remote e-voting module will be active during the following window:

• Commencement: 9 am on September 9, 2026
• Conclusion: 5 pm on October 8, 2026

NSDL will disable the voting facility after the conclusion time. If passed, the resolution will be deemed effective on October 8, 2026. The company plans to declare the voting results on or before October 12, 2026.