Mahamaya Lifesciences Limited held its 24th Annual General Meeting on September 29, 2026, via video conferencing. The meeting focused on adopting financial statements for FY26 and significant changes to the board's leadership structure. All nine resolutions proposed were passed with a 100% majority in favor.

Leadership re-designations approved

The shareholders voted on several special business items concerning the company's top management. The primary resolution involved the re-designation of Mr. Krishnamurthy Ganesan from Managing Director to "Executive Director & Chairman," effective November 1, 2026, accompanied by a revision in his remuneration. Similarly, Mr. Prashant Krishnamurthy was re-designated from Executive Director to "Managing Director," with a corresponding update to his compensation package, also effective November 1, 2026.

Mrs. Lalitha Krishnamurthy, serving as Whole Time Director, also saw a revision in her remuneration. These changes reflect a strategic realignment of roles within the promoter group and senior management team. Notably, for these specific remuneration and designation changes, the promoter and promoter group abstained from voting due to their interest in the resolutions, relying on public shareholder approval.

Board composition updates

The AGM addressed the continuity and expansion of the board's independent directorship. Dr. Gopal Krishna Raju and Dr. Charudatta Digambar Mayee were both approved for re-appointment as non-executive independent directors for a second term of three years, effective December 11, 2026. Additionally, Dr. Bhagirath Choudhary was regularized and appointed as a non-executive independent director for a first term of three years, effective August 25, 2026, strengthening the board's oversight capacity.

Mr. Prashant Krishnamurthy was also appointed in place of himself, who was liable to retire by rotation, ensuring his continued presence on the board.

Financial adoption and other approvals

Members received and adopted the audited financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and auditors. The meeting also ratified the remuneration payable to the cost auditor for FY27.

Voting was conducted through remote e-voting from September 26 to September 28, 2026, with additional e-voting facilities available during the meeting. The scrutinizer’s report will be submitted to stock exchanges and published on the company website.

Voting participation summary

For resolutions where promoters had an interest (Resolutions 3, 4, and 5), only public shareholders voted. The total votes polled from public institutions and non-institutions amounted to 3,609,000, all cast in favor. For all other resolutions, including financial adoption and independent director appointments, promoters participated, bringing the total valid votes to 16,806,600, with zero dissenting votes across all items.

Director profiles and relationships

The disclosures provided additional context on the newly appointed or re-designated directors:

• Dr. Bhagirath Choudhary: Founder Director of South Asia Biotechnology Centre (SABC), an agricultural engineer with over 25 years of experience in sustainable agriculture and pest management. He is not related to any other director.
• Dr. Gopal Krishna Raju: Chartered Accountant with three decades of experience in finance, taxation, and insolvency management. He is not related to any other director.
• Dr. Charudatta Digambar Mayee: Agricultural scientist with experience in plant pathology and policy; former Vice Chancellor of Marathwada Agricultural University. He is not related to any other director.
• Mr. Krishnamurthy Ganesan: Co-founder of Mahamaya Lifesciences with over four decades in the agrochemical industry. He is the father of Mr. Prashant Krishnamurthy and husband of Mrs. Lalitha Krishnamurthy.
• Mr. Prashant Krishnamurthy: Holds a Master's degree from University of Warwick, UK, overseeing international business operations. He is the son of Mr. Krishnamurthy Ganesan and Mrs. Lalitha Krishnamurthy.

Mahamaya Lifesciences has scheduled its 24th Annual General Meeting for September 29, 2026. The meeting will address critical governance changes, including a major leadership redesignation and substantial remuneration revisions for key management personnel.

The company will hold the meeting via Video Conferencing or Other Audio Visual Means, in compliance with Ministry of Corporate Affairs circulars. Shareholders holding shares as of the cut-off date of September 23, 2026, will be eligible to vote through remote e-voting facilitated by Central Depository Services (India) Limited.

Leadership Redesignations

The most significant agenda item involves a structural shift in executive leadership effective November 1, 2026. Mr. Krishnamurthy Ganesan will relinquish his position as Managing Director to assume the role of Executive Director and Chairman of the Board. Concurrently, Mr. Prashant Krishnamurthy, currently serving as Executive Director and Chief Financial Officer, will be elevated to the position of Managing Director for a five-year term.

These changes aim to facilitate succession planning and strategic leadership continuity within the agrochemical manufacturer. The Board of Directors approved these recommendations based on inputs from the Nomination and Remuneration Committee.

Remuneration Revisions

Shareholders are asked to approve special resolutions revising the compensation packages for the redesigned roles and other key directors:

The proposed salary increments are capped at 15% annually from FY28 onwards, subject to profit availability. In the event of losses or inadequate profits, remuneration will be paid as minimum statutory allowances under Schedule V of the Companies Act, 2013.

Independent Director Appointments

The AGM will also regularize the appointment of Mr. Bhagirath Choudhary as an Independent Director for a three-year term starting August 25, 2026. Additionally, shareholders must approve the re-appointment of Dr. Gopal Krishna Raju and Dr. Charudatta Digambar Mayee as Independent Directors for second terms commencing December 11, 2026.

A specific resolution seeks approval for Dr. Charudatta Digambar Mayee to continue his directorship beyond the age of 75, citing his unimpaired capability and rich professional background in agricultural biotechnology.

Financial Context

While the notice focuses on governance, it includes financial performance data for FY26 to contextualize the remuneration approvals. The company reported revenue from operations of ₹32,887.30 lakh in FY26, up from ₹26,414.86 lakh in FY25. Profit after tax rose to ₹1,652.33 lakh from ₹1,281.16 lakh in the prior year.

What the Numbers Show

The proposed managerial remuneration represents a significant increase relative to the company's profit base. The combined fixed salaries for the three key promoters—Mr. Prashant Krishnamurthy, Mr. Krishnamurthy Ganesan, and Mrs. Lalitha Krishnamurthy—total ₹2.95 crore annually. This figure constitutes approximately 17.8% of the reported Profit After Tax of ₹1,652.33 lakh for FY26. This high ratio underscores the reliance on promoter-led management and the substantial cost burden of executive compensation relative to net earnings.