Metro Brands Limited shareholders approved the appointment of Sonny Iqbal as an independent director with 99.9999% support. The resolution was passed at the company’s 49th Annual General Meeting held on September 16, 2026.

The voting results were confirmed in a filing with stock exchanges on September 17, 2026. Shareholders also approved other key resolutions, including a final dividend of ₹3 per share and amendments to employee stock option plans.

Voting Results for Sonny Iqbal Appointment

The special resolution to appoint Mr. Iqbal received overwhelming backing from both promoter and public shareholders. Only 242 votes were cast against the proposal out of over 265 million votes polled.

Other Key Resolutions Passed

The AGM addressed several other governance and financial matters. Key outcomes include:

• Dividend Approval: Shareholders approved a final dividend of ₹3 per equity share for FY26, confirming an interim dividend of ₹1 per share already paid. This resolution received 100% support from promoters and institutions.
• Board Re-appointments: Ms. Farah Malik Bhanji was re-appointed as Managing Director with 99.1557% support. Ms. Alisha Rafique Malik was re-appointed as Whole-time Director with 99.2107% support.
• ESOP Amendments: Resolutions to amend the 'METRO Stock Option Plan 2008' and approve the 'Employee Stock Option Scheme 2026' were passed. These faced more dissent from institutional investors, with support ranging between 93% and 97%.
• Chairman Remuneration: Payment of remuneration to Non-Executive Chairman Mr. Rafique Abdul Malik was approved with 97.8339% support.

Appointment Details

Mr. Iqbal will serve a term of five years as a non-executive independent director. He is not liable to retire by rotation. The company stated he satisfies independence criteria under the Companies Act, 2013, and SEBI Listing Obligations Regulations. His appointment takes effect from August 5, 2026.

Professional Background

Mr. Iqbal brings extensive experience in leadership development and family enterprise advisory. He spent 27 years at Egon Zehnder, helping establish its offices in New Delhi, Bengaluru, and Mumbai. He currently serves as a Senior Advisor at the firm.

He co-founded Egon Zehnder’s global Family Business Advisory Practice, guiding multigenerational enterprises through succession and governance structures. His work has been published in six articles in the Harvard Business Review. Additionally, he serves as a Senior Advisor at ChrysCapital, one of India’s largest private equity firms.

Prior to his tenure at Egon Zehnder, Mr. Iqbal held key positions with the Oberoi Group across India, the UK, and the Middle East. He also managed the financial and travel services business of American Express in India. He holds an MBA in Marketing from the University of Surrey, UK.

Metro Brands Limited shareholders approved the reappointment of Farah Malik Bhanji as managing director for a five-year term. The appointment takes effect on April 1, 2027.

The decision was ratified at the company’s 49th annual general meeting held on September 16, 2026. Ms. Bhanji, who is not liable to retire by rotation, will continue to lead the firm’s strategic direction.

Leadership Profile

Ms. Bhanji joined Metro Brands in 2000 and has held various roles before ascending to the managing director position. An alumnus of the University of Texas at Austin, she also attended the Owner/President Program at Harvard Graduate School of Business.

With over two decades in retail, she has overseen the expansion of the store network from 100 outlets in 2010 to more than 1,000 stores across India. Her tenure has focused on technological advancement, data-driven decision-making, and AI adoption.

Corporate Governance

The filing confirms that Ms. Bhanji is the daughter of Chairman Rafique Abdul Malik and sister of Whole-Time Director Alisha Rafique Malik. The company stated she is not debarred from holding office by SEBI or any other authority.

The appointment was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.