MIRC Electronics Limited has confirmed the newspaper publication of its Extra-Ordinary General Meeting (EGM) notice dispatch, scheduled for April 29, 2026 at 3:30 PM IST. The company has fulfilled regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance and Publication Details

The company has published newspaper advertisements confirming the dispatch of EGM notice by MUFG Intime India Private Limited, Registrar & Transfer Agent, in compliance with Regulation 30 and Regulation 47 read with Schedule III of SEBI LODR Regulations.

EGM Meeting Framework

The EGM will be conducted through Video Conferencing (VC) and Other Audio-Visual Means (OAVM) in compliance with regulatory requirements. The meeting will address critical corporate matters requiring shareholder approval.

Key Agenda Items

Employee Stock Option Plan Approval

The first major agenda item involves approving the grant of Employee Stock Options to Mr. Gunjan Srivastava, Chief Executive Officer, under the MIRC Employee Stock Option Plan 2023. The proposal requires special resolution approval as it involves granting options equal to or exceeding 1% of the company's issued capital.

Mr. Gunjan Srivastava brings over 33 years of leadership experience across global consumer and technology-led businesses. He holds a B.Tech (Hons.) in Mechanical Engineering from IIT (BHU), Varanasi and an MBA from IIM Ahmedabad.

Company Name Change Proposal

The second agenda item proposes changing the company name from "MIRC Electronics Limited" to "Onida Electronics Limited." This strategic move aims to align the corporate identity with the well-established "Onida" brand, which has significant market recognition.

E-voting and Participation Guidelines

Shareholders can participate in the meeting through multiple channels. The company has partnered with Central Depository Services (India) Limited (CDSL) to facilitate remote e-voting. Individual shareholders holding securities in demat mode can vote through their depository accounts, while physical shareholders and non-individual shareholders can access the CDSL e-voting platform directly.

The meeting will accommodate at least 1,000 members on a first-come, first-served basis, with priority access for large shareholders, promoters, institutional investors, directors, and key managerial personnel. CS Mahesh Darji has been appointed as the Scrutinizer to ensure fair and transparent conduct of the e-voting process.

MIRC Electronics Limited has concluded its board meeting held on March 31, 2026, approving significant employee stock option grants and corporate governance matters. The meeting addressed key strategic decisions including substantial ESOP grants, employee vesting approvals, and shareholder engagement initiatives.

Major ESOP Grant Approval

The board approved a substantial grant of 2,95,00,000 stock options to Mr. Gunjan Kumar Srivastava, Chief Executive Officer of the company, under the MIRC Electronics Employee Stock Option Plan 2023. This grant, based on recommendations from the Nomination and Remuneration Committee, is subject to member approval.

Vesting Structure and Performance Targets

The time-based grant of 90,00,000 options will vest over five years with 20% vesting annually from March 31, 2027, to March 31, 2031, contingent on continuous employment. Each vesting date will see 18,00,000 options becoming exercisable.

The performance-based grant of 2,05,00,000 options is linked to cumulative operating EBITDA targets across two tranches:

Employee ESOP Vesting

The board also approved the vesting of 4,58,222 ESOPs at an exercise price of ₹14.10 per option for eligible employees. These options were originally granted on April 16, 2024, covering a total of 38,00,846 stock options under the same employee stock option plan.

Corporate Restructuring and EGM

The board considered a proposed change in the company's name, contingent upon approval from the Central Registration Centre (CRC), Ministry of Corporate Affairs, and other relevant authorities. This change requires subsequent member approval through a General Meeting and amendments to the company's constitutional documents.

The board approved the notice for an Extra-ordinary General Meeting scheduled for Wednesday, April 29, 2026, to seek member approval for the proposed resolutions.

Meeting Details and Compliance

The board meeting commenced at 3:35 PM IST and concluded at 5:51 PM IST, with Chairman and Managing Director Vijay Mansukhani presiding over the proceedings. The company has notified both BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Vested options can be exercised within two years from the vesting date, providing flexibility for option holders while maintaining employment with the company.