Mukand Limited shareholders have overwhelmingly approved all five resolutions proposed through postal ballot, as announced on March 23, 2026. The comprehensive voting process addressed key leadership appointments and strategic business transactions for the upcoming fiscal year.

Director Re-appointments Receive Strong Support

The postal ballot results demonstrate exceptional shareholder confidence in the company's leadership structure. Three special resolutions related to director appointments achieved near-unanimous approval from the voting shareholders.

Shri Niraj Bajaj (DIN: 00028261) was re-appointed as Chairman and Managing Director, with shareholders also approving his remuneration package. Similarly, Shri Nirav Bajaj (DIN: 08472468) secured re-appointment as Whole-Time Director with fixed remuneration terms.

Related Party Transactions Approved for FY 2026-27

Shareholders approved two ordinary resolutions concerning material related party transactions, though with notably different voting patterns due to regulatory requirements.

The promoter and promoter group, holding 107943650 shares, abstained from voting on these resolutions as mandated by regulatory guidelines for related party transactions. This abstention resulted in significantly lower total voting participation compared to the director appointment resolutions.

Comprehensive Voting Process Details

The postal ballot was conducted entirely through electronic voting, managed by KFin Technologies Private Limited. The voting period extended from February 20, 2026, at 09:00 a.m. to March 21, 2026, at 05:00 p.m.

Key Voting Statistics:

• Total Outstanding Shares: 144495563
• Promoter Group Holdings: 107943650 shares (74.70%)
• Public Institutional Holdings: 1887266 shares
• Public Non-Institutional Holdings: 34664647 shares

CS Anirudh Kumar Tanvar served as the appointed scrutinizer, ensuring compliance with Section 110 of the Companies Act, 2013, and related regulations. The scrutinizer's report confirmed that all resolutions were passed with the requisite majority as per regulatory requirements.

Regulatory Compliance and Transparency

The postal ballot process adhered to SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, specifically Regulation 44 requirements. The company dispatched the postal ballot notice dated February 12, 2026, electronically to all eligible shareholders on February 19, 2026.

The cut-off date for determining voting eligibility was set as February 13, 2026. All shareholders holding shares in physical or dematerialized form as of this date were entitled to participate in the voting process. The complete voting results and scrutinizer's report have been made available on the company's website at www.mukand.com and KFin Technologies' e-voting portal.

Mukand Limited has issued a comprehensive postal ballot notice to shareholders, seeking approval for critical corporate governance matters including director re-appointments and substantial related party transactions for the upcoming financial year.

Key Resolutions for Shareholder Approval

The company has proposed five resolutions through the postal ballot process, with voting scheduled exclusively through remote e-voting mechanism. The resolutions encompass leadership continuity and strategic business arrangements essential for the company's operations.

Leadership Appointments and Compensation

The postal ballot seeks re-appointment of Shri Niraj Bajaj as Chairman and Managing Director for a three-year term from July 05, 2026, to July 04, 2029. The 71-year-old leader, who holds 1,19,45,461 equity shares (8.27%) in the company, will receive annual remuneration comprising basic salary of ₹1,57,50,000, perquisites of ₹53,60,000, and provident fund contribution of ₹18,90,000, totaling ₹2,30,00,000.

Simultaneously, Shri Nirav Bajaj's re-appointment as Whole-time Director is proposed for May 16, 2026, to May 15, 2029. His compensation package includes basic salary of ₹16,95,153, special allowance of ₹7,74,927, and variable pay of ₹11,59,969, among other components, totaling ₹60,03,262 annually.

Substantial Related Party Transactions

The company seeks approval for material related party transactions totaling significant amounts for FY 2026-27. The proposed arrangements include transactions worth ₹3,150.00 crore with Mukand Sumi Special Steel Limited, covering sale of goods, services, rent arrangements, and trade advances. Additionally, transactions worth ₹2,075.00 crore with Jamnalal Sons Private Limited involve loans, corporate guarantees, and commission arrangements.

Subsidiary Company Arrangements

Mukand Heavy Engineering Limited, the company's wholly-owned subsidiary, requires approval for its own related party transactions. The subsidiary proposes transactions worth ₹60.00 crore with Mukand Sumi Special Steel Limited for purchase and sale of goods and services, and ₹20.50 crore with Jamnalal Sons Private Limited for corporate guarantee arrangements.

Voting Process and Timeline

The remote e-voting process will commence on Friday, February 20, 2026, at 09:00 a.m. (IST) and conclude on Saturday, March 21, 2026, at 05:00 p.m. (IST). Shareholders whose names appear in the register as of the cut-off date of February 13, 2026, are eligible to participate in the voting process. KFin Technologies Limited serves as the e-voting agency, with Anirudh Kumar Tanvar appointed as the scrutinizer for conducting the postal ballot process.

The postal ballot notice reflects the company's commitment to maintaining robust corporate governance while ensuring operational flexibility for its core business activities and subsidiary operations.