Paul Merchants sets Sep 18 for 42nd AGM with e-voting
- Paul Merchants schedules its 42nd AGM for September 18, 2026, via VC/OAVM
- Remote e-voting runs from September 15 to September 17, 2026, with CDSL as provider
- Mr. Kanwaljit Singh Thanewal appointed as Scrutinizer for the voting process
- Agenda includes reappointment of Ritesh Vaid as Designated Whole Time Director
- Voting results will be declared on September 19, 2026, at 2:00 pm
*this image is generated using AI for illustrative purposes only.
Paul Merchants Limited has scheduled its 42nd Annual General Meeting (AGM) for Friday, September 18, 2026, at 12:00 noon. The meeting will be held through Video Conferencing or Other Audio Visual Means (VC/OAVM), in compliance with Ministry of Corporate Affairs General Circular No. 03/2025 and earlier relevant circulars.
The primary agenda includes the reappointment of Mr. Ritesh Vaid (DIN: 09433856) as a Director retiring by rotation and his reappointment as Designated Whole Time Director. This requires shareholder approval via a Special Resolution due to the proposed remuneration structure exceeding statutory profit-linked thresholds.
Key Dates and Procedures
Shareholders holding shares as on the cut-off date of Friday, September 11, 2026, are eligible to vote. The Register of Members and Share Transfer Books will remain closed from September 4, 2026, to September 10, 2026.
Remote e-voting will commence at 9:00 am on Tuesday, September 15, 2026, and conclude at 5:00 pm on Thursday, September 17, 2026, via the Central Depository Services (India) Limited (CDSL) platform. Electronic copies of the Notice of AGM and the Annual Report for FY26 have been dispatched to registered members.
Mr. Kanwaljit Singh Thanewal, Practising Company Secretary (Membership No. FCS 5901), has been appointed as the Scrutinizer for scrutinizing the process of remote e-voting and e-voting during the AGM. The results of the voting shall be declared on Saturday, September 19, 2026, at 2:00 pm at the company’s corporate office in Chandigarh.
Digital Communication Mandate
On August 20, 2026, the company issued a communication under Regulation 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This disclosure highlights that shareholders without registered email addresses must update their details to receive corporate communications electronically, including annual reports and meeting notices.
The Annual Report for FY26 and the Notice of the 42nd AGM are available on the company’s website. Shareholders may request physical copies by contacting the company or its Registrar and Share Transfer Agent, M/s Alankit Assignments Ltd.
Reappointment of Ritesh Vaid
The Board proposes reappointing Mr. Ritesh Vaid as Designated Whole Time Director for a term of five years, from October 1, 2026, to September 30, 2031. His remuneration term is approved for three years, from October 1, 2026, to September 30, 2029, in adherence to Schedule V of the Companies Act, 2013.
The proposed annual remuneration falls within the range of ₹30.00 lakh to ₹50.00 lakh. This includes salary, perquisites, allowances, performance bonus, leave encashment, and performance-linked incentives. No severance fee is payable upon termination.
| Particulars | Details |
|---|---|
| Appointment Term | October 1, 2026 – September 30, 2031 |
| Remuneration Term | October 1, 2026 – September 30, 2029 |
| Annual Remuneration Range | ₹30.00 lakh – ₹50.00 lakh |
| Notice Period | Three months or equivalent remuneration |
| Severance Fee | Nil |
Mr. Vaid, associated with the company since 2008, serves as the designated director for compliance with the Prevention of Money-Laundering Act, 2002. The Nomination and Remuneration Committee confirmed he meets the Reserve Bank of India’s “Fit and Proper” criteria.
Financial Performance Context
The explanatory statement highlights the company’s financial trajectory over the last three fiscal years. Consolidated total income declined from ₹65,085.6 crore in FY24 to ₹33,379.3 crore in FY25, before recovering to ₹21,144.5 crore in FY26.
While standalone operations showed a loss in FY25, consolidated profits after tax from continued and discontinued operations stood at ₹2,687.4 crore in FY26, compared to ₹638.4 crore in FY25 and ₹546.3 crore in FY24. The company noted that global economic factors impacting forex and travel verticals may keep profit margins inadequate for managerial remuneration purposes, necessitating shareholder approval under Section 197 of the Companies Act.
Corporate Governance
The filing was signed by Hardam Singh, Company Secretary and Compliance Officer, on August 20, 2026. The company reported no unclaimed dividend transfers pending beyond the statutory period, with only ₹2,218 from FY20 interim dividends remaining unpaid for 33 shareholders. No dividend is proposed for FY26.
Historical Stock Returns for Paul Merchants
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.22% | +1.93% | -1.45% | -18.26% | -18.26% | -18.26% |
How might the proposed remuneration structure for Mr. Ritesh Vaid impact Paul Merchants' operational costs and profit margins given the recent volatility in consolidated income?
What strategic initiatives is the company planning to sustain the FY26 profit recovery amidst ongoing global economic pressures on forex and travel verticals?
Could the decision not to propose a dividend for FY26 signal a shift towards capital retention for future expansion or debt reduction, and how might this affect shareholder sentiment?
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