Polyplex Corporation Limited has initiated a postal ballot process to seek shareholder approval for the appointment of two directors to its Board. The company is proposing the appointment of Mr. Rakesh Bhartia as an Independent Director for a term of five consecutive years and Mr. Ranjit Singh as a Non-Executive, Non-Independent Director. These appointments are subject to the approval of members through the remote e-voting process.

Mr. Rakesh Bhartia (DIN: 00877865) was appointed as an Additional Director effective May 12, 2026. The company seeks approval for his appointment as an Independent Director for a term commencing May 12, 2026, and concluding May 11, 2031. Mr. Bhartia is a qualified Chartered Accountant, Company Secretary, and Cost Accountant with over 30 years of experience, including former roles as CEO of India Glycols Limited and Bajaj Hindustan Ltd.

The company also seeks approval for the appointment of Mr. Ranjit Singh (DIN: 01651357) as a Non-Executive, Non-Independent Director effective May 25, 2026. Mr. Singh, who previously served as an Independent Director for two consecutive terms until May 11, 2026, holds a B.E. (Mech.) and PGDM from IIM Ahmedabad. He brings over 40 years of experience in corporate management and is currently a member of the Board of Governors of IIM Jammu.

The remote e-voting period commences on June 5, 2026, at 09:00 a.m. IST and concludes on July 4, 2026, at 05:00 p.m. IST. Shareholders whose names appear in the Register of Members as on the cut-off date of May 29, 2026, are eligible to vote. The results of the postal ballot will be declared on or before July 6, 2026.

Details of Proposed Appointments

The Board has appointed Mr. Ravi Sharma, Partners of M/s. R S M & Co., Company Secretaries, as the Scrutinizer to oversee the e-voting process. The notice and relevant details are available on the company’s website and the website of KFin Technologies Limited, the Registrar and Share Transfer Agent.

Polyplex Corporation Limited has confirmed full compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the financial year ended March 31, 2026. The company submitted its Annual Secretarial Compliance Report to the stock exchanges on May 29, 2026, following a review conducted by RSM & Co., Practicing Company Secretaries.

The report verifies that the listed entity adhered to all applicable statutory provisions and corporate practices during the review period. RSM & Co. examined the company's books, records, filings with BSE Limited and National Stock Exchange of India Limited, and its website to certify compliance status.

Compliance Status and Observations

The auditors reported no deviations or non-compliances with the provisions of the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956, or the specific regulations listed in the report. The status of key compliance requirements is detailed below:

Remedial Actions on Previous Observations

The report highlighted that the company addressed an observation from the previous year regarding related party transactions. In the prior period, post facto approval was taken for a transaction between two subsidiaries instead of prior approval. The specific deviation involved a transaction value that reached 11.03% of the step-down subsidiary's turnover, exceeding the 10% threshold that would have exempted it from Audit Committee approval.

To rectify this, the Audit Committee of the parent company granted post facto approval as a special case. RSM & Co. noted that since the Audit Committee has approved the transaction, no further action is required by the company.

Scope and Limitations

RSM & Co. clarified that the responsibility for compliance with applicable laws rests with the management of Polyplex Corporation Limited. The report is based on an examination of relevant documents and information provided and is neither an audit nor an expression of opinion on the financial records. It is intended solely for the purpose of compliance under Regulation 24A(2) of the SEBI LODR Regulations.