Satyam Silk Mills Ltd approved the revision of remuneration for Whole-Time Director Rohitkumar Mishra and appointed Ashish Rameshwar Agarwal as an Independent Director at its Extra-Ordinary General Meeting (EGM) held on June 24, 2026. The meeting, convened at the Registered Office of the Company, addressed these key governance matters through special resolutions.

Proceedings of the EGM

The EGM commenced at 2:00 p.m. IST and concluded at 2:30 p.m. IST on June 24, 2026. The meeting was chaired by Rohitkumar Mishra, with the requisite quorum present. The Board approved the appointment of Mr. Hitesh Gupta, a Practicing Company Secretary, as the Scrutinizer to oversee the remote e-voting and polling processes.

Resolutions Passed

Shareholders voted on two primary items of business. Remote e-voting commenced on June 21, 2026, and concluded on June 23, 2026, with members also having the option to vote via polling paper during the EGM. The following resolutions were passed with the requisite majority:

The Chairperson informed attendees that the detailed voting results would be announced on or after June 24, 2026, and subsequently communicated to the stock exchanges. The outcomes will also be available on the company's website.

Satyam Silk Mills has scheduled an Extra Ordinary General Meeting (EGM) on June 24, 2026, to seek shareholder approval for revising the remuneration of Whole Time Director Mr. Rohitkumar Mishra. The proposal seeks to increase his annual compensation to ₹36,00,000, including all perquisites and allowances, effective from February 16, 2026, to February 15, 2028. The revision requires a special resolution pursuant to Section 197 and 198 of the Companies Act, 2013, and Schedule V of the Act.

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, approved the revision on May 29, 2026. The resolution also stipulates that in the event of inadequacy or absence of profits, the remuneration shall be paid as minimum remuneration to Mr. Mishra, subject to necessary approvals. The company has stated that the remuneration is fair and reasonable considering his background, competence, and experience compared to industry standards.

Financial Performance

The company reported a profit after tax of ₹78.63 Lakhs for the year ended March 31, 2025, compared to ₹68.73 Lakhs in the previous year. The financial performance indicators for the past two years are detailed below:

Appointment of Independent Director

The EGM will also consider the appointment of Mr. Ashish Rameshwar Agarwal (DIN: 11385082) as an Independent Director. He was appointed as an Additional Director on March 28, 2026, and the company now seeks shareholder approval for his appointment for a term of five consecutive years from March 28, 2026, to March 27, 2031. Mr. Agarwal is a Chartered Accountant with over seven years of experience in corporate and financial matters and has confirmed he meets the criteria for independence under Section 149(6) of the Companies Act, 2013.

EGM and E-Voting Details

The EGM will be held on Wednesday, June 24, 2026, at 2.00 p.m. at the registered office of the company at 82, Maker Chambers III, Nariman Point, Mumbai. Remote e-voting will commence on June 21, 2026, at 9.00 a.m. and conclude on June 23, 2026, at 5.00 p.m. Shareholders holding shares as on June 19, 2026, are eligible to vote. The results of the EGM will be declared on or after June 24, 2026.