Shilp Gravures Ltd has appointed Manish Vasavada as Deputy Chief Executive Officer (Deputy CEO) effective June 15, 2026, strengthening its senior management leadership. The appointment is part of a strategic move to leverage his extensive operational experience to drive the company's future growth and business objectives. Vasavada brings nearly two decades of rich experience in the capital goods industry, having served as the Chief Operating Officer (COO) since April 2025.

The company disclosed the appointment details in a regulatory filing submitted under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The terms of the appointment specify a full-time employment role. Vasavada is a qualified Mechanical Engineer with comprehensive exposure across the manufacturing value chain, including production, operations, planning, supply chain management, procurement, and sales.

Professional Background and Role

Vasavada has demonstrated strong leadership and strategic acumen in driving business growth, market development, and operational excellence throughout his career. His systematic and result-oriented approach to marketing has enabled organizations to strengthen their market presence and achieve sustainable growth. During his tenure as COO, he played a significant role in improving operational efficiencies, strengthening business processes, and supporting the company's growth initiatives.

The company highlighted that his hands-on leadership style, coupled with close monitoring of sales and operational functions, has contributed meaningfully to its performance. With his deep operational knowledge and customer-centric approach, the management believes he is well-positioned to support the company's strategic objectives in his new capacity as Deputy CEO.

Appointment Details

Shilp Gravures Limited has initiated a postal ballot process seeking shareholder approval to re-designate two Executive Directors as Whole-Time Directors and revise their remuneration. The company proposes to appoint Mr. Pranav Bhalara and Mr. Kishor Doshi as Whole-Time Directors in the promoter category for a period of five years from May 23, 2026, to May 22, 2031. The resolutions also seek approval to increase the overall limit of managerial remuneration payable to Executive Directors.

The Board, at its meeting on May 23, 2026, approved the proposals based on the recommendations of the Nomination and Remuneration Committee. The remuneration structure for Mr. Bhalara and Mr. Doshi includes a basic salary of ₹3,75,000 per month and perquisites. The total annual remuneration for each director will not exceed ₹2 crore. Shareholder approval is also sought to pay this remuneration even if it exceeds the limits prescribed under Section 197 of the Companies Act, 2013, or in case of inadequate profits.

A separate resolution proposes to increase the managerial remuneration limit for all Executive Directors to a maximum of ₹2 crore annually for a period of three years commencing April 1, 2026. This approval is intended to ensure continuity in remuneration payments irrespective of profit fluctuations. The company states that the proposed remuneration is comparable to industry standards and commensurate with the responsibilities of the appointees.

The postal ballot notice was dispatched on June 4, 2026. The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate remote e-voting. The voting process commenced at 9:00 a.m. IST on Saturday, June 6, 2026, and will conclude at 5:00 p.m. IST on Tuesday, July 7, 2026. Shareholders registered as of the cut-off date, Friday, May 29, 2026, are eligible to vote.

CS Janvi N Davda, a Practicing Company Secretary, has been appointed as the Scrutinizer to oversee the voting process. The results of the postal ballot will be declared upon submission of the Scrutinizer’s report and will be available on the company’s website and the stock exchange platform. The resolutions require a special resolution for approval.

Key Details of the Proposal