Shilp Gravures seeks approval to revise director remuneration
Shilp Gravures Limited has initiated a postal ballot process to re-designate Mr. Pranav Bhalara and Mr. Kishor Doshi as Whole-Time Directors for five years and revise their remuneration to ₹2 crore per annum. The company also seeks approval to increase the managerial remuneration limit for all Executive Directors to ₹2 crore annually for three years. Shareholders can vote via remote e-voting from June 6, 2026, to July 7, 2026.
*this image is generated using AI for illustrative purposes only.
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
| Item | Details |
|---|---|
| Directors | Mr. Pranav Bhalara, Mr. Kishor Doshi |
| New Designation | Whole-Time Director |
| Tenure | May 23, 2026 to May 22, 2031 |
| Max Annual Remuneration | ₹2 crore per director |
| E-voting Start Date | June 6, 2026 |
| E-voting End Date | July 7, 2026 |
Historical Stock Returns for Shilp Gravures
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.24% | +7.98% | -3.77% | -18.81% | -33.96% | +59.40% |
How will the increased remuneration limits impact Shilp Gravures' operational cash flow and profit margins during periods of low earnings?
What strategic growth initiatives or expansion plans are expected to be driven by the re-designation of Mr. Bhalara and Mr. Doshi as Whole-Time Directors?
How might institutional investors react to the request to pay remuneration exceeding statutory limits in the event of inadequate profits?
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