South India Paper Mills sets Sept 10 e-voting cut-off for AGM
- South India Paper Mills sets September 10, 2026, as the cut-off date for e-voting eligibility
- The 67th AGM is scheduled for September 17, 2026, via video conference
- Agenda includes adoption of FY26 financials and reappointment of directors
- Special resolutions cover continuation of a director over 75 and managerial remuneration
- Remote e-voting runs from September 14 to September 16, 2026
*this image is generated using AI for illustrative purposes only.
South India Paper Mills has confirmed September 10, 2026, as the cut-off date for determining member eligibility to vote electronically at its 67th Annual General Meeting. The AGM is scheduled for Thursday, September 17, 2026, at 11:30 am via video conferencing.
Key agenda items
The AGM will address both ordinary and special business. Under ordinary business, members will consider adopting the audited financial statements for the year ended March 31, 2026, and the reappointment of Mr. Ajay D Patel (DIN 00466905), who retires by rotation and is eligible for reappointment.
The special business comprises three resolutions requiring member approval:
- Continuation of Mr. Harshad Natvarlal Modi (DIN 00167613) as Non-Executive Director, notwithstanding his attaining the age of 75 years, pursuant to Regulation 17(1A) of SEBI (LODR) Regulations, 2015
- Approval of remuneration for Managing Director Mr. Manish M Patel (DIN 00128179) for the remaining tenure of his appointment up to May 19, 2029
- Approval of minimum managerial remuneration for Whole Time Director Mr. Kanishka Harshad Modi (DIN 10260282) for the remaining tenure of his appointment up to December 14, 2028
Financial performance over three years
The following table presents the company's financial performance for the last three financial years (₹ in lakhs):
| Metric | FY2025-26 | FY2024-25 | FY2023-24 |
|---|---|---|---|
| Net sales | 43,338.41 | 36,856.34 | 31,148.19 |
| Profit before tax | 1,434.87 | (1,278.49) | (1,787.16) |
| Profit after tax | 1,074.11 | (964.07) | (1,342.77) |
| Export performance | NIL | 104.06 | NIL |
Proposed managerial remuneration
For Managing Director Mr. Manish M Patel, the proposed remuneration includes a monthly salary at the present rate of ₹7,50,000 per month, with annual increments as determined by the Board, plus a commission at 2% of net profits computed under Section 198 of the Companies Act, 2013. Aggregate remuneration comprising monthly salary, commission, and perquisites shall not exceed 5% of net profits. His past remuneration for the year ended March 31, 2026 is detailed below:
| Component | Amount |
|---|---|
| Salary and allowance | ₹90,00,000 |
| Perquisite | ₹27,60,841 |
| Commission on net profit | NIL |
| Contribution to provident fund | ₹21,600 |
| Contribution to superannuation fund | ₹7,25,000 |
| Total | ₹1,25,07,441 |
For Whole Time Director Mr. Kanishka Harshad Modi, the proposed remuneration includes a monthly salary at the present rate of ₹5,00,000 per month, with annual increments as determined by the Board, plus a commission at 2% of net profits. His past remuneration for FY2025-26 is as follows:
| Component | Amount |
|---|---|
| Salary and allowance | ₹60,00,000 |
| Perquisite | ₹28,50,000 |
| Commission on net profit | NIL |
| Contribution to provident fund | NIL |
| Contribution to superannuation fund | NIL |
| Total | ₹88,50,000 |
Director details and sitting fees
The following table summarises key details of directors seeking appointment or continuation at the AGM:
| Name and age | Qualifications | First appointment | Equity shares held | Board meetings attended FY2025-26 |
|---|---|---|---|---|
| Mr. Ajay D Patel, 57 years | B.E., MBA | August 31, 1996 | 3,10,752 | 3 |
| Mr. Harshad N Modi, 74 years | B.Com | July 27, 2023 | 25,40,240 | 4 |
Sitting fees paid to Mr. Ajay D Patel for FY2025-26 were ₹0.30 lakhs for attending Board meetings and a commission of ₹2.05 lakhs on net profits. Sitting fees paid to Mr. Harshad N Modi for FY2025-26 were ₹0.40 lakhs for attending Board meetings and a commission of ₹2.05 lakhs on net profits.
E-voting and AGM participation
The remote e-voting period commences on September 14, 2026, at 9:00 am and ends on September 16, 2026, at 5:00 pm. M/s KFin Technologies Limited has been appointed as the Registrar and Transfer Agent to facilitate remote e-voting and video conferencing for the AGM. Up to 2,000 members will be able to join on a first-come-first-served basis. The company has also noted that unclaimed dividends from 2018-19 onwards are due for transfer to the Investor Education and Protection Fund on their respective due dates, with the 2018-19 dividend due for transfer to IEPF by November 18, 2026.
Historical Stock Returns for South India Paper Mills
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.33% | +6.27% | +16.45% | +42.79% | +57.58% | -12.29% |
How might the proposed 5% cap on aggregate managerial remuneration impact executive incentives if South India Paper Mills fails to sustain its recent profitability turnaround?
What are the strategic implications for corporate governance and succession planning given the request to retain a Non-Executive Director beyond the age of 75?
Could the transfer of unclaimed dividends to the Investor Education and Protection Fund signal underlying liquidity issues or low shareholder engagement that might affect future capital raising efforts?
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