Stovec Industries Ltd has initiated a postal ballot process to seek shareholder approval for the appointment of Marcos Marti Erfurt and Theodorus Dominicus Bartholomeus Maria Kortekaas as Non-Executive Non-Independent Directors. Both nominees are senior executives at the company's holding entity, SPGPrints B.V.

The remote e-voting period commenced on October 1, 2026, and will conclude on October 30, 2026. This procedural step follows the board's earlier approval of their appointments as Additional Directors, which remains subject to shareholder ratification within three months under SEBI Listing Regulations.

Appointment Details and Rationale

The Board of Directors recommended these appointments based on the nomination by holding company SPGPrints B.V. and the recommendation of the Nomination and Remuneration Committee. The appointments are pursuant to Section 152 of the Companies Act, 2013, and Regulation 17(1C) of the SEBI Listing Regulations.

Mr. Marcos Marti Erfurt, currently the Chief Executive Officer of SPGPrints B.V., was appointed as an Additional Director on August 12, 2026. He holds a degree in Business Administration and Economics from Schiller International University and an MBA from IESE Business School. With over two decades of leadership experience across automotive, construction materials, and machinery sectors, he brings expertise in strategic management and industrial operations.

Mr. Theodorus Dominicus Bartholomeus Maria Kortekaas, who serves as the Chief Financial Officer and Member of the Executive Board of SPGPrints B.V., was appointed as an Additional Director on September 25, 2026. His academic background includes a degree in Environmental Economics from Wageningen University. Mr. Kortekaas has over 16 years of experience with the SPGPrints Group, progressing from Controller to Group Controller and ultimately CFO. Prior to this, he held senior finance roles at Oce N.V. and started his career with Ernst & Young.

Professional Background and Qualifications

Both directors are qualified under Section 164 of the Companies Act, 2013, and have confirmed they are not debarred from holding office by any statutory authority. They do not hold any shares in Stovec Industries directly or indirectly and have no inter-se relationship with other Directors or Key Managerial Personnel.

Voting Process and Timeline

The company engaged MUFG Intime India Private Limited to provide the remote e-voting facility. Members whose names appear in the Register of Members or Register of Beneficial Owners as on September 25, 2026, are eligible to vote. The voting rights are proportional to their shareholding in the paid-up equity share capital.

The scrutinizer appointed for conducting the postal ballot is Sandip Sheth of M/s Sandip Sheth & Associates. The results of the postal ballot will be declared within two working days of the end of e-voting and communicated to the stock exchanges and displayed on the company's website.

Promoter group entity Print Holdings B.V. has disclosed an encumbrance on the shares of Stovec Industries promoter Print I B.V. The disclosure, filed with BSE Limited on August 10, 2026, stems from a Shareholders’ and Subscription Agreement (SHA) dated February 26, 2025.

The encumbrance affects 71.06% of the total share capital of Stovec Industries, corresponding to 14,83,777 equity shares held indirectly through the promoter SPG Prints B.V. Print I B.V., the holding company of SPG Prints, is a subsidiary of Print Holdings B.V.

Encumbrance Details

The SHA was executed between Print I’s lenders, represented by Magenta Holding B.V., and its shareholders, including Print Holdings B.V. and SPG MIP Invest B.V. The agreement is part of corporate and debt restructuring arrangements within Print I.

Under the terms of a senior facilities agreement, lenders converted a portion of outstanding loans into 647,059,000 equity shares of Print I. These shares are now held through Magenta Holding B.V.

The SHA imposes specific rights and restrictions:

• Print Holdings B.V. has agreed to share transfer restrictions with Magenta Holding B.V. regarding its stake in Print I.
• A general restriction on the transfer of shares in Print I applies, subject to exceptions such as drag-along and tag-along rights.
• Magenta Holding B.V. holds the option to take full control of Print I, subject to compliance with applicable laws and SHA terms.

What the Numbers Show

The disclosure clarifies that the SHA does not create direct rights or encumbrances over the equity shares of Stovec Industries itself. Instead, the encumbrance is on the shares of Print I B.V., the intermediate holding company. This structure indicates that the promoter group’s ability to freely transfer its indirect stake in the listed entity is constrained by the debt restructuring outcomes at the parent level.

Magenta Holding B.V. is not a scheduled commercial bank, public financial institution, NBFC, or housing finance company. The encumbered shares represent more than 50% of the promoter’s shareholding and more than 20% of the total share capital of Stovec Industries.