Varyaa Creations schedules AGM for MOA alteration, director pay hike
- Varyaa Creations holds 21st AGM on September 29, 2026, via video conference
- Shareholders to vote on MOA alteration enabling securities and mutual fund investments
- Remuneration for MD Pooja Naheta and ED Sarika Naheta increases by 50% to ₹1.5 lakh/month
- Pooja Naheta re-appointed as Managing Director for five years until September 2031
- Remote e-voting available from September 26 to September 28, 2026
*this image is generated using AI for illustrative purposes only.
Varyaa Creations has scheduled its 21st Annual General Meeting for September 29, 2026. The meeting will address critical governance changes, including an alteration to the Memorandum of Association to enable securities investments and a significant revision in executive remuneration.
The Board of Directors approved these proposals on September 2, 2026. Shareholders holding shares as of the record date, September 23, 2026, are eligible to vote. Remote e-voting will be available from September 26 to September 28, 2026. The AGM will be conducted via video conferencing or other audio-visual means at 3:00 pm.
Director Re-appointment and Remuneration
The Board re-appointed Mrs. Pooja Naheta as Managing Director for a five-year term, effective from September 2, 2026, to September 1, 2031. This follows a recommendation from the Nomination and Remuneration Committee. Mrs. Naheta brings 15 years of experience in the gems and jewellery industry.
Additionally, the Board approved a 50% increase in monthly remuneration for both Managing Director Mrs. Pooja Naheta and Executive Director Mrs. Sarika Naheta. The new pay scale rises from ₹1,00,000 to ₹1,50,000 per month, effective September 2, 2026. This revision requires shareholder approval as it exceeds limits prescribed under Section 197 of the Companies Act, 2013.
Mrs. Sarika Naheta is also seeking re-appointment by rotation at the AGM. She stepped down as Chief Financial Officer in December 2025, with Mr. Santosh Gopale assuming the role.
Strategic Changes and Investment Policy
The most significant strategic shift involves altering the Object Clause in the Memorandum of Association. The new clause authorizes the company to:
- Make investments in and acquire shares, stocks, securities, bonds, and debentures.
- Hold, manage, and deal in units of mutual funds and other financial instruments.
- Engage in investments of every kind permitted under applicable laws.
This amendment aims to provide greater flexibility in managing surplus funds. The Board separately approved investing surplus funds in mutual funds, subject to legal provisions.
Key AGM Details
| Agenda Item | Resolution Type | Status |
|---|---|---|
| Adoption of FY26 Financials | Ordinary | Pending Shareholder Approval |
| Re-appointment of Sarika Naheta | Ordinary | Pending Shareholder Approval |
| MOA Alteration for Investments | Special | Pending Shareholder Approval |
| MD Re-appointment & Pay Hike | Special | Pending Shareholder Approval |
| Executive Director Pay Hike | Special | Pending Shareholder Approval |
The company will hold the AGM via video conferencing. Remote e-voting opens on September 26, 2026, and closes on September 28, 2026. The integrated annual report for FY26 is available on the company website.
Historical Stock Returns for Varyaa Creations
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -3.02% | +5.89% | +19.07% | -28.05% | 0.0% |
How might the new authority to invest in mutual funds and securities impact Varyaa Creations' return on surplus funds compared to its previous cash management strategy?
What is the likely market reaction to the 50% remuneration hike for the Naheta sisters, particularly given the requirement for special resolution approval under Section 197?
Could the re-appointment of Mrs. Pooja Naheta for a five-year term signal a shift in the company's strategic direction towards diversification beyond the core gems and jewellery business?
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