Chowgule Steamships EGM Approves Director Remuneration with 99.98% Majority
Chowgule Steamships Limited successfully concluded its EGM on January 8, 2026, with shareholders approving Mr. Vijay Chowgule's remuneration as Whole-Time Director with 99.98% votes in favor. The approval comes despite the company's challenging H1 FY25 performance, which saw total income decline 19.13% to ₹283.78 lakhs and profit after tax drop 48.30% to ₹43.54 lakhs, though the company maintained profitability amid sector-wide shipping industry pressures.
*this image is generated using AI for illustrative purposes only.
Chowgule Steamships Limited has successfully concluded its Extraordinary General Meeting on January 8, 2026, with shareholders overwhelmingly approving the proposed director remuneration. The development follows the company's mixed financial performance for the half-year ended September 30, 2025.
EGM Voting Results
The shareholders approved the remuneration proposal for Mr. Vijay Vishwasrao Chowgule with an overwhelming majority. The voting results demonstrate strong shareholder confidence in the company's leadership.
| Voting Details: | Results |
|---|---|
| Total Votes Cast: | 15,39,705 |
| Votes in Favor: | 15,39,320 |
| Votes Against: | 385 |
| Approval Percentage: | 99.98% |
| E-voting Participation: | 825 votes |
| Poll Voting: | 15,38,880 votes |
The meeting was held at 11:00 A.M. at 3rd Floor, Centenary, Baina, Vasco-Da-Gama, Goa, with 43 members present personally and 2 proxies. CS Pranay Vaidya of Pranay D. Vaidya & Co. served as the scrutinizer for the voting process.
Approved Director Remuneration Structure
The shareholders have approved Mr. Vijay Vishwasrao Chowgule's remuneration as Whole-Time Director, effective from December 1, 2025 to September 26, 2027.
| Remuneration Details: | Amount |
|---|---|
| Annual Consolidated Salary: | ₹84.00 lakhs |
| Monthly Remuneration: | ₹7.00 lakhs |
| Effective Period: | December 1, 2025 to September 26, 2027 |
| Special Provision: | Applicable in event of absence or inadequacy of profits |
Mr. Vijay Chowgule, aged 79 years, has been associated with the company since 1991 and serves as Whole-Time Director since September 27, 2022.
Financial Performance Overview
The company had earlier released its unaudited financial results for the half-year ended September 30, 2025, showing a challenging period with declining revenues and profitability.
| Financial Metrics (₹ in lakhs): | H1 FY25 | H1 FY24 | Change (%) |
|---|---|---|---|
| Total Income: | 283.78 | 350.91 | -19.13% |
| Profit After Tax: | 43.54 | 84.21 | -48.30% |
| Earnings Per Share (₹): | 0.12* | 0.23* | -47.83% |
*Non-annualized
Despite the revenue decline, the company maintained profitability, demonstrating resilience in challenging market conditions within the shipping sector.
Corporate Governance and Compliance
The company demonstrated strong corporate governance practices throughout the EGM process. The voting was conducted through both remote e-voting facility (January 4-7, 2026) and poll voting at the meeting venue.
| Governance Details: | Information |
|---|---|
| Cut-off Date: | January 1, 2026 |
| E-voting Period: | January 4-7, 2026 |
| Scrutinizer: | CS Pranay Vaidya |
| Service Provider: | MUFG Intime India Private Limited |
| Results Declaration: | January 8, 2026 |
The company had earlier issued a corrigendum addressing an inadvertent omission in the resolution heading, ensuring proper procedural compliance for the special resolution approval process. The overwhelming approval reflects shareholder confidence in the company's management and strategic direction despite current market challenges in the shipping industry.
Historical Stock Returns for Chowgule Steamships
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.82% | -5.81% | -6.67% | -18.91% | -22.41% | +326.09% |
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