Greenply Industries shareholders have overwhelmingly approved the re-appointment of Rajesh Mittal as Chairman cum Managing Director through a postal ballot conducted via remote e-voting. The special resolution received strong support from shareholders, with 97.81% of valid votes cast in favor of the proposal.

Postal Ballot Results

The postal ballot process was conducted under the supervision of Dilip Kumar Sarawagi, Practicing Company Secretary, who served as the scrutinizer. The voting period commenced on November 30, 2025, at 9:00 AM and concluded on December 29, 2025, at 5:00 PM.

E-Voting Process Details

The company appointed Central Depository Services (India) Limited as the agency for providing remote e-voting facilities to equity shareholders. The postal ballot notice dated November 04, 2025, was dispatched electronically to 51,547 members who had registered their email addresses with the company or depositories, with 696 emails bouncing back.

Regulatory Compliance

In compliance with Companies (Management and Administration) Rules, 2014, newspaper publications regarding the postal ballot dispatch were made in "Aajkaal" (Bengali) on November 30, 2025, and "Business Standard" (English) on December 01, 2025. The scrutinizer's report was digitally signed and submitted on December 30, 2025, completing all regulatory requirements under the Companies Act, 2013, and SEBI listing regulations.

Leadership Continuity

The overwhelming shareholder approval ensures leadership continuity at Greenply Industries, with Rajesh Mittal continuing in his role as Chairman cum Managing Director. The strong mandate reflects shareholder confidence in the company's management and strategic direction under his leadership.

Greenply Industries Limited , a leading manufacturer of plywood and allied products, has initiated a postal ballot process to seek shareholder approval for the re-appointment of Rajesh Mittal as Chairman cum Managing Director (CMD) for a five-year term. This move comes as the company aims to ensure continuity in its leadership amid a challenging economic environment.

Key Details of the Proposal

Financial Context

The proposed re-appointment and remuneration package come against the backdrop of Greenply Industries' recent financial performance:

Despite a moderate increase in revenue, the company has experienced a decline in profitability compared to the same quarter in the previous year. This context underscores the importance of stable leadership to navigate current market challenges.

Implications for Shareholders

1. Leadership Continuity: The re-appointment of Rajesh Mittal for another five-year term signals the board's confidence in his leadership and strategy for long-term growth.

2. Remuneration Structure: The proposed remuneration, including a substantial basic salary and performance-linked commission, aligns the CMD's interests with those of the shareholders.

3. Corporate Governance: The use of a postal ballot for this decision demonstrates Greenply's commitment to transparent decision-making and shareholder participation.

4. Financial Responsibility: Given the recent dip in profitability, shareholders may scrutinize the remuneration package, particularly the commission component tied to net profits.

Industry Outlook

The plywood and wood panel industry in India faces both opportunities and challenges. While government initiatives like 'Housing for All' and smart city projects offer growth potential, factors such as raw material costs and competition from the unorganized sector remain concerns. Greenply Industries' leadership will be crucial in navigating these market dynamics.

Conclusion

As Greenply Industries seeks shareholder approval for this significant corporate action, investors will need to weigh the proposed remuneration against the company's recent financial performance and future growth prospects. The outcome of this postal ballot will be a key indicator of shareholder confidence in the current leadership and their vision for the company's future.

Shareholders are encouraged to participate in the e-voting process, which runs from November 30 to December 29, 2025, to make their voices heard on this important corporate governance matter.