Mindteck (India) Limited , a prominent player in the Information Technology sector, has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. Yusuf Lanewala as the company's Chairman and Managing Director. The e-voting period for this resolution is set to commence on August 21, 2025, and conclude on September 19, 2025.

Key Details of the Proposed Appointment

Mr. Lanewala, aged 71, is being considered for a one-year term from August 8, 2025, to August 7, 2026. The proposed remuneration package includes:

• A fixed pay of Rs. 1.50 crore per annum
• Savings and retirement benefits as per company policy
• Group Medical and Group Accident Insurance coverage
• Other benefits in line with existing company policies

Mr. Lanewala's Background

With over four decades of experience in the IT industry, Mr. Yusuf Lanewala brings a wealth of knowledge to the role. His career highlights include:

• Leadership positions in several leading IT services companies
• CEO of Malomatia QSC, a subsidiary of Qatar's Supreme Council of Information and Communications Technology
• Independent consultant advising IT services companies and financial institutions
• Board member of an IT services subsidiary of The Saraswat Cooperative Bank

Mr. Lanewala holds a Bachelor of Commerce degree from St. Xavier's College, Kolkata, and an MBA from the State University of New York. He has also attended an Executive Education Program in Change Management at Harvard Business School.

Voting Process and Timeline

The company has engaged Central Depository Services (India) Limited (CDSL) to provide e-voting facilities to its shareholders. Key dates for the voting process are:

• E-voting commencement: August 21, 2025, at 9:00 AM (IST)
• E-voting conclusion: September 19, 2025, at 5:00 PM (IST)
• Results declaration: On or before September 23, 2025

Mr. Gopalakrishnaraj H.H., a Practicing Company Secretary, has been appointed as the scrutinizer to oversee the postal ballot process.

Financial Performance Context

To provide context for this decision, Mindteck's recent financial performance is noteworthy:

The company's financial trajectory shows consistent growth over the past three years, with turnover increasing from Rs. 1,295.10 million in FY 2022-23 to Rs. 1,550.90 million in FY 2024-25.

Shareholders are encouraged to participate in the e-voting process to voice their decision on this significant appointment. The outcome of this postal ballot could shape Mindteck's leadership and strategic direction for the coming year.

Mindteck Ltd, a global engineering and technology solutions company, has announced significant leadership changes and financial results for the first quarter of the fiscal year 2025-26.

Leadership Appointment

The Board of Directors of Mindteck has appointed Mr. Yusuf Lanewala as the Managing Director of the company, effective August 8, 2025. Lanewala, who previously served as the Non-Executive Chairman, will now be designated as the Chairman and Managing Director. This appointment is subject to shareholder approval and is for a term of one year.

Lanewala brings 35 years of global IT industry experience to his new role. His previous positions include Managing Director and CEO for Mindteck (India) Limited and CEO for Malomatia QSC in Qatar. His extensive background in IT strategy and management is expected to drive Mindteck's future growth and innovation.

Financial Performance

For the quarter ended June 30, 2025, Mindteck reported the following consolidated financial results:

Despite a slight decline in revenue compared to the previous quarter and the corresponding quarter last year, Mindteck has shown improvement in profitability. The company's net profit after tax increased by 28.68% compared to the previous quarter and by 37.15% year-over-year.

Standalone Performance

On a standalone basis, Mindteck's performance for Q1 FY2025-26 was as follows:

Management Commentary

Commenting on the results, Mr. Yusuf Lanewala stated, "I am pleased to share an update on our company's financial performance amid ongoing market turmoil. This quarter, we faced a decline in revenue as a direct result of the challenging market conditions affecting our industry and the broader economy. However, through financial prudence and better utilization of resources, we grew in profitability and maintained a healthy liquidity position."

Other Developments

The company also announced changes to its Nomination and Remuneration Committee composition, effective August 8, 2025. The revised committee will be chaired by Mr. Guhan Subramaniam, with Mr. Meenaz Dhanani, Mr. Subhash Dhar, Ms. Keyuri Singh, and Mr. Satish Menon serving as members.

During the quarter, Mindteck also saw the exercise of 40,000 ESOPs under the Mindteck Employee Stock Option Scheme 2014, resulting in an increase in equity share capital and securities premium account.

As Mindteck navigates through market challenges, the appointment of Yusuf Lanewala as Chairman and Managing Director, coupled with the company's focus on profitability, signals a strategic approach to sustaining growth and delivering value to shareholders in the evolving IT services landscape.