Popular Vehicles & Services Limited has announced a postal ballot seeking shareholder approval for the re-appointment of Mr. John Kuttukaran Paul as Whole-Time Director. The company issued the notice on February 26, 2026, outlining the terms and conditions for his proposed appointment.

Proposed Director Re-appointment

The postal ballot seeks approval for Mr. John Kuttukaran Paul's (DIN: 00016513) re-appointment as Whole-Time Director for a term from April 1, 2026 to March 31, 2028. At 73 years of age, his appointment requires special resolution approval under Section 196(3)(a) of the Companies Act, 2013, as he has exceeded the statutory age limit of 70 years.

Remuneration Structure

The proposed remuneration package includes a monthly salary of Rs. 8,85,775 with annual increments up to 10% per annum, subject to Board approval on Nomination and Remuneration Committee recommendations. The compensation structure also features performance-based incentives tied to consolidated net profits.

Director Profile and Experience

Mr. John Kuttukaran Paul holds a bachelor's degree in Mechanical Engineering from the University of Calicut and brings over four decades of experience in the automobile industry. He has been associated with the company since its incorporation in 1983 and currently serves as president of Kerala Automobiles Dealership Association. His extensive experience includes responsibility for Maruti Suzuki dealership operations within the Kuttukaran group.

E-voting Process and Timeline

The company has engaged MUFG Intime India Private Limited to facilitate the remote e-voting process. Shareholders whose names appear in the Register of Members as on the cut-off date of February 20, 2026, are eligible to participate in the voting process.

Regulatory Compliance

The appointment requires Central Government approval under Schedule V of the Companies Act, 2013, due to previous regulatory matters. The company has filed Form MR-2 with the Ministry of Corporate Affairs on July 25, 2024, which remains under process. The Board of Directors appointed Mr. Myladoor Cherian Sajumon as Scrutinizer for conducting the postal ballot process.

Shareholders can access the postal ballot notice on the company's website at www.popularmaruti.com , BSE website at www.bseindia.com , NSE website at www.nseindia.com , and MUFG Intime's website. The voting process will be conducted entirely through electronic means, with no physical ballot forms being distributed to shareholders.

Popular vehicles & services Limited has announced the provision of a corporate guarantee worth ₹6,00,00,000 to HDFC Bank Limited for an inventory funding facility sanctioned to its wholly owned subsidiary. The company informed both BSE and NSE about this development through a regulatory filing dated February 19, 2026, in compliance with SEBI listing regulations.

Corporate Guarantee Details

The guarantee has been provided in favor of HDFC Bank Limited for an existing and enhanced Inventory Funding (TWIF) Floating Facility sanctioned to Kuttukaran Cars Private Limited, the company's wholly owned subsidiary. The facility amount stands at ₹6,00,00,000, equivalent to six crores rupees.

Regulatory Compliance and Transaction Structure

The corporate guarantee arrangement has been structured as an arm's length transaction, with the company confirming that none of the promoters, promoter group members, or directors have any interest in this transaction. This ensures compliance with regulatory requirements for related party transactions.

The company has provided comprehensive details as mandated under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, which governs disclosure requirements for corporate guarantees, indemnities, and sureties.

Impact Assessment

According to the company's disclosure, the guarantee is provided on behalf of its subsidiary, which forms part of the consolidated group. The management has indicated that there is no immediate impact of the guarantee on the listed entity, other than the mandatory disclosure requirements in the financial statements.

The transaction reflects the parent company's support for its subsidiary's working capital requirements through inventory funding arrangements. Such guarantees are common corporate practices where parent companies provide financial backing to enable subsidiaries to access banking facilities for business operations.

Filing and Documentation

The intimation was signed by Varun T.V., Company Secretary and Compliance Officer, and submitted to both stock exchanges where the company's shares are listed. The company trades on BSE with scrip code 544144 and on NSE with the symbol PVSL, under ISIN INE772T01024.