News Stocks Rolex Rings Limited Issues Postal Ballot Notice for Director Remuneration Revisions and Promoter ReclassificationRolex Rings Limited Issues Postal Ballot Notice for Director Remuneration Revisions and Promoter Reclassification
Rolex Rings Limited has issued a postal ballot notice dated January 27, 2026, proposing significant remuneration increases for key directors and promoter group reclassification. Chairman & Managing Director Manesh Dayashankar Madeka's monthly remuneration will increase to Rs. 14,00,000, while Whole-time Directors Bhautik Dayashankar Madeka and Mihir Rupeshkumar Madeka will receive Rs. 14,00,000 and Rs. 10,00,000 respectively. The ballot also seeks approval for reclassifying Hemal Paresh Madeka (1.13% shareholding) and Sanjay Bhagwanji Bole from promoter group to public category. E-voting runs from January 31 to March 1, 2026, with strong financial performance supporting the proposed changes.
*this image is generated using AI for illustrative purposes only.
Rolex Rings Limited has issued a comprehensive postal ballot notice dated January 27, 2026, seeking shareholder approval for significant corporate governance changes including director remuneration revisions and promoter group reclassification.
Director Remuneration Revisions
The company has proposed substantial increases in monthly remuneration for its key management personnel, effective from November 10, 2025. The revisions were recommended by the Nomination & Remuneration Committee and approved by the Board of Directors on November 10, 2025.
| Position | Director Name | Current Monthly Remuneration | Proposed Monthly Remuneration |
|---|---|---|---|
| Chairman & Managing Director | Manesh Dayashankar Madeka | Rs. 10,00,000 | Rs. 14,00,000 |
| Whole-time Director | Bhautik Dayashankar Madeka | Rs. 7,80,000 | Rs. 14,00,000 |
| Whole-time Director | Mihir Rupeshkumar Madeka | Rs. 7,00,000 | Rs. 10,00,000 |
The remuneration increases are attributed to increased business responsibilities and the absence of increments for one year. All three directors have been associated with the company since its inception in 2003, with their current tenures extending until March 12, 2031, following shareholder approval obtained on September 29, 2025.
Company Financial Performance
The explanatory statement reveals strong financial performance for 2024-25, supporting the proposed remuneration increases:
| Financial Metric | Amount (Rs. Millions) |
|---|---|
| Total Revenue from Operations | 11,832.66 |
| Profit Before Tax | 2,076.90 |
| Profit After Tax | 1,739.97 |
| Reserves and Surplus | 10,448.74 |
| Paid-up Capital | 272.33 |
Promoter Group Reclassification
The postal ballot includes an ordinary resolution for reclassifying two individuals from 'Promoter Group' to 'Public' shareholder category:
| Applicant Name | Equity Shares Held | Percentage of Total Paid-up Capital |
|---|---|---|
| Hemal Paresh Madeka | 30,90,000 | 1.13% |
| Sanjay Bhagwanji Bole | Nil | Nil |
The reclassification has received no-objection certificates from both BSE Limited and National Stock Exchange of India Limited dated January 21, 2026. The applicants have confirmed compliance with all conditions specified under Regulation 31A of SEBI Listing Regulations.
Voting Process and Timeline
The company has implemented a remote e-voting system exclusively for this postal ballot, with physical ballot forms not being distributed. Key details include:
| Parameter | Details |
|---|---|
| Cut-off Date | January 23, 2026 |
| E-voting Start | January 31, 2026 at 9:00 AM IST |
| E-voting End | March 1, 2026 at 5:00 PM IST |
| Event Number | 260032 |
| Scrutinizer | CS Purvi G Dave (ACS No. 27373) |
MUFG Intime India Private Limited serves as the e-voting service provider, with the postal ballot notice distributed electronically to shareholders whose email addresses are registered with the company or depositories.
Resolution Categories
The postal ballot comprises four resolutions requiring different approval thresholds:
- Special Resolutions (Items 1-3): Director remuneration revisions requiring higher majority approval
- Ordinary Resolution (Item 4): Promoter group reclassification requiring simple majority
The resolutions, if approved by requisite majorities, will be deemed passed on March 1, 2026. Results will be available on the company's website and communicated to stock exchanges within two working days of the voting deadline.
Historical Stock Returns for Rolex Rings
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.34% | +4.11% | -1.51% | -13.87% | -28.47% | +6.26% |
20
