Shilchar Technologies Limited has successfully concluded its postal ballot process on March 6, 2026, with shareholders approving all four proposed resolutions through remote e-voting. The company submitted comprehensive voting results and scrutinizer's report to both BSE Limited and National Stock Exchange of India Limited, demonstrating strong corporate governance practices.

Postal Ballot Process Overview

The postal ballot notice was dated February 2, 2026, with the e-voting period extending from February 5, 2026 (9:00 a.m. IST) to March 6, 2026 (5:00 p.m. IST). The company had 45578 total shareholders on the cut-off date of January 30, 2026, eligible to participate in the remote e-voting process.

Director Appointments and Key Details

Following the postal ballot approval, the company has formally appointed two new directors with five-year terms effective March 6, 2026. Both appointments were approved through special resolutions with overwhelming shareholder support exceeding 99.99%.

Aatman Alay Shah - Whole Time Director

Mr. Aatman Alay Shah (DIN: 06886862) has been appointed as Whole Time Director for a term extending from March 6, 2026, to March 5, 2031. He is the son of Mr. Alay J Shah, promoter and Managing Director of the company.

Mr. Shah previously served as Manager-Operations from November 2016 to June 2022, overseeing marketing, production, procurement, and design departments. Since June 2022, he has been serving as Manager-Business Development.

Arvind Nopany - Independent Director

Mr. Arvind Nopany (DIN: 00148521) has been appointed as Non-Executive Independent Director for the same five-year term. He brings extensive experience in project management, market development, and operational efficiency.

Resolution Results Summary

All four resolutions received overwhelming shareholder support, with approval rates exceeding 99.99% across all categories. The voting demonstrated strong confidence from promoters, institutional investors, and public shareholders.

Regulatory Compliance and Governance

The company demonstrated exemplary corporate governance by publishing public advertisements in both English (Business Standard) and regional language (Vadodara Samachar) newspapers on February 5, 2026. Kashyap Shah & Co., Practising Company Secretaries, served as the appointed scrutinizer, confirming compliance with Section 108 & 110 of the Companies Act, 2013.

The voting results and scrutinizer's report have been made available on the company's website at www.shilchar.com , ensuring transparency and regulatory compliance under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both newly appointed directors are confirmed to be not debarred from holding directorial positions by any SEBI order or regulatory authority.

Shilchar Technologies Limited has announced a postal ballot process to seek shareholder approval for significant board appointments and remuneration adjustments. The company issued the notice on February 2, 2026, outlining four key resolutions that require member approval through electronic voting.

Key Resolutions for Shareholder Approval

The postal ballot covers four critical corporate governance matters that will shape the company's leadership structure:

Director Appointments and Remuneration Details

Mr. Aatman Alay Shah - New Whole-Time Director

The company proposes to appoint Mr. Aatman Alay Shah, son of promoter and Managing Director Mr. Alay J Shah, as Director with effect from March 6, 2026. Subsequently, he would be designated as Whole-Time Director (Executive Director) for a five-year term from March 6, 2026, to March 5, 2031.

Key appointment details:

Mr. Aatman Alay Shah previously served as Manager-Operations from November 2016 to June 2022, overseeing marketing, production, procurement, and design departments. His remuneration will be subject to statutory limits of 5% of net profits for individual directors and 10% aggregate for all executive directors.

Mr. Arvind Nopany - Independent Director

The board recommends appointing Mr. Arvind Nopany (DIN: 00148521) as Non-Executive Independent Director for five years from March 6, 2026, to March 5, 2031. He holds a Bachelor's degree in Commerce from Sydenham College of Commerce & Economics, Mumbai, and a Master's degree from Armstrong University, USA, with specialization in Management & Marketing.

Remuneration Increase for Existing Director

The company seeks approval to increase Mr. Aashay Alay Shah's remuneration from Rs 12 lakhs per month to Rs 14 lakhs per month, effective April 1, 2026. The increase recognizes his contributions to company growth, customer relationships, and export initiatives.

E-Voting Process and Timeline

Shareholders can participate in the postal ballot exclusively through electronic voting, with no physical ballot forms being distributed. The voting process details are:

Only members whose names appear in the Register of Members or Register of Beneficial Owners as on the cut-off date will be entitled to vote. The company will send notices electronically to registered email addresses.

Corporate Governance Compliance

The proposed appointments align with regulatory requirements under the Companies Act, 2013, and SEBI Listing Regulations. The remuneration structure for executive directors who are promoter group members requires special resolution approval as per Regulation 17(6)(e) of SEBI LODR, given the annual remuneration exceeds Rs 5 crore or 2.5% of net profits.

The company confirmed that overall managerial remuneration paid to all Executive Directors remained within statutory limits of 10% of net profits during FY 2024-25, with individual director remuneration also within the 5% limit.

Results Declaration

The scrutinizer will submit his report to the Chairman upon completion of vote counting. Results will be announced within two working days of the e-voting conclusion and communicated to BSE Limited and National Stock Exchange of India Limited. The results will also be available on the company's website at www.shilchar.com .