Manjushree Technopack Limited: Important Resolutions for Member Vote

03 January 2025

​Manjushree Technopack Limited is holding a postal ballot for its members to vote on a few key resolutions. The e-voting has commenced on December 16, 2024, at 9:00 a.m. (IST) and end on January 14, 2025, at 5:00 p.m. (IST). Here's a summary of the resolutions:

• Amendment to the Manjushree Technopack Limited Employee Stock Option Plan – 2019 (“Plan” / “ESOP 2019”): This resolution proposes to change the ESOP 2019 from an equity-settled plan to a cash-settled plan. This means that employees will receive cash payments upon vesting of their options, rather than shares of the company. This amendment is being proposed as the company's plans for an initial public offering (IPO) are currently being reevaluated.
• Approval of Remuneration for Mr. Thimmaiah NP, Managing Director and Chief Executive Officer: The resolution seeks approval for Mr. Thimmaiah NP’s remuneration, which may exceed limits prescribed under Section 197 of the Companies Act, 2013, due to the vesting of options granted to him under the ESOP 2019.
• Revision of Remuneration Terms for Independent Directors: The resolution proposes a revision in the terms of remuneration for independent directors. Each independent director would receive INR 25,00,000 per financial year and a sitting fee of INR 50,000 per board meeting.

The company is encouraging all members to register their email address to receive all communications electronically. Details on the e-voting process, including how to register and cast your vote, can be found in the full notice available on the company's website at www.manjushreeindia.com and on the website of KFin Technologies Limited at https://evoting.kfintech.com.