Outcome of the 87th AGM Results of East India Pharmaceutical Works Limited

22 September 2024

We are pleased to share the key takeaways from the recently concluded Limited, held on September 20, 2024. The resolutions presented during the AGM were successfully passed with significant shareholder support, reflecting confidence in the company’s leadership and strategic direction. Below are the highlights:

1. Financial Statements and Dividend Declaration

• Adoption of Financial Statements: The audited standalone financial statements for the year ended March 31, 2024, were approved with 95.91% votes in favor. 
  
  
• Dividend Declared: Shareholders approved a dividend of ₹0.75 per equity share (7.5% of the face value).

2. Leadership Reappointments and Governance Stability

• Reappointment of Directors:
  
  
  • Mrs. Sanghamitra Duttagupta and Mrs. Indrani Sen were reappointed, ensuring leadership continuity.
  • Prof. (Dr.) Suman Kumar Mukerjee was reappointed as an independent director for a five-year term, reaffirming his role in providing independent oversight.
  • Mr. Ajoy Krishna Chatterjee was appointed as an independent director for a similar tenure.
    
    
• Managing Director Appointment:
  
  
  • Mr. Debarshi Duttagupta was reappointed as Managing Director for a three-year term, highlighting the Board's confidence in his leadership.
  • Approval was granted to pay minimum remuneration in case of inadequate profits.

3. Statutory Compliance and Cost Efficiency

• Reappointment of Auditors:
  
  
  • M/s APS Associates, Chartered Accountants, were reappointed as statutory auditors until the 92nd AGM, ensuring continuity in audit processes.
    
    
• Cost Management:
  
  
  • The remuneration of ₹1,25,000 (plus taxes) for cost auditors was ratified.

4. Shareholder Participation

• The resolutions witnessed strong shareholder alignment, with ~96% approval rates across all items. This reflects high investor confidence in the company’s governance and strategic direction.