ISGEC Heavy Engineering Ltd.
Re‑appointment of Senior Management & Independent Director (Postal Ballot Results)
Announcement Date: 28 Mar 2026
Company Code: 533033 (BSE) / ISGEC (NSE)
1. What Happened?
- A remote e‑voting postal ballot was conducted from 26 Feb 2026 (09:00 IST) to 27 Mar 2026 (17:00 IST).
- Four resolutions were put to shareholders:
- Re‑appointment of Mr. Aditya Puri as Managing Director (Ordinary).
- Re‑appointment of Mr. Kishore Chatrani as Joint Managing Director (Ordinary).
- Re‑appointment of Mr. Sanjay Gulati as Joint Managing Director (Ordinary).
- Re‑appointment of Mr. Arvind Sagar as Non‑Executive Independent Director for a second term (Special).
- All resolutions were approved with the required majority.
2. Voting Highlights
| Resolution | Type | Votes Cast (Valid) | Votes In‑Favour | Votes Against | % In‑Favour |
|---|---|---|---|---|---|
| MD – Aditya Puri | Ordinary | 59,449,815 | 53,973,412 | 5,476,403 | 90.79% |
| JMD – Kishore Chatrani | Ordinary | 59,449,815 | 59,430,647 | 19,168 | 99.97% |
| JMD – Sanjay Gulati | Ordinary | 59,449,815 | 59,430,647 | 19,168 | 99.97% |
| Independent Director – Arvind Sagar | Special | 59,449,815 | 54,533,039 | 4,916,776 | 91.73% |
The promoter group voted unanimously in favour of all resolutions. Public‑institutional shareholders showed strong support for the MD and JMDs, while the independent director resolution faced modest dissent but still cleared the 75% threshold required for a special resolution.
3. Management Continuity
- Aditya Puri (DIN: 00052534) will serve as MD from 1 May 2026 to 30 Apr 2031.
- Kishore Chatrani (DIN: 07805465) and Sanjay Gulati (DIN: 05201178) will each serve as Joint MDs from 28 Jun 2026 to 27 Jun 2031.
- Arvind Sagar (DIN: 09210612) will continue as an Independent Director for a second five‑year term ending 27 Jun 2031.
All directors have extensive experience (≈30 years) with ISGEC and related group entities, ensuring strategic and operational continuity.
4. Governance & Compliance
- The process complied with SEBI Listing Regulations (Regulations 30 & 44), Companies Act 2013, and relevant MCA circulars.
- Scrutinizer: Pramod Kothari & Co., CS (UDIN: F0070910004127231). No invalid votes were reported.
- No change in previously disclosed information; all filings have been uploaded on the company website.
5. Implications for Investors
- Stability: Continuation of the current leadership team reduces execution risk and supports ongoing projects in heavy engineering, EPC, and renewable sectors.
- Governance: Re‑appointment of an independent director strengthens board oversight, a positive signal for corporate governance.
- No Immediate Financial Impact: The announcement does not alter capital structure, dividend policy, or earnings guidance.
- Risk Mitigation: High shareholder approval indicates confidence; however, investors should monitor any future strategic shifts or market conditions affecting the heavy engineering industry.
6. Outlook
Given the strong shareholder endorsement and the absence of disruptive changes, the outlook for ISGEC remains moderately positive. The company is positioned to continue executing its growth plans under a familiar management team, while maintaining robust governance standards.
Prepared for investors on 28 Mar 2026.