Cravatex Limited, a long-established company in India’s trading sector, has officially initiated a postal ballot process to seek shareholder approval for the re-appointment of Mr. Divakar G. Kamath as the Executive Director and Chief Financial Officer (CFO). This move is in line with regulatory requirements under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

The company has chosen to conduct the voting entirely through electronic mode (e-voting), reflecting the increasing shift towards digital corporate governance practices in India.

Purpose of the Postal Ballot

The primary objective of the postal ballot is to approve a special resolution for extending Mr. Kamath’s tenure for another three years, from April 1, 2026 to March 31, 2029.

This approval is necessary because:

• His current tenure ended on March 31, 2026
• He will attain the age of 70 years in June 2026, requiring shareholder approval via special resolution under law
• The company intends to retain leadership continuity

The Board believes his continued association will benefit the company due to his extensive expertise.

About Divakar G. Kamath

Mr. Kamath is a seasoned professional with over 32 years of experience in banking and finance, including leadership roles at reputed institutions like Axis Bank.

Key Credentials:

• Graduate in Economics and Law
• Certified Associate of Indian Institute of Bankers (CAIIB)
• Joined Cravatex in 2012 as CFO
• Appointed to Board in 2020

Core Expertise:

• Corporate banking
• Financial management
• Legal oversight
• SME financing

His long association has helped strengthen the company’s financial discipline and governance framework.

Why the Company Wants to Reappoint Him

The Board has clearly stated that Mr. Kamath’s:

• Deep financial expertise
• Strong leadership qualities
• Understanding of company operations

have contributed significantly to the company’s progress.

Additionally, continuity in leadership is considered critical in navigating:

• Market uncertainties
• Operational challenges
• Growth strategies

Remuneration Details

The proposed remuneration structure is as follows:

• Up to ₹42.70 lakh per annum
• Inclusive of salary, allowances, and perquisites
• Additional benefits:
  • Provident Fund contribution
  • Gratuity
  • Leave encashment

Previous Pay:

• ₹39.53 lakh per annum (FY26)

The increment aligns with industry standards and reflects his expanded responsibilities.

Special Case: Age Beyond 70 Years

Under Section 196(3) of the Companies Act, a person above 70 years can continue in a managerial role only if:

• Shareholders approve via special resolution

Mr. Kamath will turn 70 on June 8, 2026, hence:

• The company must obtain approval for his continued tenure
• Justification has been provided citing his experience and contribution

E-Voting Process and Timeline

Cravatex has appointed NSDL (National Securities Depository Limited) to manage the e-voting process.

Important Dates:

• Cut-off Date: April 24, 2026
• E-voting Start: April 29, 2026 (9:00 AM IST)
• E-voting End: May 28, 2026 (5:00 PM IST)
• Result Declaration: May 29, 2026

Eligibility:

• Shareholders holding shares as of the cut-off date
• Both demat and physical shareholders

Mode:

• Only electronic voting allowed
• No physical ballot forms

Digital-Only Voting: A Regulatory Shift

In line with MCA Circulars, the company has:

• Sent notices only via email
• Eliminated physical dispatch of documents
• Enabled complete digital participation

This reflects a broader trend in India towards:

• Paperless compliance
• Faster shareholder engagement
• Cost efficiency

Role of NSDL in the Process

NSDL provides:

• Secure login system
• OTP-based authentication
• Easy voting interface

Shareholders can vote through:

• NSDL portal
• CDSL integration
• Depository participant login

Scrutinizer and Transparency Measures

To ensure fairness:

• Mr. Hemanshu Kapadia, Practising Company Secretary, has been appointed as Scrutinizer
• Alternate scrutinizer: Ms. Preeti Bhangle

Their role includes:

• Verifying votes
• Ensuring transparency
• Submitting final report

  ---

  Join our Telegram Channel for Latest News and Regular Updates.

  ---

  Start your Mutual Fund Journey  by Opening Free Account in Asset Plus.