Greenpanel Industries Limited announced that its shareholders, during the 9th Annual General Meeting held on August 7, 2026, approved amendments to the Company’s Articles of Association. The key change involves the substitution of existing Article 58(17) with a new provision outlining the remuneration for Independent Directors. This updated article clarifies their eligibility for sitting fees, expense reimbursements, and potentially performance-based remuneration, subject to Board and Member approvals.
Shareholder Approval for Article Amendments
Greenpanel Industries Limited has successfully obtained shareholder approval for significant amendments to its Articles of Association. This pivotal decision was made during the company’s 9th Annual General Meeting, which convened on August 7, 2026. The approved changes specifically focus on the remuneration structure for Independent Directors.
Revised Article 58(17) Explained
The existing Article 58(17) has been replaced with a new provision that clearly defines the entitlements of Independent Directors. Under the revised article, Independent Directors will not be eligible for stock options. However, they will continue to receive sitting fees and reimbursement of expenses incurred for attending Board or Committee meetings, or for any other approved purposes under the relevant Acts. Furthermore, the Board, based on recommendations from the Nomination and Remuneration Committee, may decide to pay Independent Directors remuneration. This remuneration can be in any form, proportion, or manner, including a percentage of profits, provided it complies with the Act. Importantly, such remuneration may exceed the limits prescribed under Section 197(1) but must not surpass the amount approved by the Members, in line with Sections 149, 197, and 198 of the Act read with Schedule V.
Source: BSE
