Jet Freight Logistics to Seek Shareholder Approval for Re-appointment of Key Directors
Jet Freight Logistics Limited has initiated a Postal Ballot process seeking special resolution approval from its members for the re-appointment of two key directors, Mr. Richard Francis Theknath and Mr. Dax Francis Theknath. The resolutions primarily address their reappointment and the fixing of their remuneration packages for a three-year period.The Company set the cut-off date for considering shareholders to April 24, 2026. The associated remote e-voting facility commenced on Wednesday, April 29, 2026, and concluded on Thursday, May 28, 2026. The results of the Postal Ballot are scheduled for announcement on or before May 30, 2026.
Re-appointment of Mr. Richard Francis Theknath
The Board of Directors recommended the approval of Mr. Richard Francis Theknath for re-appointment as Managing Director and Chairman of the Company. This appointment is for a period of three years, commencing from June 20, 2026, and concluding on June 19, 2029.Regarding remuneration, the resolutions propose the following structure for Mr. Theknath:
| Component | Detail |
|---|---|
| Appointment Period | Three years (June 20, 2026, to June 19, 2029) |
| Base Remuneration (Annual) | Rs. 1,50,00,000 (Rupees One Crore and Fifty Lakhs only) |
| Salary Scale Range | From Rs. 1,50,00,000 to Rs. 1,73,00,000, and further from Rs. 1,73,00,000 to Rs. 2,00,00,000 (Rupees Two Crores Only) per annum. |
| Incentives | Based on the target achieved by the Company, not exceeding the overall limit of Rs. 2,00,00,000 per annum. |
| Minimum Pay Guarantee | Guaranteed minimum remuneration, even if profits are inadequate in any financial year during the tenure. |
Mr. Richard Francis Theknath has over 30 years of experience in the logistics and supply chain industry. He holds a Family Managed Business Administration (FMBA) from Narsee Monjee Institute of Management Studies and an Executive MBA from the Indian Institute of Technology Bombay in collaboration with Washington University in St. Louis.
Re-appointment of Mr. Dax Francis Theknath
Separately, the resolutions seek approval for the re-appointment of Mr. Dax Francis Theknath as Whole-time Director for a period of three years. This tenure is effective from June 20, 2026, to June 19, 2029.The proposed remuneration structure for Mr. Theknath is as follows:
| Component | Detail |
|---|---|
| Appointment Period | Three years (June 20, 2026, to June 19, 2029) |
| Base Remuneration (Annual) | Rs. 1,50,00,000 (Rupees One Crore and Fifty Lakhs only) |
| Salary Scale Range | From Rs. 1,50,00,000 to Rs. 1,73,00,000, and further from Rs. 1,73,00,000 to Rs. 2,00,00,000 (Rupees Two Crores Only) per annum. |
| Incentives | Based on the target achieved by the Company, not exceeding the overall limit of Rs. 2,00,00,000 per annum. |
| Minimum Pay Guarantee | Guaranteed minimum remuneration, even if profits are inadequate in any financial year during the tenure. |
Mr. Dax Francis Theknath is noted for having over 20 years of experience in freight forwarding, logistics, customs clearing, and operations management.
The Board of Directors recommends both Special Resolutions for approval, stating that the remuneration proposed for both directors is reasonable and in line with prevailing industry norms, considering the Company's turnover and the experience and responsibilities of the appointees.
JETFREIGHT Stock Price Movement
Today, Jet Freight Logistics Limited shares edged higher, closing at ₹20.97 after gaining 2.23% in post-market trading. The stock saw significant daily interest, settling on a volume of 81,177 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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