MIC Electronics Limited Announces Director Resignation, Committee Reconstitution, and Plans New Subsidiary Venture
MIC Electronics Limited conducted a Board Meeting on July 31, 2026, where it approved several key operational decisions, including the resignation of an Independent Director, the reconstitution of multiple committees, and the approval to incorporate a wholly owned subsidiary.Executive Changes and Appointments
The company noted the resignation of Mr. Ravinder Reddy Surakanti (DIN: 07838836) from the Board as an Independent Director, effective July 31, 2026. Mr. Surakanti cited personal and professional commitments as the reason for his departure. The Board acknowledged his valuable guidance during his tenure.The company appointed M/s. RPR & Associates, represented by practicing Company Secretary Mr. Y. Ravi Prasada Reddy, to act as the Scrutinizer responsible for conducting the remote e-voting process and overseeing the voting at the 38th Annual General Meeting (AGM).
Committee Reconstitution
The Board meeting led to the immediate reconstitution of five key committees:Audit Committee:
| Sl No | Name | Category | Designation |
|---|---|---|---|
| 1 | Mr. Srinivas Rao Kolli | Independent Director | Chairman |
| 2 | Mr. Penumaka Venkata Ramesh | Independent Director | Member |
| 3 | Mr. Kaushik Yalamanchili | Managing Director | Member |
| 4 | Mrs. Upadhyayula Karuna Gayathri | Independent Director | Member |
Nomination and Remuneration Committee:
| Sl No | Name | Category | Designation |
|---|---|---|---|
| 1 | Mrs. Upadhyayula Karuna Gayathri | Independent Director | Chairperson |
| 2 | Mr. Srinivas Rao Kolli | Independent Director | Member |
| 3 | Mr. Deepayan Mohanty | Non-executive Non-Independent Director | Member |
| 4 | Mr. Penumaka Venkata Ramesh | Independent Director | Member |
Stakeholders Relationship Committee:
| Sl No | Name | Category | Designation |
|---|---|---|---|
| 1 | Mr. Srinivas Rao Kolli | Independent Director | Chairman |
| 2 | Mr. Penumaka Venkata Ramesh | Independent Director | Member |
| 3 | Mr. Kaushik Yalamanchili | Managing Director | Member |
Management Committee:
| Sl No | Name | Category | Designation |
|---|---|---|---|
| 1 | Mr. Kaushik Yalamanchili | Managing Director | Chairman |
| 2 | Mr. Penumaka Venkata Ramesh | Independent Director | Member |
| 3 | Mr. Sivanand Swamy Mitikiri | Whole-time Director | Member |
Corporate Social Responsibility Committee:
| Sl No | Name | Category | Designation |
|---|---|---|---|
| 1 | Mr. Kaushik Yalamanchili | Managing Director | Chairman |
| 2 | Mr. Penumaka Venkata Ramesh | Independent Director | Member |
| 3 | Mr. Sivanand Swamy Mitikiri | Whole-time Director | Member |
AGM and Future Ventures
The Board approved the notice for the 38th Annual General Meeting (AGM), scheduled to be held on Wednesday, September 16, 2026, at the company's Registered Office. The meeting commenced at 02:30 p.m. (IST) and concluded at 3:40 p.m. (IST).For the AGM, the following operational details were set:
- Record Date/Cut-off Date: Thursday, September 10, 2026.
- Register of Members Closure: From Friday, September 11, 2026 to Wednesday, September 16, 2026 (both days inclusive).
- Remote E-voting Period: Commencing at 9:00 a.m. (IST) on Friday, September 13, 2026 and ending at 5:00 p.m. (IST) on Tuesday, September 15, 2026.
In addition to approving the Board's Report for Financial Year 2025-26, the board approved the incorporation of a wholly owned subsidiary. The company has authorized the Managing Director to finalize the name and complete the incorporation process with the Registrar of Companies (ROC).
The proposed subsidiary details are as follows:
| Particulars | Details |
|---|---|
| Entity Status | Wholly owned subsidiary being incorporated. |
| Initial Investment Cap | Up to ₹10,00,000 (Rupees Ten Lakhs only). |
| Business Scope | Defence related activities, including manufacturing and supply of defence equipment or technology/services. |
| Consideration Nature | Cash consideration through subscription to equity share capital. |
| Shareholding | 100% control (Company shall hold the entire paid up equity share capital). |
The company aims to complete the incorporation process within 60 days from the date of intimation, subject to receiving the Certificate of Incorporation from the ROC.
MICEL Stock Price Movement
MIC Electronics Limited shares edged higher today, closing at ₹38.37 after gaining 4.98%. The stock traded a volume of 350,514 shares, contributing to its upward movement in post-market trading.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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