HEG Advanced Materials has issued a postal ballot notice to appoint a new board and MD & CEO, Riju Jhunjhunwala. The company seeks approval for Riju Jhunjhunwala’s remuneration and the appointment of multiple non-executive and independent directors. The move follows Ravi Jhunjhunwala’s transition to a non-executive role due to regulatory constraints. Voting concludes November 27, 2026.
HEG Advanced Materials Leadership Transition and Remuneration Vote
HEG Advanced Materials has initiated a postal ballot process to finalize its new leadership structure, proposing Riju Jhunjhunwala as Managing Director and CEO for a five-year term ending August 2031. The company is also seeking shareholder approval to appoint several non-executive and independent directors to the board.
Reader Takeaway: Leadership transition ensures regulatory compliance while aligning executive compensation with industry standards for the incoming management team.
What just happened
HEG Advanced Materials has issued a formal notice to shareholders to vote on eight key resolutions via postal ballot. These include the formal appointment of Riju Jhunjhunwala as Managing Director and CEO, alongside the appointment of five independent directors and two non-executive, non-independent directors. The voting window for e-voting opens on October 29, 2026, and closes on November 27, 2026.
Why this matters
The appointment of Riju Jhunjhunwala marks a significant management shift as he succeeds Ravi Jhunjhunwala. The transition is prompted by Companies Act regulations that limit the number of companies where an individual can serve as a Managing Director. Ravi Jhunjhunwala will remain on the board in a non-executive capacity to ensure continuity. Shareholders are specifically required to vote on the remuneration package for the new MD, which is set at Rs 35 lakh per month, as it exceeds standard regulatory thresholds.
Contextual Financials
The company provided restated financials reflecting its recent corporate restructuring. Net profit for FY 2025-26 stood at Rs 96.64 crore, compared to Rs 161.84 crore in FY 2024-25. Total income for the most recent fiscal year was reported at Rs 178.88 crore. The company maintains a strong net worth position, recorded at Rs 4,829.98 crore for FY 2025-26.
What to track next
Shareholders should monitor the results of the postal ballot, which are scheduled for announcement by December 1, 2026. The approval of the remuneration package and the full board slate is essential for the stabilization of the company's new leadership hierarchy.