Shanti Inorganics Approves Rs 15 Lakh Monthly Promoter Pay

Shanti Inorganics Limited approved revised remuneration that allows its two promoter executives to receive combined base salary of up to Rs 3.60 crore a year from August 2026, compared with Rs 94 lakh paid in Fiscal 2026. The terms also provide minimum remuneration in years of losses or inadequate profits, subject to statutory limits.

What promoter pay has Shanti Inorganics approved?

Shanti Inorganics approved monthly base pay of up to Rs 15 lakh for Chairman and Managing Director Manojkumar Jayantilal Patel and Rs 15 lakh for Joint Managing Director Avnish Manojkumar Patel. At a 12-month run rate, each position can receive up to Rs 1.80 crore in base salary, producing combined potential base pay of up to Rs 3.60 crore before the separately described perquisites.

The board approved the revisions for both executives on July 18, 2026, and shareholders approved them through special resolutions on July 25, 2026. Manojkumar’s previous appointment terms were approved by the board on September 4, 2025 and shareholders on September 10, 2025, while Avnish’s earlier terms were approved by the board on January 28, 2025 and shareholders on May 6, 2025.

How does Shanti Inorganics promoter pay compare with earlier compensation?

The combined annual base-pay ceiling of up to Rs 3.60 crore is up to Rs 2.66 crore above the Rs 94 lakh of remuneration actually paid to the two executives in Fiscal 2026. Manojkumar received Rs 47 lakh and Avnish received Rs 47 lakh in Fiscal 2026, while the approved monthly amounts create a potential annual base-pay ceiling of up to Rs 1.80 crore for each role.

The comparison is between remuneration paid in Fiscal 2026 and an approved future base-salary ceiling, not between two completed financial years. The prospectus also reports Rs 8 lakh paid to each executive in Fiscal 2027 up to May 2026. Manojkumar’s terms permit increments or increases decided from time to time by the Nomination and Remuneration Committee or the board, meaning his Rs 15 lakh monthly amount is stated as an upper limit.

Can Shanti Inorganics pay executives in loss years?

Yes. Shanti Inorganics’ approved terms state that, if a financial year during either executive’s tenure has losses or inadequate profits, the company will pay the specified salaries and allowances as minimum remuneration. The payments remain subject to limits under the Companies Act, 2013 and Schedule V, which sets conditions for managerial remuneration in specified circumstances, or any other limit prescribed by the government.

The terms provide perquisites in addition to salary, including medical reimbursement or family medical insurance capped at one month’s salary in a year, annual leave travel concession, gratuity, superannuation-fund contributions and provident-fund contributions. They also cover earned leave, a company-maintained car with chauffeur, and a laptop, computer, internet facilities and mobile phone. The terms state that certain fund contributions and facilities may be excluded from the perquisite ceiling when they are not taxable under the Income Tax Act, 1961.

Neither Manojkumar nor Avnish will receive sitting fees for attending board or committee meetings under the revised terms. Shanti Inorganics reported no bonus or profit-sharing plan for directors as of the prospectus date, and no contingent or deferred compensation had accrued in Fiscal 2026 for the Chairman and Managing Director or Joint Managing Director. The loss-year provision therefore applies to salaries and allowances rather than to a disclosed bonus, profit share or deferred award.

Who approved Shanti Inorganics promoter pay and how concentrated is ownership?

Shanti Inorganics’ board and shareholders approved the July 2026 remuneration revisions, and the two recipients together held 74.85% of pre-issue equity share capital as of the prospectus date. Manojkumar held 69,61,440 equity shares, or 60.24%, while Avnish held 16,88,000 shares, or 14.61%.

The five-member board comprises the Chairman and Managing Director, the Joint Managing Director and three non-executive directors. The non-executive directors include independent directors Indira Suresh Vora and Niraj K Dalal, as well as Suhani Avnishkumar Patel, a woman non-executive director. Suhani held 5,08,800 shares, or 4.40%, and is Avnish’s wife and Manojkumar’s daughter-in-law; the three related directors therefore held 79.25% of pre-issue equity capital.

The Nomination and Remuneration Committee or the board can approve increments for both executive directors under the disclosed terms. The Audit Committee, constituted on September 4, 2025, has Indira as chair, Niraj as a member and Avnish as a member. The remuneration changes required the board and shareholder approvals recorded in July 2026, while the two promoter executives held nearly three-quarters of pre-issue share capital.

Conclusion

Shanti Inorganics moved from Rs 94 lakh of combined remuneration paid to its two promoter executives in Fiscal 2026 to a combined potential annual base-salary ceiling of up to Rs 3.60 crore from August 2026. The change reflects board and shareholder resolutions setting Rs 15 lakh monthly pay for Avnish and up to Rs 15 lakh monthly pay for Manojkumar, alongside benefits and statutory-limit-linked minimum remuneration for loss or inadequate-profit years.

The disclosed dates to watch are January 27, 2028, when Avnish’s revised term ends, and September 3, 2028, when Manojkumar’s revised term ends. The prospectus also leaves open the possibility of increments approved by the Nomination and Remuneration Committee or the board, while the application of minimum remuneration depends on profits, losses and the limits under Schedule V of the Companies Act, 2013.