Board approves profit-linked commission for MD, related party transactions; postal ballot calendar set

Board meeting of 5 Oct 2026: 📈 MD Sanjay Jain's remuneration terms revised to add a profit-linked commission, effective 1 Apr 2026, subject to member approval by postal ballot.

Mon 5 Oct 2026

Board Meeting Date

5 October 2026

Remuneration Revision Effective Date

1 April 2026

Postal Ballot Cut-off Date

9 October 2026

Remote E-voting Period

17 October 2026 (9:00 A.M.) to 15 November 2026 (5:00 P.M.)

MD Tenure End

31 July 2028

The board of Inter State Oil Carrier Ltd met on Monday, 5 October 2026 and approved a set of items, some of which now go to shareholders through a postal ballot.

What the board approved

• Revision in the terms of remuneration of Mr. Sanjay Jain (DIN: 00167765), Managing Director, by introduction of a profit-linked commission.
• Approval of related party transactions.
• Approval of the cut-off date of Friday, 9 October 2026 for deciding which members can participate in the postal ballot.
• Approval of the draft Postal Ballot Notice, including the explanatory statement and the remote e-voting details.
• Appointment of M/s. Rantu Das & Associates, Company Secretaries, as the scrutinizer for the postal ballot.
• Appointment of Central Depository Services (India) Limited (CDSL) as the e-voting agency providing the electronic voting platform.

Remuneration change for the Managing Director

• The revision introduces a profit-linked commission, recommended by the Nomination and Remuneration Committee and approved by the Audit Committee and the board.
• It is subject to the approval of members via postal ballot.
• The effective date of the revision is 1 April 2026.
• It applies for the remaining period of his current tenure, from 1 April 2026 to 31 July 2028.
• He was re-appointed Managing Director for a period of 3 (Three) years with effect from 1 August 2025 to 31 July 2028; all other terms and conditions of his appointment remain unchanged.
• Mr. Sanjay Jain has more than 33 years of experience in the transportation industry. He is the father of Mr. Siddhant Jain, Whole-Time Director of the company, and is not related to any other director or key managerial person.

Postal ballot calendar

• Dispatch of the notice for conducting the postal ballot through electronic means: 14 October 2026.
• Upload of the Postal Ballot Notice to the exchanges and the company website: 15 October 2026.
• Commencement of remote e-voting: 17 October 2026 (9:00 A.M.).
• End of remote e-voting: 15 November 2026 (5:00 P.M.).
• Scrutinizer's report, declaration of results and dissemination to the exchanges: on or before 17 November 2026.

What this means for a shareholder

• Two matters are being placed before members: the revised remuneration terms for the Managing Director and the related party transactions. Members on the register as on the cut-off date can vote through the remote e-voting platform, which is open for close to a month.
• The remuneration change links part of the Managing Director's pay to profit, a structure the update says was recommended by the Nomination and Remuneration Committee and cleared by the Audit Committee and the board, and is now subject to member approval.

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