Chennai-based ESAB India will seek shareholders’ nod for the reappointment of Rohit Gambhir as the managing director of the company for a term of five years with effect from November 1.
The welding and cutting equipment manufacturer will seek shareholders’ approval for the reappointment at the 36th annual general meeting to be held on August 10, the company said in its annual report for 2022–23.
ESAB India is a step-down subsidiary of ESAB Corporation, a global major in the manufacture of welding and cutting equipment and consumables. ESAB India is engaged in the business of fabrication technology, catering to domestic and international markets. It offers a range of welding and cutting automation products, including carbon arc gouging, engine-driven welders, cutting machines, brazing, and soldering equipment, to name a few.
In its notice to shareholders, ESAB India sought the passing of a special resolution reappointing Rohit Gambhir as the MD for a term of five years with effect from November 1, 2023, for a maximum remuneration of ₹ six crore, including salary, perquisites, and other allowances and benefits.
Related party transactions
The company also sought shareholders’ approval for the purchase of raw materials, components, and finished goods from ESAB Europe Gmbh, Switzerland, a material related party, up to ₹150 crore. It also sought shareholders approval for entering into related party transactions with EWAC Alloys Ltd for the purchase of raw materials, components, finished goods & services and sale of goods & services up to a maximum of ₹150 crore.
Meanwhile shares of ESAB India closed 1.26 per cent higher on NSE at ₹4,552