IFGL Refractories seeks shareholder vote for Chairman's son as MD

2026-04-01

Mar. 31, 2026 - IFGL Refractories Limited has initiated a postal ballot process, seeking shareholder approval for a significant leadership change: the appointment of Mihir Prakash Bajoria, son of Executive Chairman Shishir Kumar Bajoria, as the new Managing Director. This proposed role is for a three-year term starting March 1, 2026. Shareholders have until May 2, 2026, to cast their votes, with results due by May 5, 2026.

This move signifies a planned leadership transition within IFGL Refractories. As Mr. Mihir Prakash Bajoria is the son of the Executive Chairman, the appointment involves a related-party transaction. Consequently, it requires transparent shareholder oversight and formal approval. The remuneration package proposed for the new MD, including a basic monthly salary of ₹21.66 lakh, is also subject to shareholder consent.

IFGL Refractories manufactures and sells refractory products and related equipment, primarily for the steel industry. The company operates manufacturing facilities across India and serves both domestic and international markets. The current proposal sees Mihir Prakash Bajoria set to take over from James Leacock McIntosh, who has served as MD since September 2021. The company has faced previous governance scrutiny; Stakeholders Empowerment Services (SES) has highlighted concerns regarding disclosure adequacy. In 2022, past disputes with Krosaki Harima Corp led to the resignation of KHC's nominee directors due to alleged conflicts of interest.