Acme Solar Holdings logo

Acme Solar Holdings CEO, MD, chairman, board of directors and AGM

NSE: ACMESOLARBSE: 544283PowerSmall Cap

Last close ₹371.85down ₹16.95 (4.36%)BSE ₹371.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹388.80.

52-week range of traded prices to 23 Oct 2026
₹195.90Low, 27 Jan 2026₹476.90High, 22 Sep 2026
Market cap
₹26,285 Cr394th largest listed
P/E
43.6
P/B
Shares changed
Dividend yield
0.05%
ROE
12.6%
ROCE
6.4%
Debt to equity
3.75
Volume, NSE
11,46,67458.5% delivered

Acme Solar Holdings board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and managing directorManoj Kumar Upadhyay
  • Chief executiveNikhil Dhingra
  • Company Secretary and Compliance OfficerRajesh Sodhi

6 directors3 independent3 executive

  • Manoj Kumar Upadhyay · Chairperson and managing directorExecutive · joined Dec 2015 · reappointed Dec 2022 · 1 listed board
  • Nikhil Dhingra · Chief executiveExecutive · joined Apr 2024 · 1 listed board · 1 committee seat
  • Shashi ShekharExecutive · joined Apr 2018 · reappointed Apr 2026 · 1 listed board · 1 committee seat
  • Atul SabharwalIndependent · joined Sep 2017 · reappointed Apr 2024 · 105 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Anuranjita KumarIndependent · joined Apr 2024 · 27 months as independent · 3 listed boards · 3 as independent · 6 committee seats, 2 as chair
  • Hemant SahaiIndependent · joined Jan 2025 · 18 months as independent · 3 listed boards · 3 as independent · 6 committee seats, 4 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • Sanjay Dhawan, left 30 May 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 7 May 20266 of 6 present3 independent · 44 days in between
    • 23 Mar 20266 of 6 present3 independent · 52 days in between
    • 29 Jan 20266 of 6 present3 independent

  • Audit Committee

    Chair Hemant Sahai

    Atul Sabharwal, Anuranjita Kumar

    • 8 Jun 20263 of 3 present3 independent · 31 days in between
    • 7 May 20263 of 3 present3 independent · 14 days in between
    • 22 Apr 20263 of 3 present3 independent · 29 days in between
    • 23 Mar 20263 of 3 present2 independent · 52 days in between
    1 earlier meeting
    • 29 Jan 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Atul Sabharwal

    Anuranjita Kumar, Hemant Sahai

    • 21 May 20263 of 3 present3 independent · 13 days in between
    • 7 May 20263 of 3 present3 independent · 14 days in between
    • 22 Apr 20263 of 3 present3 independent · 29 days in between
    • 23 Mar 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Anuranjita Kumar

    Shashi Shekhar, Nikhil Dhingra

    • 6 Mar 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Hemant Sahai

    Atul Sabharwal, Nikhil Dhingra, Arun Chopra

    • 16 Mar 20263 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair Shashi Shekhar

    Nikhil Dhingra, Atul Sabharwal

    • 25 Feb 20263 of 3 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditors

Named in the results for the quarter to Mar 2025.

  • Walker Chandiok & Co LLPPeer-review certificate valid to May 2025
  • S Tekriwal & AssociatesPeer-review certificate valid to Apr 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Acme Solar Holdings AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Acme Solar Holdings dividend history

Annual general meeting, 29 Sep 2026

1,42,400 shareholders on the register on 23 Sep 2026; present: 5 promoters and 71 others; votes counted by DEEPAK KUKREJA / DMK Associates, Company Secretaries.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone Financial Statements and Reports thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.18%

    Turnout: all 93.40% · promoters 100.00% · institutions 87.39% · other public 0.83%

  2. Adoption of Audited Consolidated Financial Statements and Reports thereon
    Ordinary
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 1.19% · other public 0.34%

    Turnout: all 93.40% · promoters 100.00% · institutions 87.39% · other public 0.83%

  3. Re-appointment of retiring Director
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.21% · other public 0.35%

    Turnout: all 93.42% · promoters 100.00% · institutions 87.45% · other public 0.83%

  4. Appointment of Statutory Auditor and fixation of their remuneration
    Ordinary
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 1.18% · other public 0.38%

    Turnout: all 93.42% · promoters 100.00% · institutions 87.45% · other public 0.83%

  5. Consideration and approval of the alteration of the Objects clause of the Memorandum of Association of the Company
    Special
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 1.18% · other public 0.39%

    Turnout: all 93.42% · promoters 100.00% · institutions 87.45% · other public 0.83%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 12 Jun 2026, 2 resolutions

1,58,274 shareholders on the register on 8 May 2026; votes counted by Deepak Kukreja / DMK Associates.The company's voting result (opens in a new tab)

  1. Amendments in “ACME Employee Stock Option Plan 2024"
    Special
    98.51% for1.49% against

    Against: promoters 0.00% · institutions 16.19% · other public 22.71%

    Turnout: all 91.73% · promoters 100.00% · institutions 81.17% · other public 0.42%

  2. GRANT OF OPTIONS TO EMPLOYEES OF SUBSIDIARY COMPANY(IES) AND/OR HOLDING COMPANY(IES) UNDER THE ACME EMPLOYEE STOCK OPTION PLAN 2024
    Special
    94.66% for5.34% against

    Against: promoters 0.00% · institutions 58.21% · other public 22.74%

    Turnout: all 91.73% · promoters 100.00% · institutions 81.17% · other public 0.42%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 29 Sep 2025, 14 resolutions

1,78,063 shareholders on the register on 23 Sep 2025; present: 1 promoter and 60 others; votes counted by DEEPAK KUKREJA / DMK Associates, Company Secretaries.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements and Reports thereon
    Ordinary
    99.32% for0.68% against

    Against: promoters 0.00% · institutions 6.17% · other public 30.59%

    Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%

  2. Re-appointment of retiring Director
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.34% · other public 30.86%

    Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.28%

  3. Appointment of Statutory Auditor and fixation of their remuneration
    Ordinary
    99.80% for0.20% against

    Against: promoters 0.00% · institutions 1.77% · other public 31.69%

    Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%

  4. Re-appointment of Mr. Shashi Shekhar (DIN:01747358) as Vice-Chairman and Whole-Time Director
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.18% · other public 30.84%

    Turnout: all 93.31% · promoters 100.00% · institutions 83.29% · other public 0.29%

  5. Approval of the remuneration payable to Mr. Nikhil Dhingra (DIN: 07835556), Whole Time Director and Chief Executive Officer of the Company
    Special
    96.80% for3.20% against

    Against: promoters 0.00% · institutions 29.25% · other public 30.78%

    Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%

  6. Appointment of Secretarial Auditor
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 30.59%

    Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%

  7. Approval of material related party transactions with VRS Infotech Private Limited, a member of the Promoter Group
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.73%

    Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%

  8. Approval of material related party transactions with ACME Alpha Renewables Private Limited, a subsidiary of the Company
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.66%

    Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%

  9. Approval of material related party transaction with ACME Alpha Renewables Private Limited, a subsidiary of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.60%

    Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%

  10. Approval of material related party transactions with ACME Renewtech Private Limited, a subsidiary company of the Company
    OrdinaryPromoters have an interest in it
    86.77% for13.23% against

    Against: promoters 0.00% · institutions 13.21% · other public 31.60%

    Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%

  11. Approval of material related party transaction of ACME Renewtech Private Limited, a subsidiary company of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.60%

    Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%

  12. Approval of material related party transactions with ACME Sigma Urja Private Limited, a subsidiary of the Company
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.60%

    Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%

  13. Approval for material related party transactions between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.60%

    Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%

  14. Approval for raising of funds by way of issuance of securities in one or more tranches
    Special
    99.15% for0.85% against

    Against: promoters 0.00% · institutions 7.77% · other public 30.78%

    Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 21 Feb 2025, 14 resolutions

1,96,505 shareholders on the register on 20 Jan 2025; votes counted by Deepak Kukreja / Deepak Kukreja & Associates.The company's voting result (opens in a new tab)

  1. To ratify ‘ACME Employee Stock Option Plan 2024’
    Special
    92.46% for7.54% against

    Against: promoters 0.00% · institutions 75.55% · other public 42.13%

    Turnout: all 92.67% · promoters 100.00% · institutions 73.40% · other public 0.44%

  2. Appointment of Mr. Hemant Sahai (DIN:00088238) as a Non-Executive Independent Director of the Company
    Special
    96.21% for3.79% against

    Against: promoters 0.00% · institutions 37.93% · other public 28.00%

    Turnout: all 92.67% · promoters 100.00% · institutions 73.40% · other public 0.44%

  3. Approval for Material Related Party Transaction between ACME Sikar Solar Private Limited, the Company’s wholly owned subsidiary company, and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.79%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  4. Approval for Material Related Party Transaction between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.78%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  5. Approval for Material Related Party Transaction between the Company and MKU Holdings Private Limited, the Company’s corporate promoter
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 32.09%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  6. Approval for Material Related Party Transaction between the Company and VRS Infotech Private Limited, a member of the Promoter Group
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 32.07%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  7. Approval for Material Related Party Transaction between ACME Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.94%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  8. Approval for Material Related Party Transaction between ACME Renewtech Private Limited, a subsidiary company of the Company, with the Company
    OrdinaryPromoters have an interest in it
    73.03% for26.97% against

    Against: promoters 0.00% · institutions 26.97% · other public 30.98%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  9. Approval for Material Related Party Transaction between ACME Aklera Power Technology Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.16%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  10. Approval for Material Related Party Transaction between ACME Jaisalmer Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 30.97%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  11. Approval for Material Related Party Transaction between Niranjana Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.17%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  12. Approval for Material Related Party Transaction between Dayanidhi Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.16%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  13. Approval for Material Related Party Transaction between Vishwatma Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.18%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

  14. Approval for Material Related Party Transaction between Aarohi Solar Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 31.06%

    Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 29 Sep 2026, 12 fund houses so far (houses' deadline to file 15 Oct 2026)

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Adoption of Audited Standalone Financial Statements and Reports thereon
    12 for0 against
  • Adoption of Audited Consolidated Financial Statements and Reports thereon
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundNon-disclosure of the audited financial statements of subsidiaries for FY 2025-26 on the website of the Company.
    • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundUnqualified financial statements. Non-Compliant with S.136(1) of the Companies Act & Regulation 46(2)(s) of SEBI LODR: Nondisclosure of the audited financial statements of subsidiaries for FY 2025-26 on the website of the Company.
    8 for4 against
  • Re-appointment of retiring Director
    8 for0 against
  • Appointment of Statutory Auditor and fixation of their remuneration
    4 for0 against
  • Consideration and approval of the alteration of the Objects clause of the Memorandum of Association of the Company
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance and Transparency Concern: The proposed data-centre business represents a new line of activity beyond the Company's existing power-generation business. While the Company has cited potential synergies due to the power-intensive nature of data centres, it has not adequately explained how its existing capabilities and infrastructure would support or complement the proposed business.
    • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance and Transparency Concern: The proposed data-centre business represents a new line of activity beyond the Company's existing power-generation business. While the Company has cited potential synergies due to the powerintensive nature of data centres, it has not adequately explained how its existing capabilities and infrastructure would support or complement the proposed business.
    8 for4 against
4 proposals not matched to one resolution
  • 3) Reappoint Nikhil Dhingra (DIN:07835556) as Director, liable to retire by rotation
    1 for0 against
  • Appointment of M/s BSR and Co. LLP, Chartered Accountants, (FRN: 101248W/ W-100022) as one of the Joint Statutory Auditors of the Company in place of M/s Walker Chandiok and Co., LLP (FRN: 001076N/N500013), the retiring statutory auditor, for a first term of 5 (five) consecutive years, to hold the office from the conclusion of the 11th Annual General Meeting (to be held for the FY 2025-26) until the conclusion of the 16th Annual General Meeting of the Company (to be held for the FY 2030-31), at such remuneration plus applicable taxes and reimbursement of out-of-pocket expenses of the Company for the financial year 2026-27, and such remuneration for the remaining tenure of the appointment, as may be recommended by the Audit Committee and approved by the Board of Directors of the Company in this behalf.MoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: No Justification provided for vast difference in remuneration/ Audit fees between Joint Auditors.
    • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: No Justification provided for vast difference in remuneration/ Audit fees between Joint Auditors.
    4 for4 against
  • Reappoint Nikhil Dhingra (DIN:07835556) as Director, liable to retire by rotation
    2 for0 against
  • Reelect Nikhil Dhingra as Director
    1 for0 against

Mutual fund votes, meeting of 12 Jun 2026, 18 fund houses

  • Amendments in “ACME Employee Stock Option Plan 2024"
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding ‘liquidity events’ where vesting period may be accelerated by the relevant Committee.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundProposed amendment is compliant with law. Governance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding ‘liquidity events’ where vesting period may be accelerated by the relevant Committee.
    • Kotak Mahindra Mutual FundThe company seeks approval to amend the ACME Employee Stock Option Plan 2024 (ESOP 2024). The proposed amendments relate to: (a) deleting provisions that were applicable only to the pre-Listing phase of the company, (b) removing references and procedural provisions which are no longer relevant after listing, and (c) incorporating certain administrative clarifications to facilitate efficient implementation and administration of the scheme in a listed company environment. We believe, an authority to accelerate the vesting of stock options defeat the purpose of the granting stock options. It would be helpful to the employees in the monetary terms, but it would fail to hold them for long term. It would fail the purpose of ESOPs. Hence, we do not favour the resolution.
    • Motilal Oswal Mutual FundUnreasonably short exercise period in case of ‘Termination other than misconduct’; No clarity on events where vesting period may be accelerated
    11 for7 against
  • GRANT OF OPTIONS TO EMPLOYEES OF SUBSIDIARY COMPANY(IES) AND/OR HOLDING COMPANY(IES) UNDER THE ACME EMPLOYEE STOCK OPTION PLAN 2024
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundAt the time ratification the Company had made inadequate disclosures regarding the Exercise Price/Pricing Formula and such disclosure is not in accordance with intended purpose of law. Governance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest; the maximum potential benefit that may be extended to a single employee is excessive under ESOP 2024. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding events where vesting period may be accelerated by the Committee.
    • Axis Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual FundThrough resolution #2, the company seeks approval for extending the benefits of ESOP 2024 to the eligible employees of subsidiary and holding companies. While we support extending benefits of stock option schemes to employees of unlisted holding and subsidiary companies, we do not support the contours of ACME Employee Stock Option Plan 2024. Therefore, we do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo governance concern identified on extension of benefits under ESOP 2024 to employees of Subsidiary Company(ies) and/or Holding Company(ies) per-se. However, concerns identified in ESOP 2024, at the time of ratification and proposed amendments under resolution #1: Non-Compliant with SEBI (SBEB & SE) Regulations 2021: At the time ratification the Company had made inadequate disclosures regarding the Exercise Price/Pricing Formula and such disclosure is not in accordance with intended purpose of law. Governance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest; the maximum potential benefit that may be extended to a single employee is excessive under ESOP 2024. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding events where vesting period may be accelerated by the Committee.
    • ICICI Prudential Mutual FundDue to inadequate disclosures by the company on the ACME Employee Stock Option Plan 2024, the AMC has voted against the resolution.
    • Kotak Mahindra Mutual FundThe company seeks approval for extending the benefits of ESOP 2024 to the eligible employees of subsidiary and holding companies. We believe, an authority to accelerate the vesting of stock options defeat the purpose of the granting stock options. It would be helpful to the employees in the monetary terms, but it would fail to hold them for long term. It is linked with first resolution. Hence, we are voting against.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Motilal Oswal Mutual FundESOP 2024 non-compliant with SEBI SBEB & SE: Inadequate disclosure of Exercise Price; Excessive Potential economic benefit to a single employee under ESOP 2024; Interlinked with resolution #1.
    • Nippon India Mutual FundGovernance Concern: The exercise period upon termination (other than misconduct) undermines ESOP objectives and employee interests. The maximum benefit to a single employee appears excessive. Additionally, provisions for accelerated vesting lack clarity on triggering events, raising transparency concerns.
    4 for14 against
2 earlier meetings

Mutual fund votes, meeting of 29 Sep 2025, 16 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Adoption of Audited Financial Statements and Reports thereon
    16 for0 against
  • Appointment of Statutory Auditor and fixation of their remuneration
    1 for0 against
  • Re-appointment of Mr. Shashi Shekhar (DIN:01747358) as Vice-Chairman and Whole-Time Director
    13 for0 against
  • Approval of the remuneration payable to Mr. Nikhil Dhingra (DIN: 07835556), Whole Time Director and Chief Executive Officer of the Company
    16 for0 against
  • Appointment of Secretarial Auditor
    16 for0 against
  • Approval of material related party transactions with VRS Infotech Private Limited, a member of the Promoter Group
    16 for0 against
  • Approval of material related party transactions with ACME Alpha Renewables Private Limited, a subsidiary of the Company
    14 for0 against
  • Approval of material related party transaction with ACME Alpha Renewables Private Limited, a subsidiary of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company
    13 for0 against
  • Approval of material related party transactions with ACME Renewtech Private Limited, a subsidiary company of the Company
    14 for0 against
  • Approval of material related party transaction of ACME Renewtech Private Limited, a subsidiary company of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company
    14 for0 against
  • Approval of material related party transactions with ACME Sigma Urja Private Limited, a subsidiary of the Company
    16 for0 against
  • Approval for material related party transactions between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company
    16 for0 against
  • Approval for raising of funds by way of issuance of securities in one or more tranches
    1 for0 against
14 proposals not matched to one resolution
  • 2) Reappoint Shashi Shekhar (DIN: 01747358) as Director, liable to retire by rotation.
    1 for0 against
  • Appoint A Prasad & Associates as Joint Statutory Auditor for five years from conclusion of 2025 AGM and fix their remuneration
    2 for0 against
  • Appointment M/s A Prasad and Associates, Chartered Accountants, (FRN: 004250C) as one of the Joint Statutory Auditors of the Company in place of M/s S. Tekriwal and Associates (FRN: 009612N), the retiring statutory auditor, to hold the office from the conclusion of the 10th Annual General Meeting until the conclusion of the 15th Annual General Meeting of the Company to be held in the year 2030, at such remuneration plus applicable taxes and reimbursement of out-of-pocket expenses, in connection with the audit, as may be mutually agreed between the Board of Directors of the Company (including its committees thereof), and the statutory auditors.MoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: No Justification provided for vast difference in remuneration between Joint Auditors.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: No Justification provided for vast difference between Joint Auditors.
    8 for5 against
  • Approval of material related party transactions with ACME Alpha Renewables Private Limited, a subsidiary of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company for an aggregate value not exceeding Rs. 425 crores.MoreLess
    1 for0 against
  • Approve issuance of equity or equity linked securities through Qualified Institutional Placement (QIP) upto Rs. 30.0 bn
    2 for0 against
  • Approve related party transactions between ACME Alpha Renewables Private Limited (ACME Alpha), a 49% subsidiary, and ACME Solar Energy Private Limited (ASEPL), a wholly owned subsidiary, upto Rs. 4.25 bn for three years from the date of shareholder approvalMoreLess
    2 for0 against
  • Approve related party transactions between ACME Renewtech Private Limited (ACME Renewtech), a 49% subsidiary, and ACME Solar Energy Private Limited (ASEPL), a wholly owned subsidiary, upto Rs. 8.17 bn for three years from the date of shareholder approvalMoreLess
    2 for0 against
  • Approve related party transactions with ACME Alpha Renewables Private Limited (ACME Alpha), a 49% subsidiary, upto Rs. 22.7 bn for three years from the date of shareholder approval
    2 for0 against
  • Approve related party transactions with ACME Renewtech Private Limited (ACME Renewtech), a 49% subsidiary, upto Rs. 6.5 bn for three years from the date of shareholder approval
    2 for0 against
  • Mr. Shashi Shekhar (DIN: 01747358), Vice-Chairman and Whole-Time Director, who retires by rotation at this 10th Annual General Meeting and being eligible, has offered himself for re-appointment.
    13 for0 against
  • Re-appointment of Mr. Shashi Shekhar (DIN: 01747358) as a Vice-Chairman and Whole-time Director of the Company, for a period of 1 (one) year commencing from April 09, 2026 till April 08, 2027, liable to retire by rotation and including remuneration.MoreLess
    1 for0 against
  • Reappoint Shashi Shekhar (DIN: 01747358) as Director, liable to retire by rotation
    2 for0 against
  • Reappoint Shashi Shekhar (DIN:01747358) as Vice-Chairperson and Whole-Time Director for one year from 9 April 2026, liable to retire by rotation, approve his continuation on the board after attaining the age of 70 years, and fix his remunerationMoreLess
    2 for0 against
  • To create, offer, issue and allot such number of Equity Share or any other equity or equity-linked instrument or security, and/or any other eligible equity or equity-linked securities (all instruments collectively with the Equity Shares to be hereinafter referred to as the Securities) or any combination of Securities, at such price that may be decided by the Board in terms of the applicable laws, for an aggregate amount not exceeding Rs. 3,000 crores.MoreLess
    13 for0 against

Mutual fund votes, meeting of 21 Feb 2025, 9 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To ratify ‘ACME Employee Stock Option Plan 2024’
    Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021: Inadequate disclosures regarding the Exercise Price/Pricing Formula. Governance & Transparency Concern: Potential maximum benefit to a single employee is excessive.
    • HDFC Mutual FundLack of clarity on the pricing of ESOPS which could be at a significant discount to market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
    • ICICI Prudential Mutual FundThe AMC has voted against the resolution in light of inadequate disclosure w.r.t ESOP Scheme.
    • Mirae Asset Mutual FundESOP pricing could be at significant discount to market price
    • Nippon India Mutual FundInadequate disclosure
    • SBI Mutual FundThe scheme is to be implemented through the trust route, with fresh issuance of shares by the company. This will result in a dilution of ~2.5% on the expanded capital base as on 31 December 2024. There is no clarity on the exercise price under the scheme as it will be determined by the NRC. We do not favour ESOP schemes where options are granted at a significant discount (>20%) to market price as stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception where the vesting of such options is mandatorily linked to performance parameters and the company has disclosed the pre-defined performance targets for such parameters. In the current case, the vesting of options is primarily time-based. In addition, NRC may determine certain performance criteria for vesting. However, such performance parameters along with the targets have not been articulated. In the absence of clarity and the flexibility extended to the NRC, we do not support the resolution.
    1 for8 against
  • Appointment of Mr. Hemant Sahai (DIN:00088238) as a Non-Executive Independent Director of the Company
    Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual FundAppointment is complaint with law. No concern w.r.t merits of appointee. Transparency Concern: Lack of adequate disclosures regarding pecuniary relationship with the company.
    • ICICI Prudential Mutual FundThe AMC has voted against the resolution given the conflict of interest caused by existing business relationship between Acme Solar and HSA Advocates.
    • Mirae Asset Mutual FundPotential conflict of interest caused by existing business relationship
    • Nippon India Mutual Fundpecuniary relationship with the company.
    3 for6 against
  • Approval for Material Related Party Transaction between ACME Sikar Solar Private Limited, the Company’s wholly owned subsidiary company, and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the CompanyMoreLess
    9 for0 against
  • Approval for Material Related Party Transaction between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company
    9 for0 against
  • Approval for Material Related Party Transaction between the Company and MKU Holdings Private Limited, the Company’s corporate promoter
    9 for0 against
  • Approval for Material Related Party Transaction between the Company and VRS Infotech Private Limited, a member of the Promoter Group
    9 for0 against
  • Approval for Material Related Party Transaction between ACME Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    8 for0 against
  • Approval for Material Related Party Transaction between ACME Renewtech Private Limited, a subsidiary company of the Company, with the Company
    9 for0 against
  • Approval for Material Related Party Transaction between ACME Aklera Power Technology Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    9 for0 against
  • Approval for Material Related Party Transaction between ACME Jaisalmer Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    9 for0 against
  • Approval for Material Related Party Transaction between Niranjana Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    9 for0 against
  • Approval for Material Related Party Transaction between Dayanidhi Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    9 for0 against
  • Approval for Material Related Party Transaction between Vishwatma Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    9 for0 against
  • Approval for Material Related Party Transaction between Aarohi Solar Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
    9 for0 against
1 proposal not matched to one resolution
  • Approval for Material Related Party Transaction between ACME Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company for an aggregate value not exceeding Rs. 35.75 crores during FY 2024- 25 and FY 2025- 26.MoreLess
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtACME Greentech Twenty Four Private LimitedSince 9 May 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Unlisted stake boughtACME Greentech Twenty Private LimitedSince 9 May 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Unlisted stake boughtACME Greentech Twenty Three Private LimitedSince 9 May 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Unlisted stake boughtACME Greentech Twenty Two Private LimitedSince 9 May 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Unlisted stake boughtACME Greentech Twenty One Private LimitedSince 11 May 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Tax disputeCommissioner of Income Tax (Appeals)Since 25 Jan 2019
    The matter is still pending and there is no change.
    At the filing before: ACME Solar Energy Private Limited, WOS of ASHL (“Appellant”) filed an appeal dated January 25, 2019 before Commissioner of Income Tax (Appeals) against Assistant Commissioner of Income Tax, Circle-1 (1) Gurgaon (“Respondent”) against order under section 143(3) of the Income Tax ACT, 1961, dated December 25, 2018 passed by Assistant Commissioner of Income Tax, Circle -1(1) for the assessment year 2016-17. Submission made on 24/07/2025, next date of hearing awaited.MoreLess
  • Tax disputeCommissioner of Income Tax (Appeals)Since 25 Jan 2019
    The matter is still pending and there is no change.
    At the filing before: ACME Raipur Solar Power Private Limited, WOS of ASHL (“Appellant”) filed an appeal dated January 25, 2019 before Commissioner of Income Tax (Appeals) against Assistant Commissioner of Income Tax , Circle-1 (1) Gurgaon (“Respondent”) against order under section 143(3) dated December 23, 2018 passed by Assistant Commissioner of Income Tax for the assessment year 2016-17. Submission made on November 21, 2024, next date of hearing is awaited.MoreLess
  • Tax disputeSenior Intelligence Officer, DGGI, Jaipur, RajasthanSince 13 Nov 2024
    The matter was listed before the Hon'ble High Court of Rajasthan on July 17, 2026, wherein the respondents were granted time to file their reply. The Hon'ble Court has directed the matter to be listed after six weeks. The interim stay granted on the operation and effect of the show cause cum demand notice continues to remain in force.MoreLess
    At the filing before: The officials of the Directorate General of Goods and Services Tax Intelligence (DGGI), Jaipur Zonal Unit, initiated a search in connection with an inquiry relating to certain alleged inadmissible Input Tax Credit (ITC) on November 13, 2024, which concluded on November 14, 2024. Pursuant to the inquiry, the Company received a show cause cum demand notice dated March 23, 2026 (received on March 28, 2026), alleging short payment of GST aggregating to approximately ₹149.73 crore (along with applicable interest and penalty) for the period from April 2021 to March 2025. The Company challenged the said notice by filing a civil writ petition before the Hon'ble High Court of Rajasthan on April 13, 2026, and the Hon'ble High Court of Rajasthan, vide its order dated April 20, 2026, granted an interim stay on the operation and effect of the said show cause cum demand notice until further orders.MoreLess
12 more
  • Tax disputeUnion of India & Ors. [W.P. (C) 4714/2019]Since 2 May 2019
    Hearing was further adjourned to August 24, 2026
    At the filing before: Our Company, Solar Power Developers Association and Avaada Clean Energy Private Limited (“Petitioners”) filed a petition dated May 02, 2019 under Article 226 of the Constitution of India before the High Court of Judicature at Delhi against the Union of India (Ministry of Finance), GST Council and Central Board of Indirect Taxes and Customs (“Respondents”) challenging the validity of (i) explanation to serial no. 234 of notification no. 1/2017 – Central Tax (Rate) dated June 28, 2017 inserted pursuant to notification no. 24/2018 Central Tax (Rate) dated December 31, 2018, and (ii) explanation to serial no. 38 of notification no. 11/2017 inserted pursuant to notification no. 11/2017 – Central Tax (Rate) dated June 28, 2017, and inserted pursuant to notification no. 27/2018 – Central Tax (Rate) dated December 31, 2018 (“Impugned Notifications”), alleging that such Impugned Notifications were illegal and violative of Article 14, 19(1)(g), 246 and 265 of the Constitution of India and Section 15 of the Central Goods and Services Tax, Act, 2017. The Impugned Notifications under solar power generating system contract, the value of good is deemed to be 70% and taxable at 5% while the value of services is deemed to be 30% and taxed at 18%. The said breakup of 70:30 significantly differed from the actual split of 93:7. The matter is currently pending. Matter heard on November 20, 2024, December 13, 2024, March 03, 2025, May 08, 2025 and November 17, 2025 where it got adjourned to February, 02, 2026 and thereafter adjourned to March 25, 2026 and further adjourned to July 16, 2026.MoreLess
  • Tax disputeUnion of India & Ors. [CWP No. 17037 of 2024]Since 20 Jul 2024
    No further development has taken place in the matter during the quarter ended June 30, 2026, and the matter remains pending adjudication.
    At the filing before: Writ petition has been filed on 20.07.2024, Matter heard on 23.07.2024 and 11.09.2024. On 11.09.2024 counsel for respondent sought time to file the Counter. Bench has granted last opportunity to the Respondents to file the reply and directed to list the matter on 20.01.2025. Matter adjourned to 21.02.2025, however matter could not be taken up. matter listed for hearing on 08.04.2025 but did not reach for hearing, Hearing scheduled for 19.05.2025, adjourned to 16.07.2025, adjourned to 28.10.2025 and again adjourned to 08.01.2026. Latest date of hearing was 21.04.2026 where the matter did not reach for hearing and got adjourned to 10.09.2026MoreLess
  • Tax disputeJoint Commissioner, Circle - Phalodi, State Tax, Jodhpur - ISince 18 Jun 2024
    The Order dated April 22, 2026, whereby the entire demand has been dropped (100% in favour of the Company), has been received by the Company on April 22, 2026.
    At the filing before: ACME Jodhpur (subsidiary Company) received a show cause notice dated from Joint Commissioner, State Tax, Jodhpur – I, Rajasthan and reply has been submitted. However, department has issued DRC-01A under section 74 demanding Rs. 65 million of tax, Rs. 35.1 million of interest and Rs. 9.76 million of penalty on August 07, 2024. Reply for DRC-01A was submitted on August 12, 2024. Show Cause Notice u/s 74 was issued on 29-09-2025. Company submitted reply on 24.10.2025.MoreLess
  • Tax disputeUnion of India & Ors. (CWP 12257/2019)Since 17 Aug 2019
    The next date of hearing has not yet been intimated.
    At the filing before: Our Company (“Petitioner”) filed a petition on August 17, 2019, under Article 226 of the Constitution of India before the High Court of Judicature for Rajasthan at Jodhpur against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management and Jupiter Solar Power Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018 and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25/20/15% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending and at the stage of final arguments. The last date of hearing was 14.11.2024 and no further hearing date was intimated.MoreLess
  • Tax disputeUnion of India & Ors. (CWP 13592/2019)Since 11 Sep 2019
    The next date of hearing has not yet been intimated.
    At the filing before: Our Company (“Petitioner”) filed a petition on September 11, 2019, under Article 226 of the Constitution of India before the High Court of Judicature for Rajasthan at Jodhpur against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management and M/s Jupiter Solar Power Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018 and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25/20/15% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending and at the stage of final arguments. The last date of hearing was October 21, 2024 and no further hearing date was intimated.MoreLess
  • Tax disputeUnion of India & Ors. (WP No. 7565 of 2019)Since 4 Jul 2019
    The next date of hearing has not yet been intimated.
    At the filing before: Our Company (“Petitioner”) filed a petition on July 4, 2019 under Article 226 of the Constitution of India before the High Court of Judicature at Bombay against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management, Jupiter Solar Power Limited and IndoSolar Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018, and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending. Matter is at the stage of final arguments. The last date of hearing was 12.04.2024. The matter was listed on 19.01.2026 and the next date of hearing was 02.02.2026 for arguments. However, the matter did not get listed on 02.02.2026 and the next date of hearing was not intimated.MoreLess
  • Tax disputeACME Solar Holdings Ltd. (SLP 24009-24010 OF 2018)Since 23 Aug 2018
    The next date of hearing has not yet been intimated.
    At the filing before: Union of India (Ministry of Finance), Director General of Trade Remedies, Union of India (Ministry of Commerce & Industry) and Union of India (Ministry of New and Renewable Energy) (“Petitioners”) filed a special leave petition under Article 136 of the Constitution of India before the Supreme Court of India, against our Company, Solar Energy Corporation of India (“SECI Limited”), Central Electricity Regulatory Commission, NTPC Vidyut Vyapar Nigam Limited, Grid Corporation of Odisha Limited, Orissa Discom, Central Electricity Supply Utility of Odisha Limited, North Eastern Electricity Supply Company of Odisha Limited, Western Electricity Supply Company of Odisha Limited, Southern Electricity Supply Company of Odisha Limited and Maharashtra State Electricity Distribution Company Limited (collectively, the “Respondents”) challenging the interim order dated July 23, 2018 (“Interim Order”) passed by the High Court of Orissa at Cuttack (“High Court”). An application dated Nov 28, 2017 was filed on December 15, 2017 by the Indian Solar Manufacturers Association before the Director General under rule 5 of Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997 seeking an imposition of ‘Safeguard Duty’ on imports of the ‘solar cells’ to project the domestic industry. Pursuant to such application, a detailed investigation was conducted by the Director General and it was recommended to impose ‘Safeguard Duty’ on imports of the ‘solar cells’ in terms of rule 12 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997. The High Court pursuant to its Interim Order had restrained the Petitioners from issuing any notification under rule 12 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, pursuant to the final findings of Directorate General of Safeguards pursuant to notification dated July16, 2018. The matter was last listed on 11.08.2025 and the Next date of hearing was 04.11.2025 and no further hearing date was intimated.MoreLess
  • Tax disputeUnion of India & Ors. (WP(C) 12817 of 2018)Since 20 Jul 2018
    The next date of hearing has not yet been intimated.
    At the filing before: Our Company (“Petitioner”) filed a petition on July 20, 2018 under Article 226 of the Constitution of India before the High Court of Orissa, Cuttack, against the Director General of Trade Remedies, Union of India (Ministry of Commerce & Industry), Union of India (Ministry of Finance), Union of India (Ministry of Non and Renewable Energy), SECI Limited, Central Electricity Regulatory Commission, NTPC Vidyut Vyapar Nigam Limited, Grid Corporation of Odisha Limited, Orissa Discom, Central Electricity Supply Utility of Odisha Limited, North Eastern Electricity Supply Company of Odisha Limited, Western Electricity Supply Company of Odisha Limited and Maharashtra State Electricity Distribution Company Limited (“Respondents”) seeking appropriate writ or directions to quash the final findings under Rule 11 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, pursuant to a public notice no. F/22//1/2018- Directorate General of Trade Remedies dated July 16, 2018, issued by the Director General of Trade Remedies (“Respondent 1”) pursuant to which, it imposed safeguard duty at 25% ad valorem on the import of solar cells whether or not assembled in modules or panels into India from China PR and Malaysia. The matter is currently pending. Interim order was stayed by the SC. The matter was last listed on 19.09.2018 and has not been listed since then.MoreLess
  • Tax disputeACME Solar Holdings Ltd(SLP(C) No. 023675 - 023676 / 2019)Since 7 Sep 2018
    The next date of hearing has not yet been intimated.
    At the filing before: Jupiter Solar Power Limited (“Petitioner”) filed a petition under Article 136 of the Constitution of India before the Supreme Court of India against our Company, Director General of Trade Remedies, Union of India (Ministry of Commerce & Industry), Union of India (Ministry of Finance), Union of India (Ministry of Non and Renewable Energy), SECI Limited, Central Electricity Regulatory Commission, NTPC Vidyut Vyapar Nigam Limited, Grid Corporation of Odisha Limited, Orissa Discom, Central Electricity Supply Utility of Odisha Limited, North Eastern Electricity Supply Company of Odisha Limited, Western Electricity Supply Company of Odisha Limited, Southern Electricity Supply Company of Odisha Limited, Maharashtra State Electricity Distribution Company Limited, Indosolar Limited, Hero Solar Energy Private Limited and Vikram Solar Limited (collectively, the “Respondents”) against the interim order dated July 23, 2018 passed by the High Court of Orissa at Cuttack (“HC”) wherein the HC has granted an ex-parte stay by way of a non-speaking order restraining the Union Of India, viz, Director General of Trade Remedies (“Respondent 2”), Union of India (Ministry of Commerce & Industry) (“Respondent 3”), Union of India (Ministry of Finance) (“Respondent 4”), Union of India (Ministry of Non and Renewable Energy) (“Respondent 5”) from issuing notification levying safeguard duty on imports of solar cell under Section 8 B (1) of the Customs Tariff Act, 1975 read with Rule 12 of the Customs Tariff (identification and Assessment of Safeguard Duty) Rules, 1977, whether or not arranged in modules or panels. The matter is currently pending. The last date of hearing was 14 Aug 2025 and no further hearing date was intimated.MoreLess
  • Tax disputeUnion of India & Ors. (WP No.-3084/2019)Since 12 Apr 2019
    No hearing took place on the tentative hearing date, and the next date of hearing is yet to be intimated.
    At the filing before: Our Company (“Petitioner”) filed a petition dated April 12, 2019, under Article 226 of the Constitution of India before the High Court of Judicature at Bombay, Nagpur Bench, against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management, Jupiter Solar Power Limited and IndoSolar Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by the Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018, and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending. Pleadings are yet to complete. Ad-interim stay granted vide order dated April 16, 2019. The matter is still pending and the last date of hearing was May 06, 2025 and no further hearing date was intimated. The tentative next date of hearing in the matter was April 22, 2026.MoreLess
  • Tax disputeUnion of India & Ors. (WP(C) 12047 of 2019)Since 22 Aug 2019
    The next date of hearing has not yet been intimated.
    At the filing before: Our Company filed a petition on August 22, 2019, before Andhra Pradesh High Court, wherein our Company has challenged final finding of DGTR dated July 16, 2018, and the safeguard notification July 30, 2018, issued by the Central Government under section 8 (B) of the Customs Tariff Act and determining the safeguard duty @ of 25% ad valorem on the imported solar cells and modules. The matter is currently pending. The matter was last listed on 27.08.2019 and no further hearing date was intimated.MoreLess
  • Tax disputeSolar Energy Corporation of India Limited and Rajasthan Urja Vikas Nigam Limited Petition No.2205 of 2024Since 7 Feb 2024
    An appeal vide DFR No. 84 of 2026 has been filed before the Appellate Tribunal for Electricity (APTEL) against the order dated November 13, 2025, passed by the Rajasthan Electricity Regulatory Commission (RERC) in Petition No. 2205 of 2024. The appeal challenges the partial disallowance of compensation aggregating to ₹7,82,90,098.04 (comprising ₹6,06,83,542 towards import duties and ₹1,76,06,556.04 towards GST) claimed by ACME Aklera Power Technology Private Limited, a subsidiary of the Company, under the change in law provisions (Article 12) of the Power Purchase Agreement dated June 10, 2019, executed with Solar Energy Corporation of India Limited (SECI), along with the applicable carrying cost. The matter is currently pending adjudication before APTEL.MoreLess
    At the filing before: The matter has been disposed of, with the final order passed on November 13, 2025, whereby the Rajasthan Electricity Regulatory Commission (RERC) allowed Change in Law compensation of approximately Rs. 39.92 crores, comprising Rs. 30.98 crores towards Basic Customs Duty (BCD) and Rs. 8.94 crores towards Goods and Services Tax (GST), representing the reconciled and undisputed amounts between the parties. RERC has also allowed carrying cost from the date of incurrence up to the date of the order amounting to approximately Rs. 7.50 crores. Consequently, the total amount allowed to the Company is approximately Rs. 47.40 crores. The Company received the first annuity payment of Rs. 37,49,063 from SECI on January 12, 2026 and no further update was there since then.MoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026.

RaisedAmount raisedForSet asideSpentSpent elsewhere
QIPJun 2026, checked by CARE RATINGS LIMITED2,800.00––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.