Acutaas Chemicals MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 24 Sep 2026, 13 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 the Audited Financial Statements of the Company together with the schedules and notes attached thereto for the financial year ended on 31st March, 2026 along with the reports of the Board of Directors and Auditors thereonMoreLess

  13 for0 against
• Declaration of Final Dividend for the financial year 2025-26

  13 for0 against
• Re-appointment of Mr. Chetankumar C. Vaghasia (DIN : 01375540), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: The remuneration practice of the Company among Executive Directors appears to be skewed in favour of promoter Executive Directors and unfairly biased against the Professional Executive Director, viz. Mr. Virendranath Mishra and no adequate justification has been provided regarding such disproportionate remuneration.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundNo concern on the merits of proposed appointee. Governance Concern: The remuneration practice of the Company among EDs appears to be skewed in favour of promoter EDs and unfairly biased against the Professional ED, viz. Mr. Virendranath Mishra and no adequate justification has been provided regarding such disproportionate remuneration.

  9 for4 against
• Ratification of remuneration of Cost Auditors for financial year 2026-27

  13 for0 against
• Reappointment of Mr. Ram Mohan Lokhande (DIN 08117035), as the Whole Time Director of Company and approval of payment of remuneration

  13 for0 against
• Re-appointment of Mrs. Anita Bandyopadhyay (DIN: 08672071), as Director (Non-Executive & Independent) of the company for second term of five consecutive years

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: The remuneration practice of the Company among Executive Directors appears to be skewed in favour of promoter Executive Directors and unfairly biased against the Professional Executive Director, viz. Mr. Virendranath Mishra and no adequate justification has been provided regarding such disproportionate remuneration. The proposed director is a member of Nomination and remuneration committee, hence should be held accountable for unfair remuneration practices among the Executive Directors.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No governance concern identified with regard to profile, time commitment, attendance and independence of the proposed appointee. Governance Concern: The remuneration practice of the Company among EDs appears to be skewed in favour of promoter EDs and unfairly biased against the Professional ED, viz. Mr. Virendranath Mishra and no adequate justification has been provided regarding such disproportionate remuneration. The proposed director is a member of Nomination and remuneration committee, hence should be held accountable for unfair remuneration practices among the EDs.

  9 for4 against
• To Grant employee stock options to the employees of subsidiary company(ies) under ‘Ami Organics Employees Stock Option Scheme 2023

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, SBI Mutual Fund, Tata Mutual Fund

  • Angel One Mutual FundThe Nomination and remuneration committee has been given the absolute discretion to determine the Exercise Price under ESOS 2023. 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.
  • DSP Mutual Fund, Jio BlackRock Mutual FundThe Ami Organics Employees Stock Option Scheme 2023 was approved by shareholders at the 2023 Postal Ballot. Under the scheme, options exercisable up to 364,370 equity shares – post share split (record date 1 April 2025) 6,68,740 options will be issued to employees of the company. The exercise price will not be lower than the face value of Rs. 10.0 and not higher than the IPO Price of Rs. 610.0 per share. However, post share split, exercise price per option shall not be less than the Rs. 5.0 face value and shall not exceed Rs. 305.0 per share. We do not favour ESOP schemes where options are granted at a significant discount (of more than 20%) to the market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. Additionally, we note that certain percentage of options under the scheme be performance based . We do not favour stock option schemes where there is no clarity on the performance metrics for vesting. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundNo concern identified with regard to extension of benefits to employees of subsidiary companies per se. Employees Stock Option Scheme 2023 (ESOS 2023) of the Company is per se Non-Compliant with Schedule I, Part C of SEBI SBEB & SE Regulations, 2021: The NRC has been given the absolute discretion to determine the Exercise Price under ESOS 2023. 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.
  • ICICI Prudential Mutual FundThe AMC has voted against the resolution due to the inadequate disclosure. (Exercise price not disclosed under ESOS 2023)
  • PGIM India Mutual FundNo concern identified with regard to extension of benefits to employees of subsidiary companies per se. Employees Stock Option Scheme 2023 (ESOS 2023) of the Company is per se Non-Compliant with Schedule I, Part C of SEBI SBEB & SE Regulations, 2021: The NRC has been given the absolute discretion to determine the Exercise Price under ESOS 2023. 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.
  • SBI Mutual FundThe Ami Organics Employees Stock Option Scheme 2023 was approved by shareholders at the 2023 Postal Ballot. Under the scheme, options exercisable up to 364,370 equity shares – post share split (record date 1 April 2025) 6,68,740 options will be issued to employees of the company. The exercise price will not be lower than the face value of Rs. 10.0 and not higher than the IPO Price of Rs. 610.0 per share. However, post share split, exercise price per option shall not be less than the Rs. 5.0 face value and shall not exceed Rs. 305.0 per share. We do not support the resolution.
  • Tata Mutual FundNo disclosure on ESOP grant price. Range given as "not less than face value and not more than IPO price". We do not support ESOPS granted at face value nor do we support deeply discounted ESOPs as in this case even on the upper price band (at IPO price implied discount comes out to approx 90%). Thus we do not support the resolution.

  4 for9 against
• Approval of Material Related Party Transactions with the subsidiary company- Acutaas Chemicals Electrolytes Private Limited

  12 for0 against

Mutual fund votes, meeting of 25 Sep 2025, 20 fund houses

• Adoption of the Audited Financial Statements of the Company together with the schedules and notes attached thereto for the financial year ended on 31st March, 2025 along with the reports of the Board of Directors and Auditors thereonMoreLess

  20 for0 against
• Declaration of Final Dividend for the financial year 2024-2

  20 for0 against
• Re-appointment of Mr. Nareshkumar Ramjibhai Patel (DIN : 00906232), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance concern: Holding combined position of Chairman and Managing Director. Skewed remuneration in favor of promoter directors.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding combined position of Chairman and Managing Director. Skewed remuneration in favor of promoter directors.

  15 for5 against
• Ratification of remuneration of Cost Auditors for financial year 2025-26

  20 for0 against
• Reappointment of Mr. Nareshkumar Ramjibhai Patel (DIN 00906232), as the Managing Director, designated as Executive Chairman & Managing Director and approval of payment of remuneration

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Trust Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance concern: Holding combined position of Chairman and Managing Director. Skewed remuneration in favor of promoter directors. No absolute cap on variable pay.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding combined position of Chairman and Managing Director. Skewed remuneration in favor of promoter directors. No absolute cap on variable pay.
  • Bank of India Mutual FundNareshkumar Ramjibhai Patel received a remuneration of Rs. 49.2 mn in FY25. We estimate his annual fixed remuneration at Rs. 62.9 mn. We note that he is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. In the previous terms, his variable pay was capped at one month’s gross salary. Given that this cap has now been removed and the company’s profits have more than doubled in FY25, we cannot reliably estimate the variable pay. The company must provide clarity regarding the variable component and cap the same in absolute amounts. The company must also disclose performance metrics which will determine the variable pay. We support his reappointment to the board as Chairperson and Managing Director, however, given the open-ended structure of remuneration, we do not support this resolution.
  • Kotak Mahindra Mutual FundNareshkumar Ramjibhai Patel received a remuneration of Rs. 49.2 mn in FY25. We estimate his annual fixed remuneration at Rs. 62.9 mn. We note that he is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. The company must provide clarity regarding the variable component and cap the same in absolute amounts. The company must also disclose performance metrics which will determine the variable pay. We support his reappointment to the board as Chairperson and Managing Director, however, given the open-ended structure of remuneration, we do not support this resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Trust Mutual FundNote that MD is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. In the previous terms, his variable pay was capped at one month’s gross salary. Given that this cap has now been removed and the company’s profits have more than doubled in FY25, we cannot reliably estimate the variable pay. The company must provide clarity regarding the variable component and cap the same in absolute amounts.

  11 for9 against
• Reappointment of Mr. Chetankumar Chhaganlal Vaghasia (DIN 01375540), as the Whole Time Director of Company and approval of payment of remuneration

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Trust Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance concern: Skewed remuneration in favor of promoter directors. No absolute cap on variable pay.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Skewed remuneration in favor of promoter directors. No absolute cap on variable pay.
  • Bank of India Mutual FundChetankumar Chhaganlal Vaghasia, 50, is the promoter and Whole time Director. He has around 22 years of experience in the Speciality chemicals manufacturing sector. Currently, he heads the Human Resource, Logistics & Dispatch, Purchase and IT functions of Company and is also involved in the operations, business planning & strategy development of Company. He has served on the board since 12 June 2007 and attended nine out of ten board meetings in FY25 (90%). He received a remuneration of Rs. 48.5 mn in FY25. We estimate his annual fixed remuneration at Rs. 61.6 mn. We note that he is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. In the previous terms, his variable pay was capped at one month’s gross salary. Given that this cap has now been removed and the company’s profits have more than doubled in FY25, we cannot reliably estimate the variable pay. The company must provide clarity regarding the variable component and cap the same in absolute amounts. The company must also disclose performance metrics which will determine the variable pay. We support his reappointment to the board as a Whole time Director, however, given the open-ended structure of remuneration, we do not support this resolution.
  • Kotak Mahindra Mutual FundChetankumar Chhaganlal Vaghasia, 50, is the promoter and Whole time Director. He has around 22 years of experience in the Speciality chemicals manufacturing sector. Currently, he heads the Human Resource, Logistics & Dispatch, Purchase and IT functions of Company and is also involved in the operations, business planning & strategy development of Company. He has served on the board since 12 June 2007 and attended nine out of ten board meetings in FY25 (90%). He received a remuneration of Rs. 48.5 mn in FY25. We estimate his annual fixed remuneration at Rs. 61.6 mn. We note that he is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. The company must provide clarity regarding the variable component and cap the same in absolute amounts. The company must also disclose performance metrics which will determine the variable pay. We support his reappointment to the board as a Whole time Director, however, given the open-ended structure of remuneration, we do not support this resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Trust Mutual FundNote that WTD is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. In the previous terms, his variable pay was capped at one month’s gross salary. Given that this cap has now been removed and the company’s profits have more than doubled in FY25, we cannot reliably estimate the variable pay. The company must provide clarity regarding the variable component and cap the same in absolute amounts.

  11 for9 against
• Reappointment of Mr. Virendra Nath Mishra (DIN 07815490), as the Whole Time Director of Company and approval of payment of remuneration

  ›Against Bank of India Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund

  • Bank of India Mutual FundVirendra Nath Mishra, 54, is currently Whole time Director and handles the implementation of strategic business decisions like acquisitions, joint ventures, capex, project planning Inventory control, Cost Control and Pilot Plant development. He has over 29 years ex experience in the chemical and pharma industry. He has served on the board since 3 March 2021 and attended all ten board meetings in FY25 (100%). He received a remuneration of Rs. 13.4 mn in FY25. We estimate his annual fixed remuneration at Rs. 21.8 mn. We note that he is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. In the previous terms, his variable pay was capped at one month’s gross salary. Given that this cap has now been removed and the company’s profits have more than doubled in FY25, we cannot reliably estimate the variable pay. The company must provide clarity regarding the variable component and cap the same in absolute amounts. Further, he is also eligible to receive ESOPs and the company has not disclosed the proposed quantum of ESOPs that may be granted during this tenure. In the absence of a past trend, we cannot estimate the ESOP component as well. The company must also disclose performance metrics which will determine the variable pay. We support his reappointment to the board as a Whole time Director, however, given the open-ended structure of remuneration, we do not support this resolution.
  • Kotak Mahindra Mutual FundVirendra Nath Mishra, 54, is currently Whole time Director and handles the implementation of strategic business decisions like acquisitions, joint ventures, capex, project planning Inventory control, Cost Control and Pilot Plant development. He has over 29 years ex experience in the chemical and pharma industry. He has served on the board since 3 March 2021 and attended all ten board meetings in FY25 (100%). He received a remuneration of Rs. 13.4 mn in FY25. We estimate his annual fixed remuneration at Rs. 21.8 mn. We note that he is eligible to receive an annual performance incentive, which is at the discretion of the Board/NRC. The company must provide clarity regarding the variable component and cap the same in absolute amounts. Further, he is also eligible to receive ESOPs and the company has not disclosed the proposed quantum of ESOPs that may be granted during this tenure. In the absence of a past trend, we cannot estimate the ESOP component as well. The company must also disclose performance metrics which will determine the variable pay. We support his reappointment to the board as a Whole time Director, however, given the open ended structure of remuneration, we do not support this resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  17 for3 against
• Re-appointment of Mrs. Richa Manoj Goyal (DIN 00159889), as Director (Non-Executive & Independent) of the company for second term of five years

  20 for0 against
• Re-appointment of Mr. Hetal Madhukant Gandhi (DIN 00106895), as Director (Non-Executive & Independent) of the company for second term of five years

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance concern: Excessive time commitments. Nomination and Remuneration Committee Chairman and Skewed Remuneration in favor of Promoter Executive Directors.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Excessive time commitments. NRC Chairman and Skewed Remuneration in favor of Promoter EDs.
  • LIC Mutual FundGovernance concern: Excessive time commitments. NRC Chairman and Skewed Remuneration in favor of Promoter EDs.

  15 for5 against
• Approval for payment of commission to Non - Executive Directors of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Trust Mutual Fund

  • Angel One Mutual FundGovernance concern: Board discretion to distribute the commission. No absolute cap on the proposed commission to Non-Executive Directors and no specific period of approval.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Board discretion to distribute the commission. No absolute cap on the proposed commission to NEDs and no specific period of approval.
  • Bank of India Mutual FundThe aggregate commission to Non-Executive Directors for FY25 was Rs. 3.5 mn, which stood at 0.16% of standalone PBT. The proposed commission to Non-Executive Directors is in line with market practice. However, the company has not defined a term for the validity of the resolution and thus, it is effectively valid in perpetuity. The company should have also capped such remuneration in absolute terms. We believe shareholders must be able to periodically review such resolutions and, therefore, do not support the resolution.
  • Kotak Mahindra Mutual FundThe aggregate commission to Non-Executive Directors for FY25 was Rs. 3.5 mn, which stood at 0.16% of standalone PBT. The proposed commission to Non-Executive Directors is in line with market practice. However, the company has not defined a term for the validity of the resolution and thus, it is effectively valid in perpetuity. Therefore, we do not support the resolution.
  • LIC Mutual FundGovernance concern: Board discretion to distribute the commission. No absolute cap on the proposed commission to NEDs and no specific period of approval.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Trust Mutual FundThe proposed commission to Non-Executive Directors is in line with market practice. However, the company has not defined a term for the validity of the resolution and thus, it is effectively valid in perpetuity. The company should have also capped such remuneration in absolute terms. We believe shareholders must be able to periodically review such resolutions and, therefore, do not support the resolution.

  11 for9 against
• Appointment of M/s KSPS & Co. LLP as the Secretarial Auditors of Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundTransparency concern: The Company neither disclosed the Audit Fee paid to Outgoing Secretarial Auditor nor any material change in the proposed audit fee, if any.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency concern: The Company neither disclosed the Audit Fee paid to Outgoing Secretarial Auditor nor any material change in the proposed audit fee, if any.

  15 for5 against

• Tax disputeNew India Assurance Company LimitedSince 26 Apr 2024
  As on June 30, 2026 the final hearing /examination of parties is pending by Honorable Sole Arbitrator.
  At the filing before: Company had sought initiation of arbitration proceeding and appointment of Arbitrator under the Industrial All Risk Insurance Policy in respect of shortfall in receipt of claim of Rs. 4.31 crores, by its application to the Hon'ble High Court of Bombay, which was accepted and Arbitrator had been appointed by the Hon'ble High Court of Bombay vide its order updated on April 26, 2024 to decide on the dispute between the Parties.MoreLess
• Tax disputeCommissioner of Income Tax (Appeals)Since 11 Jan 2025
  Appeal is filed before Commissioner of Income Tax (Appeals) and hearing is awaited.
  At the filing before: Company received an Assessment Order dated December 12, 2024, under section 143(3) of Income-tax Act, 1961, for the income tax return filed for the financial year 2021-22, wherein certain additions/ disallowances with respect to returned income, have been proposed by the assessing officer for principal tax liability amounting to approximately Rs. 10.20 crores excluding the relevant interest and penalties, if any, as stipulated under the Income Tax Act, 1961.MoreLess

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

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.