Aether Industries MD, chairman, board of directors and AGM
NSE: AETHERBSE: 543534Chemicals & PetrochemicalsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹1,449.90.
- Next results date: the board meets on 30 Oct 2026 to consider: financial results and other business matters.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹18,750 Cr443rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit.
- Earlier quarters restated in the year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 15 May 2026
- 7.6
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 31 Jul 2026
- 10.7%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 15 May 2026
- 0.18
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 2,32,51853.4% delivered
Aether Industries board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Managing directorAshwin Jayantilal Desai
- ChairpersonKamalvijay Ramchandra TulsianRelated to the promoter
- Company Secretary and Compliance OfficerChitrarth Rajan Parghi
12 directors6 independent4 executive2 non-executive
- Ashwin Jayantilal Desai · Managing directorExecutive · joined Jan 2013 · reappointed Oct 2021 · 1 listed board
- Purnima Ashwin DesaiExecutive · joined Jan 2013 · reappointed Oct 2021 · 1 listed board
- Rohan Ashwin DesaiExecutive · joined Jan 2013 · reappointed Oct 2021 · 1 listed board · 1 committee seat
- Aman Ashwinbhai DesaiExecutive · joined Aug 2014 · reappointed Oct 2021 · 1 listed board
- Kamalvijay Ramchandra Tulsian · ChairpersonNon-executive · joined May 2018 · 1 listed board · 1 committee seat, 1 as chair
- Ishita Surendra ManjrekarNon-executive · joined Jun 2018 · 1 listed board · 1 committee seat
- Jeevan Lal NagoriIndependent · joined Mar 2018 · reappointed Mar 2023 · 103 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Arun Brijmohan KanodiyaIndependent · joined Mar 2018 · reappointed Mar 2023 · 103 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Leja Satish HattiangadiIndependent · joined Oct 2021 · reappointed Oct 2024 · 60 months as independent · 2 listed boards · 2 as independent · 3 committee seats
- Amol Arvindrao KulkarniIndependent · joined Nov 2021 · reappointed Nov 2024 · 58 months as independent · 1 listed board · 1 as independent
- Rajkumar Mangilal BoranaIndependent · joined Nov 2021 · reappointed Nov 2024 · 58 months as independent · 3 listed boards · 1 as independent · 3 committee seats
- Jitendra Popatlal VakhariaIndependent · joined Nov 2021 · reappointed Nov 2024 · 58 months as independent · 1 listed board · 1 as independent · 1 committee seat
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.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 31 Jul 202611 of 12 present5 independent · 76 days in between
- 15 May 202610 of 12 present5 independent
Audit Committee
Chair Arun Brijmohan Kanodiya
Jeevan Lal Nagori, Jitendra Popatlal Vakharia
- 31 Jul 20263 of 3 present3 independent · 76 days in between
- 15 May 20263 of 3 present3 independent
Nomination and remuneration committee
Chair Arun Brijmohan Kanodiya
Kamalvijay Ramchandra Tulsian, Amol Arvindrao Kulkarni
No meeting listed in the filing.
Stakeholders Relationship Committee
Chair Kamalvijay Ramchandra Tulsian
Rohan Ashwin Desai, Ishita Surendra Manjrekar, Arun Brijmohan Kanodiya, Leja Satish Hattiangadi, Rajkumar Mangilal Borana
No meeting listed in the filing.
Risk Management Committee
Chair Aman Ashwinbhai Desai
Ashwin Jayantilal Desai, Rohan Ashwin Desai, Kamalvijay Ramchandra Tulsian, Arun Brijmohan Kanodiya
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair Purnima Ashwin Desai
Kamalvijay Ramchandra Tulsian, Jeevan Lal Nagori, Leja Satish Hattiangadi, Jitendra Popatlal Vakharia
No meeting listed in the filing.
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 auditor
Named in the results for the quarter to Jun 2026.
- Suresh I. Surana & AssociatesPeer-review certificate valid to Dec 2026
2 earlier auditors
- M/s. Birjju S. Shah & AssociatesNamed in the filing for the quarter to Jun 2025
- Birju S. Shah & AssociatesNamed in the filing for the quarter to Mar 2025
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.
Aether Industries 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.Aether Industries share news and announcements
Annual general meeting, 11 Sep 2026
70,866 shareholders on the register on 5 Sep 2026; present: 10 promoters and 36 others; votes counted by CS Pinal Kandarp Shukla / M/s. Dhirren R. Dave & Company.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, and the Report of the Board and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
- To appoint a Director in place of Mr. Kamalvijay Ramchandra Tulsian (DIN: 00190840), who retires by rotation and being eligible, offers himself for reappointment as Non-Executive Director.OrdinaryPromoters have an interest in it95.98% for4.02% against
Against: promoters 0.00% · institutions 22.08% · other public 0.01%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
- To appoint a Director in place of Ms. Ishita Surendra Manjrekar (DIN: 06731016), who retires by rotation and being eligible, offers herself for re-appointment as Non-Executive Director.OrdinaryPromoters have an interest in it99.46% for0.54% against
Against: promoters 0.00% · institutions 2.96% · other public 0.05%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
- To ratify the remuneration payable to the Cost Auditor for the FY 2026-27.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
- To re-appoint Mr. Ashwin Jayantilal Desai as a Managing Director of the Company.OrdinaryPromoters have an interest in it96.79% for3.21% against
Against: promoters 0.00% · institutions 17.63% · other public 0.01%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
- To re-appoint Ms. Purnima Ashwin Desai as a Whole-time Director of the Company.OrdinaryPromoters have an interest in it96.79% for3.21% against
Against: promoters 0.00% · institutions 17.63% · other public 0.09%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
- To re-appoint Mr. Rohan Ashwin Desai as a Whole-time Director of the Company.OrdinaryPromoters have an interest in it99.97% for0.03% against
Against: promoters 0.00% · institutions 0.15% · other public 0.09%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
- To re-appoint Dr. Aman Ashwinbhai Desai as a Whole-time Director of the Company.OrdinaryPromoters have an interest in it99.97% for0.03% against
Against: promoters 0.00% · institutions 0.15% · other public 0.09%
Turnout: all 91.74% · promoters 99.96% · institutions 91.82% · other public 2.35%
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, 12 Sep 2025, 8 resolutions
74,573 shareholders on the register on 6 Jul 2025; present: 8 promoters and 27 others; votes counted by CS Pinal Kandarp Shukla / Ms/. Dhirren R. Dave & Company.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, and the Report of the Board and the Auditors thereon.MoreLess
Ordinary99.93% for0.07% againstAgainst: promoters 0.00% · institutions 0.38% · other public 0.03%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
- To appoint a Director in place of Ms. Purnima Ashwin Desai (DIN: 00038399), who retires by rotation and being eligible, offers himself for reappointment as Whole-time Director.OrdinaryPromoters have an interest in it99.97% for0.03% against
Against: promoters 0.00% · institutions 0.18% · other public 0.40%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
To appoint a Director in place of Mr. Kamalvijay Ramchandra Tulsian (DIN: 00190840), who retires by rotation and being eligible, offers herself for reappointment as Non-Executive Non-Independent Director.MoreLess
OrdinaryPromoters have an interest in it99.01% for0.99% againstAgainst: promoters 0.00% · institutions 5.40% · other public 0.12%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
- To appoint M/s. Suresh I. Surana & Associates (Firm Reg. No.: 121749W) as Statutory Auditor of the Company.Ordinary98.97% for1.03% against
Against: promoters 0.00% · institutions 5.60% · other public 0.04%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
- To ratify the remuneration payable to the Cost Auditor for the FY 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
- To appoint M/s. Dhirren R. Dave & Company, Company Secretaries, as Secretarial Auditors.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
- To approve the continuous appointment of Mr. Kamalvijay Ramchandra Tulsian, Chairman Non-Executive Director, upon attaining the age of 75 years.SpecialPromoters have an interest in it98.93% for1.07% against
Against: promoters 0.00% · institutions 5.77% · other public 0.59%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
- To increase the borrowing limits of the Company.Special99.93% for0.07% against
Against: promoters 0.00% · institutions 0.38% · other public 0.36%
Turnout: all 92.24% · promoters 99.96% · institutions 93.82% · other public 4.01%
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, 10 Sep 2024, 10 resolutions
Present: 5 promoters and 54 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, and the Report of the Board and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.28%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
- To appoint a Director in place of Mr. Rohan Ashwin Desai (DIN: 00038379), who retires by rotation and being eligible, offers himself for re-appointment as Whole-time Director.OrdinaryPromoters have an interest in it99.99% for0.01% against
Against: promoters 0.00% · institutions 0.10% · other public 0.23%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
To appoint a Director in place of Ms. Ishita Surendra Manjrekar (DIN: 06731016), who retires by rotation and being eligible, offers herself for re-appointment as Non Executive Non Independent Director.MoreLess
OrdinaryPromoters have an interest in it98.66% for1.34% againstAgainst: promoters 0.00% · institutions 9.41% · other public 0.45%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
- To ratify the remuneration payable to the Cost Auditor for the FY 2024-25.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.25%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
- To re-appoint Ms. Leja Satish Hattiangadi (DIN: 00198720), as Independent Director.Special99.21% for0.79% against
Against: promoters 0.00% · institutions 5.50% · other public 0.35%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
- To re-appoint Mr. Rajkumar Mangilal Borana (DIN: 01091166), as Independent Director.Special86.02% for13.98% against
Against: promoters 0.00% · institutions 97.79% · other public 0.54%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
- To re-appoint Mr. Jitendra Popatlal Vakharia (DIN: 00191088), as Independent Director.Special99.99% for0.01% against
Against: promoters 0.00% · institutions 0.07% · other public 0.35%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
- To re-appoint Dr. Amol Arvindrao Kulkarni (DIN: 09311097), as Independent Director.Special88.05% for11.95% against
Against: promoters 0.00% · institutions 83.58% · other public 0.53%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.57%
- To grant employee stock options to employees of the Subsidiary Company(ies) under the ‘Aether Industries Limited Employee Stock Options Scheme 2021’.Special97.52% for2.48% against
Against: promoters 0.00% · institutions 17.35% · other public 0.36%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.58%
- To auhtorise issuance of securities through permissible modes of fund-raising.Special99.92% for0.08% against
Against: promoters 0.00% · institutions 0.56% · other public 0.09%
Turnout: all 95.42% · promoters 99.97% · institutions 92.91% · other public 0.58%
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, 16 Jun 2023, 7 resolutions
Present: 9 promoters and 59 others.The company's voting result (opens in a new tab)
To receive consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31 2023 and the Report of the Board and the Auditors thereonMoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.07% · other public 0.02%
Turnout: all 96.57% · promoters 99.86% · institutions 93.83% · other public 0.59%
- To appoint a Director in place of Ms. Purnima Ashwin Desai (DIN: 00038399), who retires by rotation and being eligible, offers herself for re-appointment as Whole-time Director.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.32%
Turnout: all 96.57% · promoters 99.86% · institutions 93.83% · other public 0.59%
- To appoint a Director in place of Dr. Aman Ashwinbhai Desai (DIN: 00043633), who retires by rotation and being eligible, offers himself for re-appointment as Whole-time Director.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.06%
Turnout: all 96.57% · promoters 99.86% · institutions 93.83% · other public 0.59%
- To ratify the remuneration payable to the Cost Auditor for the FY 2023-24Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.71%
Turnout: all 96.57% · promoters 99.86% · institutions 93.83% · other public 0.59%
- To consider and approve the continuous directorship of Ms. Purnima Ashwin Desai as a Whole-time Director of the Company, after attaining the age of 70 (seventy) yearsSpecialPromoters have an interest in it98.96% for1.04% against
Against: promoters 0.00% · institutions 10.44% · other public 1.52%
Turnout: all 96.57% · promoters 99.86% · institutions 93.83% · other public 0.59%
- To approve proposal for increase in Authorised Share CapitalOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.60%
Turnout: all 96.57% · promoters 99.86% · institutions 93.83% · other public 0.59%
- To auhtorise issuance of securities through permissible modes of fund-raisingSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.08%
Turnout: all 96.57% · promoters 99.86% · institutions 93.83% · other public 0.58%
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, 27 Sep 2022, 9 resolutions
Present: 5 promoters and 33 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt the audited standalone Financial Statements of the Company for the Financial Year ended 31st March, 2022, and the Report of the Board and the Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
To appoint a Director in place of Mr. Kamalvijay Ramchandra Tulsian (DIN: 00190840), who retires by rotation and being eligible, offers himself for re-appointment as Non-executive Non-independent Director.MoreLess
OrdinaryPromoters have an interest in it100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
- To appoint a Director in place of Mr. Rohan Ashwin Desai (DIN: 00038379), who retires by rotation and being eligible, offers himself for re-appointment as Whole-time Director.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
- To ratify the remuneration payable to the Cost Auditor for the Financial Year 2022-23.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
- To re-appoint Mr. Arun Brijmohan Kanodiya (DIN: 03449000) as Independent Director.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
- To re-appoint Mr. Jeevan Lal Nagori (DIN: 00017939) as Independent Director.Special92.44% for7.56% against
Against: promoters 0.00% · institutions 78.06% · other public 0.02%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
- To increase the limits under Section 186 of the Companies Act, 2013.Special98.68% for1.32% against
Against: promoters 0.00% · institutions 13.65% · other public 0.03%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
- To ratify ‘Aether Industries Limited Employee Stock Option Scheme 2021 (AIL ESOS 2021)’.Special98.77% for1.23% against
Against: promoters 0.00% · institutions 12.69% · other public 0.03%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
- To consider and approve the modification in ‘Aether Industries Limited Employee Stock Option Scheme 2021 (AIL ESOS 2021)’.Special98.77% for1.23% against
Against: promoters 0.00% · institutions 12.69% · other public 0.04%
Turnout: all 97.27% · promoters 99.97% · institutions 94.42% · other public 26.77%
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 11 Sep 2026, 4 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, and the Report of the Board and the Auditors thereon.MoreLess
4 for0 against- To appoint a Director in place of Mr. Kamalvijay Ramchandra Tulsian (DIN: 00190840), who retires by rotation and being eligible, offers himself for reappointment as Non-Executive Director.
Against Angel One Mutual Fund, Edelweiss Mutual Fund
- Angel One Mutual FundTransparency Concern: Lack of clarity regarding the approved tenure and the consequent requirement for further shareholder approval for continuation beyond 75 years.
- Edelweiss Mutual FundCompliant with law. No concern on the merits of the director. Transparency Concern: Lack of clarity regarding the approved tenure and the consequent requirement for further shareholder approval for continuation beyond 75 years.
2 for2 against - To appoint a Director in place of Ms. Ishita Surendra Manjrekar (DIN: 06731016), who retires by rotation and being eligible, offers herself for re-appointment as Non-Executive Director.4 for0 against
- To ratify the remuneration payable to the Cost Auditor for the FY 2026-27.4 for0 against
- To re-appoint Mr. Ashwin Jayantilal Desai as a Managing Director of the Company.
Against Angel One Mutual Fund, Edelweiss Mutual Fund
- Angel One Mutual FundApproval not sought for continuation beyond the age of 70 years. Ordinary Resolution proposed although directors have crossed 70 Years of age.
- Edelweiss Mutual FundNo concern on merits of the proposed appointees. Non-compliant with the Companies Act, 2013: Approval not sought for continuation beyond the age of 70 years. Ordinary Resolution proposed although directors have crossed 70 Years of age.
2 for2 against - To re-appoint Ms. Purnima Ashwin Desai as a Whole-time Director of the Company.
Against Angel One Mutual Fund, Edelweiss Mutual Fund
- Angel One Mutual FundApproval not sought for continuation beyond the age of 70 years. Ordinary Resolution proposed although directors have crossed 70 Years of age.
- Edelweiss Mutual FundNo concern on merits of the proposed appointees. Non-compliant with the Companies Act, 2013: Approval not sought for continuation beyond the age of 70 years. Ordinary Resolution proposed although directors have crossed 70 Years of age.
2 for2 against - To re-appoint Mr. Rohan Ashwin Desai as a Whole-time Director of the Company.4 for0 against
- To re-appoint Dr. Aman Ashwinbhai Desai as a Whole-time Director of the Company.4 for0 against
Mutual fund votes, meeting of 12 Sep 2025, 11 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, and the Report of the Board and the Auditors thereon.MoreLess
Against Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
- Motilal Oswal Mutual FundCompliant with law. Governance Concern: AoA allows appointment of alternate director; Clause of holding position of Chairman and Managing Director by the same person.
9 for2 against- To appoint a Director in place of Ms. Purnima Ashwin Desai (DIN: 00038399), who retires by rotation and being eligible, offers himself for reappointment as Whole-time Director.11 for0 against
To appoint a Director in place of Mr. Kamalvijay Ramchandra Tulsian (DIN: 00190840), who retires by rotation and being eligible, offers herself for reappointment as Non-Executive Non-Independent Director.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund
- Angel One Mutual FundGovernance Concern: Chairman related to Executive Director, may lead to concentration of power
- Edelweiss Mutual Fund, Groww Mutual FundCompliant with law. Governance Concern: Chairman related to Executive Director, may lead to concentration of power
8 for3 against- To appoint M/s. Suresh I. Surana & Associates (Firm Reg. No.: 121749W) as Statutory Auditor of the Company.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundProposed audit fee payable to Statutory Auditors is not disclosed. Material change in Audit Fee cannot be ascertained.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo issues on merits of the proposed Statutory Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Statutory Auditors is not disclosed. Material change in Audit Fee cannot be ascertained.
7 for4 against - To ratify the remuneration payable to the Cost Auditor for the FY 2025-26.11 for0 against
- To appoint M/s. Dhirren R. Dave & Company, Company Secretaries, as Secretarial Auditors.11 for0 against
- To approve the continuous appointment of Mr. Kamalvijay Ramchandra Tulsian, Chairman Non-Executive Director, upon attaining the age of 75 years.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Chairman related to Executive Director, may lead to concentration of power
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Chairman related to Executive Director, may lead to concentration of power
6 for4 against - To increase the borrowing limits of the Company.
Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: The Majority of the Existing Borrowing Limit is unutilized and no specific reasons/justification provided for the proposed increase without utilizing the existing limit.
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance Concern: The Majority of the Existing Borrowing Limit is unutilized and no specific reasons/justification provided for the proposed increase without utilizing the existing limit.
8 for3 against
1 proposal not matched to one resolution
- 7) Approve continuation of Kamalvijay Ramchandra Tulsian (DIN: 00190840), as Non-Executive Non-Independent Director, liable to retire by rotation, after he attains 75 years of age on 17 February 2026.1 for0 against
3 earlier meetings
Mutual fund votes, meeting of 10 Sep 2024, 11 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, and the Report of the Board and the Auditors thereon.MoreLess
Against Mirae Asset Mutual Fund
- Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
10 for1 against- To appoint a Director in place of Mr. Rohan Ashwin Desai (DIN: 00038379), who retires by rotation and being eligible, offers himself for re-appointment as Whole-time Director.11 for0 against
To appoint a Director in place of Ms. Ishita Surendra Manjrekar (DIN: 06731016), who retires by rotation and being eligible, offers herself for re-appointment as Non Executive Non Independent Director.MoreLess
Against Axis Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundMs. Ishita Surendra Manjrekar, 40, is part of the promoter group and been on the board since June 2018. She serves as Director Technology - Sunanda Specialty Coatings Private Limited (Sunanda) and heads their Research and Development department and Business. She attended five of six (83%) board meetings in FY24 and retires by rotation. Although her reappointment meets statutory requirements, aggregate promoter representation on the board at six board members (50% of the total board size), four of whom are executive is high given the size of the company.
- Edelweiss Mutual FundNeed further data
- Invesco Mutual FundMs. Ishita Surendra Manjrekar, 40, is part of the promoter group and been on the board since June 2018. She serves as Director Technology - Sunanda Specialty Coatings Private Limited (Sunanda) and heads their Research and Development department and Business. She attended five of six (83%) board meetings in FY24 and retires by rotation. Although her reappointment meets statutory requirements, aggregate promoter representation on the board at six board members (50% of the total board size), four of whom are executive is high given the size of the company
- Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
7 for4 against- To ratify the remuneration payable to the Cost Auditor for the FY 2024-25.11 for0 against
- To re-appoint Ms. Leja Satish Hattiangadi (DIN: 00198720), as Independent Director.
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNon-Compliance with Regulation 17(1A) of SEBI LODR: No justification for continuation beyond 75 years of age.
7 for4 against - To re-appoint Mr. Rajkumar Mangilal Borana (DIN: 01091166), as Independent Director.
Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, SBI Mutual FundRajkumar Borana, 47, is Chairperson and Managing Director - R&B Denim Limited. He has over ten decades of experience in the business of Textile and Paper and has been on the board since October 2021. During FY24, he attended three of six (50%) board meetings and ten of twenty-three (43.5%) board meetings over the past three years. We expect directors to attend all board meetings and have a threshold of 75% over a three-year period. While his reappointment is in line with statutory requirements, we are unable to support the resolution given his low attendance.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Low attendance at Board Meetings.
- Invesco Mutual FundRajkumar Borana, 47, is Chairperson and Managing Director - R&B Denim Limited. He has over ten decades of experience in the business of Textile and Paper and has been on the board since October 2021. During FY24, he attended three of six (50%) board meetings and ten of twenty-three (43.5%) board meetings over the past three years. We expect directors to attend all board meetings and have a threshold of 75% over a three-year period. While his reappointment is in line with statutory requirements, we are unable to support the resolution given his low attendance
- Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
3 for8 against - To re-appoint Mr. Jitendra Popatlal Vakharia (DIN: 00191088), as Independent Director.11 for0 against
- To re-appoint Dr. Amol Arvindrao Kulkarni (DIN: 09311097), as Independent Director.
Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual FundAmol Kulkarni, 48, is a Senior Principal Scientist in the Chemical Engineering & Process Development Division at the National Chemical Laboratory (NCL, Pune). He has been on the board since November 2021 and in FY24 attended 4 of six (66.7%) board meetings and fifteen of twenty-three (65%) board meetings over the past three years. While his reappointment is in line with statutory requirements, we are unable to support the resolution given his low attendance. We raise concern that there is a discrepancy in the reporting of board meeting attendance levels for FY24 – the annual report suggests that Amol Arvindrao Kulkarni has attended 4 of the 6 board meetings, while the AGM notice states that he had attended 5 out of 6 board meetings: we have considered the annual report disclosures.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Low attendance at Board Meetings.
- Invesco Mutual FundAmol Kulkarni, 48, is a Senior Principal Scientist in the Chemical Engineering & Process Development Division at the National Chemical Laboratory (NCL, Pune). He has been on the board since November 2021 and in FY24 attended 4 of six (66.7%) board meetings and fifteen of twenty-three (65%) board meetings over the past three years. While his reappointment is in line with statutory requirements, we are unable to support the resolution given his low attendance. We raise concern that there is a discrepancy in the reporting of board meeting attendance levels for FY24 – the annual report suggests that Amol Arvindrao Kulkarni has attended 4 of the 6 board meetings, while the AGM notice states that he had attended 5 out of 6 board meetings: we have considered the annual report disclosures
- Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
- SBI Mutual FundAmol Kulkarni, 48, is a Senior Principal Scientist in the Chemical Engineering & Process Development Division at the National Chemical Laboratory (NCL, Pune). He has been on the board since November 2021 and in FY24 attended 4 of six (66.7%) board meetings and fifteen of twenty-three (65%) board meetings over the past three years. While his reappointment is in line with statutory requirements, we are unable to support the resolution given his low attendance.
3 for8 against - To grant employee stock options to employees of the Subsidiary Company(ies) under the ‘Aether Industries Limited Employee Stock Options Scheme 2021’.
Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Axis Mutual Fund, Invesco Mutual FundThe AIL ESOS 2021 is a pre-IPO scheme that was ratified by shareholders at the 2022 AGM. In September 2022, post-IPO, Aether Speciality Chemicals Limited (a subsidiary) was formed, which is currently operational. The company proposes to extend the AIL ESES 2021 scheme to employees of the subsidiary as well. We note that post-listing, the company has granted stock options to employees under the AIL ESES 2021 scheme with an exercise price at discount ranging from 5% to 67% to the market price. We do not favour stock option schemes where there is no clarity on the exercise price or options are granted at a significant discount (>20%) to market price. We believe 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. We make an exception in cases where the vesting of such options is mandatorily linked to detailed performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. Given, we do not support the scheme, we are unable to support the extension of scheme benefits to employees of subsidiary companies
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern in the proposed approval per-se. Non-Compliance: Original scheme was not in accordance with law.
- HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
- Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
3 for8 against - To auhtorise issuance of securities through permissible modes of fund-raising.2 for0 against
1 proposal not matched to one resolution
To create, offer, issue and allot (including with provisions for reservations on firm and/or competitive basis, or such part of issue and for such categories of persons as may be permitted) such number of Securities (as defined hereinafter), it may also include the Offer For Sale (OFS) by way of an offer document/ prospectus or such other document, in India or abroad, such number of Equity Shares of the face value of Rs. 10 each and aggregating up to Rs. 13,000 Million.MoreLess
9 for0 against
Mutual fund votes, meeting of 16 Jun 2023, 10 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31 2023 and the Report of the Board and the Auditors thereonMoreLess
Against Nippon India Mutual Fund
- Nippon India Mutual FundAuditors lack of requisite scale to audit a listed company
9 for1 against- To appoint a Director in place of Ms. Purnima Ashwin Desai (DIN: 00038399), who retires by rotation and being eligible, offers herself for re-appointment as Whole-time Director.
Against Edelweiss Mutual Fund
- Edelweiss Mutual FundToo old to participate in business
8 for1 against - To appoint a Director in place of Dr. Aman Ashwinbhai Desai (DIN: 00043633), who retires by rotation and being eligible, offers himself for re-appointment as Whole-time Director.10 for0 against
- To ratify the remuneration payable to the Cost Auditor for the FY 2023-249 for0 against
- To consider and approve the continuous directorship of Ms. Purnima Ashwin Desai as a Whole-time Director of the Company, after attaining the age of 70 (seventy) years
Against Edelweiss Mutual Fund
- Edelweiss Mutual FundToo old to participate in business
0 for1 against - To approve proposal for increase in Authorised Share Capital10 for0 against
- To auhtorise issuance of securities through permissible modes of fund-raising2 for0 against
9 proposals not matched to one resolution
- 5) Approve continuation of Ms. Purnima Ashwin Desai (DIN: 00038399) as Whole-time Director on attaining seventy years of age w.e.f. 24 January 2024.1 for0 against
- Approve continuation of Ms. Purnima Ashwin Desai (DIN: 00038399) as Whole-time Director on attaining seventy years of age w.e.f. 24 January 20241 for0 against
- Approve issuance of equity or equity linked securities up to Rs. 7.5 bn1 for0 against
- Continue the tenure of Ms. Purnima Ashwin Desai (DIN: 00038399) as the Whole-time Director of the Company upon attaining the age of 70 (seventy) years in the current financial year.
Against Bandhan Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
- Bandhan Mutual Fund, PGIM India Mutual FundNon-Compliant: Company has not provided adequate justification for continuation of appointment of WTD, beyond 70 years of age not provided as required under law. However, no concern identified in the merit of the appointee.
- Nippon India Mutual FundInsufficient information
3 for3 against - Ratify remuneration of Rs. 90,000 to Ashvin Ambaliya & Associates, as cost auditors for FY241 for0 against
- Reappoint Ms. Purnima Ashwin Desai (DIN: 00038399) as Director1 for0 against
To approve the continuation of the tenure of Ms. Purnima Ashwin Desai (DIN: 00038399) as the Whole-time Director of the Company upon attaining the age of 70 (seventy) years in the current financial yearMoreLess
1 for0 againstTo create, offer, issue and allot (including with provisions for reservations on firm and/or competitive basis, or such part of issue and for such categories of persons as may be permitted) such number of Securities (as defined hereinafter), by way of an offer document/prospectus or such other document, in India or abroad, such number of Equity Shares of the face value of Rs. 10 (Rupees ten only) each and aggregating up to Rs.7,500 Million (Rupees Seven Thousand Five Hundred Million only)MoreLess
1 for0 againstTo create, offer, issue and allot (including with provisions for reservations on firm and/or competitive basis, or such part of issue and for such categories of persons as may be permitted) such number of Securities (as defined hereinafter), by way of an offer document/ prospectus or such other document, in India or abroad, such number of Equity Shares of the face value of Rs.10 each and aggregating up to Rs.7,500 Million (inclusive of premium amount, if any), whether at a discount (subject to Section 53 of the Companies Act, 2013) or premium to the market price, from time to time in one or more tranches, including but not limited to one or more of the existing shareholders/members, employees of the Company.MoreLess
6 for0 against
Mutual fund votes, meeting of 27 Sep 2022, 7 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- To receive, consider and adopt the audited standalone Financial Statements of the Company for the Financial Year ended 31st March, 2022, and the Report of the Board and the Auditors thereon.6 for0 against
To appoint a Director in place of Mr. Kamalvijay Ramchandra Tulsian (DIN: 00190840), who retires by rotation and being eligible, offers himself for re-appointment as Non-executive Non-independent Director.MoreLess
7 for0 against- To appoint a Director in place of Mr. Rohan Ashwin Desai (DIN: 00038379), who retires by rotation and being eligible, offers himself for re-appointment as Whole-time Director.7 for0 against
- To ratify the remuneration payable to the Cost Auditor for the Financial Year 2022-23.3 for0 against
- To re-appoint Mr. Arun Brijmohan Kanodiya (DIN: 03449000) as Independent Director.7 for0 against
- To re-appoint Mr. Jeevan Lal Nagori (DIN: 00017939) as Independent Director.
Against Axis Mutual Fund, SBI Mutual Fund
- Axis Mutual FundJeevan Lal Nagori, 62, is a Chartered Accountant and former President of Projects at IPCA Laboratories Limited. He has over three decades of experience and is on the board of the company since May 2018. During FY22, wherein the company was in the midst of planning its IPO , he attended 6 of 12 (50%) board meetings. We expect directors to take their responsibilities seriously and attend all board meetings
- SBI Mutual FundJeevan Lal Nagori, 62, is a Chartered Accountant and former President of Projects at IPCA Laboratories Limited. He has over three decades of experience and is on the board of the company since May 2018. During FY22, wherein the company was in the midst of planning its IPO , he attended 6 of 12 (50%) board meetings. In general, we derive comfort if Independent Directors attend atleast 75% of all board meetings. In the preceding two years also, his attendance is less than 75%, We expect directors to take their responsibilities seriously and hence we vote against the resolution.
5 for2 against - To increase the limits under Section 186 of the Companies Act, 2013.
Against Axis Mutual Fund, Edelweiss Mutual Fund
- Axis Mutual FundThe company’s current limit of Rs. 1.6 bn for inter-corporate transactions has not been utilized. Therefore, the rationale to increase this limit to Rs. 10 bn is unclear. We do not favor enabling resolutions and recommend that companies seek shareholder approval for a fixed quantum with granular disclosures on the utilization of the proposed limits
- Edelweiss Mutual FundNot in best interest of shareholders
5 for2 against - To ratify ‘Aether Industries Limited Employee Stock Option Scheme 2021 (AIL ESOS 2021)’.4 for0 against
- To consider and approve the modification in ‘Aether Industries Limited Employee Stock Option Scheme 2021 (AIL ESOS 2021)’.3 for0 against
7 proposals not matched to one resolution
- 4) Approve remuneration of Rs.80,000 for Ashvin Ambaliya & Associates, as cost auditors for FY23.1 for0 against
Annual remuneration of ₹80,000/- (Rupees Eighty Thousand only) plus applicable taxes and reimbursement of out-of-pocket expenses for the Financial Year 2022-23, as recommended by the Audit Committee and approved by the Board of Directors of the Company, to be paid to M/s. Ashvin Ambaliya & Associates, Cost and Accountants, (Firm Registration No.: 002176) for conducting cost audit of the applicable products.MoreLess
1 for0 against- Approve remuneration of Rs.80,000 for Ashvin Ambaliya & Associates, as cost auditors for FY232 for0 against
The earlier approved scheme tenure was 7 years from the date of grant of options. However, in the best interest of the Company and its employees, the said tenure is proposed to extend to 15 years from the date of grant of options. The main rationale behind the proposed modification is to attract and retain the employee resource with the longer benefit in the Company and creating employee as a wealth asset vide granting long term options to them.MoreLess
1 for0 againstThe proposed resolution is to inform and make aware the shareholders about the financial position of the company, their current business affairs and whether it is functioning in a manner beneficial to the shareholders.MoreLess
1 for0 againstTo amend / modify the provision of the existing Aether Industries Limited Employee Stock Option Scheme 2021 (AIL ESOS 2021) consequent to the notification of SEBI SBEB and Sweat Equity Regulations, 2021 as earlier adopted by the Shareholders by Special Resolution dated November 18, 2021.MoreLess
Against Axis Mutual Fund
- Axis Mutual FundThrough a separate resolution, the company seeks approval to modify the vesting and exercise period of scheme. The vesting period was 7 years from the date of grant of options, which the company proposes to extend to 15 years. A 15-year vesting period is unusually high. Our views on this resolution #9 are also linked to resolution #8.
2 for1 againstTo create, offer and grant from time to time, in one or more tranches, not exceeding 11,00,000 Employee Stock Options, to the eligible employees, exercisable into not more than 11,00,000 Equity shares of face value of Rs.10 each fully paid-up, on such terms and in such manner as the Board may decide from time to time in accordance with the provisions of the applicable laws and the provisions of AIL ESOS 2021.MoreLess
Against Axis Mutual Fund
- Axis Mutual FundUnder the proposed AIL ESOS 2021 scheme, a maximum of 1.1 mn options are available for grant and the maximum dilution for the total scheme is 3.2%, on the extended capital base. The exercise price will be at the discretion of the NRC, which allows the company to grant these stock options at deep discounts – including at face value. We do not favour schemes where the exercise price is at a significant discount to market price. Stock options are ‘pay at risk’ options that employees accept at the time of grant. The inherent assumption of the scheme is that there could be possible downside risks – and that employees may not be rewarded in case of adverse stock price movements. Here the downside risk is protected if the options are issued at a significant discount. We raise further concern over the skew in the distribution of the scheme – under the scheme contours, a single employee may be granted the entire 1.1 mn stock options in a financial year or in aggregate.
2 for1 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
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
- 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
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- 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 Dec 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| QIPJun 2023, checked by CRISIL Ratings Limited | 750.00 | Funding capital expenditure for the expansion at Manufacturing Facility 3 | 183.00 | 183.00 | No |
| QIPJun 2023, checked by CRISIL Ratings Limited | 750.00 | Funding capital expenditure for setting up of Manufacturing Facility 5 | 330.00 | 330.00 | No |
| QIPJun 2023, checked by CRISIL Ratings Limited | 750.00 | Funding working capital requirements of the Company | 45.00 | 45.00 | No |
| QIPJun 2023, checked by CRISIL Ratings Limited | 750.00 | General Corporate Purposes | 170.61 | 170.61 | No |