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AIA Engineering MD, chairman, board of directors and AGM

NSE: AIAENGBSE: 532683Industrial ProductsMid Cap

Last close ₹3,579.20down ₹54.70 (1.51%)BSE ₹3,588.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,633.90.

52-week range of traded prices to 23 Oct 2026
₹3,220.00Low, 7 Nov 2025₹5,180.00High, 30 Jun 2026
Market cap
₹33,401 Cr233rd largest listed
P/E
26.4
P/B
4.2
Dividend yield
0.45%
ROE
16.9%
ROCE
14.2%
Debt to equity
0.00
Volume, NSE
48,02651.6% delivered

AIA Engineering 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

  • Chairperson and managing directorBhadresh Kantilal ShahRelated to the promoter
  • Company Secretary and Compliance OfficerS. N. Jetheliya

10 directors5 independent2 executive3 non-executive

  • Bhadresh Kantilal Shah · Chairperson and managing directorExecutive · joined Mar 1991 · reappointed Oct 2021 · 3 listed boards · 1 as independent · 4 committee seats
  • Sanjay Shaileshbhai MajmudarNon-executive · joined Sep 2024 · 4 listed boards · 4 committee seats, 1 as chair
  • Yashwant Manubhai PatelExecutive · joined Nov 2010 · reappointed Apr 2022 · 1 listed board · 1 committee seat
  • Khushali Samip SolankiNon-executive · joined Nov 2014 · 2 listed boards
  • Bhumika Shyamal ShodhanNon-executive · joined Nov 2014 · 1 listed board
  • Janaki Udyanbhai ShahIndependent · joined Aug 2019 · reappointed Aug 2024 · 85 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Piyush B ShahIndependent · joined Sep 2024 · 24 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 2 as chair
  • Udayan Dileep ChoksiIndependent · joined Sep 2025 · 12 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 3 as chair
  • Nitin Chandrashanker ShuklaIndependent · joined Jan 2026 · 8 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 1 as chair
  • Malay Jayendra DalalIndependent · joined Apr 2026 · 5 months as independent · 2 listed boards · 2 as independent · 3 committee seats

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.

2 directors who left
  • Shah Rajendra Shantilal, left 21 Apr 2026: Others
  • Rajan Ramkrishna Harivallbhdas, left 24 Sep 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 12 Aug 20269 of 10 present4 independent · 77 days in between
    • 26 May 20269 of 10 present5 independent · 35 days in between
    • 20 Apr 202610 of 10 present4 independent

  • Audit Committee

    Chair Piyush B Shah

    Sanjay Shaileshbhai Majmudar, Janaki Udyanbhai Shah, Udayan Dileep Choksi

    • 12 Aug 20263 of 4 present2 independent · 77 days in between
    • 26 May 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Piyush B Shah

    Janaki Udyanbhai Shah, Sanjay Shaileshbhai Majmudar

    • 26 May 20263 of 3 present2 independent · 35 days in between
    • 20 Apr 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Piyush B Shah

    Bhadresh Kantilal Shah, Yashwant Manubhai Patel

    • 20 May 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Bhadresh Kantilal Shah

    Sanjay Shaileshbhai Majmudar, Yashwant Manubhai Patel, Khushali Samip Solanki, Bhumika Shyamal Shodhan, Piyush B Shah

    • 20 May 20265 of 6 present1 independent

  • Corporate Social Responsibility Committee

    Chair Bhadresh Kantilal Shah

    Sanjay Shaileshbhai Majmudar, Yashwant Manubhai Patel, Khushali Samip Solanki, Bhumika Shyamal Shodhan, Piyush B Shah

    • 26 May 20265 of 6 present1 independent · 5 days in between

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 Mar 2026.

  • BSR & CO LLPPeer-review certificate valid to Jul 2028

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.

AIA Engineering 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.AIA Engineering dividend history

Annual general meeting, 15 Sep 2026

63,104 shareholders on the register on 8 Sep 2026; present: 3 promoters and 41 others; votes counted by Tushar Vora / Tushar Vora & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2026 along with report of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 94.56% · promoters 100.00% · institutions 92.54% · other public 2.72%

  2. Declaration of Dividend on Equity Shares for the Financial Year 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 94.58% · promoters 100.00% · institutions 92.56% · other public 2.72%

  3. Re-Appointment of Mrs. Bhumika Shyamal Shodhan (DIN : 02099400), a Director retires by rotation.
    Ordinary
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 0.32% · other public 0.10%

    Turnout: all 94.57% · promoters 100.00% · institutions 92.55% · other public 2.72%

  4. Ratification of remuneration to Cost Auditors of the Company for Financial Year 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.12%

    Turnout: all 94.57% · promoters 100.00% · institutions 92.55% · other public 2.72%

  5. Re-appointment of Mr. Bhadresh Kantilal Shah as a Managing Director for a period of five years.
    Special
    99.18% for0.82% against

    Against: promoters 0.00% · institutions 2.16% · other public 0.03%

    Turnout: all 94.43% · promoters 100.00% · institutions 92.20% · other public 2.72%

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, 28 May 2026, 1 resolution

60,401 shareholders on the register on 24 Apr 2026; votes counted by Tushar M. Vora / Tushar Vora & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Malay Jayendra Dalal (DIN : 01896746) as an Independent Director of the Company for a period of Five Years with effect from 20th April, 2026
    Special
    100.00% for0.00% against

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

    Turnout: all 94.85% · promoters 100.00% · institutions 93.34% · other public 3.46%

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, 14 Mar 2026, 1 resolution

54,757 shareholders on the register on 6 Feb 2026; votes counted by Tushar M. Vora / Tushar Vora & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Nitin Chandrashanker Shukla (DIN: 00041433) as an Independent Director of the Company for a period of Five Years with effect from 30th January, 2026
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.42%

    Turnout: all 94.99% · promoters 100.00% · institutions 93.59% · other public 3.54%

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, 15 Sep 2025, 7 resolutions

59,659 shareholders on the register on 8 Sep 2025; present: 3 promoters and 44 others; votes counted by Tushar Vora / Tushar Vora & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2025 along with report of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 95.49% · promoters 100.00% · institutions 94.84% · other public 3.35%

  2. Declaration of Dividend on Equity Shares of the Company for the Financial Year 2024-25.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 95.50% · promoters 100.00% · institutions 94.85% · other public 3.35%

  3. Re-Appointment of Mrs. Khushali Samip Solanki (DIN : 07008918), a Director retires by rotation.
    Ordinary
    99.07% for0.93% against

    Against: promoters 0.00% · institutions 2.40% · other public 0.03%

    Turnout: all 95.50% · promoters 100.00% · institutions 94.85% · other public 3.35%

  4. Re-Appointment of Mr. Yashwant Manubhai Patel (DIN : 02103312), a Director retires by rotation.
    Ordinary
    99.48% for0.52% against

    Against: promoters 0.00% · institutions 1.35% · other public 2.57%

    Turnout: all 95.50% · promoters 100.00% · institutions 94.85% · other public 3.35%

  5. Ratification of remuneration to Cost Auditors of the Company for Financial Year 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 95.50% · promoters 100.00% · institutions 94.85% · other public 3.35%

  6. Appointment of Mr. Udayan Dileep Choksi as an Independent Director for a first term of five years.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.03%

    Turnout: all 95.50% · promoters 100.00% · institutions 94.85% · other public 3.34%

  7. Appointment of Tushar Vora & Associates, Company Secretaries as Secretarial Auditors for a term of five years.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 95.49% · promoters 100.00% · institutions 94.84% · other public 3.35%

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.

Postal ballot, 15 Nov 2024, 3 resolutions

The company's voting result (opens in a new tab)

  1. Appointment of Mr. Piyush B. Shah (DIN: 00155760) as an Independent Director of the Company for a period of Five Years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.03%

    Turnout: all 95.10% · promoters 100.00% · institutions 93.94% · other public 2.84%

  2. Appointment of Mr. Sanjay Shaileshbhai Majmudar (DIN: 00091305) as a Non-Executive, Non-Independent Director of the Company, liable to retire by rotation.
    Ordinary
    98.77% for1.23% against

    Against: promoters 0.00% · institutions 3.20% · other public 0.14%

    Turnout: all 95.10% · promoters 100.00% · institutions 93.94% · other public 2.84%

  3. Appointment of Mr. Rajendra Shantilal Shah (DIN: 00061922) as a Non-Executive, Non-Independent Director of the Company, liable to retire by rotation.
    Special
    98.82% for1.18% against

    Against: promoters 0.00% · institutions 3.08% · other public 0.08%

    Turnout: all 95.10% · promoters 100.00% · institutions 93.94% · other public 2.84%

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, 9 Sep 2024, 5 resolutions

Present: 3 promoters and 39 others.The company's voting result (opens in a new tab)

  1. Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2024 along with report of the Board of Directors and Auditors thereon.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.40%

    Turnout: all 93.40% · promoters 100.00% · institutions 90.12% · other public 2.60%

  2. Declaration of Dividend on Equity Shares for the Financial Year 2023-24.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.30%

    Turnout: all 93.40% · promoters 100.00% · institutions 90.12% · other public 2.60%

  3. Re-Appointment of Mrs. Bhumika Shyamal Shodhan (DIN : 02099400), a Director retires by rotation.
    Ordinary
    94.40% for5.60% against

    Against: promoters 0.00% · institutions 15.00% · other public 0.59%

    Turnout: all 93.40% · promoters 100.00% · institutions 90.12% · other public 2.60%

  4. Ratification of remuneration to Cost Auditors of the Company for Financial Year 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.63%

    Turnout: all 93.40% · promoters 100.00% · institutions 90.12% · other public 2.60%

  5. Re-appointment of Mrs. Janaki Udyanbhai Shah as an Independent Director for a second term of five years.
    Special
    99.62% for0.38% against

    Against: promoters 0.00% · institutions 1.02% · other public 0.59%

    Turnout: all 93.40% · promoters 100.00% · institutions 90.12% · other public 2.60%

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, 19 Sep 2023, 4 resolutions

Present: 4 promoters and 42 others.The company's voting result (opens in a new tab)

  1. Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2023 along with report of the Board of Directors and Auditors thereon.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.01%

    Turnout: all 93.73% · promoters 100.00% · institutions 90.53% · other public 3.56%

  2. Declaration of Dividend on Equity Shares for the Financial Year 2022-23.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 93.82% · promoters 100.00% · institutions 90.76% · other public 3.56%

  3. Re-Appointment of Mr. Yashwant M. Patel (DIN : 02103312), a Director retires by rotation.
    Ordinary
    98.39% for1.61% against

    Against: promoters 0.00% · institutions 4.28% · other public 0.01%

    Turnout: all 93.81% · promoters 100.00% · institutions 90.72% · other public 3.56%

  4. Ratification of remuneration to Cost Auditors of the Company for Financial Year 2023-24.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 93.81% · promoters 100.00% · institutions 90.72% · other public 3.56%

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 2022, 7 resolutions

Present: 4 promoters and 37 others.The company's voting result (opens in a new tab)

  1. Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2022 along with report of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.44% · promoters 100.00% · institutions 87.42% · other public 2.80%

  2. Declaration of Dividend on Equity Shares for the Financial Year 2021-22.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.44% · promoters 100.00% · institutions 87.45% · other public 2.80%

  3. Re-Appointment of Mrs. Khushali S. Solanki (DIN 07008918), a Director retires by rotation.
    Ordinary
    98.42% for1.58% against

    Against: promoters 0.00% · institutions 4.31% · other public 0.35%

    Turnout: all 92.44% · promoters 100.00% · institutions 87.43% · other public 2.80%

  4. Re-appointment of B S R & Co. LLP, Chartered Accountants, Ahmedabad (Firm Registration No. 101248W/W- 100022), as the Statutory Auditors of the Company for the second term and fix their remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.44% · promoters 100.00% · institutions 87.43% · other public 2.80%

  5. Re-appointment of Mr. Yashwant M. Patel (DIN: 02103312) as Whole-Time Director for a period of five years with effect from 1st April, 2022.
    Special
    98.09% for1.91% against

    Against: promoters 0.00% · institutions 5.20% · other public 0.35%

    Turnout: all 92.44% · promoters 100.00% · institutions 87.43% · other public 2.80%

  6. Approval of Related Party Transactions.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.50%

    Turnout: all 33.95% · promoters 0.00% · institutions 87.43% · other public 2.03%

  7. Ratification of remuneration to Cost Auditors of the Company for Financial Year 2022-23.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.44% · promoters 100.00% · institutions 87.43% · other public 2.80%

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 15 Sep 2026, 12 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2026 along with report of the Board of Directors and Auditors thereon.
    12 for0 against
  • Declaration of Dividend on Equity Shares for the Financial Year 2025-26.
    12 for0 against
  • Re-Appointment of Mrs. Bhumika Shyamal Shodhan (DIN : 02099400), a Director retires by rotation.
    12 for0 against
  • Ratification of remuneration to Cost Auditors of the Company for Financial Year 2025-26.
    12 for0 against
  • Re-appointment of Mr. Bhadresh Kantilal Shah as a Managing Director for a period of five years.
    Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Although the quantum of remuneration proposed is not excessive, the remuneration is not fairly distributed among the executive directors and the Company has not justified the rationale behind such payments. Further the director holds combined position of Chairman and managing director and governance concern has been identified in remuneration practice of the Company.
    • DSP Mutual Fund, Jio BlackRock Mutual FundBhadresh K. Shah, 74, is promoter, Chairperson and Managing Director and has served on board since 1991. He was last appointed as Managing Director for five years from 1 October 2021 at 2021 AGM. He attended all six (100%) board meetings held in FY26.He was paid remuneration of Rs. 10.9 mn in FY26. Based on the proposed terms, we estimate his remuneration at Rs. 15.3 mn for FY27. The proposed remuneration is commensurate with the size and scale of the company’s operations, and comparable to peers.However, we note that medical expenses of Bhadresh K. Shah and his family, whether incurred in India or abroad, will be reimbursed by the company. We believe these expenses are personal in nature and should be borne by the directors. While the proposed remuneration is not high in absolute terms and is reasonable given the size of the business. Our guidelines do not support uncapped reimbursement of medical expenses. Therefore, we are unable to support the resolution.
    • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Although the quantum of remuneration proposed is not excessive, the remuneration is not fairly distributed among the executive directors and the Company has not justified the rationale behind such payments. Further the director holds combined position of Chairman and managing director and governance concern has been identified in remuneration practice of the Company.
    7 for5 against

Mutual fund votes, meeting of 28 May 2026, 25 fund houses

  • Appointment of Mr. Malay Jayendra Dalal (DIN : 01896746) as an Independent Director of the Company for a period of Five Years with effect from 20th April, 2026
    25 for0 against
6 earlier meetings

Mutual fund votes, meeting of 14 Mar 2026, 25 fund houses

  • Appointment of Mr. Nitin Chandrashanker Shukla (DIN: 00041433) as an Independent Director of the Company for a period of Five Years with effect from 30th January, 2026
    25 for0 against

Mutual fund votes, meeting of 15 Sep 2025, 22 fund houses

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

  • Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2025 along with report of the Board of Directors and Auditors thereon.
    22 for0 against
  • Declaration of Dividend on Equity Shares of the Company for the Financial Year 2024-25.
    21 for0 against
  • Re-Appointment of Mrs. Khushali Samip Solanki (DIN : 07008918), a Director retires by rotation.
    Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Nomination & Remuneration Committee member and skewed remuneration in favour of promoter Executive Director.
    • Baroda BNP Paribas Mutual FundCompliant with law. Governance concern: NRC member and skewed remuneration in favour of promoter group executive director. This could lead to conflict of interest where the NRC member could be vetting higher payouts for promoter group members.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: NRC member and skewed remuneration in favour of promoter ED.
    15 for7 against
  • Re-Appointment of Mr. Yashwant Manubhai Patel (DIN : 02103312), a Director retires by rotation.
    22 for0 against
  • Ratification of remuneration to Cost Auditors of the Company for Financial Year 2024-25.
    22 for0 against
  • Appointment of Mr. Udayan Dileep Choksi as an Independent Director for a first term of five years.
    22 for0 against
  • Appointment of Tushar Vora & Associates, Company Secretaries as Secretarial Auditors for a term of five years.
    22 for0 against
1 proposal not matched to one resolution
  • To declare Dividend on Equity Shares for the Financial Year ended 31 March, 2025.
    1 for0 against

Mutual fund votes, meeting of 15 Nov 2024, 24 fund houses

  • Appointment of Mr. Piyush B. Shah (DIN: 00155760) as an Independent Director of the Company for a period of Five Years.
    23 for0 against
  • Appointment of Mr. Sanjay Shaileshbhai Majmudar (DIN: 00091305) as a Non-Executive, Non-Independent Director of the Company, liable to retire by rotation.
    Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
    • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundAppointment compliant with law. Governance Concern: No cooling off period of 1 year served after completion of term as ID. Appointment as NED will raise question over his independence in the previous term as ID.
    16 for7 against
  • Appointment of Mr. Rajendra Shantilal Shah (DIN: 00061922) as a Non-Executive, Non-Independent Director of the Company, liable to retire by rotation.
    Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
    • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundTechnical Non-Compliance: Approval for appointment as NED beyond 75 years of age is being obtained post the attainment of 75 years. Governance Concern: No cooling off period of 1 year served after completion of term as ID. Appointment as NED will raise question over his independence in the previous term as ID. Excessive time-commitments of the Director.
    • Baroda BNP Paribas Mutual FundNo concern on the merit of appointee. Appointment is non-compliant with law. Prior shareholder approval not obtained for continuation of directorship beyond 75 years of age.
    • Nippon India Mutual FundNo cooling off period of 1 year served after completion of term as ID.
    14 for9 against

Mutual fund votes, meeting of 9 Sep 2024, 25 fund houses

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

  • Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2024 along with report of the Board of Directors and Auditors thereon.
    24 for0 against
  • Declaration of Dividend on Equity Shares for the Financial Year 2023-24.
    24 for0 against
  • Re-Appointment of Mrs. Bhumika Shyamal Shodhan (DIN : 02099400), a Director retires by rotation.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • The company does not have an appointed chairman, the board is not at least one-half independent and Bhumika Shodhan is a non-independent director nominee.
    23 for1 against
  • Ratification of remuneration to Cost Auditors of the Company for Financial Year 2024-25.
    23 for0 against
  • Re-appointment of Mrs. Janaki Udyanbhai Shah as an Independent Director for a second term of five years.
    Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
    • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual FundNo concern on the merit of proposed appointee. Non-Compliance with the Companies Act: Re-appointment is not in accordance with law, prior approval of shareholders not obtained for re-appointment as an ID. Proposed term will lead to association of more than 10 years with the Company.
    16 for8 against
6 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • To ratify the remuneration of Rs. 5.00 Lakhs as decided by the Board of Directors on the recommendations of the Audit Committee and payable to Kiran J. Mehta & Co., Cost Accountants, Ahmedabad appointed by the BoardMoreLess
    1 for0 against

Mutual fund votes, meeting of 19 Sep 2023, 23 fund houses

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

  • Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2023 along with report of the Board of Directors and Auditors thereon.
    22 for0 against
  • Declaration of Dividend on Equity Shares for the Financial Year 2022-23.
    22 for0 against
  • Re-Appointment of Mr. Yashwant M. Patel (DIN : 02103312), a Director retires by rotation.
    22 for0 against
  • Ratification of remuneration to Cost Auditors of the Company for Financial Year 2023-24.
    22 for0 against
4 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 12 Sep 2022, 17 fund houses

  • Adoption of Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2022 along with report of the Board of Directors and Auditors thereon.
    17 for0 against
  • Declaration of Dividend on Equity Shares for the Financial Year 2021-22.
    17 for0 against
  • Re-Appointment of Mrs. Khushali S. Solanki (DIN 07008918), a Director retires by rotation.
    17 for0 against
  • Re-appointment of B S R & Co. LLP, Chartered Accountants, Ahmedabad (Firm Registration No. 101248W/W- 100022), as the Statutory Auditors of the Company for the second term and fix their remuneration.
    17 for0 against
  • Re-appointment of Mr. Yashwant M. Patel (DIN: 02103312) as Whole-Time Director for a period of five years with effect from 1st April, 2022.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director
    16 for1 against
  • Approval of Related Party Transactions.
    17 for0 against
  • Ratification of remuneration to Cost Auditors of the Company for Financial Year 2022-23.
    17 for0 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

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
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.