Ajanta Pharma MD, chairman, board of directors and AGM
NSE: AJANTPHARMBSE: 532331Pharmaceuticals & BiotechnologyMid Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹3,270.60.
- Next results date: the board meets on 30 Oct 2026 to consider: financial results.
- 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.
- ₹41,035 Cr236th 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. The filing of 30 Jul 2026
- 36.2
- 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 5 May 2026
- 9.1
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.83%
- ROEReturn on equity. Profit over 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, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 30 Jul 2026
- 27.3%
- 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 30 Jul 2026
- 27.2%
- 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 5 May 2026
- 0.05
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,54,84762.5% delivered
Ajanta Pharma 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
- ChairpersonMannalal B. AgrawalRelated to the promoter
- Managing directorYogesh Mannalal Agrawal
- Company Secretary and Compliance OfficerGaurang Shah
8 directors4 independent3 executive1 non-executive
- Mannalal B. Agrawal · ChairpersonNon-executive · joined Dec 1979 · reappointed Jul 2026 · 1 listed board · 2 committee seats, 1 as chair
- Madhusudan B. AgrawalExecutive · joined Dec 1979 · reappointed Apr 2025 · 2 listed boards
- Yogesh Mannalal Agrawal · Managing directorExecutive · joined Apr 2000 · reappointed Apr 2023 · 1 listed board
- Rajesh Mannalal AgrawalExecutive · joined Apr 2013 · reappointed May 2023 · 1 listed board · 1 committee seat
- David RasquinhaIndependent · joined May 2024 · reappointed Jul 2024 · 28 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 2 as chair
- Medha Vinay JoshiIndependent · joined May 2024 · reappointed Jul 2024 · 28 months as independent · 1 listed board · 1 as independent
- Rajesh Shashikant DalalIndependent · joined May 2024 · reappointed Jul 2024 · 28 months as independent · 2 listed boards · 2 as independent · 2 committee seats
- Simi Manohar Lal ThaparIndependent · joined May 2024 · reappointed Jul 2024 · 28 months as independent · 1 listed board · 1 as independent · 2 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.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 30 Jul 20268 of 8 present4 independent · 85 days in between
- 5 May 20268 of 8 present4 independent
Audit Committee
Chair David Rasquinha
Mannalal B. Agrawal, Rajesh Shashikant Dalal, Simi Manohar Lal Thapar
- 30 Jul 20264 of 4 present3 independent · 85 days in between
- 5 May 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Rajesh Shashikant Dalal
David Rasquinha, Medha Vinay Joshi
- 30 Jul 20263 of 3 present3 independent · 85 days in between
- 5 May 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Mannalal B. Agrawal
Rajesh Mannalal Agrawal, Simi Manohar Lal Thapar
No meeting listed in the filing.
Risk Management Committee
Chair Yogesh Mannalal Agrawal
Rajesh Mannalal Agrawal, Rajesh Shashikant Dalal, Arvind Agrawal
- 29 Sep 20263 of 3 present1 independent · 60 days in between
Corporate Social Responsibility Committee
Chair Mannalal B. Agrawal
Madhusudan B. Agrawal, Yogesh Mannalal Agrawal, Medha Vinay Joshi
- 30 Jul 20264 of 4 present1 independent · 85 days in between
- 5 May 20264 of 4 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Jun 2026.
- B S R & Co. LLPPeer-review certificate valid to Jul 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.
Ajanta Pharma 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.Ajanta Pharma dividend history
Annual general meeting, 16 Jul 2026
65,273 shareholders on the register on 9 Jul 2026; present: 4 promoters and 58 others; votes counted by Pramod S. Shah / Pramod S. Shah & Associates.The company's voting result (opens in a new tab)
1 - To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the Financial Year ended 31 March 2026 together with the Reports of the Board of Directors and the Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the Financial year ended 31 March 2026 together with the Report of the Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.01% · other public 0.39%
Turnout: all 89.12% · promoters 100.00% · institutions 86.31% · other public 2.68%
- 2 - To confirm the interim dividend for the financial year ended 31 March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.39%
Turnout: all 89.20% · promoters 100.00% · institutions 86.61% · other public 2.68%
- 3 - To appoint a Director in place of Mr. Mannalal Bhagwandas Agrawal (DIN: 00073828), who retires by rotation and being eligible, offers himself for reappointmentSpecial98.71% for1.29% against
Against: promoters 0.00% · institutions 4.51% · other public 0.40%
Turnout: all 89.19% · promoters 100.00% · institutions 86.57% · other public 2.68%
- 4 - To consider ratification of remuneration of Cost Auditors for the financial year 2026-2027Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.47%
Turnout: all 89.19% · promoters 100.00% · institutions 86.57% · other public 2.68%
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, 17 Jul 2025, 6 resolutions
70,429 shareholders on the register on 9 Jul 2025; present: 6 promoters and 60 others; votes counted by Pramod S. Shah / Pramod S. Shah & Associates.The company's voting result (opens in a new tab)
1 - To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 2025 together with the Reports of the Board of Directors and the Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the Financial year ended 31 March 2025 together with the Report of the Auditors thereon.MoreLess
Ordinary99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.17% · other public 0.02%
Turnout: all 89.13% · promoters 99.69% · institutions 86.54% · other public 2.77%
2 - RESOLVED THAT the interim dividend of Rs. 28 per equity share on the face value of Rs. 2/- each fully paid up, declared by the Board of Directors of the Company for the FY 2025 and already paid, be and is hereby confirmed and ratified.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 89.20% · promoters 99.69% · institutions 86.83% · other public 2.78%
- 3 - To appoint a Director in place of Mr. Rajesh Mannalal Agrawal (DIN: 00302467),who retires by rotation and being eligible, offers himself for re-appointmentOrdinary99.04% for0.96% against
Against: promoters 0.00% · institutions 3.75% · other public 0.08%
Turnout: all 89.20% · promoters 99.69% · institutions 86.83% · other public 2.77%
- 4- RESOLVED THAT Mr. Madhusudan B. Agrawal (DIN: 00073872) be re-appointed as the Executive Director and Vice-Chairman of the Company for a period of 5 years effective from 1st April 2025.SpecialPromoters have an interest in it97.63% for2.37% against
Against: promoters 0.00% · institutions 9.23% · other public 0.08%
Turnout: all 89.20% · promoters 99.69% · institutions 86.83% · other public 2.77%
5 - RESOLVED THAT M/s. D. G. Prajapati & Associates, Company Secretaries be appointed as the Secretarial Auditors of the Company for one term of 5 consecutive years, who shall hold office from the conclusion of 46th AGM till the conclusion of the 51st AGM to be held in the year 2030MoreLess
Ordinary99.91% for0.09% againstAgainst: promoters 0.00% · institutions 0.36% · other public 0.04%
Turnout: all 89.15% · promoters 99.69% · institutions 86.63% · other public 2.77%
6 - RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, remuneration of Rs. 6.50 lakhs plus GST and reimbursement of actual travel and out of pocket expenses, fixed by the Board for M/s. RA & Co., Cost Accountants, (Firm Registration No. 000242), Cost Auditors to conduct the audit of the cost records for the financial year ending 31 March 2026, be and is hereby ratifiedMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.12%
Turnout: all 89.20% · promoters 99.69% · institutions 86.83% · other public 2.77%
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.
Annual general meeting, 18 Jul 2024, 8 resolutions
Present: 4 promoters and 58 others.The company's voting result (opens in a new tab)
1 - To receive, consider and adopt:na) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 2024 together with the Reports of the Board of Directors and the Auditors thereon; andnb) the Audited Consolidated Financial Statements of the Company for the Financial year ended 31 March 2024 together with the Report of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 88.32% · promoters 100.00% · institutions 84.74% · other public 3.14%
2 - RESOLVED THAT the first interim dividend of ? 25 per equity share and second interim dividend of ? 26 per equity share approved by the Board of Directors of the Company and already paid, be and are hereby confirmed/ratifiedMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 88.35% · promoters 100.00% · institutions 84.87% · other public 3.14%
- 3 - To appoint a Director in place of Mr. Mannalal B. Agrawal (DIN: 00073828), who retires by rotation and being eligible, offers himself for re-appointmentOrdinary94.50% for5.50% against
Against: promoters 0.00% · institutions 22.27% · other public 0.10%
Turnout: all 88.34% · promoters 100.00% · institutions 84.83% · other public 3.14%
4 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Mr. DavidnRasquinha (DIN: 01172654) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
Special99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.17% · other public 0.11%
Turnout: all 88.34% · promoters 100.00% · institutions 84.83% · other public 3.14%
5 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Ms. Medha Joshi (DIN: 00328174) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
Special99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.17% · other public 0.10%
Turnout: all 88.34% · promoters 100.00% · institutions 84.83% · other public 3.14%
6 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Mr. RajeshnDalal (DIN: 03504969) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
Special99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.18% · other public 0.11%
Turnout: all 88.34% · promoters 100.00% · institutions 84.83% · other public 3.14%
7 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Ms. Simi Thapar (DIN: 10470498) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
Special99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.17% · other public 0.12%
Turnout: all 88.34% · promoters 100.00% · institutions 84.83% · other public 3.14%
8 - RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, remuneration of ? 6.50 lakhs plus GST and reimbursement of actual travel and out of pocket expenses, fixed by the Board for M/s. RA & Co., Cost Accountants, (Firm Registration No. 000242), Cost Auditors to conduct the audit of the cost records for the financial year ending 31 March 2025, be and is hereby ratifiedMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 88.34% · promoters 100.00% · institutions 84.83% · other public 3.14%
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, 18 Jul 2023, 6 resolutions
Present: 8 promoters and 57 others.The company's voting result (opens in a new tab)
- Adoption of financial statements for the year ended 31st March 2023Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 87.59% · promoters 100.00% · institutions 82.01% · other public 2.94%
- Confirm interim dividend as final dividendOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 87.59% · promoters 100.00% · institutions 82.01% · other public 2.94%
- Re-appointment of Mr. Madhusudan B. Agrawal, retiring by rotationOrdinary92.99% for7.01% against
Against: promoters 0.00% · institutions 29.03% · other public 0.08%
Turnout: all 87.59% · promoters 100.00% · institutions 82.01% · other public 2.94%
- Approve payment of commission to Non-Executive & Independent Directors for a period of 5 years.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.01% · other public 0.14%
Turnout: all 87.59% · promoters 100.00% · institutions 82.01% · other public 2.94%
- Approve amendment in Object Clause of the Memorandum of Association of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 87.59% · promoters 100.00% · institutions 82.01% · other public 2.94%
- Ratifying remuneration of Cost Auditors, M/s. Sevekari, Khare & Associates for financial year 2023 - 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 87.59% · promoters 100.00% · institutions 82.01% · other public 2.94%
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, 9 Mar 2023, 2 resolutions
The company's voting result (opens in a new tab)
- RE-APPOINTMENT OF MR. YOGESH M. AGRAWAL AS MANAGING DIRECTOROrdinaryPromoters have an interest in it90.39% for9.61% against
Against: promoters 0.00% · institutions 39.01% · other public 0.88%
Turnout: all 87.81% · promoters 100.00% · institutions 83.23% · other public 0.93%
- RE-APPOINTMENT OF MR. RAJESH M. AGRAWAL AS JOINT MANAGING DIRECTOROrdinaryPromoters have an interest in it90.39% for9.61% against
Against: promoters 0.00% · institutions 39.01% · other public 0.99%
Turnout: all 87.81% · promoters 100.00% · institutions 83.23% · other public 0.93%
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, 4 Aug 2022, 5 resolutions
Present: 8 promoters and 39 others.The company's voting result (opens in a new tab)
- Adoption of financial statements for the year ended 31st March 2022Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 87.62% · promoters 100.00% · institutions 80.20% · other public 0.61%
- Confirm interim dividend as final dividendOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 87.68% · promoters 100.00% · institutions 80.50% · other public 0.61%
- Re-appointment of Mr. Mannalal B. Agrawal, retiring by rotationOrdinary96.39% for3.61% against
Against: promoters 0.00% · institutions 18.44% · other public 0.13%
Turnout: all 87.68% · promoters 100.00% · institutions 80.50% · other public 0.61%
- Re-appointment of M/s. BSR & Co. LLP, Statutory Auditors, for a second term of five consecutive yearsOrdinary97.96% for2.04% against
Against: promoters 0.00% · institutions 10.42% · other public 4.39%
Turnout: all 87.68% · promoters 100.00% · institutions 80.50% · other public 0.61%
- Ratifying remuneration of Cost Auditors, M/s. Sevekari, Khare & Associates for financial year 2022 - 2023Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 6.14%
Turnout: all 87.68% · promoters 100.00% · institutions 80.50% · other public 0.61%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 12 Jun 2022, 1 resolution
The company's voting result (opens in a new tab)
- Issue of Bonus SharesOrdinaryPromoters have an interest in it99.00% for1.00% against
Against: promoters 0.00% · institutions 5.27% · other public 1.80%
Turnout: all 86.99% · promoters 100.00% · institutions 77.52% · other public 0.41%
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, 14 Jul 2021, 6 resolutions
Present: 8 promoters and 55 others.The company's voting result (opens in a new tab)
- Adoption of financial statements for the year ended 31st March 2021Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 87.49% · promoters 100.00% · institutions 80.48% · other public 1.61%
- Confirm interim dividend as final dividendOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.91%
Turnout: all 87.61% · promoters 100.00% · institutions 81.02% · other public 1.61%
- Re-appointment of Mr. Madhusudan B. Agrawal, retiring by rotationOrdinary96.71% for3.29% against
Against: promoters 0.00% · institutions 16.84% · other public 0.05%
Turnout: all 87.59% · promoters 100.00% · institutions 80.94% · other public 1.61%
- Re-appointment of Mr. Rajesh M. Agrawal, retiring by rotationOrdinary98.29% for1.71% against
Against: promoters 0.00% · institutions 8.74% · other public 0.05%
Turnout: all 87.59% · promoters 100.00% · institutions 80.94% · other public 1.61%
- Continuation of directorship of Mr. Mannalal B. Agrawal, beyond 75 years of ageSpecialPromoters have an interest in it95.70% for4.30% against
Against: promoters 0.00% · institutions 22.18% · other public 2.77%
Turnout: all 87.41% · promoters 100.00% · institutions 80.08% · other public 1.61%
- Ratifying remuneration of Cost Auditors, M/s. Sevekari, Khare & Associates for financial year 2021-2022Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 87.59% · promoters 100.00% · institutions 80.94% · other public 1.61%
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 16 Jul 2026, 12 fund houses so far (houses' deadline to file 15 Oct 2026)
1 - To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the Financial Year ended 31 March 2026 together with the Reports of the Board of Directors and the Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the Financial year ended 31 March 2026 together with the Report of the Auditors thereonMoreLess
12 for0 against- 2 - To confirm the interim dividend for the financial year ended 31 March 202612 for0 against
- 3 - To appoint a Director in place of Mr. Mannalal Bhagwandas Agrawal (DIN: 00073828), who retires by rotation and being eligible, offers himself for reappointment12 for0 against
- 4 - To consider ratification of remuneration of Cost Auditors for the financial year 2026-202712 for0 against
Mutual fund votes, meeting of 17 Jul 2025, 27 fund houses
1 - To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 2025 together with the Reports of the Board of Directors and the Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the Financial year ended 31 March 2025 together with the Report of the Auditors thereon.MoreLess
27 for0 against2 - RESOLVED THAT the interim dividend of Rs. 28 per equity share on the face value of Rs. 2/- each fully paid up, declared by the Board of Directors of the Company for the FY 2025 and already paid, be and is hereby confirmed and ratified.MoreLess
27 for0 against- 3 - To appoint a Director in place of Mr. Rajesh Mannalal Agrawal (DIN: 00302467),who retires by rotation and being eligible, offers himself for re-appointment27 for0 against
- 4- RESOLVED THAT Mr. Madhusudan B. Agrawal (DIN: 00073872) be re-appointed as the Executive Director and Vice-Chairman of the Company for a period of 5 years effective from 1st April 2025.
Against Angel One Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundPrior shareholder approval was not obtained for the continuation of the Director beyond the age of 70 years. Also The Director was retrospectively appointed to the Board for the period from 1st April 2025 to 30th April 2025 & delayed shareholders’ approval, as approval not sought within 3 months/next general meeting.
- Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed appointee. Non-Compliant as per Companies Act, 2013 & SEBI LODR: Prior shareholder approval was not obtained for the continuation of the Director beyond the age of 70 years. The Director was retrospectively appointed to the Board for the period from 1st April 2025 to 30th April 2025. Delayed shareholders’ approval, as approval not sought within 3 months/next general meeting.
- Baroda BNP Paribas Mutual FundCompany has not obtained shareholder's approval on or before 29th March, 2025.
- LIC Mutual FundConcern over Prior shareholder approval was not obtained for the continuation of the Director beyond the age of 70 years. The Director was retrospectively appointed to the Board for the period from 1st April 2025 to 30th April 2025. Delayed shareholders approval, as approval not sought within 3 months/next general meeting.
- NJ Mutual FundMadhusudan Agrawal, 70, is the promoter and Executive Director and Vice-Chairperson of Ajanta Pharma Limited. He is responsible for managing public relations, networking and liaising with relevant authorities for critical matters and approvals. He also oversees the company’s CSR initiatives and related activities. The company also seeks shareholder approval for his continuation on the board as he has attained 70 years of age, as required under amendments to SEBI’s LODR. His FY25 pay aggregated Rs. 48.4 mn. We estimate his FY26 pay at Rs. 52.8 mn. While the proposed pay is reasonable, his remuneration structure includes the reimbursement of medical expenses for self and family members- we believe such expenses are personal in nature and must be borne by the director themselves. At the very least, the company must cap the quantum of such expenses in absolute terms and disclose if such reimbursements are offered to all other employees of the company. The board and the Nomination and Remuneration Committee (NRC) have discretion to determine his annual increments on basic salary. Over the last five years, his remuneration has grown faster than the company’s revenues and profits and the growth in median employee remuneration. While we support his reappointment as Executive Director and Vice-Chairperson, we are unable to support the proposed remuneration. We do not support the resolution.
- PGIM India Mutual FundNo concern on the merits of proposed appointee. Non-Compliant as per Companies Act, 2013 & SEBI LODR: Prior shareholder approval was not obtained for the continuation of the Director beyond the age of 70 years. The Director was retrospectively appointed to the Board for the period from 1st April 2025 to 30th April 2025. Delayed shareholders approval, as approval not sought within 3 months/next general meeting.
16 for11 against 5 - RESOLVED THAT M/s. D. G. Prajapati & Associates, Company Secretaries be appointed as the Secretarial Auditors of the Company for one term of 5 consecutive years, who shall hold office from the conclusion of 46th AGM till the conclusion of the 51st AGM to be held in the year 2030MoreLess
Against Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundComplaint with Law. Transparency concern: The Company has not disclosed whether there is any material change in the proposed audit fee.
- LIC Mutual FundTransparency concern: The Company has not disclosed whether there is any material change in the proposed audit fee.
23 for4 against6 - RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, remuneration of Rs. 6.50 lakhs plus GST and reimbursement of actual travel and out of pocket expenses, fixed by the Board for M/s. RA & Co., Cost Accountants, (Firm Registration No. 000242), Cost Auditors to conduct the audit of the cost records for the financial year ending 31 March 2026, be and is hereby ratifiedMoreLess
27 for0 against
6 earlier meetings
Mutual fund votes, meeting of 18 Jul 2024, 23 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
1 - To receive, consider and adopt:na) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 2024 together with the Reports of the Board of Directors and the Auditors thereon; andnb) the Audited Consolidated Financial Statements of the Company for the Financial year ended 31 March 2024 together with the Report of the Auditors thereon.MoreLess
22 for0 against2 - RESOLVED THAT the first interim dividend of ? 25 per equity share and second interim dividend of ? 26 per equity share approved by the Board of Directors of the Company and already paid, be and are hereby confirmed/ratifiedMoreLess
23 for0 against- 3 - To appoint a Director in place of Mr. Mannalal B. Agrawal (DIN: 00073828), who retires by rotation and being eligible, offers himself for re-appointment
Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
- Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNon-Compliance with Regulation 17(1A) of SEBI LODR: Re-appointment proposed via Ordinary Resolution for director beyond the age of 75 years. Governance Concern: Chairman of the Board is related to Managing / Executive Directors.
- Nippon India Mutual FundApproval beyond 75 years of age proposed via Ordinary Resolution,
- Zerodha Mutual FundNon compliance as re-appointment proposed via Ordinary Resolution for director beyond the age of 75 years. Governance issue in the form of Chairman of the Board is related to Managing / Executive Directors.
16 for7 against 4 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Mr. DavidnRasquinha (DIN: 01172654) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
22 for0 against5 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Ms. Medha Joshi (DIN: 00328174) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
23 for0 against6 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Mr. RajeshnDalal (DIN: 03504969) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
22 for0 against7 - RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV of the Companies Act 2013 (the Act), Regulation 17 (1C) of SEBI (LODR) Regulations, 2015, Ms. Simi Thapar (DIN: 10470498) be and is hereby appointed as an Independent Director of the Company for a term of 5 (five) years from 2nd May, 2024, not liable to retire by rotationMoreLess
23 for0 against8 - RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, remuneration of ? 6.50 lakhs plus GST and reimbursement of actual travel and out of pocket expenses, fixed by the Board for M/s. RA & Co., Cost Accountants, (Firm Registration No. 000242), Cost Auditors to conduct the audit of the cost records for the financial year ending 31 March 2025, be and is hereby ratifiedMoreLess
23 for0 against
3 proposals not matched to one resolution
- Accept Financial Statements and Statutory Reports1 for0 against
- Elect David Rasquinha as Director1 for0 against
- Elect Rajesh Dalal as Director1 for0 against
Mutual fund votes, meeting of 18 Jul 2023, 18 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of financial statements for the year ended 31st March 202318 for0 against
- Confirm interim dividend as final dividend18 for0 against
- Re-appointment of Mr. Madhusudan B. Agrawal, retiring by rotation
Against Franklin Templeton Mutual Fund, ITI Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board is chaired by a promoter director and the board is not at least one-half independent and Madhusudan Agrawal is a non-independent director nominee.
- ITI Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Section 203(3) of the Companies Act, 2013, Holding two full time positions.
- Nippon India Mutual FundHolding two full time positions
14 for4 against - Approve payment of commission to Non-Executive & Independent Directors for a period of 5 years.4 for0 against
- Approve amendment in Object Clause of the Memorandum of Association of the Company.17 for0 against
- Ratifying remuneration of Cost Auditors, M/s. Sevekari, Khare & Associates for financial year 2023 - 202417 for0 against
4 proposals not matched to one resolution
Pay a sum not exceeding 1% per annum of the net profits of the Company calculated in accordance with the provisions of section 198 of the Act and the same be distributed amongst the Directors of the Company or some or any of them (other than the Managing Director and Whole time Directors) in such amounts or proportions and in such manner and in all respects as may be directed by the Board of Directors and such payments shall be made in respect of the profits of the Company for each year, for a period of five years, effective from the Financial year 2023-2024.MoreLess
13 for0 against- To approve, Alterations proposed in the MoA.1 for0 against
- To approve, authorised to pay a sum not exceeding 1% per annum of the net profits of the Company1 for0 against
- To approve, ractification of cost auditors.1 for0 against
Mutual fund votes, meeting of 9 Mar 2023, 14 fund houses
- RE-APPOINTMENT OF MR. YOGESH M. AGRAWAL AS MANAGING DIRECTOR
Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Bank of India Mutual Fund, SBI Mutual FundYogesh Agrawal, 51, is part of the promoter group. He will not be liable to retire by rotation till he is the Managing Director. We estimate Yogesh Agrawal’s remuneration at Rs. 173.2 mn for FY23 and Rs. 205.2 mn for FY24, which is higher than peers and not in line with the company’s performance. He was paid Rs. 163.1 mn in FY22, which was 396x the median employee remuneration and 1.8% of consolidated PBT. Over the last five years, his remuneration has grown faster than the company’s revenues and profits and the growth in median employee remuneration. His remuneration terms are open ended: commission is not capped in absolute amounts and the board has discretion to decide his annual increments. The company has not disclosed performance metrics which determine his variable pay.
- Edelweiss Mutual FundCompenstation ~2% of PAT. Not enough reasons to approve the same.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • Yogesh M. Agrawal's estimated pay is aggressively positioned when compared to market peers and industry standard. • While his commission is linked with performance of the company, there is no disclosure on how his individual performance will be assessed while determining his variable pay. • The remuneration package for the executive includes annual increments, the quantum of which is to be decided by the nomination and remuneration committee. This could lead to discretionary payouts. • There are concerns on the widening gap between Yogesh M. Agrawal's pay and median employee remuneration (MRE). • There is lack of alignment of executive pay with company performance since, the net profits have grown at a CAGR of c. 9 percent, whereas his total remuneration increased at a CAGR of 30 percent.
- HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
- Nippon India Mutual FundNo absolute cap on commission
8 for6 against - RE-APPOINTMENT OF MR. RAJESH M. AGRAWAL AS JOINT MANAGING DIRECTOR
Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Bank of India Mutual Fund, SBI Mutual FundRajesh Agrawal, 46, is part of the promoter group. We estimate Rajesh Agrawal’s remuneration at Rs. 173.2 mn for FY23 and Rs. 205.2 mn for FY24, which is higher than peers and not in line with the company’s performance. He was paid Rs. 163.1 mn in FY22, which was 396x the median employee remuneration and 1.8% of consolidated PBT. Over the last five years, his remuneration has grown faster than the company’s revenues and profits and the growth in median employee remuneration. His remuneration terms are open ended: commission is not capped in absolute amounts and the board has discretion to decide his annual increments. The company has not disclosed performance metrics which determine his variable pay.
- Edelweiss Mutual FundCompenstation ~2% of PAT. Not enough reasons to approve the same.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns: • The board independence norms are not met and Rajesh M. Agrawal is a non independent director nominee. • Rajesh M. Agrawal's estimated pay is aggressively positioned when compared to market peers and industry standard. • While his commission is linked with performance of the company, there is no disclosure on how his individual performance will be assessed while determining his variable pay. • The remuneration package of the executive includes annual increments, the quantum of which is to be decided by the nomination and remuneration committee. This could lead to discretionary payouts. • There are concerns on the widening gap between Rajesh M. Agrawal's pay and median employee remuneration (MRE). • There is lack of alignment of executive pay with company performance since, the net profits have grown at a CAGR of c. 9 percent, whereas his total remuneration increased at a CAGR of 30 percent.
- HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
- Nippon India Mutual FundNo absolute cap on commission
8 for6 against
Mutual fund votes, meeting of 4 Aug 2022, 16 fund houses
- Adoption of financial statements for the year ended 31st March 202216 for0 against
- Confirm interim dividend as final dividend16 for0 against
- Re-appointment of Mr. Mannalal B. Agrawal, retiring by rotation
Against LIC Mutual Fund, Nippon India Mutual Fund
- LIC Mutual FundNo concern over merits of the appointee. Appointment is non-compliant with law. Director appointment beyond 75 years of age proposed through ordinary resolution against legal requirement of Special Resolution.
- Nippon India Mutual FundOrdinary resolution for director above 75 years age
14 for2 against - Re-appointment of M/s. BSR & Co. LLP, Statutory Auditors, for a second term of five consecutive years
Against LIC Mutual Fund, Nippon India Mutual Fund
- LIC Mutual FundNo concerns on merit & eligibility of proposed Auditors. However, inadequate disclosure in terms of requirement under Regulation 36(5) of SEBI LODR Regulations, 2015 leading to non-compliance.
- Nippon India Mutual FundInadequate disclosure
14 for2 against - Ratifying remuneration of Cost Auditors, M/s. Sevekari, Khare & Associates for financial year 2022 - 202316 for0 against
Mutual fund votes, meeting of 12 Jun 2022, 16 fund houses
- Issue of Bonus Shares16 for0 against
Mutual fund votes, meeting of 14 Jul 2021, 12 fund houses
- Adoption of financial statements for the year ended 31st March 202112 for0 against
- Confirm interim dividend as final dividend12 for0 against
- Re-appointment of Mr. Madhusudan B. Agrawal, retiring by rotation
Against LIC Mutual Fund, Nippon India Mutual Fund
- LIC Mutual FundNon-compliant with law. Holding two full time positions in two unrelated companies.
- Nippon India Mutual FundHolds two full time positions
10 for2 against - Re-appointment of Mr. Rajesh M. Agrawal, retiring by rotation12 for0 against
- Continuation of directorship of Mr. Mannalal B. Agrawal, beyond 75 years of age12 for0 against
- Ratifying remuneration of Cost Auditors, M/s. Sevekari, Khare & Associates for financial year 2021-202212 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines
Reported in the filing for the quarter to Sep 2026.
- Fine or penaltyState Tax officer – Cuttack -I, OdishaSince 2 Sep 2026
Penalty under section 73 of CGST Act 2017.
Penalty on account of Order issued under section 73 of CGST Act 2017
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- 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
- Yes
- 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.