Alivus Life Sciences CEO, MD, chairman, board of directors and AGM
NSE: ALIVUSBSE: 543322Pharmaceuticals & BiotechnologySmall Cap
Formerly Glenmark Life Sciences
Last close ₹1,250.60down ₹18.40 (1.45%)BSE ₹1,247.30
Share price at the NSE close on 23 Oct 2026. Previous close ₹1,269.00.
52-week range of traded prices to 23 Oct 2026
₹819.00Low, 22 Jan 2026₹1,493.80High, 31 Aug 2026
- Next results date: the board meets on 29 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.
- ₹15,354 Cr502nd 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
- 25.5
- 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 14 May 2026
- 4.6
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.40%
- 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
- 19.6%
- 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
- 22.7%
- 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 14 May 2026
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 87,23655.9% delivered
Alivus Life Sciences board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonHiren Karsanbhai PatelRelated to the promoter
- Managing director and CEOYasir Y Rawjee
- Company Secretary and Compliance OfficerMr. Rudalf Corriea
7 directors4 independent2 executive1 non-executive
- Hiren Karsanbhai Patel · ChairpersonNon-executive · joined Mar 2024 · 2 listed boards
- Yasir Y Rawjee · Managing director and CEOExecutive · joined Aug 2019 · 1 listed board · 1 committee seat
- Vinod NaikExecutive · joined Oct 2022 · 1 listed board
- Kaushikbhai N PatelIndependent · joined Mar 2024 · reappointed Mar 2024 · 27 months as independent · 2 listed boards · 1 as independent · 4 committee seats, 3 as chair
- Manju AgarwalIndependent · joined Oct 2020 · reappointed Oct 2025 · 68 months as independent · 4 listed boards · 4 as independent · 9 committee seats, 4 as chair
- Taruvai Laxminarayanan EaswarIndependent · joined Jan 2021 · reappointed Jan 2026 · 65 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Savan GodiawalaIndependent · joined Apr 2024 · reappointed Apr 2024 · 26 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 2 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
1 director who left
- Vijay Ratilal Shah, left 26 Feb 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 14 May 20267 of 7 present4 independent · 111 days in between
- 22 Jan 20266 of 7 present4 independent
Audit Committee
Chair Kaushikbhai N Patel
Manju Agarwal, Taruvai Laxminarayanan Easwar, Savan Godiawala
- 14 May 20264 of 4 present4 independent · 111 days in between
- 22 Jan 20264 of 4 present4 independent
Nomination and remuneration committee
Chair Kaushikbhai N Patel
Hiren Karsanbhai Patel, Manju Agarwal, Savan Godiawala
- 12 May 20264 of 4 present3 independent · 110 days in between
- 21 Jan 20263 of 4 present2 independent
Stakeholders Relationship Committee
Chair Taruvai Laxminarayanan Easwar
Yasir Y Rawjee, Manju Agarwal
- 13 May 20263 of 3 present2 independent
Risk Management Committee
Chair Kaushikbhai N Patel
Yasir Y Rawjee, Taruvai Laxminarayanan Easwar
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair Kaushikbhai N Patel
Yasir Y Rawjee, Savan Godiawala
- 13 May 20263 of 3 present2 independent · 47 days in between
- 26 Mar 20263 of 3 present2 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 Mar 2026.
- Walker Chandiok & Co LLPPeer-review certificate valid to May 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.
Alivus Life Sciences 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.Alivus Life Sciences dividend history
Annual general meeting, 8 Sep 2026
1,24,490 shareholders on the register on 1 Sep 2026; present: 1 promoter and 37 others; votes counted by Mr. Bhadresh Shah / M/s. Bhadresh Shah and Associates.The company's voting result (opens in a new tab)
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 86.84% · promoters 100.00% · institutions 92.81% · other public 0.84%
- To declare the final dividend of Rs. 5/- per equity share for the financial year ended 31 March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 86.84% · promoters 100.00% · institutions 92.81% · other public 0.84%
- To appoint a Director in place of Mr. Hiren Patel (DIN: 00145149) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 2013Ordinary99.09% for0.91% against
Against: promoters 0.00% · institutions 6.61% · other public 0.55%
Turnout: all 86.84% · promoters 100.00% · institutions 92.81% · other public 0.84%
- To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending 31 March 2027Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.05%
Turnout: all 86.84% · promoters 100.00% · institutions 92.81% · other public 0.84%
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, 8 Sep 2025, 5 resolutions
1,38,073 shareholders on the register on 1 Sep 2025; present: 1 promoter and 41 others; votes counted by Bhadresh Shah / M/s. Bhadresh Shah and Associates.The company's voting result (opens in a new tab)
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 86.20% · promoters 100.00% · institutions 90.25% · other public 1.90%
- To declare the final dividend of Rs. 5/- per equity share for the financial year ended 31 March 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 86.20% · promoters 100.00% · institutions 90.25% · other public 1.90%
- To appoint a Director in place of Mr. Vinod Naik (DIN: 03635487) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 2013Ordinary95.94% for4.06% against
Against: promoters 0.00% · institutions 31.71% · other public 0.16%
Turnout: all 86.20% · promoters 100.00% · institutions 90.25% · other public 1.90%
- To ratify the remuneration payable to M/s. Kirit Mehta & Associates, Cost Auditors (Firm Registration No. with ICAI: 000353), Cost Auditors of the Company for the financial year ending 31 March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 86.20% · promoters 100.00% · institutions 90.25% · other public 1.90%
- To appoint M/s. Bhadresh Shah & Associates, a Practicing Company Secretary (Membership No.: A23847; COP No.: 15957 & Peer Review Certificate No.: 1917/2022), as the Secretarial Auditor of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.15%
Turnout: all 86.20% · promoters 100.00% · institutions 90.25% · other public 1.90%
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, 24 Jul 2025, 2 resolutions
1,39,973 shareholders on the register on 20 Jun 2025; votes counted by Mr. Bhadresh Shah / M/s. Bhadresh Shah and Associates.The company's voting result (opens in a new tab)
- Re-appointment of Mrs. Manju Agarwal (DIN 06921105) as an Independent Director of the CompanySpecial95.92% for4.08% against
Against: promoters 0.00% · institutions 32.45% · other public 2.78%
Turnout: all 85.80% · promoters 100.00% · institutions 89.61% · other public 0.60%
- Re-appointment of Mr. Taruvai Laxminarayanan Easwar (DIN 03135959) as an Independent Director of the Company:Special99.95% for0.05% against
Against: promoters 0.00% · institutions 0.35% · other public 2.29%
Turnout: all 85.80% · promoters 100.00% · institutions 89.61% · other public 0.60%
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.
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 8 Sep 2026, 6 fund houses so far (houses' deadline to file 15 Oct 2026)
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 20266 for0 against
- To declare the final dividend of Rs. 5/- per equity share for the financial year ended 31 March 20266 for0 against
- To appoint a Director in place of Mr. Hiren Patel (DIN: 00145149) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 20136 for0 against
- To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending 31 March 20276 for0 against
Mutual fund votes, meeting of 8 Sep 2025, 18 fund houses
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 202518 for0 against
- To declare the final dividend of Rs. 5/- per equity share for the financial year ended 31 March 202518 for0 against
- To appoint a Director in place of Mr. Vinod Naik (DIN: 03635487) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 201318 for0 against
- To ratify the remuneration payable to M/s. Kirit Mehta & Associates, Cost Auditors (Firm Registration No. with ICAI: 000353), Cost Auditors of the Company for the financial year ending 31 March 202618 for0 against
- To appoint M/s. Bhadresh Shah & Associates, a Practicing Company Secretary (Membership No.: A23847; COP No.: 15957 & Peer Review Certificate No.: 1917/2022), as the Secretarial Auditor of the Company18 for0 against
6 earlier meetings
Mutual fund votes, meeting of 24 Jul 2025, 17 fund houses
- Re-appointment of Mrs. Manju Agarwal (DIN 06921105) as an Independent Director of the Company
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Helios Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
- Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: The Director has failed in her fiduciary duty towards minority shareholders and safeguarding their interest in another company.
- Axis Mutual FundMs. Manju Agarwal, 67, is the former Deputy MD of State Bank of India (Digital Banking and New Business). She has over three decades of experience working with the State Bank of India. She has been on the board of Alivus Life Sciences Limited since October 2020 and attended all four board meetings held in FY25. Her reappointment is in line with statutory requirements. However, we raise concern that she was an Independent Director on the board of Paytm Payments Bank Ltd. (PPBL) from May 2021 till her resignation on 1 February 2024 (citing personal commitments). She was also a member of the audit committee of PPBL. The Reserve Bank of India, on 31 January 2024, directed PPBL to stop accepting any deposits/ credit transactions/ top ups/ in customer accounts, prepaid instruments, wallets, FASTags, etc. after 29 February 2024 (extended till 15 March 2024) among other restrictions. RBI cited persistent non-compliances and continued material supervisory concerns in the bank as identified in the Comprehensive System Audit and compliance validation report of the external auditors. Given these concerns, we are unable to support the resolution.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with Law. Governance concern: The Director has failed in her fiduciary duty towards minority shareholders and safeguarding their interest in another company.
- HDFC Mutual FundGiven her past history of failure to perform her duties on the board of companies where there has been corporate governance lapses, we do not support her reappointment
- ICICI Prudential Mutual FundMs. Manju Agarwal, 67, is the former Deputy MD of State Bank of India (Digital Banking and New Business). She has over three decades of experience working with the State Bank of India. She has been on the board of Alivus Life Sciences Limited since October 2020 and attended all four board meetings held in FY25. Her reappointment is in line with statutory requirements. However, we raise concern that she was an Independent Director on the board of Paytm Payments Bank Ltd. (PPBL) from May 2021 till her resignation on 1 February 2024 (citing personal commitments). She was also a member of the audit committee of PPBL. The Reserve Bank of India, on 31 January 2024, directed PPBL to stop accepting any deposits/ credit transactions/ top ups/ in customer accounts, prepaid instruments, wallets, FASTags, etc. after 29 February 2024 (extended till 15 March 2024) among other restrictions. RBI cited persistent non-compliances and continued material supervisory concerns in the bank as identified in the Comprehensive System Audit and compliance validation report of the external auditors. Given these concerns, the AMC ha voted against the resolution.
- Kotak Mahindra Mutual FundMs. Manju Agarwal, 67, is the former Deputy MD of State Bank of India (Digital Banking and New Business). She has over three decades of experience working with the State Bank of India. However, we raise concern that she was an Independent Director on the board of Paytm Payments Bank Ltd. (PPBL) from May 2021 till her resignation on 1 February 2024. She was also a member of the audit committee of PPBL. The Reserve Bank of India, on 31 January 2024, directed PPBL to stop accepting any deposits/ credit transactions/ top ups/ in customer accounts, prepaid instruments, wallets, FASTags, etc. after 29 February 2024 (extended till 15 March 2024) among other restrictions. RBI cited persistent non-compliances and continued material supervisory concerns in the bank as identified in the Comprehensive System Audit and compliance validation report of the external auditors. Given the above concerns, and no clarification has been provided by the company, we are unable to support the resolution. Hence, we are voting against.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
4 for13 against - Re-appointment of Mr. Taruvai Laxminarayanan Easwar (DIN 03135959) as an Independent Director of the Company:17 for0 against
Mutual fund votes, meeting of 26 Nov 2024, 9 fund houses
- 1. Change in name of the Company 2. Alteration in the Memorandum of Association and the Articles of Association of the Company1 for0 against
- Alteration in the Memorandum of Association and the Articles of Association of the Company.7 for0 against
- Approve alteration to Clause I of the Memorandum of Association and the Articles of Association of the Company consequent to change in name of company1 for0 against
- Approve change in name of the company from ‘Glenmark Life Sciences Limited’ to ‘Alivus Life Sciences Limited’1 for0 against
- Change in name of the Company1 for0 against
- To change the name of the Company from Glenmark Life Sciences Limited to Alivus Life Sciences Limited.6 for0 against
Mutual fund votes, meeting of 25 Sep 2024, 12 fund houses
- 1) Adoption of Audited Financial Statements for the year ended 31st March, 2024 and the Reports of the Directors and Auditors thereon.1 for0 against
- 2) Confirm interim dividend of Rs. 22.5 per equity share (face value of Rs. 2.0) for FY24.1 for0 against
- 3) Reappoint Dr. Yasir Rawjee (DIN: 01965174) as Director, liable to retire by rotation.1 for0 against
- 4) Reappoint Dr. Yasir Rawjee (DIN: 01965174) as Managing Director and CEO for five years from 13 August 2024 and fix his remuneration.1 for0 against
- 5) Ratify remuneration of Rs. 0.45 mn (excluding reimbursement and out of pocket expenses) to Kirit Mehta & Associates as cost auditors for FY25.1 for0 against
- 6) Approve related party transactions with Glenmark Pharmaceuticals Limited up to Rs. 5.13 bn from 1 October 2024 till 31 March 2025.1 for0 against
Ratification of remuneration of Rs. 0.45 million plus applicable taxes and reimbursement of actual travel and out of pocket expenses payable to M/s. Kirit Mehtaand Associates, Cost Auditors of the Company for the conduct of the cost audit for the financial year ending 31 March 2025.MoreLess
Against Axis Mutual Fund
- Axis Mutual FundDr. Yasir Rawjee, 58, has been the Managing Director and CEO of Glenmark Life Sciences Ltd. since FY20. Excluding ESOPs, his annual pay ranged around Rs. 50.0 – Rs. 65.0 mn till FY23. In FY24, he was given a one-time performance bonus, and his total cash pay aggregated Rs. 272.4 mn. He was granted 539,025 stock options in May 2021, representing ~57% of the total grants made at an exercise price of Rs. 461.0. The annual reports indicate that the remaining options were granted to other employees at a much higher exercise price of Rs. 716.0 per option – we do not favour such skewed incentive structures in favour of the senior management. For his proposed tenure, there is no clarity on his ESOPs/ annual performance bonus, which may form a bulk of his compensation. Excluding ESOPs/ annual performance bonus, his pay is estimated at Rs. 130.8 mn. Given the lack of clarity on his commission and stock option compensation, we are unable to make an informed decision on his proposed compensation.
8 for1 againstRatification of remuneration of Rs. 0.45 million plus applicable taxes and reimbursement of actual travel and out of pocket expenses payable to M/s. Kirit Mehtaand Associates, Cost Auditors of the Company for the conduct of the cost audit for the financial year ending 31st March 2025.MoreLess
1 for0 againstRe-appointment of Dr. Yasir Rawjee (DIN: 01965174) as Managing Director and CEO in the whole - time employment of the Company for a period of 5 (Five) years with effect from 13 August 2024 up to 12 August 2029 and including remuneration.MoreLess
Against HDFC Mutual Fund, Mirae Asset Mutual Fund
- HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
7 for2 againstRe-appointment of Dr. Yasir Rawjee (DIN: 01965174) as Managing Director and Chief Executive Oficer in the whole - time employment of the Company for a period of 5 (Five) years with effect from 13 August 2024 up to 12 August 2029 and including remuneration.MoreLess
1 for0 against- To appoint a Director in place of Dr. Yasir Rawjee (DIN: 01965174) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 2013.10 for0 against
To approve, appointment of a Director in place of Dr. Yasir Rawjee (DIN: 01965174) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 2013.MoreLess
1 for0 against- To approve Material Related Party Transactions with Glenmark Pharmaceuticals Limited.1 for0 against
To approve Material Related Party Transactions with Glenmark Pharmaceuticals Limited for an aggregate value up to Rs. 5,125 million entered or to be entered into by the Company from 01 October 2024 up to 31 March 2025.MoreLess
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 FundCompliant with law. Governance & Transparency Concern: Inadequate Disclosures w.r.t. Basis for Arm’s Length Pricing
5 for4 againstTo approve Material Related Party Transactions with Glenmark Pharmaceuticals Limited for an aggregate value up to Rs. 5,125 million entered or to be entered into by the Company from 01 October 2024 up to 31st March 2025.MoreLess
1 for0 against- To approve, Reappointment of Dr. Yasir Rawjee (DIN: 01965174) as Managing Director & CEO of the Company.1 for0 against
- To confirm the interim dividend of 22.50/- per equity share declared by the Board on 09 October 2023, as the final dividend for the financial year 2023-24.1 for0 against
- To confirm the interim dividend of Rs. 22.50/- per equity share declared by the Board on 09 October 2023, as the final dividend for the financial year 2023 - 24.10 for0 against
- To ratify remuneration of the cost auditor for the financial year ending 31 March 2025.1 for0 against
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 2024 together with the reports of the Board and Auditors thereon.10 for0 against
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31st March 2024 together with the reports of the Board and Auditors thereon.1 for0 against
Mutual fund votes, meeting of 24 Sep 2024, 2 fund houses
1. To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 2024 together with the reports of the Board and Auditors thereon. 2. To confirm the interim dividend of Rs. 22.50/- per equity share declared by the Board on 09 October 2023, as the final dividend for the financial year 2023-24. 3. To appoint a Director in place of Dr. Yasir Rawjee (DIN: 01965174) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 2013. 4. Reappointment of Dr. Yasir Rawjee (DIN: 01965174) as Managing Director & CEO of the Company 5. To ratify remuneration of the Cost Auditor for the financial year ending 31 March 2025 6. To approve Material Related Party Transactions with Glenmark Pharmaceuticals LimitedMoreLess
1 for0 against- Reappointment of Dr. Yasir Rawjee (DIN: 01965174) as Managing Director & CEO of the Company1 for0 against
- To appoint a Director in place of Dr. Yasir Rawjee (DIN: 01965174) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 2013.1 for0 against
- To approve Material Related Party Transactions with Glenmark Pharmaceuticals Limited1 for0 against
- To confirm the interim dividend of Rs. 22.50/- per equity share declared by the Board on 09 October 2023, as the final dividend for the financial year 2023-24.1 for0 against
- To ratify remuneration of the Cost Auditor for the financial year ending 31 March 20251 for0 against
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 2024 together with the reports of the Board and Auditors thereon.1 for0 against
Mutual fund votes, meeting of 3 Jun 2024, 10 fund houses
- 1) Appoint Hiren Patel (DIN: 00145149) as Non-Executive Non-Independent Director designated as Chairperson from 6 March 2024, liable to retire by rotation.1 for0 against
- 2) Appoint Kaushikbhai Patel (DIN: 00145086) as Independent Director for five years from 6 March 2024.
Against SBI Mutual Fund
- SBI Mutual FundKaushikbhai Patel, 68, is a Chartered Accountant and is Proprietor of Kaushik Patel & Co. He has experience in strategy, financial planning, mergers and acquisitions, direct tax and capital markets. He has been associated with Nirma Limited (promoter company) since 2002 and was appointed to the board of Nirma Limited as an Independent Director from 31 March 2023. He is also classified as a Non-Independent Non-Executive Director in Nuvoco Vistas Corporation Limited (group company) since 2018. Given his continued association with Nirma Group companies, we do not classify him as an Independent Director. Therefore, we are unable to support his appointment.
0 for1 against - 3) Appoint Vijaykumar Shah (DIN: 00376570) as Independent Director for five years from 6 March 2024.
Against SBI Mutual Fund
- SBI Mutual FundVijaykumar Shah, 71, is a Chartered Accountant. He has twenty-five years of experience in accounts and finance in areas such as statutory audit, taxation and project appraisals. We note that he has been on the board of Nirma Limited, promoter company, from September 2015 to March 2023. This takes his overall association with the Nirma Group to over eight years. His association with the promoter group will cross ten years during his proposed tenure. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulation. Hence, we do not support his appointment.
0 for1 against - 4) Appoint Dr. Savan Godiawala (DIN 07874111) as Independent Director for five years from 25 April 2024.
Against SBI Mutual Fund
- SBI Mutual FundDr. Savan Godiawala, 55, is a chartered account who retired as Partner at Deloitte Touche Tohmatsu India LLP (DTTIL). He has thirty-two years of experience in Financial Advisory, serving national and multi-national clients across several industries and multiple geographies. We note that The Insolvency and Bankruptcy Board of India (IBBI) suspended his registration as an insolvency professional for violating provisions of the Insolvency and Bankruptcy Code (IBC). As per the IBC Order dated 18 August 2022, it was observed that as a resolution professional, he engaged services of DTTIL towards Lanco Infra Tech Limited’s liquidation process at vague terms and conditions without specifying the amount payable to DTTIL. Further, the IBC held him liable as resolution professional for the late filing of certain applications in the case of Shirpur Power Private Limited. Given this, we are unable to support his appointment.
0 for1 against Appointment of Dr. Savan Godiawala (DIN 07874111) as a Non-Executive Independent Director of the Company, not liable to retire by rotation, to hold office for a term of 5 (Five) consecutive years with effect from 25th April, 2024 up to 24th April, 2029 (both days inclusive).MoreLess
Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Integrity concern identified w.r.t. the proposed director.
- HDFC Mutual FundGiven his past history of failure to perform his duties as independent director in the companies where there has been corporate governance lapses, we do not support his appointment
- ICICI Prudential Mutual FundDr. Savan Godiawala, 55, is a chartered account who retired as Partner at Deloitte Touche Tohmatsu India LLP (DTTIL). He has thirty-two years of experience in Financial Advisory, serving national and multi-national clients across several industries and multiple geographies. The Insolvency and Bankruptcy Board of India (IBBI) suspended his registration as an insolvency professional for violating provisions of the Insolvency and Bankruptcy Code (IBC). As per the IBC Order dated August 18, 2022, it was observed that as a resolution professional, he engaged services of DTTIL towards Lanco Infra Tech Limited’s liquidation process at vague terms and conditions without specifying the amount payable to DTTIL. Further, the IBC held him liable as resolution professional for the late filing of certain applications in the case of Shirpur Power Private Limited. Hence, the AMC has voted against the resolution.
- Nippon India Mutual FundProfile of the director
- WhiteOak Capital Mutual FundDr. Savan Godiawala, 55, is a chartered account who retired as Partner at Deloitte Touche Tohmatsu India LLP (DTTIL). He has thirty-two years of experience in Financial Advisory, serving national and multi-national clients across several industries and multiple geographies. We note that The Insolvency and Bankruptcy Board of India (IBBI) suspended his registration as an insolvency professional for violating provisions of the Insolvency and Bankruptcy Code (IBC). As per the IBC Order dated 18 August 2022, it was observed that as a resolution professional, he engaged services of DTTIL towards Lanco Infra Tech Limited’s liquidation process at vague terms and conditions without specifying the amount payable to DTTIL. Further, the IBC held him liable as resolution professional for the late filing of certain applications in the case of Shirpur Power Private Limited. Given this, we are unable to support his appointment.
1 for7 against- Appointment of Mr. Hiren Karsanbhai Patel (DIN 00145149) as a Director of the Company designated as Chairman, Non-Executive Director, liable to retire by rotation.8 for0 against
Appointment of Mr. Kaushikbhai N. Patel (DIN 00145086) as a Non-Executive Independent Director of the Company, not liable to retire by rotation, to hold office for a term of 5 (Five) consecutive years with effect from 6th March, 2024 up to 5th March, 2029 (both days inclusive).MoreLess
Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Prolonged association with the group. Holding Chairmanship of AC & NRC.
- HDFC Mutual FundGiven his continued association with Nirma Group companies, we do not classify him as an Independent Director.
- ICICI Prudential Mutual FundMr. Kaushikbhai Patel, 68, is a Chartered Accountant and is Proprietor of Kaushik Patel & Co. He has experience in strategy, financial planning, mergers and acquisitions, direct tax and capital markets. He has been associated with Nirma Limited (promoter company) since 2002 and was appointed on the Board of Nirma Limited as an Independent Director from March 31, 2023. He is also classified as a Non-Independent Non-Executive Director in Nuvoco Vistas Corporation Limited (group company) since 2018. Given his continued association with Nirma Group companies, we do not classify him as an Independent Director. The company must classify him as Non-Executive Non-Independent Director. Hence, the AMC has voted against the resolution.
- Nippon India Mutual FundProlonged association
- WhiteOak Capital Mutual FundKaushikbhai Patel, 68, is a Chartered Accountant and is Proprietor of Kaushik Patel & Co. He has experience in strategy, financial planning, mergers and acquisitions, direct tax and capital markets. He has been associated with Nirma Limited (promoter company) since 2002 and was appointed to the board of Nirma Limited as an Independent Director from 31 March 2023. He is also classified as a Non-Independent Non-Executive Director in Nuvoco Vistas Corporation Limited (group company) since 2018. Given his continued association with Nirma Group companies, we do not classify him as an Independent Director. Therefore, we are unable to support his appointment. The company must classify him as Non-Executive Non-Independent Director
1 for7 againstAppointment of Mr. Vijaykumar Ratilal Shah (DIN: 00376570) as a Non-Executive Independent Director of the Company, not liable to retire by rotation, to hold office for a term of 5 (Five) consecutive years with effect from 6th March, 2024 up to 5th March, 2029 (both days inclusive).MoreLess
Against Bandhan Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Proposed appointment would lead to prolonged association with group.
- ICICI Prudential Mutual FundMr. Vijaykumar Shah, 71, is a Chartered Accountant. He has twenty-five years of experience in accounts and finance in areas such as statutory audit, taxation and project appraisals. He has been on the Board of Nirma Limited, promoter company, from September 2015 to March 2023. This takes his overall association with the Nirma Group to over eight years. His association with the promoter group will cross ten years during his proposed tenure. The AMC doesnot support rotation of tenured Independent Directors within the group as the same is not in line with the spirit of the regulation. Hence, the AMC has voted against the resolution.
- Nippon India Mutual FundProlonged association
3 for5 against- To receive, Appointment of Dr. Savan Godiawala (DIN: 07874111) as Non –Executive - Independent Director.1 for0 against
- To receive, Appointment of Mr. Hiren Karsanbhai Patel (DIN: 00415149) as Non – Executive Non – Independent.1 for0 against
- To receive, Appointment of Mr. Kaushikbhai N. Patel (DIN: 00145086) as Non-Executive - Independent Director.1 for0 against
- To receive, Appointment of Mr. Vijaykumar Ratilal Shah (DIN: 00376570) as Non-Executive - Independent Director.1 for0 against
Mutual fund votes, meeting of 26 Sep 2023, 1 fund house
Ratification of remuneration of Rs.0.45 million plus applicable taxes and reimbursement of actual travel and out of pocket expenses payable to M/s. Kirit Mehta & Associates, Cost Auditors of the Company for the conduct of the cost audit for the financial year ending 31 March 2024.MoreLess
1 for0 againstRe-appointment of M/s. Walker Chandiok & Co LLP Chartered Accountants, (Firm Registration No. 001076N/N500013) as the statutory auditor of the Company, for the second term of (5) years, i.e. from the conclusion of this Annual General Meeting until the conclusion of 17th Annual General Meeting at a remuneration of Rs.10.5 million payable in one or more tranches plus applicable taxes, and reimbursement of reasonable out-of pocket expenses for the financial year ended 31 March 2024.MoreLess
1 for0 against- To appoint a Director in place of Mr. Glenn Saldanha (DIN 00050607) who retires by rotation and being eligible, offers himself for re-appointment as per Section 152(6) of the Companies Act, 2013.1 for0 against
To approve Material Related Party Transactions with Glenmark Pharmaceuticals Limited for an aggregate value up to Rs.10,250 million entered or to be entered into by the Company from 1 October 2023 up to 30 September 2024.MoreLess
1 for0 against- To confirm the interim dividend of Rs.21/- per equity share declared by the Board on 16 March 2023, as the final dividend for the financial year 2022-23.1 for0 against
- To receive, consider, approve and adopt the Audited Financial Statements for the Financial Year ended 31 March 2023 together with the reports of the Board and Auditors thereon.1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Jun 2026.
- Tax disputeGoods and Service Tax Department Assistant Commissioner of State-Tax, Solapur – 413004Since 25 Feb 2025
This revised amount has no material impact on financial, no impact on operation or other activities of the Company. The Company has filed an appeal on 29 June 2026 with GST Tribunal. Notice for hearing of appeal is awaited from department.MoreLess
At the filing before: Order u/s 73(9) has been issued by the Maharashtra Goods and Service Tax department for FY 2020-21. Amount Involved Rs. 14,69,91,828 along with penalty amounting to Rs. 1,46,99,183 and applicable interest. Basis the appeal submitted to appellant authorities, the department has issued an appeal order dated 25 March 2026. Revised demand after considering few grounds of appeal has been reduced to Rs. 4,03,17,080 along with penalty amounting of Rs. 40,31,707 and applicable interest.MoreLess
- Tax disputeGoods and Service Tax Department Assistant Commissioner of Central GST, Ankleshwar – 393002Since 2 Oct 2025Further notice/details awaited from department. There is no material impact on financial, no impact on operation or other activities of the Company due to the intimation of tax payable.
At the filing before: Order u/s 74(1) and 122(1) has been issued by the Central Goods and Service Tax department for FY 2018-19 and 2023-24. Amount Involved Rs. 1,28,07,007 along with penalty amounting to Rs. 1,29,43,759 and applicable interest. The Company has filed an appeal on 03 December 2025 with appellant authorities against the order. Notice for hearing received from department. Date of hearing fixed on 20 January 2026. Hearing attended and submitted various details.MoreLess
- Tax disputeGoods and Service Tax Department Assistant Commissioner of State-Tax, Solapur – 413004Since 30 Jan 2026
This revised amount has no material impact on financial, no impact on operation or other activities of the Company. The Company has filed an appeal on 28 June 2026 with GST Tribunal. Notice for hearing of appeal is awaited from department.MoreLess
At the filing before: Order u/s 107(11) has been issued by the State Goods and Service Tax (Appeals) department for FY 2019-20. Amount Involved as per original order dated 22 July 2024 Rs. 5,21,51,441 along with penalty amounting to Rs. 52,15,155 and applicable interest. Basis the appeal filed by the Company, the first appellant authorities have granted partial relief, and the revised demand has reduced to Rs. 83,38,062 along with penalty amounting to Rs. 8,33,806 and applicable interest.MoreLess
- Tax disputeIncome Tax Department, Faceless Assessment unit.Since 21 Mar 2026
Notice for submission of details received from commissioner of income tax (appeals). Submission to appeal authorities made on 28 May 2026. There is no material impact on financial, no impact on operation or other activities of the Company due to the intimation of tax payable.MoreLess
At the filing before: Income Tax Department has completed the regular assessment under Section 143(3) and passed assessment order pertaining to AY 2023-24 (FY 2022-23), wherein there is a tax demand including applicable interest amounting to Rs. 2,60,67,810 on account of disallowances of expenditure u/s 37(1). The Company has filed an appeal on 17 April 2026 with commissioner of income tax (appeals) against the order.MoreLess
- Tax disputeOffice of Commissioner of Customs NS II, Jawaharlal Nehru Custom House, Nhava Sheva, Dist: Raigad, Maharashtra – 400 707Since 20 Aug 2025
There is no material impact on financials, no impact on operation or other activities of the Company due to the intimation of penalty payable. The Company has filed an appeal on 15.10.2025 with appellant authorities against the order. Further Notice is awaited from the Dept.MoreLess
At the filing before: Order in original passed by Addl. Commissioner of Customs wherein fine and penalty was imposed in the following manner: 1. Amount of differential export incentive (MEIS) of Rs. 6,54,473/- under Section 28(4) and/or 28AAA of the Customs Act, 1962 along with applicable interest under Section 28AA of the Customs Act, 1962. 2. Redemption fine of Rs. 3,00,00,000/- under Section 125 of Customs Act, 1962. 3. Penalty of Rs. 5,00,000/- each under Section 114 (iii), Section 114 AA and Section 114 AB of Customs Act, 1962.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
None open at any quarter's end.
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.