APL Apollo Tubes MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 15 Sep 2026, 16 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt the Audited Financial Statements of the Company (Consolidated and Standalone) for the Financial Year ended March 31, 2026 and the Reports of the Board of Directors and the Auditors thereonMoreLess

  16 for0 against
• To declare final dividend of Rs.8.50/- (Rupees Eight and Paise Fifty only) per equity share of Rs,2/- (Rupees two only) each fully paid up, (i.e. @ 425% of the face value of the equity shares) for the Financial Year ended March 31, 2026.MoreLess

  16 for0 against
• To appoint a Director in place of Shri Ashok Kumar Gupta (DIN: 01722395), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance concern: Holds 2 full time positions.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundCompliant with law. No concerns on merit, profile and attendance of appointee. Governance concern: Holds 2 full time positions.

  10 for6 against
• To appoint a Director in place of Shri Rahul Gupta (DIN: 07151792), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance concern: Zero attendance at Nomination and Remuneration Committee meetings.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundCompliant with law. No concerns on merit, profile and Board attendance of appointee. Governance concern: Zero attendance at NRC meetings.

  10 for6 against
• To ratify the remuneration of Cost Auditors of the Company i.e. M/s. Sanjay Gupta & Associates, Cost Accountants, New Delhi, (ICWAI Registration No. 000212)

  16 for0 against
• To re-appoint Mrs. Asha Anil Agarwal (DIN: 09722160) as Non-Executive Independent Director of the Company

  16 for0 against
• To re-appoint Shri Hosdurg Sundar Kamath Upendra Kamath (DIN:02648119) as Non-Executive Independent Director of the Company

  ›Against Jio BlackRock Mutual Fund

  • Jio BlackRock Mutual FundH S K Upendra Kamath, 72, is the Former Managing Director and CEO of Tamilnad Mercantile Bank (TMB) and served as the Chairperson and MD of Vijaya Bank. He has been on the board the company since October 2023 and attended all four board meetings held during FY26. The company also seeks shareholders’ approval for his continuation as a director after attaining 75 years of age on 14 December 2028. We note that the prospectus of TMB states that he is a notice in an Enforcement Directorate inquiry relating to alleged violations concerning the issue of TMB bonus shares. While recent judiciary and tribunal rulings have protected the underlying assets and structural equity of TMB, individual regulatory and civil liabilities remain unresolved for legacy directors, including H.S.K. Upendra Kamath. In the absence of final clarity on the outcome of these proceedings, we are unable to fully assess the implications, if any, on his ability to effectively discharge his board responsibilities. Accordingly, we do not support the resolution.

  15 for1 against
• To re-appoint Shri Rajeev Anand (DIN: 02519876) as Non- Executive Independent Director of the Company

  16 for0 against
• To re-appoint Shri Dinesh Kumar Mittal (DIN: 00040000) as Non-Executive Independent Director of the Company

  16 for0 against
• To extend the benefits of APL Apollo Tubes Limited Stock Appreciation Rights Scheme, 2019 to employees of associate company(ies)

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mahindra Manulife Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundInadequate disclosure with respect to SAR price.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Mahindra Manulife Mutual Fund, Sundaram Mutual FundThe company seeks shareholder approval to extend the benefits of APL Apollo Tubes Limited Stock Appreciation Rights Scheme 2019 – (SARs 2019) to the eligible employees of its Associate Company(ies), in India or outside India. We do not support the grant of stock options to employees of group companies, associates or listed holding companies. Additionally, our view on this resolution is also linked to our recommendation for APL Apollo Tube’s SARs 2019 - January 2020 Postal Ballot. We note that as per the scheme, the exercise price of the SAR’s will be based on the market price on the date of the meeting of the NRC, but it will be at the discretion of the NRC whether to grant SARs at market price or at a discount to market price. SARs are ‘pay at risk’ options that employees accept at the time of grant. The inherent assumption of an SARs scheme is that there could be possible downside risks – and that employees may not be rewarded in case of adverse stock price movements. We do not favour incentive schemes where the exercise price might be at a significant discount to market price as the downside risk is protected. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundNon-Compliance with SEBI SBEB & SE Regulations: Inadequate disclosure with respect to SAR price.
  • ICICI Prudential Mutual FundDue to inadequate disclosures w.r.t. SAR price under the Stock Appreciation Rights scheme, the AMC has voted against the resolution.

  5 for11 against

Mutual fund votes, meeting of 15 Sep 2025, 35 fund houses

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

• To receive, consider and adopt the Audited Financial Statements of the Company (Consolidated and Standalone) for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors and the Auditors thereon.MoreLess

  35 for0 against
• To declare final dividend of Rs. 5.75/- (Rupees Five and Seventy Five Paisa only) per equity share of Rs. 2/- (Rupees Two only) each fully paid up, (i.e. @ 287.5% of the face value of the equity shares) for the Financial Year ended March 31, 2025.MoreLess

  35 for0 against
• To appoint a Director in place of Shri Vinay Gupta (DIN:00005149), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Holding 2 full time positions.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Holding 2 full time positions.

  28 for7 against
• To appoint a Director in place of Shri Deepak Kumar (DIN:03056481), who retires by rotation and being eligible, offers himself for re-appointment.

  35 for0 against
• To appoint M/s Walker Chandiok & Co LLP, Chartered Accountants (FRN:001076N/N500013) as Statutory Auditors’ of the Company

  35 for0 against
• To appoint M/s Parikh & Associates, Company Secretaries as Secretarial Auditors of the Company

  35 for0 against
• To ratify the remuneration of Cost Auditors of the Company i.e. M/s. Sanjay Gupta & Associates, Cost Accountants

  35 for0 against
• To approve revision in remuneration of Shri Deepak Kumar (DIN: 03056481), Whole-time Director

  35 for0 against
• To appoint Shri Chakram Kumar Singh (DIN: 11108837) as Whole-time Director of the Company

  35 for0 against
• To appoint Shri Dukhabandhu Rath (DIN: 08965826) as Non-Executive Independent Director of the Company

  35 for0 against
• To appoint Shri Rakesh Sharma (DIN: 06695734) as Non-Executive Independent Director of the Company

  35 for0 against
• To approve ‘APL Apollo Tubes Employees Stock Option Plan 2025’

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, Zerodha Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Significant potential benefit arising to a single employee in the scheme.
  • Angel One Mutual FundNon-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to Nomination & Remuneration Committee to determine Exercise Price. Governance Concern: Significant potential benefit arising to a single employee in the scheme.
  • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual FundUnder the APL ESOP 2025, a total of 5,000,000 stock options can be granted to eligible employees of the company, its subsidiary company and associate company(ies), in India or outside India of the company. The scheme contours provide significant flexibility to the Nomination and Remuneration Committee (NRC) with respect to both, the exercise price, and the vesting criteria. Although the company has stated that the exercise price is linked to the market price, it allows the NRC to give a discount to the market price. The company has stated that the vesting may be time-based and/or performance based, which will be decided by the NRC. In case of performance-based vesting, the company has provide examples of metrics that include market capitalization, revenue, EBITDA, ROCE, and individual performance of employee – but once again allows the NRC to use any other parameter. Given the flexibility embedded into the scheme contours, we are unable to assess if the scheme aligns the interests of shareholders and employees. Therefore, we do not support the resolution.
  • HDFC Mutual FundWe do not support ESOP's granted at significant discount to market price. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST is warranted because scheme permits stock options to be issued with an exercise price at a discount to the market price on the date of grant. The proposals include grant of options to employees of associate companies without a compelling rationale.
  • Invesco Mutual FundUnder the APL ESOP 2025, a total of 5,000,000 stock options can be granted to eligible employees of the company, its subsidiary company and associate company(ies), in India or outside India of the company. The scheme contours provide significant flexibility to the Nomination and Remuneration Committee (NRC) with respect to both, the exercise price, and the vesting criteria. Although the company has stated that the exercise price is linked to the market price, it allows the NRC to give a discount to the market price. The company has stated that the vesting may be time-based and/or performance based, which will be decided by the NRC. In case of performance-based vesting, the company has provide examples of metrics that include market capitalization, revenue, EBITDA, ROCE, and individual performance of employee – but once again allows the NRC to use any other parameter. Given the flexibility embedded into the scheme contours, we are unable to assess if the scheme aligns the interests of shareholders and employees. Therefore, we do not support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price.
  • UTI Mutual FundThe scheme contours provide significant flexibility to the Nomination and Remuneration Committee (NRC) with respect to both, the exercise price, and the vesting criteria. Although the company has stated that the exercise price is linked to the market price, it allows the NRC to give a discount to the market price. Given the flexibility embedded into the scheme contours, we are unable to assess if the scheme aligns the interests of shareholders and employees. Therefore, we do not support the resolution.

  12 for19 against
• To approve the extension of the benefits under the ‘APL Apollo Tubes Employees Stock Option Plan 2025’ to the employees of the subsidiary and associate company(ies) of the Company

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Trust Mutual FundInter-linked with Resolution #12. Governance Concern: Scheme proposed to be extended to Associate Companies without affirmation on cost re-imbersement and without compelling reasons.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundThe company seeks to extend APL ESOP 2025 scheme to the eligible employees of the subsidiary company and associate company(ies). Our view on this resolution is linked to resolution #12. Moreover, we do not support the grant of stock options to employees of group companies, associates or listed holding companies. We do not support the resolution.
  • Bandhan Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundInter-linked with Resolution #12.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The Scheme permits stock options to be issued with an exercise price at a discount to the market price on the date of grant. • The company has not specified performance targets and thresholds for vesting. • The proposals include grant of options to employees of associate companies without a compelling rationale.
  • HDFC Mutual FundWe do not support the grant of stock options to employees of other group companies. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST is warranted because scheme permits stock options to be issued with an exercise price at a discount to the market price on the date of grant. The proposals include grant of options to employees of associate companies without a compelling rationale.
  • Invesco Mutual FundThe company seeks to extend APL ESOP 2025 scheme to the eligible employees of the subsidiary company and associate company(ies). We do not support the grant of stock options to employees of group companies, associates or listed holding companies. We do not support the resolution.
  • Mahindra Manulife Mutual FundThe company seeks to extend APL ESOP 2025 scheme to the eligible employees of the subsidiary company and associate company(ies). We do not support the grant of stock options to employees of group companies, associates or listed holding companies without any specific details or rational basis.
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price.
  • UTI Mutual FundOur view on this resolution is linked to resolution #12. We do not support the resolution.

  12 for23 against
• To authorise APL Apollo Tubes Limited Employees Welfare Trust to undertake secondary acquisition of equity shares under ‘APL Apollo Tubes Employees Stock Option Plan 2025’

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, Zerodha Mutual FundInter-linked with Resolution #12.
  • Angel One Mutual FundNon-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to Nomination & Remuneration Committee to determine Exercise Price. Governance Concern: Significant potential benefit arising to a single employee in the scheme.
  • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual FundThe company seeks approval for secondary acquisition of up to 5.0 mn equity shares of the company through Trust route for the implementation of APL ESOP 2025 Scheme. Our view on this resolution is linked to resolution #12. We do not support the resolution.
  • HDFC Mutual FundWe do not support ESOP's granted at significant discount to market price. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST is warranted because scheme permits stock options to be issued with an exercise price at a discount to the market price on the date of grant. The proposals include grant of options to employees of associate companies without a compelling rationale.
  • Invesco Mutual FundThe company seeks approval for secondary acquisition of up to 5.0 mn equity shares of the company through Trust route for the implementation of APL ESOP 2025 Scheme. We do not support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price.
  • UTI Mutual FundOur view on this resolution is linked to resolution #12. We do not support the resolution.

  12 for19 against
• To approve the provision of money by the Company to APL Apollo Tubes Limited Employees Welfare Trust

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, Zerodha Mutual FundInter-linked with Resolution #12.
  • Angel One Mutual FundNon-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to Nomination & Remuneration Committee to determine Exercise Price. Governance Concern: Significant potential benefit arising to a single employee in the scheme.
  • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual FundFor implementation of APL ESOP 2025 through the trust route, the company will have to provide financial support (loan/ guarantee/ security) to the ESOP Trust for secondary acquisition of shares. The loan will be subject to the regulatory threshold of 5% of aggregate paid-up share capital and free reserves. Our view on this resolution is linked to our view on resolution #12. We do not support the resolution.
  • HDFC Mutual FundWe do not support ESOP's granted at significant discount to market price. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST is warranted because scheme permits stock options to be issued with an exercise price at a discount to the market price on the date of grant. The proposals include grant of options to employees of associate companies without a compelling rationale.
  • Invesco Mutual FundFor implementation of APL ESOP 2025 through the trust route, the company will have to provide financial support (loan/ guarantee/ security) to the ESOP Trust for secondary acquisition of shares. The loan will be subject to the regulatory threshold of 5% of aggregate paid-up share capital and free reserves. We do not support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price.
  • UTI Mutual FundOur view on this resolution is linked to resolution #12. We do not support the resolution.

  12 for19 against

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.