Apollo Pipes logo

Apollo Pipes MD, chairman, board of directors and AGM

NSE: APOLLOPIPEBSE: 531761Industrial ProductsSmall Cap

Last close ₹484.95down ₹4.05 (0.83%)BSE ₹482.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹489.00.

52-week range of traded prices to 23 Oct 2026
₹252.10Low, 21 Jan 2026₹668.80High, 25 Aug 2026
Market cap
₹2,233 Cr1,218th largest listed
P/E
Earlier quarters restated in the year
P/B
2.7
Dividend yield
0.14%
ROCE
−1.1%
Debt to equity
0.14
Volume, NSE
3,84,81649.0% delivered

Apollo Pipes 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

  • ChairpersonSanjay GuptaRelated to the promoter
  • Managing directorSameer Gupta
  • Managing directorArun Agarwal
  • Company Secretary and Compliance OfficerGourab Kumar Nayak

6 directors3 independent2 executive1 non-executive

  • Sanjay Gupta · ChairpersonNon-executive · joined May 2026 · reappointed Aug 2026 · 3 listed boards
  • Sameer Gupta · Managing directorExecutive · joined Jan 2011 · reappointed Jan 2025 · 1 listed board · 1 committee seat
  • Arun Agarwal · Managing directorExecutive · joined Mar 2023 · reappointed Sep 2025 · 3 listed boards · 3 committee seats
  • Neeru AbrolIndependent · joined Jan 2018 · reappointed Jan 2023 · 104 months as independent · 5 listed boards · 5 as independent · 5 committee seats, 1 as chair
  • Pradeep Kumar JainIndependent · joined Jan 2018 · reappointed Jan 2023 · 104 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Abhilash LalIndependent · joined Mar 2020 · reappointed Jan 2025 · 78 months as independent · 3 listed boards · 3 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
  • Ashok Kumar Gupta, left 8 May 2026: Others

Committees and meetings

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

  • Board

    • 31 Aug 20265 of 6 present3 independent · 31 days in between
    • 30 Jul 20265 of 6 present3 independent · 33 days in between
    • 26 Jun 20265 of 6 present3 independent · 49 days in between
    • 7 May 20265 of 6 present2 independent

  • Audit Committee

    Chair Abhilash Lal

    Pradeep Kumar Jain, Neeru Abrol, Arun Agarwal

    • 31 Aug 20264 of 4 present3 independent · 31 days in between
    • 30 Jul 20264 of 4 present3 independent · 33 days in between
    • 26 Jun 20264 of 4 present3 independent · 49 days in between
    • 7 May 20263 of 4 present2 independent

  • Nomination and remuneration committee

    Chair Neeru Abrol

    Abhilash Lal, Pradeep Kumar Jain

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair Neeru Abrol

    Pradeep Kumar Jain, Sameer Gupta

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Sameer Gupta

    Neeru Abrol, Pradeep Kumar Jain, Abhilash Lal, Arun Agarwal

    • 21 Aug 20263 of 5 present3 independent

  • Corporate Social Responsibility Committee

    Chair Sameer Gupta

    Abhilash Lal, Arun Agarwal

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Akgvg & AssocaitesPeer-review certificate valid to Jun 2028
1 earlier auditor
  • VAPS and Co.Named in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Apollo Pipes 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.Apollo Pipes dividend history

Postal ballot, 30 Sep 2026

37,387 shareholders on the register on 28 Aug 2026; votes counted by Jatin Gupta / Jatin Gupta & Associates.The company's voting result (opens in a new tab)

  1. INCREASE AUTHORISED SHARE CAPITAL AND TO MAKE ALTERATION IN CAPITAL CLAUSE OF THE MEMORANDUM OF ASSOCIATION OF THE COMPANY
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.52% · promoters 98.77% · institutions 71.88% · other public 13.50%

  2. PREFERENTIAL ISSUE OF FULLY CONVERTIBLE WARRANTS TO THE PERSONS BELONGING TO NON-PROMOTER CATEGORY
    Special
    100.00% for0.00% against

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

    Turnout: all 67.52% · promoters 98.77% · institutions 71.88% · other public 13.50%

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 2026, 8 resolutions

38,736 shareholders on the register on 28 Jul 2026; present: 4 promoters and 50 others; votes counted by Jatin Gupta / Jatin Gupta & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended 31st March, 2026 and the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 55.95% · promoters 62.99% · institutions 91.47% · other public 37.06%

  2. To declare final dividend of Rs.0.70/- per equity share (i.e. @7%) for the financial year ended 31st March, 2026;
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 55.95% · promoters 62.99% · institutions 91.47% · other public 37.06%

  3. To appoint a director in place of Mr. Sameer Gupta (DIN: 00005209), who is liable to retire by rotation and being eligible, offers himself for re-appointment
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 55.95% · promoters 62.99% · institutions 91.47% · other public 37.06%

  4. To ratify the remuneration payable to the Cost Auditors for the Financial Year 2026-27
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 55.95% · promoters 62.99% · institutions 91.47% · other public 37.06%

  5. To consider and approve the appointment of Mr. Sanjay Gupta (DIN: 00233188) as a Director (NonExecutive Category) and Chairman of the Company.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 55.95% · promoters 62.99% · institutions 91.47% · other public 37.06%

  6. To consider and approve material related party transactions of the Company with its subsidiary Kisan Mouldings Limited
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 22.06% · promoters 0.00% · institutions 91.47% · other public 33.63%

  7. To approve the “Apollo Pipes Limited Stock Appreciation Rights Scheme – 2026
    Special
    99.92% for0.08% against

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

    Turnout: all 55.95% · promoters 62.99% · institutions 91.47% · other public 37.06%

  8. Extension of “Apollo Pipes Limited Stock Appreciation Rights Scheme – 2026” to the employees of subsidiary and associate Company(ies) of the Company
    Special
    99.43% for0.57% against

    Against: promoters 0.00% · institutions 3.44% · other public 0.00%

    Turnout: all 55.95% · promoters 62.99% · institutions 91.47% · other public 37.06%

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, 26 Sep 2025, 8 resolutions

46,667 shareholders on the register on 19 Sep 2025; present: 3 promoters and 46 others; votes counted by Jatin Gupta / Jatin Gupta & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.03% · promoters 100.00% · institutions 91.78% · other public 19.41%

  2. To declare final dividend of Rs. 0.70/- per equity share (i.e. @7%) for the financial year ended 31st March, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.03% · promoters 100.00% · institutions 91.78% · other public 19.41%

  3. To appoint a director in place of Mr. Arun Agarwal (DIN: 10067312), who is liable to retire by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    98.53% for1.47% against

    Against: promoters 0.00% · institutions 6.31% · other public 0.00%

    Turnout: all 70.03% · promoters 100.00% · institutions 91.78% · other public 19.41%

  4. To appoint M/s. AKGVG & Associates, Chartered Accountants (Firm Registration No. 018598N) as the Statutory Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.03% · promoters 100.00% · institutions 91.78% · other public 19.41%

  5. To ratify the remuneration payable to the Cost Auditors for the Financial Year 2025-26.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.03% · promoters 100.00% · institutions 91.78% · other public 19.41%

  6. To appoint M/s. Anjali Yadav & Associates, Company Secretaries as Secretarial Auditor of the Company.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.03% · promoters 100.00% · institutions 91.78% · other public 19.41%

  7. To approve material related party transactions of the Company with its subsidiary Kisan Mouldings Limited.
    OrdinaryPromoters have an interest in it
    94.73% for5.27% against

    Against: promoters 0.00% · institutions 7.07% · other public 0.00%

    Turnout: all 21.90% · promoters 0.00% · institutions 91.78% · other public 15.73%

  8. To re-appoint Mr. Arun Agarwal as Whole Time Director designated as Joint Managing Director.
    Special
    98.47% for1.53% against

    Against: promoters 0.00% · institutions 6.55% · other public 0.01%

    Turnout: all 70.03% · promoters 100.00% · institutions 91.78% · other public 19.41%

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.

Postal ballot, 26 Feb 2025, 5 resolutions

45,609 shareholders on the register on 24 Jan 2025; votes counted by Jatin Gupta / Jatin Gupta & Associates.The company's voting result (opens in a new tab)

  1. RE–APPOINTMENT OF MR. SAMEER GUPTA AS CHAIRMAN AND MANAGING DIRECTOR OF THE COMPANY
    SpecialPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 66.93% · promoters 90.84% · institutions 92.29% · other public 20.67%

  2. RE- APPOINTMENT OF MR. ABHILASH LAL (DIN: 03203177) AS DIRECTOR IN THE CATEGORY OF INDEPENDENT DIRECTOR
    Special
    91.43% for8.57% against

    Against: promoters 0.00% · institutions 32.66% · other public 0.02%

    Turnout: all 66.93% · promoters 90.84% · institutions 92.29% · other public 20.67%

  3. TO APPROVE THE REVISION IN TERMS OF REMUNERATION OF MR. ARUN AGARWAL (DIN: 10067312) WHOLE- TIME DIRECTOR (JOINT MANAGING DIRECTOR) OF THE COMPANY
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.11% · other public 0.03%

    Turnout: all 66.93% · promoters 90.84% · institutions 92.29% · other public 20.67%

  4. TO INCREASE AUTHORISED SHARE CAPITAL AND TO MAKE ALTERATION IN CAPITAL CLAUSE OF THE MEMORANDUM OF ASSOCIATION OF THE COMPANY
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.93% · promoters 90.84% · institutions 92.29% · other public 20.67%

  5. PREFERENTIAL ISSUE OF FULLY CONVERTIBLE WARRANTS TO THE PERSONS BELONGING TO NON-PROMOTER CATEGOR
    Special
    100.00% for0.00% against

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

    Turnout: all 66.93% · promoters 90.84% · institutions 92.29% · other public 20.67%

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, 25 Sep 2024, 6 resolutions

Present: 3 promoters and 56 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Standalone and Consolidated Audited Financial Statement of the Company for the Financial Year ended March 31, 2024 and the Reports of Board of Directors and Auditors thereonMoreLess
    Ordinary
    95.74% for4.26% against

    Against: promoters 0.00% · institutions 14.21% · other public 0.14%

    Turnout: all 64.47% · promoters 98.02% · institutions 90.26% · other public 0.50%

  2. To declare final dividend of Rs.1/- per equity share (i.e. @10%) for the financial year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.31%

    Turnout: all 64.47% · promoters 98.02% · institutions 90.26% · other public 0.51%

  3. To appoint a Director in place of Mr. Ashok Kumar Gupta (DIN: 01722395), who is liable to retire by rotation and being eligible, offers himself for re-appointment
    Ordinary
    98.45% for1.55% against

    Against: promoters 0.00% · institutions 5.18% · other public 0.14%

    Turnout: all 64.47% · promoters 98.02% · institutions 90.26% · other public 0.49%

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

    Against: promoters 0.00% · institutions 0.00% · other public 0.52%

    Turnout: all 64.47% · promoters 98.02% · institutions 90.26% · other public 0.49%

  5. To obtain the prior approval of Shareholders for entering into the transactions with Material subsidiary Company (i.e Kisan Mouldings Limited).
    OrdinaryPromoters have an interest in it
    93.79% for6.21% against

    Against: promoters 0.00% · institutions 6.26% · other public 0.15%

    Turnout: all 19.47% · promoters 0.00% · institutions 90.26% · other public 0.46%

  6. To Consider and approve modification and/or revision of the objects of the preferential issue of 47,20,000 warrants convertible into Equity shares for an aggregate amount of up to ¿ 2,59,60,00,000/- (Rupees Two Hundred Fifty Nine Crore and Sixty Lakhs Only) as stated in the Notice of Extra-Ordinary General Meeting (EGM) dated March 04, 2024 alongwith explanatory statement annexed thereto and approved by the members in the EGM held on March 29, 2024.MoreLess
    Special
    98.12% for1.88% against

    Against: promoters 0.00% · institutions 6.26% · other public 0.23%

    Turnout: all 64.47% · promoters 98.02% · institutions 90.26% · other public 0.50%

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.

Extraordinary general meeting, 29 Mar 2024, 1 resolution

Present: 1 promoter and 33 others.The company's voting result (opens in a new tab)

  1. Modifying the objects of preferential issue as stated in the EGM Notice dated March 14, 2023 and alteration for utilisation thereof
    Special
    99.90% for0.10% against

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

    Turnout: all 67.36% · promoters 100.00% · institutions 86.94% · other public 0.26%

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, 23 Sep 2023, 5 resolutions

Present: 1 promoter and 57 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statement of the Company for the Financial Year ended March 31, 2023 and the Reports of Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 66.91% · promoters 100.00% · institutions 91.99% · other public 0.50%

  2. To declare final dividend of Rs. 0.60/- per equity share(i.e. 6%) for the Financial year ended March 31, 2023
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 93.81% · promoters 100.00% · institutions 91.99% · other public 5.02%

  3. To appoint a Director in place of Mr Sameer Gupta (DIN:00005209), who is liable to retire by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.38% for0.62% against

    Against: promoters 0.00% · institutions 2.59% · other public 0.12%

    Turnout: all 66.91% · promoters 100.00% · institutions 91.99% · other public 0.50%

  4. Ratification of remuneration payable to Cost Auditors M/s. HMVN & Associates, Cost Accountants, for the Financial Year 2023-24.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.37%

    Turnout: all 66.91% · promoters 100.00% · institutions 91.99% · other public 0.50%

  5. To take note of the item in the Notice of AGM-under the subhead'schedule of implementation and deployment of fund' of heading 'objects of the preferential issue' under item no. 3 of the explanatory statement of the EGM Notice, dated March 14, 2023. If the Proceeds are not utilised ( in full or in part) for the objects stated above during the period stated above due to any such factors, the remaining proceeds shall be utilised in subsequent periods in such manner as may be determined by the Board, in accordance with applicable laws. This may entail rescheduling and revising the planned expenditure and funding requirement and increasing or decreasing the expenditure for a particular purpose from the planned expenditure as may be determined by the Board, subject to compliance with applicable laws.MoreLess
    Ordinary
    84.94% for15.06% against

    Against: promoters 0.00% · institutions 63.21% · other public 0.04%

    Turnout: all 66.90% · promoters 100.00% · institutions 91.99% · other public 0.50%

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.

Extraordinary general meeting, 13 Apr 2023, 3 resolutions

Present: 2 promoters and 36 others.The company's voting result (opens in a new tab)

  1. To approve the terms of remuneration of Mr. Sameer Gupta, Chairman & Managing Director of the Company
    Special
    88.28% for11.72% against

    Against: promoters 0.00% · institutions 54.43% · other public 0.04%

    Turnout: all 64.86% · promoters 97.63% · institutions 91.00% · other public 0.26%

  2. To approve the appointment of Mr. Arun Agarwal (DIN: 10067312) as the Whole Time Director(Joint Managing Director) of the company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 64.86% · promoters 97.63% · institutions 91.00% · other public 0.26%

  3. Preferential Issue of upto 47,20,000 fully convertible warrants to the persons belonging to promoter and non -Promoter category
    Special
    79.94% for20.06% against

    Against: promoters 0.00% · institutions 93.10% · other public 4.76%

    Turnout: all 64.86% · promoters 97.63% · institutions 91.00% · other public 0.26%

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.

Mutual fund votes, meeting of 26 Sep 2025, 6 fund houses

  • To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and Auditors thereon.MoreLess
    6 for0 against
  • To declare final dividend of Rs. 0.70/- per equity share (i.e. @7%) for the financial year ended 31st March, 2025.
    6 for0 against
  • To appoint a director in place of Mr. Arun Agarwal (DIN: 10067312), who is liable to retire by rotation and being eligible, offers himself for re-appointment.
    6 for0 against
  • To appoint M/s. AKGVG & Associates, Chartered Accountants (Firm Registration No. 018598N) as the Statutory Auditors of the Company
    6 for0 against
  • To ratify the remuneration payable to the Cost Auditors for the Financial Year 2025-26.
    6 for0 against
  • To appoint M/s. Anjali Yadav & Associates, Company Secretaries as Secretarial Auditor of the Company.
    6 for0 against
  • To approve material related party transactions of the Company with its subsidiary Kisan Mouldings Limited.
    Against Bandhan Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Bandhan Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed. Transparency Concern: Unclear how sale of capital equipments/assets fall within the ordinary course of business.
    3 for3 against
  • To re-appoint Mr. Arun Agarwal as Whole Time Director designated as Joint Managing Director.
    6 for0 against

Mutual fund votes, meeting of 26 Feb 2025, 5 fund houses

  • RE–APPOINTMENT OF MR. SAMEER GUPTA AS CHAIRMAN AND MANAGING DIRECTOR OF THE COMPANY
    5 for0 against
  • RE- APPOINTMENT OF MR. ABHILASH LAL (DIN: 03203177) AS DIRECTOR IN THE CATEGORY OF INDEPENDENT DIRECTOR
    Against Bandhan Mutual Fund, HSBC Mutual Fund
    • Bandhan Mutual FundReappointment compliant with law. Governance Concern: Prolonged Association with Group.
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • Abhilash Lal serves on the audit committee and there were significant concerns raised in the latest available audit report on the company's financial statements.
    3 for2 against
  • TO APPROVE THE REVISION IN TERMS OF REMUNERATION OF MR. ARUN AGARWAL (DIN: 10067312) WHOLE- TIME DIRECTOR (JOINT MANAGING DIRECTOR) OF THE COMPANY
    5 for0 against
  • TO INCREASE AUTHORISED SHARE CAPITAL AND TO MAKE ALTERATION IN CAPITAL CLAUSE OF THE MEMORANDUM OF ASSOCIATION OF THE COMPANY
    5 for0 against
  • PREFERENTIAL ISSUE OF FULLY CONVERTIBLE WARRANTS TO THE PERSONS BELONGING TO NON-PROMOTER CATEGOR
    5 for0 against
4 earlier meetings

Mutual fund votes, meeting of 25 Sep 2024, 6 fund houses

  • To receive, consider and adopt the Standalone and Consolidated Audited Financial Statement of the Company for the Financial Year ended March 31, 2024 and the Reports of Board of Directors and Auditors thereonMoreLess
    Against Bandhan Mutual Fund, Bank of India Mutual Fund
    • Bandhan Mutual Fund, Bank of India Mutual FundWe have relied upon the auditors’ report, which has qualified the consolidated financial statements following the qualification of the consolidated results of the company’s material subsidiary, Kisan Mouldings Limited: Kisan Mouldings has defaulted on payment of statutory dues to the government authorities and filing of periodic returns thereof; which may entail penalty which was not ascertainable and hence not provided for.
    4 for2 against
  • To declare final dividend of Rs.1/- per equity share (i.e. @10%) for the financial year ended March 31, 2024
    6 for0 against
  • To appoint a Director in place of Mr. Ashok Kumar Gupta (DIN: 01722395), who is liable to retire by rotation and being eligible, offers himself for re-appointment
    6 for0 against
  • Ratification of Remuneration payable to Cost Auditor of the Company for Financial Year 2024-25
    6 for0 against
  • To obtain the prior approval of Shareholders for entering into the transactions with Material subsidiary Company (i.e Kisan Mouldings Limited).
    Against Bandhan Mutual Fund
    • Bandhan Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed.
    5 for1 against
  • To Consider and approve modification and/or revision of the objects of the preferential issue of 47,20,000 warrants convertible into Equity shares for an aggregate amount of up to ¿ 2,59,60,00,000/- (Rupees Two Hundred Fifty Nine Crore and Sixty Lakhs Only) as stated in the Notice of Extra-Ordinary General Meeting (EGM) dated March 04, 2024 alongwith explanatory statement annexed thereto and approved by the members in the EGM held on March 29, 2024.MoreLess
    Against Bandhan Mutual Fund
    • Bandhan Mutual FundCompliant with law. Governance concern: Inadequate justification towards the proposed change in the manner of utilization proceeds.
    5 for1 against

Mutual fund votes, meeting of 29 Mar 2024, 8 fund houses

  • Modifying the objects of preferential issue as stated in the EGM Notice dated March 14, 2023 and alteration for utilisation thereof
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Issues raised w.r.t. warrant still persists; Inadequate disclosures.
    6 for2 against

Mutual fund votes, meeting of 23 Sep 2023, 7 fund houses

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

  • To receive, consider and adopt the Audited Financial Statement of the Company for the Financial Year ended March 31, 2023 and the Reports of Board of Directors and Auditors thereon
    7 for0 against
  • To declare final dividend of Rs. 0.60/- per equity share(i.e. 6%) for the Financial year ended March 31, 2023
    7 for0 against
  • To appoint a Director in place of Mr Sameer Gupta (DIN:00005209), who is liable to retire by rotation and being eligible, offers himself for re-appointment
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance concern: Holds position of Chairman and Managing director.
    6 for1 against
  • Ratification of remuneration payable to Cost Auditors M/s. HMVN & Associates, Cost Accountants, for the Financial Year 2023-24.
    7 for0 against
  • To take note of the item in the Notice of AGM-under the subhead'schedule of implementation and deployment of fund' of heading 'objects of the preferential issue' under item no. 3 of the explanatory statement of the EGM Notice, dated March 14, 2023. If the Proceeds are not utilised ( in full or in part) for the objects stated above during the period stated above due to any such factors, the remaining proceeds shall be utilised in subsequent periods in such manner as may be determined by the Board, in accordance with applicable laws. This may entail rescheduling and revising the planned expenditure and funding requirement and increasing or decreasing the expenditure for a particular purpose from the planned expenditure as may be determined by the Board, subject to compliance with applicable laws.MoreLess
    Against Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
    • Kotak Mahindra Mutual FundCompliant with law. The funds will be used expansion plans to further expand its market share by putting up more plants across India. The management is in process of formulating a detailed plan for the same. However we are voting against as for preferential issue of INR 4.7mn warrants, minority shareholders have not been given the right to participate in the issue.
    • Motilal Oswal Mutual FundCompliant with law. Governance concern: No concern identified w.r.t proposed resolution. However, the original concern raised by SES stands unresolved
    3 for2 against
1 proposal not matched to one resolution
  • Approve Issuance of Fully Convertible Warrants on a Preferential Basis
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted because: Given the potential dilution of 12 percent arising out of the issuance of warrants, the company has not provided any disclosure on the process/ rationale for selecting the proposed allottees, who are non-institutional investors.
    1 for1 against

Mutual fund votes, meeting of 13 Apr 2023, 6 fund houses

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

  • To approve the terms of remuneration of Mr. Sameer Gupta, Chairman & Managing Director of the Company
    Against Bandhan Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Mutual Fund
    • Bandhan Mutual FundNo major concern on proposed remuneration package. Compliant with law. Governance concern: Holding combined position of Chairman & Managing Director.
    • Bank of India Mutual FundSameer Gupta’s proposed remuneration as approved by shareholders in the postal ballot by way of an ordinary resolution was estimated at Rs. 18.0 mn. Sameer Gupta’s proposed remuneration is estimated at Rs. 18.0 mn up 50% from Rs 12.0 mn paid in FY22. Median employee remuneration for FY22 was down 25.6%, while Sameer Gupta’s remuneration remained unchanged. The company seeks to change the earlier resolution (approved via ordinary majority) to reflect approval via special majority: this will allow the company to pay him remuneration at the pre-decided levels even in case of inadequate profits. The rationale for seeking an increase in remuneration by way of a special resolution when the company’s performance is deteriorating remains unclear. The proposed remuneration is 10.8% of FY23 estimated PBT. With joint MD Arun Agarwal being appointed, the proposed overall executive remuneration will be Rs. 20.5 mn or 18% of estimated FY23 PBT, which is very high. Therefore, we do not support the resolution.
    • Kotak Mahindra Mutual FundSameer Gupta, 45 (Promoter) is currently Managing Director at Apollo Pipes Ltd. He has over two decades of industry expertise. He has been associated with the company since the start of his career and established the PVC Pipes unit business. His role is liable to retire by rotation. His appointment will help in continuity of management. It meets all statutory requirements and is compliant with law. Though we are in favour with the appointment we are voting against as the company seeking to change the earlier resolution (approved via ordinary majority) to reflect approval via special majority thereby allowing the company to pay Sameer Gupta remuneration at pre-decided levels even in-case of inadequate profits.
    3 for3 against
  • To approve the appointment of Mr. Arun Agarwal (DIN: 10067312) as the Whole Time Director(Joint Managing Director) of the company
    5 for0 against
  • Preferential Issue of upto 47,20,000 fully convertible warrants to the persons belonging to promoter and non -Promoter category
    Against Bandhan Mutual Fund, HSBC Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund
    • Bandhan Mutual Fund, Mahindra Manulife Mutual FundCompliant with law. Governance concern: The Company would not get the entire money upfront, which indicates that there is no urgent need of funds. Warrants being priced based on formula to price equity shares as per SEBI ICDR. Warrants must be priced based on Black scholes or some equivalent pricing model.
    • HSBC Mutual FundA vote AGAINST as Minority shareholders holding gets diluted and lack of clarity on preferential allotment
    • Kotak Mahindra Mutual FundCompliant with law. The funds will be used expansion plans to further expand its market share by putting up more plants across India. The management is in process of formulating a detailed plan for the same. However we are voting against as for preferential issue of INR 4.7mn warrants, minority shareholders have not been given the right to participate in the issue.
    1 for4 against
2 proposals not matched to one resolution
  • Item 2, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundThe company seeks to utilize the proposed funds for capex and working capital purposes. The allottees for warrants include promoters as well as non-promoters; however, 99.8% of the warrant issue is to a member of the promoter group – Ms. Meenakshi Gupta. The company is currently undertaking capacity expansion by way of a greenfield plant in North India. The overall dilution will be 10.7% on the expanded capital base. However, in case of warrants, 25% of the conversion price is paid upfront, with an option to convert the warrants into equity shares anytime during the next 18 months. The remaining 75% is paid upon conversion (within 18 months) – the allottee may choose not to subscribe to the warrants in which case, the 25% amount paid is forfeited, this could have material implications for the company’s cash flows and profitability. Warrants to promoters give them the option to ride the stock price for 18 months.
    0 for1 against
  • Item 3, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundSameer Gupta’s proposed remuneration as approved by shareholders in the postal ballot by way of an ordinary resolution was estimated at Rs. 18.0 mn. Sameer Gupta’s proposed remuneration is estimated at Rs. 18.0 mn up 50% from Rs 12.0 mn paid in FY22. Median employee remuneration for FY22 was down 25.6%, while Sameer Gupta’s remuneration remained unchanged. The company seeks to change the earlier resolution (approved via ordinary majority) to reflect approval via special majority: this will allow the company to pay him remuneration at the pre-decided levels even in case of inadequate profits. The rationale for seeking an increase in remuneration by way of a special resolution when the company’s performance is deteriorating remains unclear. The proposed remuneration is 10.8% of FY23 estimated PBT. With joint MD Arun Agarwal being appointed, the proposed overall executive remuneration will be Rs. 20.5 mn or 18% of estimated FY23 PBT, which is very high. Therefore, we do not support the resolution.
    0 for1 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Stakes in unlisted companies

Reported in the filing for the quarter to Sep 2026.

  • Unlisted stake boughtApollo Ceramics LimitedSince 17 Sep 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far. A statement's amounts are left out where the company filed the same raise a power of ten apart in its other statements and the filings do not settle which is right.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Preferential IssuesMay 2023, checked by Care Ratings Limited–For strategic investment in Kisan Mouldings Limited through subscription of preferential issue––No
Preferential IssuesMay 2023, checked by Care Ratings Limited–Capital Expenditure––No
Preferential IssuesMay 2023, checked by Care Ratings Limited–Working Capital Requirement––No
Preferential IssuesMay 2023, checked by Care Ratings Limited–Issue Related Expenses––No
Preferential IssuesApr 2025, checked by Care Ratings Limited–Capital expenditure for future expansion of existing products and other allied products as may be decided by the board within the tentative timeline of the utilization––No
Preferential IssuesApr 2025, checked by Care Ratings Limited–Working Capital for the business operations post expansion and incidental thereto for diversification of products.––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.