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Ashapura Minechem CEO, MD, chairman, board of directors and AGM

NSE: ASHAPURMINBSE: 527001Minerals & MiningSmall Cap

Last close ₹420.50down ₹12.20 (2.82%)BSE ₹419.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹432.70.

52-week range of traded prices to 23 Oct 2026
₹411.50Low, 23 Oct 2026₹924.90High, 7 Jan 2026
Market cap
₹4,017 Cr717th largest listed
P/E
Owners' profit not stated
P/B
2.4
Dividend yield
0.48%
ROCE
13.5%
Debt to equity
0.88
Volume, NSE
3,62,98341.4% delivered

Ashapura Minechem 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

  • ChairpersonCHETAN NAVNITLAL SHAHRelated to the promoter
  • Chief executiveHEMUL SHAH
  • Company Secretary and Compliance OfficerSACHIN POLKE

7 directors4 independent1 executive2 non-executive

  • CHETAN NAVNITLAL SHAH · ChairpersonNon-executive · joined Oct 2014 · reappointed Oct 2014 · 141 months as independent · 1 listed board · 1 committee seat
  • HEMUL SHAH · Chief executiveExecutive · joined Feb 2020 · reappointed Feb 2026 · 76 months as independent · 2 listed boards · 7 committee seats, 4 as chair
  • HIMANI CHETAN SHAHNon-executive · joined Feb 2020 · reappointed Feb 2020 · 76 months as independent · 1 listed board
  • DIPAK KIRCHANDBHAI VORAIndependent · joined Jan 2025 · reappointed Jan 2025 · 18 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • SUREKHA UMESH SATHEIndependent · joined May 2025 · reappointed May 2025 · 12 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • WILSON MATHAISIndependent · joined Feb 2026 · reappointed Feb 2026 · 5 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • JAGDISH B SHETTYIndependent · joined Feb 2026 · reappointed Feb 2026 · 5 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 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.

4 directors who left
  • PUNDARIK SANYAL, left 8 Feb 2026: Tenure Completion
  • NEETA SUNILKUMAR SHAH, left 12 Aug 2025: Others
  • PANNKAJ GHADIALI, left 7 Nov 2024: Others
  • RUCHI PANDYA, left 15 Oct 2024: Others

Committees and meetings

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

  • Board

    • 28 May 20267 of 7 present4 independent · 64 days in between
    • 24 Mar 20267 of 7 present4 independent · 46 days in between
    • 5 Feb 20266 of 8 present3 independent

  • Audit Committee

    Chair JAGDISH B SHETTY

    HEMUL SHAH, DIPAK KIRCHANDBHAI VORA, SUREKHA UMESH SATHE, WILSON MATHAIS

    • 28 May 20265 of 5 present4 independent · 111 days in between
    • 5 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair JAGDISH B SHETTY

    CHETAN NAVNITLAL SHAH, DIPAK KIRCHANDBHAI VORA, SUREKHA UMESH SATHE

    • 24 Mar 20264 of 4 present3 independent
    • 5 Feb 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair WILSON MATHAIS

    CHETAN NAVNITLAL SHAH, HEMUL SHAH, DIPAK KIRCHANDBHAI VORA

    • 27 May 20264 of 4 present2 independent · 56 days in between
    • 31 Mar 20264 of 4 present2 independent · 20 days in between
    • 10 Mar 20264 of 4 present2 independent

  • Risk Management Committee

    Chair HEMUL SHAH

    JAGDISH B SHETTY, ASHISH DESAI, DIPAK KIRCHANDBHAI VORA

    • 5 Feb 20263 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair WILSON MATHAIS

    CHETAN NAVNITLAL SHAH, HEMUL SHAH, SUREKHA UMESH SATHE

    • 27 May 20264 of 4 present2 independent · 63 days in between
    • 24 Mar 20264 of 4 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.

  • PARK AND COMPANYPeer-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.

Ashapura Minechem 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.Ashapura Minechem dividend history

Annual general meeting, 29 Sep 2026

46,490 shareholders on the register on 22 Sep 2026; present: 6 promoters and 107 others; votes counted by VIRENDRA G BHATT / VIRENDRA G BHATT.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements of the Company (including Consolidated Financial Statements) for the Financial Year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.88%

    Turnout: all 48.82% · promoters 90.34% · institutions 23.55% · other public 2.43%

  2. To declare a final dividend of 100% i.e. Rs. 2/- (Rs. Two) per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended 31st March, 2026.
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.89%

    Turnout: all 48.98% · promoters 90.34% · institutions 24.38% · other public 2.43%

  3. Ratification of the remuneration of Cost Auditor:
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.91%

    Turnout: all 48.98% · promoters 90.34% · institutions 24.38% · other public 2.43%

  4. Approval of place of profit of Shri Chetan Shah, Chief – Strategy & Planning (Key Managerial Personnel) of the Company
    OrdinaryNot passedPromoters have an interest in it
    26.29% for73.71% against

    Against: promoters 0.00% · institutions 85.34% · other public 2.94%

    Turnout: all 5.53% · promoters 0.00% · institutions 24.38% · other public 2.41%

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, 31 Aug 2026, 2 resolutions

48,787 shareholders on the register on 24 Jul 2026; votes counted by VIRENDRA G BHATT / VIRENDRA G BHATT.The company's voting result (opens in a new tab)

  1. TO APPROVE MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN ASHAPURA HOLDINGS UAE FZE (‘AHUF) AND ASHAPURA MINEX RESOURCES SA (‘MINEX’):
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.25%

    Turnout: all 17.75% · promoters 0.00% · institutions 88.24% · other public 1.10%

  2. TO APPROVE MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN ASHAPURA HOLDINGS UAE FZE (‘AHUF) AND SOCIETE GUINEENNE DES MINES DE FER SA (‘SGMF’):
    OrdinaryPromoters have an interest in it
    99.96% for0.05% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.26%

    Turnout: all 17.75% · promoters 0.00% · institutions 88.24% · other public 1.10%

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, 27 Apr 2026, 5 resolutions

43,484 shareholders on the register on 24 Mar 2026; votes counted by VIRENDRA G BHATT / VIRENDRA G BHATT.The company's voting result (opens in a new tab)

  1. TO CONSIDER AND APPROVE THE ADOPTION AND IMPLEMENTATION OF “ASHAPURA MINECHEM LIMITED - EMPLOYEE STOCK OPTION PLAN 2026’’
    Special
    92.81% for7.19% against

    Against: promoters 0.00% · institutions 83.91% · other public 1.66%

    Turnout: all 47.77% · promoters 90.34% · institutions 20.72% · other public 0.90%

  2. TO EXTEND APPROVAL OF “ASHAPURA MINECHEM LIMITED - EMPLOYEE STOCK OPTION PLAN 2026’’ TO THE EMPLOYEES OF HOLDING COMPANY, ITS SUBSIDIARY COMPANY (IES) AND/ OR ASSOCIATE COMPANY(IES), GROUP COMPANY(IES) [PRESENT AND FUTURE]MoreLess
    Special
    92.79% for7.21% against

    Against: promoters 0.00% · institutions 83.91% · other public 3.64%

    Turnout: all 47.77% · promoters 90.34% · institutions 20.72% · other public 0.90%

  3. TO RE-APPOINT SHRI HEMUL SHAH (DIN: 00058558) AS AN EXECUTIVE DIRECTOR & CEO OF THE COMPANY
    Special
    98.06% for1.94% against

    Against: promoters 0.00% · institutions 22.69% · other public 0.24%

    Turnout: all 47.77% · promoters 90.34% · institutions 20.72% · other public 0.90%

  4. TO REGULARIZE THE APPOINTMENT OF SHRI JAGDISH SHETTY (DIN:02152377) AS NON-EXECUTIVE INDEPENDENT DIRECTOR OF THE COMPANY
    Special
    99.79% for0.21% against

    Against: promoters 0.00% · institutions 2.40% · other public 0.23%

    Turnout: all 47.77% · promoters 90.34% · institutions 20.72% · other public 0.90%

  5. TO REGULARIZE THE APPOINTMENT OF SHRI WILSON MATHAIS (DIN: 11492508) AS NON-EXECUTIVE INDEPENDENT DIRECTOR OF THE COMPANY
    Special
    99.79% for0.21% against

    Against: promoters 0.00% · institutions 2.40% · other public 0.29%

    Turnout: all 47.77% · promoters 90.34% · institutions 20.72% · other public 0.90%

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.

Annual general meeting, 24 Sep 2025, 5 resolutions

36,892 shareholders on the register on 17 Sep 2025; present: 9 promoters and 64 others; votes counted by VIRENDRA G BHATT / VIRENDRA G BHATT.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements of the Company (including consolidated financial statements) for the Financial Year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 50.27% · promoters 99.40% · institutions 6.78% · other public 4.62%

  2. To declare a final dividend of 50% i.e. Re. 1/- (Re. One) per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended 31st March, 2025 .
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 50.28% · promoters 99.40% · institutions 6.80% · other public 4.62%

  3. To re-appoint a director in place of Smt. Himani Shah (DIN-02467277) who retires by rotation and being eligible, offers herself for reappointment.
    Ordinary
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 11.25% · other public 0.03%

    Turnout: all 50.28% · promoters 99.40% · institutions 6.80% · other public 4.62%

  4. Ratification of the remuneration of Cost Auditor
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.22%

    Turnout: all 50.28% · promoters 99.40% · institutions 6.80% · other public 4.62%

  5. Appointment of Secretarial Auditor of the Company
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.24%

    Turnout: all 50.28% · promoters 99.40% · institutions 6.80% · other public 4.62%

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, 31 Jul 2025, 1 resolution

34,060 shareholders on the register on 27 Jun 2025; votes counted by VIRENDRA G BHATT / VIRENDRA G BHATT.The company's voting result (opens in a new tab)

  1. REGULARIZATION OF THE APPOINTMENT OF SMT. SUREKHA SATHE (DIN: 11109425) AS NON-EXECUTIVE INDEPENDENT (WOMAN) DIRECTOR OF THE COMPANY.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.42%

    Turnout: all 48.74% · promoters 99.40% · institutions 6.22% · other public 0.68%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 16 Apr 2025, 1 resolution

33,044 shareholders on the register on 12 Mar 2025; votes counted by VIRENDRA G BHATT / VIRENDRA G BHATT.The company's voting result (opens in a new tab)

  1. REGULARIZATION OF THE APPOINTMENT OF SHRI DIPAK VORA (DIN: 00317106) AS NON-EXECUTIVE INDEPENDENT DIRECTOR OF THE COMPANY
    Special
    100.00% for0.00% against

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

    Turnout: all 45.56% · promoters 90.59% · institutions 6.00% · other public 3.75%

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, 30 Sep 2024, 3 resolutions

Present: 7 promoters and 40 others.The company's voting result (opens in a new tab)

  1. Consideration & adoption of the Audited Financial Statements of the Company (including Consolidated Financial Statements) for the Financial Year ended 31st March, 2024, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.76%

    Turnout: all 47.52% · promoters 99.69% · institutions 4.31% · other public 4.10%

  2. Reappointment of a Director in place of Shri Hemul Shah (DIN-00058558) who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.64% for0.36% against

    Against: promoters 0.00% · institutions 21.66% · other public 1.20%

    Turnout: all 47.52% · promoters 99.69% · institutions 4.34% · other public 4.10%

  3. Ratification of the remuneration of the Cost Auditors for the Financial Year 2024-2025.
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.86%

    Turnout: all 47.52% · promoters 99.69% · institutions 4.34% · other public 4.10%

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, 29 Sep 2023, 5 resolutions

Present: 9 promoters and 84 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements of the Company (including Consolidated Financial Statements) for the Financial Year ended 31st March, 2023, together with 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 0.01%

    Turnout: all 48.71% · promoters 99.57% · institutions 1.82% · other public 8.92%

  2. To re-appoint a Director in place of Shri Chetan Shah (DIN- 00018960) who retires by rotation and being eligible, offers himself for reappointment.
    OrdinaryPromoters have an interest in it
    99.08% for0.92% against

    Against: promoters 0.00% · institutions 94.01% · other public 0.01%

    Turnout: all 33.90% · promoters 66.91% · institutions 1.82% · other public 8.89%

  3. Appointment of M/s. Priyank Vyas & Associates, Cost Accountants, as Cost Auditors for the financial year 2023-2024 and payment of remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 48.71% · promoters 99.57% · institutions 1.82% · other public 8.92%

  4. Re-appointment of Shri Hemul Shah as an Executive Director & Chief Executive Officer of the Company.
    Special
    100.00% for0.00% against

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

    Turnout: all 48.71% · promoters 99.57% · institutions 1.82% · other public 8.91%

  5. To approve existing as well as new material related party transactions with M/S ASHAPURA HOLDINGS UAE FZE
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

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

    Turnout: all 3.56% · promoters 0.00% · institutions 1.82% · other public 8.87%

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 29 Sep 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Financial Statements of the Company (including Consolidated Financial Statements) for the Financial Year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    1 for0 against
  • To declare a final dividend of 100% i.e. Rs. 2/- (Rs. Two) per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended 31st March, 2026.
    1 for0 against
  • Ratification of the remuneration of Cost Auditor:
    1 for0 against
  • Approval of place of profit of Shri Chetan Shah, Chief – Strategy & Planning (Key Managerial Personnel) of the Company
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Proposed remuneration appears on the higher side when considered with the remuneration of the Executive Director and other KMPs. Further, the basis for arriving at the proposed remuneration is not adequately disclosed; hence, the fairness of the proposed remuneration cannot be ascertained. Further, if Mr. Shah himself felt it appropriate to dissociate from Board, in that case how and why is the same test not applied for an executive non-board position?
    0 for1 against

Mutual fund votes, meeting of 31 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • TO APPROVE MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN ASHAPURA HOLDINGS UAE FZE (‘AHUF) AND ASHAPURA MINEX RESOURCES SA (‘MINEX’):
    1 for0 against
  • TO APPROVE MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN ASHAPURA HOLDINGS UAE FZE (‘AHUF) AND SOCIETE GUINEENNE DES MINES DE FER SA (‘SGMF’):
    1 for0 against
3 earlier meetings

Mutual fund votes, meeting of 24 Sep 2025, 1 fund house

  • To receive, consider and adopt the Audited Financial Statements of the Company (including consolidated financial statements) for the Financial Year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    1 for0 against
  • To declare a final dividend of 50% i.e. Re. 1/- (Re. One) per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended 31st March, 2025 .
    1 for0 against
  • To re-appoint a director in place of Smt. Himani Shah (DIN-02467277) who retires by rotation and being eligible, offers herself for reappointment.
    1 for0 against
  • Ratification of the remuneration of Cost Auditor
    1 for0 against
  • Appointment of Secretarial Auditor of the Company
    1 for0 against

Mutual fund votes, meeting of 31 Jul 2025, 1 fund house

  • REGULARIZATION OF THE APPOINTMENT OF SMT. SUREKHA SATHE (DIN: 11109425) AS NON-EXECUTIVE INDEPENDENT (WOMAN) DIRECTOR OF THE COMPANY.
    1 for0 against

Mutual fund votes, meeting of 16 Apr 2025, 1 fund house

  • REGULARIZATION OF THE APPOINTMENT OF SHRI DIPAK VORA (DIN: 00317106) AS NON-EXECUTIVE INDEPENDENT DIRECTOR OF THE COMPANY
    1 for0 against

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

Fines and tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltyAssistant Director (Flying Squad), Department of Geology and Mining, Bhuj-Kutch, Government of GujaratSince 1 Jul 2024

    Order passed imposing composition fee and environmental compensation under the Gujarat Mineral (Prevention of Illegal Mining, Transportation and Storage) Rules, 2017.

    Alleged violation of the Gujarat Mineral (Prevention of Illegal Mining, Transportation and Storage) Rules, 2017 in relation to storage of silica mineral.
  • Tax disputeCommissioner of CGST & CX (Appeal)Since 31 Oct 2023
    Pending before Commissioner of CGST & CX (Appeal)
    At the filing before: The Office of the Commissioner of CGST and CEX (Appeals – I), Mumbai, vide its Order No. GAPPL/COM/ST/D/152/2023-24/4570 dated 31st October, 2023 set aside Order-in-Original bearing no. 64/ADC/MUM-SOUTH/RG/2022-23 dated 27.02.2023 passed by the Addl. Commissioner, CGST & CEX, Mumbai South CommissionerateMoreLess

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
No
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
Yes
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.