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Avalon Technologies MD, chairman, board of directors and AGM

NSE: AVALONBSE: 543896Electrical EquipmentSmall Cap

Last close ₹1,856.60down ₹127.40 (6.42%)BSE ₹1,856.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,984.00.

52-week range of traded prices to 23 Oct 2026
₹777.30Low, 29 Jan 2026₹2,618.00High, 18 Sep 2026
Market cap
₹12,417 Cr639th largest listed
P/E
92.9
P/B
17.2
Dividend yield
Nonein the last 12 months
ROE
20.0%
ROCE
18.5%
Debt to equity
0.25
Volume, NSE
5,27,12153.3% delivered

Avalon Technologies 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

  • Chairperson and managing directorKunhamed Bicha
  • Company Secretary and Compliance OfficerAjay Shukla

7 directors5 independent1 executive1 non-executive

  • Kunhamed Bicha · Chairperson and managing directorExecutive · joined Nov 1999 · 1 listed board · 2 committee seats
  • Luquman Veedu EdiyanamNon-executive · joined Mar 2017 · 1 listed board
  • Chandar PattabhiramIndependent · joined Jul 2022 · reappointed Jul 2022 · 47 months as independent · 1 listed board · 1 as independent
  • Venkataramani AnantharamakrishnanIndependent · joined Jul 2022 · reappointed Jul 2022 · 47 months as independent · 4 listed boards · 3 as independent · 6 committee seats
  • Byas Unnikrishnan NambisanIndependent · joined Jul 2022 · reappointed Jul 2022 · 47 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Nandita AbrahamIndependent · joined Feb 2023 · reappointed Feb 2023 · 40 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Anees AhmedIndependent · joined Oct 2024 · reappointed Oct 2024 · 20 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.

2 directors who left
  • Bhaskar Srinivasan, left 10 Feb 2026: Others
  • Sareday Seshukumar, left 17 Dec 2024: Others

Committees and meetings

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

  • Board

    • 6 May 20266 of 7 present5 independent · 90 days in between
    • 4 Feb 20268 of 8 present5 independent

  • Audit Committee

    Chair Byas Unnikrishnan Nambisan

    Venkataramani Anantharamakrishnan, Kunhamed Bicha

    • 6 May 20263 of 3 present2 independent · 90 days in between
    • 4 Feb 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Chandar Pattabhiram

    Nandita Abraham, Anees Ahmed

    • 6 May 20263 of 3 present3 independent · 91 days in between

  • Stakeholders Relationship Committee

    Chair Anees Ahmed

    Kunhamed Bicha, Nandita Abraham

    • 6 May 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Byas Unnikrishnan Nambisan

    Kunhamed Bicha, Shriram Vijayaraghavan

    • 3 Feb 20261 of 2 present0 independent

  • Corporate Social Responsibility Committee

    Chair Nandita Abraham

    Anees Ahmed, Kunhamed Bicha

    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.

  • Varma & VarmaPeer-review certificate valid to Jul 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.

Avalon Technologies 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.Avalon Technologies share news and announcements

Annual general meeting, 28 Sep 2026

81,182 shareholders on the register on 21 Sep 2026; present: 7 promoters and 37 others; votes counted by D Saravanan / Alagar and Associates LLP.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, 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 81.10% · promoters 100.00% · institutions 79.59% · other public 46.32%

  2. To appoint Mr. Kunhamed Bicha (DIN: 00819707) as Chairman and Managing Director, who is liable to retire by rotation and being eligible offers himself for reappointment
    OrdinaryPromoters have an interest in it
    97.87% for2.13% against

    Against: promoters 0.00% · institutions 6.53% · other public 0.01%

    Turnout: all 81.43% · promoters 100.00% · institutions 80.58% · other public 46.32%

  3. To appoint Mr. C.G. Balaji (DIN: 11879293) as an Independent Director of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 81.43% · promoters 100.00% · institutions 80.58% · other public 46.32%

  4. To re-appoint Mr. Kunhamed Bicha (DIN: 00819707) as the Chairman and Managing Director of the Company
    OrdinaryPromoters have an interest in it
    98.31% for1.69% against

    Against: promoters 0.00% · institutions 5.17% · other public 0.01%

    Turnout: all 81.43% · promoters 100.00% · institutions 80.58% · other public 46.32%

  5. To re-appoint Mr. Venkataramani Anantharamakrishnan (DIN: 00277816) as an Independent Director of the Company
    Special
    97.40% for2.60% against

    Against: promoters 0.00% · institutions 7.95% · other public 0.01%

    Turnout: all 81.43% · promoters 100.00% · institutions 80.58% · other public 46.32%

  6. To re-appoint Mr. Byas Unnikrishnan Nambisan (DIN: 01342141) as an Independent Director of the Company
    Special
    99.52% for0.48% against

    Against: promoters 0.00% · institutions 1.48% · other public 0.01%

    Turnout: all 81.43% · promoters 100.00% · institutions 80.58% · other public 46.32%

  7. To make payment of commission to the Independent Directors of the Company
    Ordinary
    83.61% for16.39% against

    Against: promoters 0.00% · institutions 50.18% · other public 0.01%

    Turnout: all 81.43% · promoters 100.00% · institutions 80.58% · other public 46.32%

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, 3 resolutions

63,787 shareholders on the register on 19 Sep 2025; present: 11 promoters and 44 others; votes counted by D Saravanan / M/s Alagar & Associates LLP ( Formerly known as M. Alagar & Associates).The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Report of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.63% · promoters 100.00% · institutions 77.55% · other public 47.64%

  2. To appoint Mr. Luquman Veedu Ediyanam (DIN: 06493214) as a Non-Executive Director who is liable to retire by rotation and being eligible offers himself for reappointment.
    Ordinary
    72.76% for27.24% against

    Against: promoters 0.00% · institutions 86.80% · other public 0.89%

    Turnout: all 80.64% · promoters 100.00% · institutions 77.59% · other public 47.64%

  3. To appoint Alagar & Associates LLP (Formerly known as M. Alagar & Associates), Company Secretaries (LLP Registration Number: L2025TN019200) as the Secretarial Auditor of the Company for a term of five consecutive financial years, commencing from the Financial Year 2025-26 till Financial Year 2029-30.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.64% · promoters 100.00% · institutions 77.59% · other public 47.64%

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, 29 Nov 2024, 2 resolutions

The company's voting result (opens in a new tab)

  1. Ratification and extension of Avalon Employee Stock Option Plan - 2022 to the benefits of employees of subsidiaries and group companies of the company
    Special
    76.16% for23.84% against

    Against: promoters 0.00% · institutions 81.58% · other public 0.21%

    Turnout: all 88.58% · promoters 100.00% · institutions 96.56% · other public 53.49%

  2. Appointment of Mr. Anees Ahamed (DIN: 00225648) as an Independent Director (Non Executive) of the company
    Special
    97.75% for2.25% against

    Against: promoters 0.00% · institutions 7.71% · other public 0.01%

    Turnout: all 88.58% · promoters 100.00% · institutions 96.56% · other public 53.49%

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, 3 resolutions

Present: 11 promoters and 35 others.The company's voting result (opens in a new tab)

  1. To approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, 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 0.00%

    Turnout: all 87.06% · promoters 100.00% · institutions 94.66% · other public 50.91%

  2. To appoint Mr. Sareday Seshukumar (DIN: 01646703), who retires by rotation and being eligible, offers himself for re-appointment as a Non-Executive and Non-Independent Director.
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.30% · other public 0.00%

    Turnout: all 87.06% · promoters 100.00% · institutions 94.66% · other public 50.91%

  3. To approve the continuation of Mr. Luquman Veedu Ediyanam (DIN: 06493214) as Non-Executive and Non-Independent Director, who shall be liable to retire by rotation.
    Ordinary
    96.05% for3.95% against

    Against: promoters 0.00% · institutions 14.11% · other public 0.00%

    Turnout: all 87.06% · promoters 100.00% · institutions 94.66% · other public 50.91%

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 2023, 3 resolutions

Present: 10 promoters and 44 others.The company's voting result (opens in a new tab)

  1. To approve and adopt the Audited Standalone and Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.83% · promoters 100.00% · institutions 88.73% · other public 45.45%

  2. To appoint Mr. Bhaskar Srinivasan, (DIN: 02561215), who retires by rotation and being eligible, offers himself for re-appointment as a Director of the Company.
    OrdinaryPromoters have an interest in it
    94.56% for5.44% against

    Against: promoters 0.00% · institutions 23.12% · other public 0.00%

    Turnout: all 82.83% · promoters 100.00% · institutions 88.73% · other public 45.45%

  3. Ratification of “Avalon – Employee Stock Option Plan 2022” of the Company.
    Special
    78.82% for21.18% against

    Against: promoters 0.00% · institutions 89.64% · other public 0.00%

    Turnout: all 82.93% · promoters 100.00% · institutions 89.16% · other public 45.45%

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 28 Sep 2026, 6 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    6 for0 against
  • To appoint Mr. Kunhamed Bicha (DIN: 00819707) as Chairman and Managing Director, who is liable to retire by rotation and being eligible offers himself for reappointment
    6 for0 against
  • To appoint Mr. C.G. Balaji (DIN: 11879293) as an Independent Director of the Company
    6 for0 against
  • To re-appoint Mr. Kunhamed Bicha (DIN: 00819707) as the Chairman and Managing Director of the Company
    6 for0 against
  • To re-appoint Mr. Venkataramani Anantharamakrishnan (DIN: 00277816) as an Independent Director of the Company
    Against Angel One Mutual Fund, Edelweiss Mutual Fund
    • Angel One Mutual FundGovernance Concern: Low attendance at Aggregate Board meetings; and no justification provided for leave of absence.
    • Edelweiss Mutual FundCompliant with law. No issue identified on merit of appointee. Governance Concern: Low attendance at Aggregate Board meetings; and no justification provided for leave of absence.
    4 for2 against
  • To re-appoint Mr. Byas Unnikrishnan Nambisan (DIN: 01342141) as an Independent Director of the Company
    6 for0 against
  • To make payment of commission to the Independent Directors of the Company
    Against Angel One Mutual Fund, Edelweiss Mutual Fund
    • Angel One Mutual FundGovernance Concern: No Specific period for approval and No absolute cap on commission payable.
    • Edelweiss Mutual FundCompliant with law. Governance Concern: No Specific period for approval and No absolute cap on commission payable.
    4 for2 against

Mutual fund votes, meeting of 26 Sep 2025, 14 fund houses

  • To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Report of the Board of Directors and Auditors thereon.MoreLess
    14 for0 against
  • To appoint Mr. Luquman Veedu Ediyanam (DIN: 06493214) as a Non-Executive Director who is liable to retire by rotation and being eligible offers himself for reappointment.
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Low attendance at Board meetings and no justification for leave of absence.
    • Axis Mutual FundLuquman Veedu Ediyanam, 61, is the legal partner and Managing Director of Dhafir Technologies LLC, UAE. He held 5.44% equity stake in the company as on 30 June 2025. He has been on the board of the company since March 2017. He retires by rotation, and his reappointment is in line with statutory requirements. He attended 17% (one out of six) board meetings held in FY25, and 10% (three out of twenty-nine) board meetings over last three years. We expect directors to attend all board meetings and have a threshold of at least 75% attendance over three years. Given the low attendance, we do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No issue identified on merit of appointee. Governance Concern: Low attendance at Board meetings and no justification for leave of absence.
    • HDFC Mutual FundMr. Luquman Veedu Ediyanam, 61, is the legal partner and Managing Director of Dhafir Technologies LLC, UAE. His attendance on board is low. We do not support the resolution.
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because:• Luquman Veedu Ediyanam has failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation.
    • Mirae Asset Mutual FundWe expect directors to attend all board meetings and have a threshold of at least 75% attendance over three years. Given the low attendance, we do not support the resolution.
    4 for10 against
  • To appoint Alagar & Associates LLP (Formerly known as M. Alagar & Associates), Company Secretaries (LLP Registration Number: L2025TN019200) as the Secretarial Auditor of the Company for a term of five consecutive financial years, commencing from the Financial Year 2025-26 till Financial Year 2029-30.MoreLess
    14 for0 against
3 earlier meetings

Mutual fund votes, meeting of 29 Nov 2024, 12 fund houses

  • Ratification and extension of Avalon Employee Stock Option Plan - 2022 to the benefits of employees of subsidiaries and group companies of the company
    Against Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNon-Compliance with SEBI SBEB Regulations: Clubbed Resolution for Ratification and Extension of ESOP Scheme, No clear explanation on the changes proposed to the Scheme, Board/NRC discretion to alter vesting period as per their discretion. Governance & Transparency Concern: Benefit extended to Associate/ Group Companies without justification or cost reimbursement provision.
    • DSP Mutual FundAs per Avalon ESOP Scheme 2022, the aggregate number of ESOPs that could be granted was up to 3.0 mn options out of which 1.8 mn options were granted prior to IPO. The company is seeking shareholder approval for ratification of extension of Avalon ESOP Scheme 2022 to the employees of the subsidiaries, associates and group companies. The company has not granted any options to the employees of its subsidiaries post IPO. The exercise price shall be at a discount of up to a maximum of 20% to the latest available closing price prior to the date of the grant. While the discount in exercise price is within our thresholds, we do not support the grant of ESOPs to be extended to employees of group companies, associates or listed holding companies. Therefore, we do not support the resolution.
    • HDFC Mutual FundThe exercise price shall be at a discount of up to a maximum of 20% to the latest available closing price prior to the date of the grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. Also, the ESOP Scheme is being extended to employees of group companies, associates or listed holding companies
    • HSBC Mutual FundThe scheme provides flexibility for grant of stock options with an exercise price, at a discount upto 20% to the current market price. The company has not specified if vesting is subject to objective performance metrics or disclosed the performance targets and thresholds for such vesting. The proposals include grant of stock options to employees of associate and group companies without a compelling rationale.
    • Nippon India Mutual FundBenefits to be extended to Assciate/ Group Companies other than Subsidiary Companies without justification or cost reimbursement provision.
    3 for9 against
  • Appointment of Mr. Anees Ahamed (DIN: 00225648) as an Independent Director (Non Executive) of the company
    Against DSP Mutual Fund
    • DSP Mutual FundAnees Ahamed, 57, is the founder of Mistral Solutions Private Limited (Mistral), a technology design and systems engineering company (Embedded System Services), which focuses on three business domains: Product Engineering Services, Aerospace & Defense and Homeland Security. Mistral’s website states that it has a vendor eco-system, and it partners with Avalon Technologies Limited (Avalon), to provide production services from fabrication, assembly, mechanical, cabling and system integration for manufacturing defense, aerospace and industrial sub-systems. Due to the business relationship between Avalon and Mistral, and the potential conflict of interest arising for Anees Ahamed, we do not support his appointment as an Independent Director.
    11 for1 against

Mutual fund votes, meeting of 25 Sep 2024, 12 fund houses

  • To approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    12 for0 against
  • To appoint Mr. Sareday Seshukumar (DIN: 01646703), who retires by rotation and being eligible, offers himself for re-appointment as a Non-Executive and Non-Independent Director.
    12 for0 against
  • To approve the continuation of Mr. Luquman Veedu Ediyanam (DIN: 06493214) as Non-Executive and Non-Independent Director, who shall be liable to retire by rotation.
    Against DSP Mutual Fund, HSBC Mutual Fund
    • DSP Mutual FundLuquman Veedu Ediyanam, 60, was appointed as Non-Executive and Non-Independent Director, liable to retire by rotation from 3 March 2017. He owned 5.5% of the company’s equity on 30 June 2024. He has been the legal partner and the Managing Director at Dhafir Technologies LLC, United Arab Emirates since its establishment in 1970. Luquman Veedu Ediyanam’s continuation on the board is being brought to shareholders for a vote following the change in regulation that requires all directors to seek shareholder approval at least once every five years. He attended 13% (1 out of 8) board meetings held in FY24 and 9% (2/23) over last two years: we expect directors to attend all board meetings. We have a threshold of 75% attendance of the board meetings in the three-years prior to re-appointment. Therefore, we do not support his continuation on the board.
    • HSBC Mutual FundA vote AGAINST this resolution is warranted given that Luquman Veedu Ediyanam has attended less than 75 percent of board meetings over the most recent fiscal year, without a satisfactory explanation.
    10 for2 against

Mutual fund votes, meeting of 25 Sep 2023, 10 fund houses

  • To approve and adopt the Audited Standalone and Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    10 for0 against
  • To appoint Mr. Bhaskar Srinivasan, (DIN: 02561215), who retires by rotation and being eligible, offers himself for re-appointment as a Director of the Company.
    Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund
    • Bank of India Mutual FundBhaskar Srinivasan Desai, 57, is promoter of Avalon Technologies Limited. He is founder and President of Sienna Corporation (Avalon’s US subsidiary). He has been on the board since 3 November 1999. He attended 53% (8 out of 15) board meetings held in FY23 and 33% (12/36) over last three years: we expect directors to take their responsibilities seriously and attend all board meetings. We have a threshold of 75% attendance of the board meetings in the three-years prior to re-appointment. Therefore, we do not support his reappointment.
    • Edelweiss Mutual FundNot allowed
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that Bhaskar Srinivasan has attended less than 75 percent of board meetings over the most recent fiscal year, without a satisfactory explanation.
    7 for3 against
  • Ratification of “Avalon – Employee Stock Option Plan 2022” of the Company.
    Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Mahindra Manulife Mutual Fund, Nippon India Mutual Fund
    • Bank of India Mutual FundUnder the scheme, up to 3,000,000 options can be issued to employees. As of 31 March 2013, 1,779,750 options have been granted at a weighted average exercise price of Rs. 20.0. The maximum dilution for the total scheme is 4.4%, on the extended capital base. The exercise price is at the discretion of the board/NRC. It can be as low as the face value of Rs. 2.0 per share, which would represent a discount of ~99.66% to the current market price. We do not favour ESOP schemes where options are granted at a significant discount (of more than 20%) to the market price or if there is inadequate clarity on the exercise price. ESOPs are ‘pay at risk’ options that employees accept, which is protected if the ESOPs are issued at significant discount to the market price. In which case, there is no alignment between the interests of investors and that of employees.Further, stock options can also be granted to employees of associate or group companies. There is no clarity on why the company seeks to extend the scheme to group companies: these may not have any business dealings with the company.
    • Edelweiss Mutual FundNot allowed
    • Franklin Templeton Mutual Fund, HSBC 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, as on grant date. • There is no compelling rationale for the grant of stock options to the employees of the associate company.
    • HDFC Mutual FundThere is lack of disclosure/clarity on the pricing formula/exercise price at which the ESOP will be granted
    • Mahindra Manulife Mutual FundWhile we are ok with the grant terms and ESOP scheme in principle, extension of the scheme to associate companies on a pre-emptive basis does not give shareholders the opportunity to separately vote on the scheme and its coverage. Ideally, the company should have brought two separate proposals for grant of ESOPs and the coverage to enable shareholders to vote separately on the proposals. We do not favor extension of ESOP schemes to associate companies as we believe it does not favor minority shareholders of the listed entity whose employees are to be granted ESOPs.
    • Nippon India Mutual FundInadequate disclosure
    3 for7 against

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

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.