Awfis Space Solutions logo

Awfis Space Solutions MD, chairman, board of directors and AGM

NSE: AWFISBSE: 544181Commercial Services & SuppliesSmall Cap

Last close ₹221.40down ₹10.40 (4.49%)BSE ₹220.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹231.80.

52-week range of traded prices to 23 Oct 2026
₹218.28Low, 23 Oct 2026₹639.40High, 11 Nov 2025
Market cap
₹1,584 Cr1,078th largest listed
P/E
18.7
P/B
2.9
Dividend yield
Nonein the last 12 months
ROE
16.8%
ROCE
29.3%
Debt to equity
0.09
Volume, NSE
4,67,14746.6% delivered

Awfis Space Solutions 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

  • Chairperson and managing directorAmit RamaniRelated to the promoter
  • Company Secretary and Compliance OfficerShweta Gupta

6 directors4 independent1 executive1 non-executive

  • Amit Ramani · Chairperson and managing directorExecutive · joined Dec 2014 · reappointed Jul 2024 · 141 months as independent · 2 listed boards · 1 as independent · 3 committee seats, 1 as chair
  • Sanjay Mahesh ShahIndependent · joined Dec 2023 · 33 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Anil ParasharIndependent · joined Dec 2023 · 33 months as independent · 2 listed boards · 1 as independent · 3 committee seats, 1 as chair
  • Radhika Gokul JaykrishnaIndependent · joined Dec 2023 · 33 months as independent · 1 listed board · 1 as independent
  • Rajesh KharabandaNon-executive · joined May 2024 · 28 months as independent · 1 listed board · 1 committee seat, 1 as chair
  • Abhishek PoddarIndependent · joined Jul 2026 · 3 months as independent · 2 listed boards · 2 as independent

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
  • Arjun Shanker Bhartia, left 9 Apr 2026: Others

Committees and meetings

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

  • Board

    • 13 Aug 20266 of 6 present4 independent · 79 days in between
    • 25 May 20264 of 5 present2 independent

  • Audit Committee

    Chair Anil Parashar

    Amit Ramani, Sanjay Mahesh Shah

    • 13 Aug 20263 of 3 present2 independent · 42 days in between
    • 25 May 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Sanjay Mahesh Shah

    Rajesh Kharabanda, Anil Parashar

    • 13 Aug 20263 of 3 present2 independent
    • 1 Jul 20263 of 3 present2 independent · 36 days in between
    • 25 May 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Rajesh Kharabanda

    Sanjay Mahesh Shah, Amit Ramani

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Amit Ramani

    Rajesh Kharabanda, Sanjay Mahesh Shah, Sumit Rochlani, Sumit Lakhani

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Amit Ramani

    Rajesh Kharabanda, Radhika Gokul Jaykrishna

    No meeting listed in the filing.

  • Management Committee

    Chair Amit Ramani

    Rajesh Kharabanda, Sanjay Mahesh Shah

    No meeting listed in the filing.

  • IPO Committee

    Chair Amit Ramani

    Rajesh Kharabanda

    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 Jun 2026.

  • Walker Chandiok & Co LLP, Chartered AccountantsPeer-review certificate valid to May 2028
1 earlier auditor
  • Walker Chandio and Co LLPNamed 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.

Awfis Space Solutions 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.Awfis Space Solutions share news and announcements

Annual general meeting, 21 Sep 2026

52,593 shareholders on the register on 14 Sep 2026; present: 1 promoter and 140 others; votes counted by Rupinder Singh Bhatia / Rupinder Singh Bhatia, Practicing Company Secretary.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 report of the Board of Directors and Auditors' thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.18% · promoters 100.00% · institutions 79.43% · other public 12.96%

  2. To appoint a director in place of Mr. Amit Ramani (DIN: 00549918), who retires by rotation and being eligible, offers his candidature for re-appointment
    OrdinaryPromoters have an interest in it
    96.97% for3.03% against

    Against: promoters 0.00% · institutions 4.24% · other public 0.01%

    Turnout: all 69.18% · promoters 100.00% · institutions 79.43% · other public 12.95%

  3. Appointment of Mr. Abhishek Poddar (DIN: 00031175) 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 69.18% · promoters 100.00% · institutions 79.43% · other public 12.95%

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, 22 Jan 2026, 1 resolution

47,870 shareholders on the register on 19 Dec 2025; votes counted by Rupinder Singh Bhatia / Rupinder Singh Bhatia.The company's voting result (opens in a new tab)

  1. Approval for the sale and transfer of the Company’s Design and Build Business (D&B Business/Undertaking) on slump sale basis to Awfis Transform Private Limited (“ATPL”), a Wholly Owned Subsidiary of the Company.MoreLess
    Special
    100.00% for0.00% against

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

    Turnout: all 65.80% · promoters 98.81% · institutions 87.84% · other public 4.77%

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, 3 resolutions

45,566 shareholders on the register on 19 Sep 2025; present: 1 promoter and 119 others; votes counted by Rupinder Singh Bhatia / NA.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2025,
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.30% · promoters 100.00% · institutions 83.55% · other public 65.33%

  2. To appoint a Director in place of Mr. Rajesh Kharabanda (DIN: 01495928), who retires by rotation and being eligible, offers his candidature for re-appointment.
    Ordinary
    91.93% for8.07% against

    Against: promoters 0.00% · institutions 15.58% · other public 0.01%

    Turnout: all 80.30% · promoters 100.00% · institutions 83.55% · other public 65.33%

  3. To appoint Secretarial Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.30% · promoters 100.00% · institutions 83.55% · other public 65.33%

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, 9 Jul 2025, 2 resolutions

39,429 shareholders on the register on 6 Jun 2025; votes counted by Rupinder Singh Bhatia / NA.The company's voting result (opens in a new tab)

  1. To re-classify the status of Peak XV Partners Investments V and persons belonging to its Promoter Group from Promoter and Promoter Group category to Public category
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 70.96% · promoters 84.01% · institutions 85.67% · other public 41.55%

  2. Amendment to the Object Clause of Memorandum of Association of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 74.22% · promoters 100.00% · institutions 85.67% · other public 41.55%

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, 18 Dec 2024, 2 resolutions

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

  1. Approval for Awfis Space Solutions Employee Stock Option Scheme 2024
    Special
    84.23% for15.77% against

    Against: promoters 0.00% · institutions 68.35% · other public 0.01%

    Turnout: all 79.40% · promoters 100.00% · institutions 89.73% · other public 63.97%

  2. Approval for Grant of Options to Employees of Subsidiary or Associate Company, in India or outside India, under Awfis Space Solutions Employee Stock Option Scheme – 2024
    Special
    83.50% for16.50% against

    Against: promoters 0.00% · institutions 71.50% · other public 0.01%

    Turnout: all 79.40% · promoters 100.00% · institutions 89.73% · other public 63.97%

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, 27 Sep 2024, 5 resolutions

Present: 1 promoter and 115 others.The company's voting result (opens in a new tab)

  1. To consider and adopt the standalone and consolidated financial statements of the Company for the financial year ended March 31, 2024, together with the reports of Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.01% against

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

    Turnout: all 78.04% · promoters 100.00% · institutions 84.16% · other public 64.36%

  2. To appoint a Director in place of Mr. Arjun Shankar Bhartia (DIN: 03019690), who retires by rotation and being eligible, offers his candidature for re-appointment
    Ordinary
    99.46% for0.54% against

    Against: promoters 0.00% · institutions 2.72% · other public 0.01%

    Turnout: all 78.04% · promoters 100.00% · institutions 84.16% · other public 64.35%

  3. To appoint a Director in place of Mr. Amit Ramani (DIN: 00549918), who retires by rotation and being eligible, offers his candidature for re-appointment
    OrdinaryPromoters have an interest in it
    98.32% for1.68% against

    Against: promoters 0.00% · institutions 8.48% · other public 0.01%

    Turnout: all 78.04% · promoters 100.00% · institutions 84.16% · other public 64.35%

  4. Appointment of M/s. Walker Chandiok & Co. LLP, Chartered Accountants (ICAI Firm Registration No.: 001076N/N500013) as the Statutory Auditors of the Company and to fix their remuneration
    Ordinary
    99.06% for0.94% against

    Against: promoters 0.00% · institutions 4.74% · other public 0.01%

    Turnout: all 78.04% · promoters 100.00% · institutions 84.16% · other public 64.35%

  5. To alter the Article of Association of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 78.04% · promoters 100.00% · institutions 84.16% · other public 64.35%

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 Jul 2024, 2 resolutions

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

  1. Appointment of Mr. Rajesh Kharabanda (DIN: 01495928) as Non-Executive Non-Independent Director of thenCompany.
    Ordinary
    99.15% for0.85% against

    Against: promoters 0.00% · institutions 2.98% · other public 0.00%

    Turnout: all 71.43% · promoters 61.34% · institutions 87.27% · other public 69.76%

  2. Alteration of the Articles of Association of the Company
    Special
    85.61% for14.39% against

    Against: promoters 0.00% · institutions 50.83% · other public 0.00%

    Turnout: all 71.67% · promoters 61.34% · institutions 87.27% · other public 70.26%

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.Funds that hold it

Mutual fund votes, meeting of 21 Sep 2026, 4 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 report of the Board of Directors and Auditors' thereonMoreLess
    4 for0 against
  • To appoint a director in place of Mr. Amit Ramani (DIN: 00549918), who retires by rotation and being eligible, offers his candidature for re-appointment
    Against Angel One Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance concern: Excessive remuneration being paid to Mr. Amit Ramani, and he is the promoter, Chairman and Managing Director of the Company.
    • PGIM India Mutual FundCompliant with law. Governance concern: Excessive remuneration being paid to Mr. Amit Ramani, and he is the promoter, Chairman and Managing Director of the Company.
    2 for2 against
  • Appointment of Mr. Abhishek Poddar (DIN: 00031175) as an Independent Director of the Company
    4 for0 against

Mutual fund votes, meeting of 22 Jan 2026, 18 fund houses

  • Approval for the sale and transfer of the Company’s Design and Build Business (D&B Business/Undertaking) on slump sale basis to Awfis Transform Private Limited (“ATPL”), a Wholly Owned Subsidiary of the Company.MoreLess
    18 for0 against
5 earlier meetings

Mutual fund votes, meeting of 24 Sep 2025, 16 fund houses

  • To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2025,
    16 for0 against
  • To appoint a Director in place of Mr. Rajesh Kharabanda (DIN: 01495928), who retires by rotation and being eligible, offers his candidature for re-appointment.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundHolding two full-time positions, whereas the relationship between the Companies is not clear.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency concern: Holding two full-time positions, whereas the relationship between the Companies is not clear.
    • Nippon India Mutual FundTransparency concern: Holding two full-time positions, whereas the relationship between the Companies is not clear.
    10 for6 against
  • To appoint Secretarial Auditors of the Company
    16 for0 against

Mutual fund votes, meeting of 9 Jul 2025, 15 fund houses

  • To re-classify the status of Peak XV Partners Investments V and persons belonging to its Promoter Group from Promoter and Promoter Group category to Public category
    15 for0 against
  • Amendment to the Object Clause of Memorandum of Association of the Company
    15 for0 against

Mutual fund votes, meeting of 18 Dec 2024, 10 fund houses

  • Approval for Awfis Space Solutions Employee Stock Option Scheme 2024
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, PGIM India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Inadequate disclosures related to exercise price.
    • HDFC Mutual FundThe scheme gives the Nomination and Remuneration Committee (NRC) the discretion to give a discount of 30% or any other percentage which could result in options being granted at a significant discount to market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees.
    • Invesco Mutual FundAs per Awfis Space Solutions Employee Stock Option Scheme – 2024, 2.2 mn options will be issued. The scheme will be implemented directly by the NRC through fresh issue of shares (dilution of 3.0%). The exercise price will be decided by the NRC at the time of grant and shall be linked with the market price. The NRC can give a discount of 30% or any other percentage. The exercise price shall not go below the face value of the equity shares. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. Such practices do not align the interests of investors and employees. We raise concern that the scheme allows discretionary implementation of the policy by categorizing an exiting employee as a good leaver/bad leaver. The company has neither disclosed the granular details regarding the vesting criteria (performance based/tenure based) nor the details of performance metrics on the basis of which the options will vest. Given the lack of clarity and the fact that the exercise price is at the discretion of the NRC, we do not support the resolution
    • Nippon India Mutual FundInadequate Disclosure
    3 for6 against
  • Approval for Grant of Options to Employees of Subsidiary or Associate Company, in India or outside India, under Awfis Space Solutions Employee Stock Option Scheme – 2024
    Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, quant Mutual Fund
    • Axis Mutual FundThrough a separate resolution, the company proposes to extend the Awfis Space Solutions Employee Stock Option Scheme – 2024 to employees of subsidiary or associate company. While we support the grant of ESOPs to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies. .
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, PGIM India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Inadequate disclosures related to exercise price. Governance & Transparency concern: Benefit extended to Associate Companies without justification or cost reimbursement provision.
    • HDFC Mutual FundThe scheme gives the Nomination and Remuneration Committee (NRC) the discretion to give a discount of 30% or any other percentage which could result in options being granted at a significant discount to market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees.
    • Invesco Mutual FundThrough a separate resolution, the company proposes to extend the Awfis Space Solutions Employee Stock Option Scheme – 2024 to employees of subsidiary or associate company. While we support the grant of ESOPs to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies and hence we do not support the resolution.
    • Nippon India Mutual FundBenefits to be extended to Assciate/ Group Companies other than Subsidiary Companies without justification or cost reimbursement provision.
    • quant Mutual FundRes 1&2 Vote: AGAINST Explanation: Non-compliant with SEBI (SBEB & SE) Regulations, 2021: Inadequate disclosures related to exercise price. The intent behind SEBI mandating disclosure of exercise price / pricing formula in the Notice, is so that the shareholders could estimate the economic benefit proposed to be transferred to its employees during the course of time. The Company should provide a formula or the manner in which such price shall be determined for shareholders to take an informed decision.
    2 for8 against

Mutual fund votes, meeting of 27 Sep 2024, 8 fund houses

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

  • To consider and adopt the standalone and consolidated financial statements of the Company for the financial year ended March 31, 2024, together with the reports of Board of Directors and Auditors thereonMoreLess
    7 for0 against
  • To appoint a Director in place of Mr. Arjun Shankar Bhartia (DIN: 03019690), who retires by rotation and being eligible, offers his candidature for re-appointment
    7 for0 against
  • To appoint a Director in place of Mr. Amit Ramani (DIN: 00549918), who retires by rotation and being eligible, offers his candidature for re-appointment
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual FundCompliant with Law. No concern on the merits of proposed appointee. Governance Concern: Excessive Remuneration; Combined position as Chairman & MD.
    5 for2 against
  • Appointment of M/s. Walker Chandiok & Co. LLP, Chartered Accountants (ICAI Firm Registration No.: 001076N/N500013) as the Statutory Auditors of the Company and to fix their remuneration
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual FundCompliant with Law. Governance Concern: No justification for the Material changes in the Audit remuneration.
    5 for2 against
  • To alter the Article of Association of the Company
    6 for0 against
2 proposals not matched to one resolution
  • 1. To consider and adopt the standalone and consolidated financial statements of the Company for the financial year ended March 31, 2024, together with the reports of Board of Directors and Auditors thereon; 2. To appoint a Director in place of Mr. Arjun Shankar Bhartia (DIN: 03019690), who retires by rotation and being eligible, offers his candidature for re-appointment; 3. To appoint a Director in place of Mr. Amit Ramani (DIN: 00549918), who retires by rotation and being eligible, offers his candidature for re appointment; 4. Appointment of M/s. Walker Chandiok & Co. LLP, Chartered Accountants (ICAI Firm Registration No.: 001076N/N500013) as the Statutory Auditors of the Company and to fix their remuneration. 5. To alter the Article of Association of the Company.MoreLess
    1 for0 against
  • Approve amendment of Articles of Association (AoA) to remove board nomination rights to certain shareholders
    1 for0 against

Mutual fund votes, meeting of 26 Jul 2024, 11 fund houses

  • Appointment of Mr. Rajesh Kharabanda (DIN: 01495928) as Non-Executive Non-Independent Director of thenCompany.
    11 for0 against
  • Alteration of the Articles of Association of the Company
    Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
    • Axis Mutual FundThe company has proposed to amend the AoA of the company to incorporate board nomination rights to certain shareholders. The amendment allows Peak XV; Bisque Limited and Link Investment Trust collectively; and New Investor Group to appoint one nominee director each as long as their shareholding is at least 5%. It also allows Amit Ramani, Promoter CMD, to appoint two promoter directors till he holds at least 11% stake or one promoter director till he has 5% stake. We believe, given the low threshold of the required shareholding, the board nomination rights to three shareholder groups are prejudicial to the interest of the remaining shareholders. We recommend a minimum shareholding threshold of 10% to be able to nominate a director on the board. Hence, we do not support the resolution.
    • Bandhan Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Nomination rights which undermines the role of NRC.
    • Edelweiss Mutual FundNeed more information
    • HDFC Mutual FundThe minimum shareholding threshold required for strategic investors to appoint nominee director is low.
    • ICICI Prudential Mutual FundGiven the low threshold of the required shareholding for nomination, the board nomination rights to certain shareholder groups could be prejudicial to the interest of the remaining shareholders. Nomination rights undermines the role of Nomination & Remuneration Committee. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundThe company has proposed to amend the AoA of the company to incorporate board nomination rights to certain shareholders. The amendment allows Peak XV; Bisque Limited and Link Investment Trust collectively; and New Investor Group to appoint one nominee director each as long as their shareholding is at least 5%. It also allows Amit Ramani, Promoter CMD, to appoint two promoter directors till he holds at least 11% stake or one promoter director till he has 5% stake. We believe, given the low threshold of the required shareholding, the board nomination rights to three shareholder groups are prejudicial to the interest of the remaining shareholders. We recommend a minimum shareholding threshold of 10% to be able to nominate a director on the board. Hence, we do not support the resolution
    • Nippon India Mutual FundNomination rights which undermines the role of NRC.
    1 for9 against

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

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeAssistant Commissioner of Income TaxSince 7 Mar 2023
    Case was last adjourned till 16-03-2026. On 16th March, 2026, counsel appeared on behalf of the respondent – Revenue sought an adjournment. The matter has now been listed for the next hearing on 03.08.2026. On 3rd August, 2026, counsel appeared on behalf of the respondent – Revenue sought an adjournment. The matter has now been listed again for the next hearing on 07.10.2026. The matter has now been listed again for the next hearing on 08.12.2026.MoreLess
    At the filing before: The Writ Petition for A.Y. 2019-20 has been filed to challenge notice dated 07.03.2023 issued u/s 148A of the Income tax Act, 1961 and resultant Order dated 31.03.2023 u/s 148A(d) of the Act and also against consequential notice dated 31.03.2023 issued u/s 148 of the Act. The Hon'ble Delhi HC vide order dated 11.07.2023 has stayed the impugned order and notice dated 31.03.2023 Next date of hearing: 29.11.2023 In the proceedings held on 29.11.2023, Learned counsel for the Income Tax Department prayed for and is permitted to file a counter affidavit within four weeks. The matter is now listed for 16th April, 2024. Interim order to continue. On 16th April 2024, the Matter has been further adjourned to 9th July 2024. On 9th July 2024 the matter has now been adjourned for hearing on 12.09.2024. Matter now adjourned for 03.12.2024, matter is now adjourned for 10.02.2025, now case is listed for 6th March, 2025, matter again adjourned for 16th March 2026. On 16th March 2026 the matter has now been adjourned for hearing on 03.08.2026. Matter now again adjourned for hearing on 07.10.2026.We attended the court on 07.10.2026 and the matter has been adjourned for hearing on 08.12.2026.MoreLess
  • Tax disputeThe Deputy Commissioner of State Tax, Mazgaon, MumbaiSince 23 Feb 2024
    Reply has been filed, pending at department's end.
    At the filing before: Our Company received an email from the Deputy Commissioner of State Tax, Mazgaon, Mumbai (the “Deputy Commissioner”) on February 23, 2024, alleging that the excess integrated goods and service tax credit amounting to ₹ 48.32 million (the “IGST Credit”) is lying in the GSTR-2B (auto drafted input tax credit statement) relating to the financial year 2022-23. Pursuant to the circular issued by the Central Board of Indirect Taxes and Customs vide the circular number 170/02/2022-GST dated July 6, 2022, regarding mandatory furnishing of correct and proper information of inter-state supplies and amount of ineligible/blocked input tax credit and reversal thereof in return in GSTR-3B and statement in GSTR-1, the Deputy Commissioner ordered that the excess IGST Credit lying in GSTR-2B and the unreported credit of our Company to be reported into table 4(A) of GSTR-3B and report reversal in table 4B(1) of the same return. A reply has been sent by our Company through the email dated March 14, 2024.MoreLess
  • Tax disputeDeputy Commissioner of State Tax, Mazgaon, MumbaiSince 16 Jun 2025
    DRC-01 has been received dated 21.05.2024 raising demand of Rs. 1,98,07,958/-. The Order in respect of the appeal filed by the Company was received on June 17, 2026. As per the Order, dues payable is of Rs.1,61,833/- under IGST, CGST and SGST Act, out of which the Company had deposited part payment while filling appeal at Rs.1,07,556/-. Now the Company has paid the full demand of Rs. 1,49,501 on 13-Jul-26 after adjustment of part payment Rs. 12,332 as per system allowability. Remaining amount of Rs. 95,244 will be claimed as refund from the department. Refund is already claimed for Rs. 95224 against which order has been issued by the department on 8-Sep-26 but amount is not yet credited into Company's account.MoreLess
    At the filing before: Our Company had received an audit notice in form GST ADT-01 dated January 16, 2023, (the ADT-01 Notice) from the Deputy Commissioner of State Tax, Mazgaon, Mumbai (the “Deputy Commissioner”) wherein our Company was asked to provide records / information of our Company pertaining to the financial year 2019-20 for the audit of our books of account. In response to the ADT-01 Notice, our Company has submitted the relevant records / information and filed a reply via the email dated January 10, 2024. In pursuance of the said submission of the records / information by us, our Company received an audit observation notice in form GST ADT-02 dated April 18, 2024, (the “ADT-02 Notice”) in terms of section 65 of the Central Goods and Service Tax Act, 2017 by the Deputy Commissioner in reference to the discrepancies in the audit of records of our Company for the financial year 2019-20 raising demand of ₹ 20.20 million from our Company. A reply to the ADT-02 Notice has been submitted by our Company via e-mail dated May 3, 2024. On May 7, 2024, our Company received an intimation of tax ascertained under section 73 of the Central Goods and Service Tax Act, 2017 / the Maharashtra Goods and Service Tax Act, 2017 in form GST DRC-01A from the Deputy Commissioner partially accepting our reply to ADT-02 Notice revising the amount of tax / interest / penalty payable by our Company from ₹ 20.20 million to ₹ 19.67 million. Further, our Company received form GST DRC-01 from the Deputy Commissioner on May 21, 2024, with an updated tax and other dues payable by our Company amounting to ₹ 19.80 million. The Order in respect of the appeal filed by the Company was received on June 17, 2026. As per the Order, dues payable is of Rs.1,61,833/- under IGST, CGST and SGST Act, out of which the Company had deposited part payment while filling appeal at Rs.1,07,556/- through Electronic Cash ledger. GST portal is allowing us to make the payment of Rs. 1,49,501 out of Rs. 1,61,833 after adjustment of some value from part payment i.e. Rs. 12,332. So, demand of Rs. 1,49,501 has been paid by us on 13-Jul-26. Remaining amount of Rs. 95,224/- out of part payment Rs, 1,07,556 will be claimed as refund from the department. We have claimed the refund of Rs. 95224 for which order has been received by the Company.MoreLess
  • Tax disputeOffice of the Deputy Commissioner of State TaxSince 27 Nov 2024
    Reply has been filed, pending at department's end
    At the filing before: For the month of October 2024, DRC-01C was issued dated 27th November, 2024, for claiming of excess ITC (2B vs 3B) of Rs. 4,46,12,994/- as ITC related to FY 2023-24 of Leasehold improvement as per Safari Retreat case has been reclaimed, same was converted to DRC-01A dated 7th January, 2025.MoreLess
  • Tax disputeCommercial Tax Officer, Chennai Central JurisdictionSince 20 May 2026
    Reply has been filed, pending at department's end
    At the filing before: The Company has received a Show Cause notice on 20-May-2026 from Commercial Tax Officer, Nungabakkam, Central-III, Chennai Central, Tamil Nadu, in form of DRC-01 w.r.t. various discrepancies in filed return statement of FY 2023-24 and raised a proposed demand of Rs. 6,52,97,283. The reply for the same was due on 21-Jun-2026. The Company submitted reply for the same on 18-Jun-2026.MoreLess
  • Tax disputeCommercial Tax Officer, Chennai Central JurisdictionSince 23 May 2026
    Reply has been filed, pending at department's end
    At the filing before: The Company has received a Show Cause notice on 23-May-2026 from Commercial Tax Officer, Nungabakkam, Central-III, Chennai Central, Tamil Nadu, in form of DRC-01 w.r.t. various discrepancies in filed return statement of FY 2022-23 and raised a proposed demand of Rs. 53, 42, 58,972 which has computational errors in quantification. Actually the correct aggregate value of proposed demand is Rs. 7,10,48,922. The reply for the same was due on 24-Jun-2026. The Company submitted reply for the same on 24-Jun-2026.MoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

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

  • Received
  • Resolved

Open at the quarter's end

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

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesMay 2024, checked by CARE Ratings Limited128.00––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.