Bharat Dynamics CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 28 Sep 2026, 11 fund houses so far (houses' deadline to file 15 Oct 2026)

• Adoption of the Audited Financial Statements of the Company for the financial year ended 31st March 2026, together with the Reports of the Board of Directors and the Auditors thereon.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has raised emphasis of matter on inventory of Rs. 832.7 mn which has not moved for more than five years and no provision is made for the same. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board, even while the accounts were finalized. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundUnqualified financial statements. Governance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  5 for6 against
• To confirm payment of Interim Dividend (Rs. 4.50 per share) and declare final dividend of Rs.0.40 per share on Equity Shares for the financial year ended 31st March 2026.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. Sufficient funds available for payment of final dividend. Governance Concern: is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  7 for4 against
• To appoint a Director in place of Shri Devulapally Venkata Srinivas Rao (DIN: 10652125), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  7 for4 against
• To ratify the remuneration of the Cost Auditor for the financial year 2026-27.

  11 for0 against
• To appoint Cmde. Sujay Kapoor (DIN: 11520665) as Director (Production) of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  7 for4 against
• To appoint Shri Shailesh Vagerwal (DIN: 11362136) as Chairman and Managing Director of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  7 for4 against
• To appoint Shri Ankush Munjal (DIN: 06787408) as Part Time Non-Official Director (i.e. Independent Director) of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance concern: Term of appointment is ambiguous and against spirit of the law.

  7 for4 against
• To appoint Smt. Vandana Agarwal (DIN: 11889628) as Part Time Non-Official Director (i.e. Independent Director) of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual Fund, Jio BlackRock Mutual FundMs. Vandana Agarwal, 46, is a practicing Chartered Accountant with over two decades of experience including direct taxation, bank branch statutory audits, tax audits, internal audits, ROC Compliances and financial advisory. She is a qualified Chartered Accountant. As per public sources, she is associated with a political party. While her appointment meets statutory requirements, we believe her political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance concern: Term of appointment is ambiguous and against spirit of the law.

  5 for6 against
• To appoint Shri Pankaj Joshi (DIN: 06385037) as Part Time Non-Official Director (i.e. Independent Director) of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual FundPankaj Joshi, 58, is a Chartered Accountant and has experience in audits, taxation, financial planning, and regulatory compliance for corporate and public sector clients. Previously, he served as Independent Director at Punjab National Bank from December 2021 to December 2024.As per public sources, he is associated with a political party. While his appointment meets statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • Jio BlackRock Mutual FundPankaj Joshi, 58, is a Chartered Accountant and has experience in audits, taxation, financial planning, and regulatory compliance for corporate and public sector clients. Previously, he served as Independent Director at Punjab National Bank from December 2021 to December 2024. As per public sources, he is associated with a political party. While his appointment meets statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. We do not support the resolution.

  5 for6 against

Mutual fund votes, meeting of 26 Sep 2025, 30 fund houses

• Adoption of the Audited Financial Statements of the Company for the financial year ended 31st March 2025, together with the Reports of the Board of Directors and the Auditors thereon.

  30 for0 against
• To confirm payment of Interim Dividend (Rs. 4 per share) and declare final dividend of Rs.0.65 per share on Equity Shares for the financial year ended 31st March 2025.

  30 for0 against
• To appoint a Director in place of Shri Ummalaneni Raja Babu (DIN: 10212986), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundU Raja Babu, 59, is the Director General, Missiles and Strategic Systems at the Defence Research & Development Organization. He was appointed to the board on 21 July 2023 by the Ministry of Defence as a nominee of the Government of India. He retires by rotation. He attended four out of six (67%) board meetings in FY25 and seven out of ten (70%) board meetings since his appointment on the board. We expect directors to attend all board meetings or atleast 75% meetings over three years. We note that the board comprises eight directors of which two directors are classified as Independent. Given that only 25% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his reappointment. Further, the board is non-compliant with respect to having atleast one-woman independent director. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • The board is chaired by an executive and promoter director and the board is not at least one-half independent and Ummalaneni Raja Babu is a non-independent director nominee. • He has failed to attend at least 75 percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.
  • Invesco Mutual FundU Raja Babu, 59, is the Director General, Missiles and Strategic Systems at the Defence Research & Development Organization. He was appointed to the board on 21 July 2023 by the Ministry of Defence as a nominee of the Government of India. He retires by rotation. He attended four out of six (67%) board meetings in FY25 and seven out of ten (70%) board meetings since his appointment on the board. We expect directors to attend all board meetings or atleast 75% meetings over three years. We note that the board comprises eight directors of which two directors are classified as Independent. Given that only 25% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his reappointment. Further, the board is non-compliant with respect to having atleast one-woman independent director. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution
  • Mirae Asset Mutual FundWe expect directors to attend all board meetings or atleast 75% meetings over three years. We do not support the resolution.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & woman Independent Director.

  13 for17 against
• To increase the remuneration of the Statutory Auditors and authorise the Board of Directors of BDL to fix the remuneration of the Statutory Auditors from the financial year 2025-26 and onwards

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, UTI Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, UTI Mutual FundTej Raj & Pal. were appointed as the statutory auditors for FY25 by the Comptroller & Auditor General of India (C&AG). The appointment of the statutory auditors for FY26 is yet to be made by the C&AG. In terms of Section 142(1) of the Companies Act, 2013, auditor remuneration has to be fixed by the company in General Meeting. In line with this practice, the company seeks shareholder approval to authorize the board to fix an appropriate remuneration for the statutory auditors. The company has paid Rs. 1.55 mn and Rs. 1.25 mn as audit fees (excluding out of pocket expenses and applicable taxes) to the statutory auditors for FY25 and FY24 respectively. The company now proposes to fix the audit fee payable to statutory auditors to Rs. 1.55 mn per annum (excluding out of pocket expenses and applicable taxes) from FY26 onwards. The proposed remuneration is commensurate to the size and scale of the business. However, we note that the approval is being sought in perpetuity. We expect companies to seek periodic shareholder approval for resolutions. We do not support the resolution
  • Mirae Asset Mutual Fundwe note that the approval is being sought in perpetuity. We expect companies to seek periodic shareholder approval for resolutions. We do not support the resolution

  24 for6 against
• To ratify the remuneration of the Cost Auditor for the financial year 2025-26.

  30 for0 against
• To appoint of Secretarial Auditor of the Company for a term of five years from the financial Year 2025- 26 till 2029-30.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundBasis of recommendation for appointment and credentials of proposed Secretarial Auditors not disclosed in the Notice.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-Compliant with Regulation 36(5) of SEBI LODR 2015: Basis of recommendation for appointment and credentials of proposed Secretarial Auditors not disclosed in the Notice, as required by law.
  • LIC Mutual FundConcerns Basis of recommendation for appointment and credentials of proposed Secretarial Auditors not disclosed in the Notice, as required by law.

  22 for8 against
• To appoint Shri Devulapally Venkata Srinivas Rao (DIN: 10652125) as Director (Technical) of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundDelayed shareholders’ approval. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo issue on merit/eligibility or competence of appointee. Non-Compliant: Directorship has ceased in terms of Section 161 of the Companies Act, 2013, since approval not sought in AGM 2024; Delayed shareholders’ approval under SEBI LODR 2015. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • Devulapally Venkata Srinivas Rao is an executive director serving on the audit committee. • The board is chaired by an executive and promoter director and the board is not at least one-half independent and Devulapally Venkata Srinivas Rao is a non-independent director nominee.
  • LIC Mutual FundConcerns over Directorship has ceased in terms of Section 161 of the Companies Act, 2013, since approval not sought in AGM 2024; Delayed shareholders approval under SEBI LODR 2015. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.

  21 for9 against
• To appoint Shri Gattupalli Gayatri Prasad (DIN: 10877803) (CFO) as Director (Finance) of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director. Delayed Shareholders’ approval.
  • Baroda BNP Paribas Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director. Also, shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director. Delayed Shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive and promoter director and the board is not at least one-half independent and Gattupalli Gayatri Prasad is a non-independent director nominee.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director. Delayed Shareholders approval.

  21 for9 against
• To appoint Shri Chetan Bansilal Kankaria (DIN: 09402860) as Part Time Non-Official Director (i.e. Independent Director) of the Company on the terms and conditions as stipulated by the Government of India.MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous; Appointment for a period of 1 year only.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundChetan Bansilal Kankariya, 49, is a Graduate in Chemical Engineering and has over 26 years of experience in the field of land development and building construction. The company proposes to appoint him as an Independent Director for three years from 22 April 2025. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. Further, there is inadequate clarity on his experience, in the absence of which we are unable to determine his suitability to be on the board. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of Director. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law; Appointment for a period of 1 year only.
  • Baroda BNP Paribas Mutual FundCompliant with law. No concern on the merits of Director. Governance concern: shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board. Also, the exact term/ period for which it proposes to appoint the ID in the resolutions is ambiguous and against spirit of the law; Appointment for a period of 1 year is too short for an ID to make any significant contribution towards the affairs of the Company.
  • Invesco Mutual FundChetan Bansilal Kankariya, 49, is a Graduate in Chemical Engineering and has over 26 years of experience in the field of land development and building construction. The company proposes to appoint him as an Independent Director for three years from 22 April 2025. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. Further, there is inadequate clarity on his experience, in the absence of which we are unable to determine his suitability to be on the board. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval; Term of appointment is ambiguous and against spirit of the law; Appointment for a period of 1 year only.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  14 for16 against
• To appoint Ms. Meera Mohanty (DIN: 03379561) as Government Nominee Director of the Company on the terms and conditions as stipulated by the Government of India.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundMs. Meera Mohanty, 48, is an IAS Officer and currently serves as a Joint Secretary (Personnel and Coordination) in the Department of Defence Production, Ministry of Defence. Prior to her current role, she served as Joint Secretary in the Prime Minister’s Office. She is liable to retire by rotation. While her appointment is in line with statutory requirements, we are unable to support her appointment to the board as the board composition is not compliant with the regulations on independent director representation. We note that the board comprises eight directors of which two directors are classified as Independent by the company - just 25% of the board comprises independent directors as against the regulatory threshold of 50%. Further, the board is non-compliant with respect to having atleast one woman independent director. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive and promoter director and the board is not at least one-half independent and Meera Mohanty is a non-independent director nominee.
  • Invesco Mutual FundMs. Meera Mohanty, 48, is an IAS Officer and currently serves as a Joint Secretary (Personnel and Coordination) in the Department of Defence Production, Ministry of Defence. Prior to her current role, she served as Joint Secretary in the Prime Minister’s Office. She is liable to retire by rotation. While her appointment is in line with statutory requirements, we are unable to support her appointment to the board as the board composition is not compliant with the regulations on independent director representation. We note that the board comprises eight directors of which two directors are classified as Independent by the company - just 25% of the board comprises independent directors as against the regulatory threshold of 50%. Further, the board is non-compliant with respect to having atleast one woman independent director. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & woman Independent Director.

  14 for16 against

• Tax disputeCST DepartmentSince 13 Mar 2015
  Levy of CST on Job Work transactions - for non submission of Form 'F' (Govt. is customer, not a dealer and hence cannot issue Form 'F' ) is the dispute and BDL contested (2011-12 to 2014-15) The disputed tax amount is Rs.213.10 Crore. Case is pending for hearing before High Court of Telangana.MoreLess
  At the filing before: No change
• Tax disputeGST DepartmentSince 19 Apr 2024
  ITC claimed on (1) suppliers registration cancelled before the date of invoice (2) supplier not paid GST (3) supplier filed Nil GSTR-3B for FY 2019-20. The disputed tax amount is Rs. 0.09 Crore. Case is pending for hearing at Addl. Commissioner (ST) Legal.MoreLess
  At the filing before: No change
• Tax disputeIncome tax Officer, National Faceless Assessment Centre (NFAC)Since 23 May 2022
  Disallowance of TDS credit FY 2020-21 (AY 2021-22). The disputed tax amount is Rs.7.32 Crore. Case is pending for hearing before NFAC.
  At the filing before: No change
• Tax disputeExcise DepartmentSince 2 Jul 2020
  Interest on Excise duty on Missile despatch after 01 July, 2017 for which sales were accounted prior to 01 July,2017. The disputed tax amount is Rs.53.06 Crore. Case is pending for hearing at CESTAT.
  At the filing before: No change
• Tax disputeGST DepartmentSince 15 Apr 2026
  ITC claimed on (1) suppliers registration cancelled before the date of invoice and supplier not paid GST. The disputed tax amount is Rs. 0.09 Crore. Case is pending for hearing at Addl. Commissioner (ST) Legal.MoreLess
  At the filing before: Pending for final hearing

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

The board is made up as the listing rules require

No

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.