Bharti Airtel logo

Bharti Airtel CEO, MD, chairman, board of directors and AGM

NSE: BHARTIARTLBSE: 532454Telecom - ServicesLarge Cap

Formerly Bharti Tele-Ventures
Last close ₹1,892.10down ₹2.90 (0.15%)BSE ₹1,890.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,895.00.

52-week range of traded prices to 23 Oct 2026
₹1,726.30Low, 1 Oct 2026₹2,174.50High, 21 Nov 2025
Market cap
₹11,80,889 Cr3rd largest listed
P/E
40.8
P/E without one-offs
36.1
P/B
7.9
Dividend yield
1.27%
ROE
22.0%
ROE without one-offs
24.9%
ROCE
22.2%
Debt to equity
0.62
Volume, NSE
98,70,90363.1% delivered

Bharti Airtel 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

  • ChairpersonSunil Bharti Mittal
  • Managing director and CEOShashwat Sharma
  • Company Secretary and Compliance OfficerRohit Krishan Puri

12 directors6 independent3 executive3 non-executive

  • Sunil Bharti Mittal · ChairpersonExecutive · joined Jul 1995 · reappointed Oct 2021 · 2 listed boards
  • Gopal VittalExecutive · joined Feb 2013 · reappointed Jan 2026 · 1 listed board · 1 committee seat
  • Shashwat Sharma · Managing director and CEOExecutive · joined Jan 2026 · reappointed Jan 2026 · 1 listed board · 1 committee seat
  • Tao Yih Arthur LangNon-executive · joined Oct 2020 · 2 listed boards · 2 committee seats
  • Chua Sock KoongNon-executive · joined May 2001 · 2 listed boards
  • Rajan Bharti MittalNon-executive · joined Oct 2024 · 5 listed boards · 2 as independent · 5 committee seats, 3 as chair
  • Kimsuka NarasimhanIndependent · joined Mar 2019 · reappointed Mar 2024 · 87 months as independent · 3 listed boards · 3 as independent · 3 committee seats, 1 as chair
  • Nisaba GodrejIndependent · joined Aug 2021 · reappointed Aug 2021 · 59 months as independent · 5 listed boards · 2 as independent · 3 committee seats
  • Arjan Kumar SikriIndependent · joined Jun 2024 · reappointed Jun 2024 · 25 months as independent · 2 listed boards · 2 as independent · 1 committee seat
  • Shyamal MukherjeeIndependent · joined May 2022 · reappointed May 2022 · 49 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 2 as chair
  • Douglas Anderson BaillieIndependent · joined Oct 2023 · reappointed Oct 2023 · 32 months as independent · 1 listed board · 1 as independent
  • Dinesh Kumar KharaIndependent · joined Nov 2025 · reappointed Nov 2025 · 8 months as independent · 5 listed boards · 5 as independent · 5 committee seats, 2 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • Rakesh Bharti Mittal, left 28 Oct 2024: Others

Committees and meetings

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

  • Board

    • 13 May 202612 of 12 present6 independent · 96 days in between
    • 5 Feb 202612 of 12 present6 independent

  • Audit Committee

    Chair Shyamal Mukherjee

    Arjan Kumar Sikri, Kimsuka Narasimhan

    • 13 May 20262 of 3 present2 independent · 43 days in between
    • 30 Mar 20263 of 3 present3 independent · 52 days in between
    • 5 Feb 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Douglas Anderson Baillie

    Nisaba Godrej, Dinesh Kumar Khara

    • 13 May 20263 of 3 present3 independent · 96 days in between
    • 5 Feb 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Rajan Bharti Mittal

    Shyamal Mukherjee, Gopal Vittal, Shashwat Sharma

    • 13 May 20264 of 4 present1 independent · 96 days in between
    • 5 Feb 20264 of 4 present1 independent

  • Risk Management Committee

    Chair Dinesh Kumar Khara

    Kimsuka Narasimhan, Rajan Bharti Mittal, Shyamal Mukherjee, Shashwat Sharma, Soumen Ray

    • 16 Mar 20265 of 6 present3 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Deloitte Haskins & Sells LLPPeer-review certificate valid to Jul 2027

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.

Bharti Airtel 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.Bharti Airtel dividend history

Annual general meeting, 3 Aug 2026

9,56,174 shareholders on the register on 27 Jul 2026; present: 14 promoters and 274 others; votes counted by Harish Chawla / CL & Associates, Company Secretaries.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, 2026 together with the reports of Board of Directors and of Auditors thereonMoreLess
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 92.18% · promoters 100.00% · institutions 88.55% · other public 34.86%

  2. To declare dividend on equity shares for the financial year ended March 31, 2026
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.67% · promoters 100.00% · institutions 89.62% · other public 34.86%

  3. To re-appoint Mr. Gopal Vittal as a Director, liable to retire by rotation
    Ordinary
    97.67% for2.33% against

    Against: promoters 0.00% · institutions 5.24% · other public 0.01%

    Turnout: all 92.66% · promoters 100.00% · institutions 89.61% · other public 34.86%

  4. To re-appoint Mr. Tao Yih Arthur Lang as a Director, liable to retire by rotation
    Ordinary
    97.67% for2.33% against

    Against: promoters 0.00% · institutions 5.24% · other public 0.01%

    Turnout: all 92.66% · promoters 100.00% · institutions 89.61% · other public 34.86%

  5. To ratify remuneration to be paid to Cost Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.66% · promoters 100.00% · institutions 89.61% · other public 34.86%

  6. To approve re-appointment of Mr. Sunil Bharti Mittal as Chairman of the Company
    Special
    98.24% for1.76% against

    Against: promoters 0.00% · institutions 3.97% · other public 0.01%

    Turnout: all 92.62% · promoters 100.00% · institutions 89.51% · other public 34.86%

  7. To approve payment of remuneration to Mr. Sunil Bharti Mittal as Chairman of the Company
    Ordinary
    97.60% for2.40% against

    Against: promoters 0.00% · institutions 5.39% · other public 0.57%

    Turnout: all 92.66% · promoters 100.00% · institutions 89.60% · other public 34.86%

  8. To approve re-appointment of Ms. Nisaba Godrej as an Independent Director of the Company
    Special
    96.89% for3.11% against

    Against: promoters 0.00% · institutions 6.97% · other public 0.76%

    Turnout: all 92.62% · promoters 100.00% · institutions 89.51% · other public 34.86%

  9. To approve Material Related Party Transactions of the Company with Indus Towers Limited, a subsidiary company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 42.56% · promoters 0.00% · institutions 89.60% · other public 34.23%

  10. To approve Material Related Party Transactions of the Company with Dixon Electro Appliances Private Limited, an associate company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 42.56% · promoters 0.00% · institutions 89.60% · other public 34.23%

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

Extraordinary general meeting, 12 Jun 2026, 1 resolution

9,70,485 shareholders on the register on 5 Jun 2026; present: 13 promoters and 228 others; votes counted by Harish Chawla / CL & Associates, Company Secretaries.The company's voting result (opens in a new tab)

  1. Issuance of equity shares of the Company on preferential basis
    SpecialPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.02%

    Turnout: all 92.64% · promoters 100.00% · institutions 89.56% · other public 45.00%

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, 1 Feb 2026, 7 resolutions

8,90,958 shareholders on the register on 27 Dec 2025; votes counted by Harish Chawla / CL & Associates, Company Secretaries.The company's voting result (opens in a new tab)

  1. To appoint Mr. Shashwat Sharma as Managing Director & CEO (Airtel India) of the Company
    Ordinary
    99.70% for0.30% against

    Against: promoters 0.00% · institutions 0.64% · other public 2.07%

    Turnout: all 92.26% · promoters 100.00% · institutions 89.13% · other public 1.52%

  2. To approve remuneration of Mr. Shashwat Sharma as Managing Director & CEO (Airtel India) of the Company
    Ordinary
    99.56% for0.44% against

    Against: promoters 0.00% · institutions 0.93% · other public 2.16%

    Turnout: all 92.23% · promoters 100.00% · institutions 89.08% · other public 1.52%

  3. To appoint Mr. Gopal Vittal as Executive Vice Chairman of the Company
    Ordinary
    99.32% for0.68% against

    Against: promoters 0.00% · institutions 1.43% · other public 1.93%

    Turnout: all 92.31% · promoters 100.00% · institutions 89.25% · other public 1.52%

  4. To approve remuneration of Mr. Gopal Vittal as Executive Vice Chairman of the Company
    Ordinary
    99.56% for0.44% against

    Against: promoters 0.00% · institutions 0.92% · other public 2.03%

    Turnout: all 92.23% · promoters 100.00% · institutions 89.08% · other public 1.52%

  5. To appoint Mr. Dinesh Kumar Khara as an Independent Director of the Company
    Special
    99.68% for0.32% against

    Against: promoters 0.00% · institutions 0.68% · other public 1.97%

    Turnout: all 92.22% · promoters 100.00% · institutions 89.05% · other public 1.52%

  6. To approve amendment in the Object Clause of the Memorandum of Association of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.02% · other public 1.70%

    Turnout: all 92.33% · promoters 100.00% · institutions 89.28% · other public 1.52%

  7. To approve amendment in the Articles of Association of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.01% · other public 1.78%

    Turnout: all 92.33% · promoters 100.00% · institutions 89.28% · other public 1.52%

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, 8 Aug 2025, 11 resolutions

8,81,411 shareholders on the register on 1 Aug 2025; present: 12 promoters and 270 others; votes counted by Mr. Harish Chawla / CL & Associates.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 together with the reports of Board of Directors and of Auditors thereonMoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.19%

    Turnout: all 92.22% · promoters 100.00% · institutions 88.42% · other public 2.11%

  2. To declare dividend on equity shares for the financial year ended March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.18%

    Turnout: all 92.79% · promoters 100.00% · institutions 89.64% · other public 2.11%

  3. To re-appoint Ms. Chua Sock Koong as a Director, liable to retire by rotation
    Ordinary
    98.19% for1.81% against

    Against: promoters 0.00% · institutions 4.03% · other public 0.30%

    Turnout: all 92.78% · promoters 100.00% · institutions 89.62% · other public 2.11%

  4. To ratify remuneration to be paid to Cost Auditors of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.26%

    Turnout: all 92.77% · promoters 100.00% · institutions 89.58% · other public 2.11%

  5. To appoint Secretarial Auditors of the Company
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.07% · other public 0.25%

    Turnout: all 92.78% · promoters 100.00% · institutions 89.61% · other public 2.11%

  6. To approve Material Related Party Transactions of the Company with Bharti Hexacom Limited, a subsidiary company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.54%

    Turnout: all 41.79% · promoters 0.00% · institutions 89.62% · other public 1.19%

  7. To approve Material Related Party Transactions of the Company with Nxtra Data Limited, a subsidiary company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.55%

    Turnout: all 41.79% · promoters 0.00% · institutions 89.62% · other public 1.19%

  8. To approve Material Related Party Transactions of the Company with Indus Towers Limited, a subsidiary company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.52%

    Turnout: all 41.79% · promoters 0.00% · institutions 89.62% · other public 1.19%

  9. To approve Material Related Party Transactions of the Company with Beetel Teletech Limited, a subsidiary company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.59%

    Turnout: all 41.79% · promoters 0.00% · institutions 89.62% · other public 1.19%

  10. To approve Material Related Party Transactions of the Company with Dixon Electro Appliances Private Limited, an associate company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.59%

    Turnout: all 41.79% · promoters 0.00% · institutions 89.62% · other public 1.19%

  11. To approve Material Related Party Transactions between Xtelify Limited, a wholly-owned subsidiary company and Beetel Teletech Limited, a subsidiary company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.59%

    Turnout: all 41.79% · promoters 0.00% · institutions 89.62% · other public 1.19%

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

Postal ballot, 16 Mar 2025, 1 resolution

8,54,301 shareholders on the register on 7 Feb 2025; votes counted by Harish Chawla / CL & Associates, Company Secretaries.The company's voting result (opens in a new tab)

  1. Material related party transaction for sale/ transfer of Passive Infrastructure Business Undertaking comprising mobile/ wireless communication towers and related infrastructure, by the Company to Indus Towers Limited, a subsidiary companyMoreLess
    Ordinary
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 0.15% · other public 0.88%

    Turnout: all 39.51% · promoters 0.00% · institutions 88.56% · other public 0.64%

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, 26 Jan 2025, 1 resolution

8,42,651 shareholders on the register on 20 Dec 2024; votes counted by Harish Chawla / CL & Associates, Company Secretaries.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Rajan Bharti Mittal as a Non-Executive Director, liable to retire by rotation
    Ordinary
    98.21% for1.79% against

    Against: promoters 0.00% · institutions 4.16% · other public 0.19%

    Turnout: all 92.93% · promoters 100.00% · institutions 89.76% · other public 2.44%

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, 20 Aug 2024, 9 resolutions

Present: 12 promoters and 239 others.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, 2024 together with the reports of Board of Directors and of Auditors thereonMoreLess
    Ordinary
    99.87% for0.13% against

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

    Turnout: all 92.07% · promoters 100.00% · institutions 87.19% · other public 40.49%

  2. To declare dividend on equity shares for the financial year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.69% · promoters 100.00% · institutions 88.65% · other public 40.49%

  3. To re-appoint Mr. Tao Yih Arthur Lang as a Director, liable to retire by rotation
    Ordinary
    97.18% for2.82% against

    Against: promoters 0.00% · institutions 6.85% · other public 0.00%

    Turnout: all 92.69% · promoters 100.00% · institutions 88.65% · other public 40.49%

  4. To ratify remuneration to be paid to Sanjay Gupta & Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending 2024-25
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.68% · promoters 100.00% · institutions 88.61% · other public 40.49%

  5. To appoint Justice (Retd.) Arjan Kumar Sikri as an Independent Director of the Company
    Special
    99.95% for0.05% against

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

    Turnout: all 92.62% · promoters 100.00% · institutions 88.49% · other public 40.49%

  6. To approve Material Related Party Transactions with Bharti Hexacom Limited, ansubsidiary company
    Ordinary
    99.77% for0.23% against

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

    Turnout: all 39.71% · promoters 0.00% · institutions 88.63% · other public 40.04%

  7. To approve Material Related Party Transactions with Nxtra Data Limited, a subsidiary company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 39.72% · promoters 0.00% · institutions 88.64% · other public 40.04%

  8. To approve Material Related Party Transactions with Indus Towers Limited, a joint venture company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 39.72% · promoters 0.00% · institutions 88.64% · other public 40.04%

  9. To approve Material Related Party Transactions with Dixon Electro Appliances Private Limited, an associate company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 39.72% · promoters 0.00% · institutions 88.64% · other public 40.04%

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, 28 Jan 2024, 1 resolution

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

  1. Appointment of Mr. Douglas Anderson Baillie as an Independent Director of the Company
    Special
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 0.47% · other public 0.01%

    Turnout: all 92.87% · promoters 100.00% · institutions 88.49% · other public 39.10%

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

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 3 Aug 2026, 19 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, 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 Board of Directors and of Auditors thereonMoreLess
    19 for0 against
  • To declare dividend on equity shares for the financial year ended March 31, 2026
    19 for0 against
  • To re-appoint Mr. Gopal Vittal as a Director, liable to retire by rotation
    19 for0 against
  • To re-appoint Mr. Tao Yih Arthur Lang as a Director, liable to retire by rotation
    19 for0 against
  • To ratify remuneration to be paid to Cost Auditors of the Company
    19 for0 against
  • To approve re-appointment of Mr. Sunil Bharti Mittal as Chairman of the Company
    19 for0 against
  • To approve payment of remuneration to Mr. Sunil Bharti Mittal as Chairman of the Company
    19 for0 against
  • To approve re-appointment of Ms. Nisaba Godrej as an Independent Director of the Company
    19 for0 against
  • To approve Material Related Party Transactions of the Company with Indus Towers Limited, a subsidiary company
    19 for0 against
  • To approve Material Related Party Transactions of the Company with Dixon Electro Appliances Private Limited, an associate company
    19 for0 against

Mutual fund votes, meeting of 12 Jun 2026, 47 fund houses

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

  • Issuance of equity shares of the Company on preferential basis
    12 for0 against
2 proposals not matched to one resolution
  • 1. To create, offer, issue and allot up to 146,761,335 equity shares, on a preferential basis to Indian Continent Investment Limited (ICIL), (an entity established under the laws of Mauritius having its principal office at 38, Royal Street, Port Louis, Mauritius), promoter group entity of the Company at a price of Rs. 1,923 per equity share of the face value of Rs. 5 each fully paid-up of the Company (including a premium of Rs. 1,918 per equity share), being the price not less that the price determined in accordance with Chapter V (Preferential Issue) of the SEBI ICDR Regulations (Floor Price) as on the Relevant Date (i.e., Wednesday, May 13, 2026, being the date 30 days prior to the date of this Extraordinary General Meeting) determined in accordance with applicable law and after consideration of the valuation report dated May 13, 2026 issued by Ernst and Young Merchant Banking Services LLP an Independent Registered Valuer (the Valuation Report), under the applicable provisions including SEBI ICDR Regulations and Act (as applicable), against swap of upto 16.31% shareholding [i.e. upto 595,204,251 equity shares of USD 0.50 each fully paid-up] (the Swap Shares) held by ICIL, in Airtel Africa plc (Airtel Africa), an overseas listed subsidiary of the Company, at a price of Rs. 474.16, equivalent to GBP 3.659 per share, aggregating to a total consideration of Rs. 282.22 Billion.MoreLess
    1 for0 against
  • To create, offer, issue and allot up to 146,761,335 equity shares, on a preferential basis to Indian Continent Investment Limited (ICIL), (an entity established under the laws of Mauritius having its principal office at 38, Royal Street, Port Louis, Mauritius), promoter group entity of the Company at a price of Rs. 1,923 per equity share of the face value of Rs. 5 each fully paid-up of the Company (including a premium of Rs. 1,918 per equity share), being the price not less that the price determined in accordance with Chapter V (Preferential Issue) of the SEBI ICDR Regulations (Floor Price) as on the Relevant Date (i.e., Wednesday, May 13, 2026, being the date 30 days prior to the date of this Extraordinary General Meeting) determined in accordance with applicable law and after consideration of the valuation report dated May 13, 2026 issued by Ernst and Young Merchant Banking Services LLP an Independent Registered Valuer (the Valuation Report), under the applicable provisions including SEBI ICDR Regulations and Act (as applicable), against swap of upto 16.31% shareholding [i.e. upto 595,204,251 equity shares of USD 0.50 each fully paid-up] (the Swap Shares) held by ICIL, in Airtel Africa plc (Airtel Africa), an overseas listed subsidiary of the Company, at a price of Rs. 474.16, equivalent to GBP 3.659 per share, aggregating to a total consideration of Rs. 282.22 Billion.MoreLess
    34 for0 against
6 earlier meetings

Mutual fund votes, meeting of 1 Feb 2026, 46 fund houses

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

  • To appoint Mr. Shashwat Sharma as Managing Director & CEO (Airtel India) of the Company
    46 for0 against
  • To approve remuneration of Mr. Shashwat Sharma as Managing Director & CEO (Airtel India) of the Company
    45 for0 against
  • To appoint Mr. Gopal Vittal as Executive Vice Chairman of the Company
    45 for0 against
  • To approve remuneration of Mr. Gopal Vittal as Executive Vice Chairman of the Company
    45 for0 against
  • To appoint Mr. Dinesh Kumar Khara as an Independent Director of the Company
    46 for0 against
  • To approve amendment in the Object Clause of the Memorandum of Association of the Company
    46 for0 against
  • To approve amendment in the Articles of Association of the Company
    46 for0 against
3 proposals not matched to one resolution
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 8 Aug 2025, 42 fund houses

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

  • To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2025 together with the reports of Board of Directors and of Auditors thereonMoreLess
    41 for0 against
  • To declare dividend on equity shares for the financial year ended March 31, 2025
    41 for0 against
  • To re-appoint Ms. Chua Sock Koong as a Director, liable to retire by rotation
    42 for0 against
  • To ratify remuneration to be paid to Cost Auditors of the Company
    41 for0 against
  • To appoint Secretarial Auditors of the Company
    42 for0 against
  • To approve Material Related Party Transactions of the Company with Bharti Hexacom Limited, a subsidiary company
    Against Groww Mutual Fund, quant Mutual Fund
    • Groww Mutual FundCompliant with law. Transparency Concern: Lack of clarity as to how Purchase/ sale/ exchange/ transfer/ lease of business asset(s) and/ or equipment and Selling/disposing/leasing/buying property(ies) falls under ordinary course of business.
    • quant Mutual FundRelated to the approval for various material related party transactions. Compliant with the law. Transparency concern: Lack of clarity as to how purchase, sale, exchange, transfer, leasing of business asset(s) and/ or equipment and selling, disposing, leasing, buying properties falls under ordinary course of business.
    40 for2 against
  • To approve Material Related Party Transactions of the Company with Nxtra Data Limited, a subsidiary company
    Against Groww Mutual Fund, quant Mutual Fund
    • Groww Mutual FundCompliant with law. Transparency Concern: Lack of clarity as to how Purchase/ sale/ exchange/ transfer/ lease of business asset(s) and/ or equipment and Selling/disposing/leasing/buying property(ies) falls under ordinary course of business.
    • quant Mutual FundRelated to the approval for various material related party transactions. Compliant with the law. Transparency concern: Lack of clarity as to how purchase, sale, exchange, transfer, leasing of business asset(s) and/ or equipment and selling, disposing, leasing, buying properties falls under ordinary course of business.
    40 for2 against
  • To approve Material Related Party Transactions of the Company with Indus Towers Limited, a subsidiary company
    Against Groww Mutual Fund, quant Mutual Fund
    • Groww Mutual FundCompliant with law. Transparency Concern: Lack of clarity as to how Purchase/ sale/ exchange/ transfer/ lease of business asset(s) and/ or equipment and Selling/disposing/leasing/buying property(ies) falls under ordinary course of business.
    • quant Mutual FundRelated to the approval for various material related party transactions. Compliant with the law. Transparency concern: Lack of clarity as to how purchase, sale, exchange, transfer, leasing of business asset(s) and/ or equipment and selling, disposing, leasing, buying properties falls under ordinary course of business.
    40 for2 against
  • To approve Material Related Party Transactions of the Company with Beetel Teletech Limited, a subsidiary company
    Against Groww Mutual Fund, quant Mutual Fund
    • Groww Mutual FundCompliant with law. Transparency Concern: Lack of clarity as to how Purchase/ sale/ exchange/ transfer/ lease of business asset(s) and/ or equipment and Selling/disposing/leasing/buying property(ies) falls under ordinary course of business.
    • quant Mutual FundRelated to the approval for various material related party transactions. Compliant with the law. Transparency concern: Lack of clarity as to how purchase, sale, exchange, transfer, leasing of business asset(s) and/ or equipment and selling, disposing, leasing, buying properties falls under ordinary course of business.
    38 for2 against
  • To approve Material Related Party Transactions of the Company with Dixon Electro Appliances Private Limited, an associate company
    Against Groww Mutual Fund, quant Mutual Fund
    • Groww Mutual FundCompliant with law. Transparency Concern: Lack of clarity as to how Purchase/ sale/ exchange/ transfer/ lease of business asset(s) and/ or equipment and Selling/disposing/leasing/buying property(ies) falls under ordinary course of business.
    • quant Mutual FundRelated to the approval for various material related party transactions. Compliant with the law. Transparency concern: Lack of clarity as to how purchase, sale, exchange, transfer, leasing of business asset(s) and/ or equipment and selling, disposing, leasing, buying properties falls under ordinary course of business.
    40 for2 against
  • To approve Material Related Party Transactions between Xtelify Limited, a wholly-owned subsidiary company and Beetel Teletech Limited, a subsidiary company
    Against Groww Mutual Fund, quant Mutual Fund
    • Groww Mutual FundCompliant with law. Transparency Concern: Lack of clarity as to how Purchase/ sale/ exchange/ transfer/ lease of business asset(s) and/ or equipment and Selling/disposing/leasing/buying property(ies) falls under ordinary course of business.
    • quant Mutual FundRelated to the approval for various material related party transactions. Compliant with the law. Transparency concern: Lack of clarity as to how purchase, sale, exchange, transfer, leasing of business asset(s) and/ or equipment and selling, disposing, leasing, buying properties falls under ordinary course of business.
    40 for2 against
5 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 9, as a fund house numbered it
    1 for0 against
  • To approve Material Related Party Transactions of the Company with Beetel Teletech Limited, a subsidiary company, in aggregate, does not exceed Rs. 1,200 Crore, during FY 2025-26, provided that the said contract(s)/ arrangement(s)/ transaction(s) shall be carried out at arm’s length basis and in the ordinary course of business of the Company.MoreLess
    1 for0 against

Mutual fund votes, meeting of 16 Mar 2025, 38 fund houses

  • Material related party transaction for sale/ transfer of Passive Infrastructure Business Undertaking comprising mobile/ wireless communication towers and related infrastructure, by the Company to Indus Towers Limited, a subsidiary companyMoreLess
    38 for0 against

Mutual fund votes, meeting of 26 Jan 2025, 38 fund houses

  • Appointment of Mr. Rajan Bharti Mittal as a Non-Executive Director, liable to retire by rotation
    38 for0 against

Mutual fund votes, meeting of 20 Aug 2024, 37 fund houses

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

  • To receive, consider and adopt the audited 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 of Auditors thereonMoreLess
    36 for0 against
  • To declare dividend on equity shares for the financial year ended March 31, 2024
    36 for0 against
  • To re-appoint Mr. Tao Yih Arthur Lang as a Director, liable to retire by rotation
    37 for0 against
  • To ratify remuneration to be paid to Sanjay Gupta & Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending 2024-25
    36 for0 against
  • To appoint Justice (Retd.) Arjan Kumar Sikri as an Independent Director of the Company
    36 for0 against
  • To approve Material Related Party Transactions with Bharti Hexacom Limited, ansubsidiary company
    36 for0 against
  • To approve Material Related Party Transactions with Nxtra Data Limited, a subsidiary company
    36 for0 against
  • To approve Material Related Party Transactions with Indus Towers Limited, a joint venture company
    36 for0 against
  • To approve Material Related Party Transactions with Dixon Electro Appliances Private Limited, an associate company
    36 for0 against
8 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against
  • Item 8, as a fund house numbered it
    1 for0 against
  • Item 9, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 28 Jan 2024, 32 fund houses

  • Appointment of Mr. Douglas Anderson Baillie as an Independent Director of the Company
    31 for0 against

    1 abstained

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

Fines and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtAmplus Iru Private LimitedSince 5 Jun 2026

    −5.90% bought in the quarter; holding 3.79%, from 9.69%

  • Unlisted stake boughtFPEL Ujwal Private LimitedSince 22 May 2026

    2.68% bought in the quarter; holding 2.68%, from 0.00%

  • Unlisted stake boughtSpectacom Global Private LimitedSince 29 May 2026

    −3.85% bought in the quarter; holding 0.00%, from 3.85%

  • Fine or penaltyDepartment of Telecommunications, Bihar LSA (‘DoT’)Since 18 May 2026

    Notice imposing a penalty of Rs.78,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for January 2026
  • Fine or penaltyDepartment of Telecommunications, Kerala LSA (‘DoT’)Since 30 Apr 2026

    Notice imposing a penalty of Rs.63,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyDepartment of Telecommunications, Kerala LSA (‘DoT’)Since 29 May 2026

    Notice imposing a penalty of Rs.25,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyDepartment of Telecommunications, Kerala LSA (‘DoT’)Since 24 Jun 2026

    Notice imposing a penalty of Rs.16,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyDepartment of Telecommunications, Kolkata LSA (‘DoT’)Since 30 Apr 2026

    Notice imposing a penalty of Rs.3,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
31 more
  • Fine or penaltyDepartment of Telecommunications, Kolkata LSA (‘DoT’)Since 1 Jun 2026

    Notice imposing a penalty of Rs.3,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyDepartment of Telecommunications, Mumbai LSA (‘DoT’)Since 19 May 2026

    Notice imposing a penalty of Rs.20,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyDepartment of Telecommunications, Mumbai LSA (‘DoT’)Since 27 May 2026

    Notice imposing a penalty of Rs.21,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyDepartment of Telecommunications, Odisha LSA (‘DoT’)Since 17 Apr 2026

    Notice imposing a penalty of Rs.9,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyDepartment of Telecommunications, Odisha LSA (‘DoT’)Since 7 May 2026

    Notice imposing a penalty of Rs.9,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyDepartment of Telecommunications, Odisha LSA (‘DoT’)Since 16 Jun 2026

    Notice imposing a penalty of Rs.10,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyDepartment of Telecommunications, West Bengal LSA (‘DoT’)Since 28 Apr 2026

    Notice imposing a penalty of Rs.5,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyDepartment of Telecommunications, West Bengal LSA (‘DoT’)Since 22 May 2026

    Notice imposing a penalty of Rs.5,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Delhi LSA (‘DoT’)Since 30 Apr 2026

    Notice imposing a penalty of Rs.59,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for January 2026
  • Fine or penaltyThe Department of Telecommunications, Delhi LSA (‘DoT’)Since 17 Jun 2026

    Notice imposing a penalty of Rs.84,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyThe Department of Telecommunications, Gujarat LSA (‘DoT’)Since 29 Apr 2026

    Notice imposing a penalty of Rs.65,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Gujarat LSA (‘DoT’)Since 16 Jun 2026

    Notice imposing a penalty of Rs.43,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyThe Department of Telecommunications, Haryana LSA (‘DoT’)Since 2 Apr 2026

    Notice imposing a penalty of Rs.7,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for January 2026
  • Fine or penaltyThe Department of Telecommunications, Haryana LSA (‘DoT’)Since 14 May 2026

    Notice imposing a penalty of Rs.9,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyThe Department of Telecommunications, Haryana LSA (‘DoT’)Since 22 May 2026

    Notice imposing a penalty of Rs.13,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Haryana LSA (‘DoT’)Since 22 Jun 2026

    Notice imposing a penalty of Rs.8,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyThe Department of Telecommunications, Himachal Pradesh LSA (‘DoT’)Since 1 Apr 2026

    Notice imposing a penalty of Rs.2,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for January 2026
  • Fine or penaltyThe Department of Telecommunications, Himachal Pradesh LSA (‘DoT’)Since 1 Apr 2026

    Notice imposing a penalty of Rs.3,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyThe Department of Telecommunications, Himachal Pradesh LSA (‘DoT’)Since 27 Apr 2026

    Notice imposing a penalty of Rs.3,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Himachal Pradesh LSA (‘DoT’)Since 29 May 2026

    Notice imposing a penalty of Rs.4,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyThe Department of Telecommunications, Maharashtra LSA (‘DoT’)Since 24 Jun 2026

    Notice imposing a penalty of Rs.53,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Maharashtra LSA (‘DoT’)Since 29 Jun 2026

    Notice imposing a penalty of Rs.92,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyThe Department of Telecommunications, Punjab LSA (‘DoT’)Since 17 Apr 2026

    Notice imposing a penalty of Rs.61,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyThe Department of Telecommunications, Punjab LSA (‘DoT’)Since 20 May 2026

    Notice imposing a penalty of Rs.92,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Punjab LSA (‘DoT’)Since 18 Jun 2026

    Notice imposing a penalty of Rs.68,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyThe Department of Telecommunications, Tamil Nadu LSA (‘DoT’)Since 16 Apr 2026

    Notice imposing a penalty of Rs.33,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for February 2026
  • Fine or penaltyThe Department of Telecommunications, Tamil Nadu LSA (‘DoT’)Since 11 May 2026

    Notice imposing a penalty of Rs.43,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Tamil Nadu LSA (‘DoT’)Since 15 Jun 2026

    Notice imposing a penalty of Rs.50,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyThe Department of Telecommunications, Uttar Pradesh (West) LSA (‘DoT’)Since 7 May 2026

    Notice imposing a penalty of Rs.92,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for March 2026
  • Fine or penaltyThe Department of Telecommunications, Uttar Pradesh (West) LSA (‘DoT’)Since 4 Jun 2026

    Notice imposing a penalty of Rs.93,000 for alleged violation of subscriber verification norms.

    Alleged violation of terms and conditions with respect to the subscriber verification norms under the License Agreement, pursuant to Sample CAF Audit conducted by DoT for April 2026
  • Fine or penaltyTelecom Regulatory Authority of IndiaSince 8 Jun 2026

    Order levying payment of financial disincentive amounting INR 5,000.

    Delay in Online Submission of the Performance Monitoring Report for Broadband (Wireline) Services for the Quarter Ended June 2025.

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

At most 2 complaints open, quarter to Dec 2024.
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
No
The filing has a part on fines and penalties
Yes
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026.

RaisedAmount raisedForSet asideSpentSpent elsewhere
OthersDec 2025, checked by Axis Bank Limited15,740.54Payment of DoT liabilities and Repayment of Bank Borrowings10,670.469,134.09No
OthersDec 2025, checked by Axis Bank Limited15,740.54General corporate purposes5,025.525,025.52No
₹ 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.