Ceigall India MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Sep 2025, 11 fund houses

• To receive, consider and adopt: a) The Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March 2025 together with the Report of Board of Directors and Auditors thereon. b) The Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March 2025 together with the Report of Board of Directors and Auditors thereon.MoreLess

  11 for0 against
• To appoint a Director in place of Mr. Ramneek Sehgal (DIN: 01614465) who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance Concern: Holding Combined position of Chairman cum Managing Director; Skewed remuneration in favour of Promoter Executive Director.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Holding Combined position of Chairman cum Managing Director; Skewed remuneration in favour of Promoter ED i.e. Mr. Ramneek Sehgal.

  7 for4 against
• Re-Appointment of Mr. Arun Goyal (DIN: 00009034) as an Independent Director of The Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance concern: Same Director is serving as Chairperson of Audit Committee & Nomination & Remuneration committees, which may lead to concentration of power; Mr. Goyal is Nomination & Remuneration Committee Chairman and remuneration practice is skewed in favour of Promoter Executive Director. Proposed fixed commission appears excessive.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Same Director is serving as Chairperson of AC & NRC committees, which may lead to concentration of power; Mr. Goyal is NRC Chairman and remuneration practice is skewed in favour of Promoter ED. Proposed fixed commission appears excessive.

  7 for4 against
• Appointment of Secretarial Auditors

  11 for0 against
• Ratification of Remuneration Payable to Cost Auditor for FY 2025-26

  11 for0 against
• Increase in Borrowing Limits of the Company under Section 180(1)(C) of the Companies Act, 2013

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Majority of the existing borrowing limit is unutilized and no specific reasons/ justification provided for the proposed significant increase without utilizing the existing limit; No clarity on capacity to sustain the potential borrowings.
  • Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance & Transparency Concern: Majority of the existing borrowing limit is unutilized and no specific reasons/ justification provided for the proposed significant increase without utilizing the existing limit; No clarity on capacity to sustain the potential borrowings, which is more than 8 times the net worth and more than 4 times the total assets.
  • Bank of India Mutual FundThe company has stated that to fund its growth and expansion plans, the current borrowing limit of Rs. 75.0 bn may be inadequate given the company’s growing operations, strategic projects, and working capital needs. The company’s borrowing as on 31 March 2025 stood at Rs. 6.4 bn on a standalone basis. The company has clarified that its current order book is in the range of Rs. 80.0 bn – Rs. 100.0 bn, of which ~Rs. 37.0 bn projects are at the L1 stage. For HAM projects, only 40% of the project cost is received as grant, while the balance 60% must be funded through bank debt and sponsor equity. In addition, the company has a capex plan of Rs. 600.0 mn, needs to raise Rs. 6.6 bn debt for two ongoing projects and a Rs 2.0 bn term loan for mobilization advance. The company has approved non-fund based limits of Rs. 13.9 bn and may require an additional limit of Rs. 6.4 bn. However, the company has not shared the current utilization of the non-fund based limit. Even so, the proposed borrowing limit of Rs. 150.0 bn is high at ~8x the standalone net worth as on 31 March 2025. The company must stagger the increase in borrowing limits in line with the conversion of its order book into projects and provide clarity on the capital structure it intends to maintain as debt is raised. In the absence of such disclosures, we do not support the resolution. Hence, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  4 for7 against
• Creation of charges on assets, properties or undertaking(s) of the company, under section 180 (1)(a) of the companies act, 2013

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Majority of the existing borrowing limit is unutilized and no specific reasons/ justification provided for the proposed significant increase without utilizing the existing limit; No clarity on capacity to sustain the potential borrowings.
  • Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance & Transparency Concern: Majority of the existing borrowing limit is unutilized and no specific reasons/ justification provided for the proposed significant increase without utilizing the existing limit; No clarity on capacity to sustain the potential borrowings, which is more than 8 times the net worth and more than 4 times the total assets.
  • Bank of India Mutual FundSecured loans have easier repayments terms, less restrictive covenants and lower interest rates. We usually support resolutions for the creation of charge as secured loans have easier repayments terms, less restrictive covenants and lower interest rates. However, in the current case, the charge may be created for borrowings availed by the company or by any group companies. The company must clarify which group companies this approval would extend to. We do not support the creation of charge on the company’s assets for borrowings of promoter owned companies, associates or companies in which promoter’s hold substantial stake without a clear justification and thus we are unable to support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  4 for7 against
• Appointment of Dr. Sudhir Rao Hoshing (DIN: 02460530) as a Director/Whole Time Director of the Company

  11 for0 against

Mutual fund votes, meeting of 9 Apr 2025, 9 fund houses

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

• Increase in Authorized Share Capital and Amendment to Clause V of the Memorandum of Association of the Company

  9 for0 against

• Unlisted stake boughtCEIGALL AMBALA CHANDIGARH ZIRAKPUR LIMITEDSince 12 Jun 2026

  26.00% bought in the quarter; holding 26.00%, from 0.00%

• Unlisted stake boughtCEIGALL GLOBAL PTE LTDSince 30 Jun 2026

  100.00% bought in the quarter; holding 100.00%, from 0.00%

• Fine or penaltyOffice of the Commissioner of Appeals- Central Goods and Service Tax -PanchkulaSince 30 Jun 2026

  Demand raised on incorrect admissibility of input tax credit

  Incorrect admissibility of input tax credit
• Tax disputeOffice of the Commissioner of State Goods and Service Tax -PanchkulaSince 29 Dec 2023
  Order Issued. In abeyance, till order by apex court in similar matter
  At the filing before: Pending High Court
• Tax disputeOffice of the Commissioner of Service Tax Appeals- LudhianaSince 24 Feb 2023
  Appeal Filed
• Tax disputeOffice of the Commissioner of Goods and Service Tax Appeals- LudhianaSince 13 Sep 2024
  Appeal Filed

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

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

Yes

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.