DCM Shriram CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 18 Aug 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

• To consider and adopt: a) the audited standalone financial statements of the Company for the financial year ended March 31, 2026, and the reports of the Board of Directors and Auditors thereon; and b) the audited consolidated financial statements of the Company for the financial year ended March 31, 2026, and the report of the Auditors thereon.MoreLess

  7 for0 against
• To declare final dividend of Rs. 4/- per equity share of face value of Rs.2/- each and to confirm the payment of Interim Dividend of Rs. 3.60/- per equity share and 2 Interim Dividend of Rs. 3.60/- per equity share already paid during the financial year 2025-26.MoreLess

  7 for0 against
• To appoint a Director in place of Mr. Ajit S. Shriram (DIN:00027918), who retires by rotation and being eligible, offers himself for re-appointment.

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

  • Angel One Mutual FundGovernance concern: Remuneration is skewed in favor of promoter Directors.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. No concern on the merits of proposed appointee. Governance concern: Remuneration is skewed in favor of promoter Directors

  4 for3 against
• To appoint a Director in place of Mr. Pradeep Dinodia (DIN:00027995), who retires by rotation and being eligible, offers himself for re-appointment.

  7 for0 against
• To ratify the remuneration of cost auditors to conduct the audit of the cost accounting records of the Company for the financial year 2025-26.

  7 for0 against
• To approve the appointment of Justice (Retd.) Sanjay Kishan Kaul (DIN: 10670291) as an Independent Director of the Company.

  7 for0 against
• To approve the appointment of Ms. Rumjhum Chatterjee (DIN: 00283824) as an Independent Director of the Company.

  7 for0 against
• To approve the Cancellation of 39,00,000 Forfeited Equity Shares of the Company.

  7 for0 against
• To approve the revision in remuneration of Mr. Varun A. Shriram, Relative of the Joint Managing Director.

  7 for0 against
• To approve the revision in remuneration of Ms. Tara A. Shriram, Relative of the Joint Managing Director.

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

  • Angel One Mutual FundPrior approval of shareholders not obtained.
  • DSP Mutual Fund, Jio BlackRock Mutual FundTara A. Shriram, daughter of Ajit Shriram, Joint Managing Director is the CSR Manager. She oversees monitoring, evaluation, impact assessments, needs analyses, MIS reporting, and DCM Shriram Foundation's social media and IEC content. She has been associated with the company since 2022. Her proposed remuneration is capped at Rs. 10.0 mn and is performance-linked and staggered. In FY26, despite her remuneration being capped at Rs. 5.1 mn (as approved at the 2024 AGM), she received Rs. 4.0 mn as remuneration. We note that her proposed pay equals 5% of DCM Shriram’s FY26 CSR budget (~Rs. 200.0 mn) and is high compared to the Rs. 18.0 mn paid in FY26 to Whole-Time Director K K Sharma, who is in charge of Environment Health and Safety and business sustainability. The company must disclose how her salary has been benchmarked with other executives. We do not support the resolution.
  • Navi Mutual FundNo concern has been identified w.r.t. her merit, profile and the proposed revised maximum limit remuneration. Non-Compliance with Companies Act, 2013: Prior approval of shareholders not obtained

  3 for4 against

Mutual fund votes, meeting of 12 Aug 2025, 16 fund houses

• To consider and adopt: a) the audited standalone financial statements of the Company for the financial year ended March 31, 2025, and the reports of the Board of Directors and Auditors thereon; and b) the audited consolidated financial statements of the Company for the financial year ended March 31, 2025, and the report of the Auditors thereon.MoreLess

  16 for0 against
• To declare final dividend of Rs. 3.40/- per equity share of face value of Rs.2/- each and to confirm the payment of Interim Dividend of Rs. 5.60/- per equity share of face value of Rs.2/- each already paid during the financial year 2024-25.MoreLess

  16 for0 against
• To appoint a Director in place of Mr. Krishan Kumar Sharma (DIN:07951296), who retires by rotation and being eligible, offers himself for re-appointment.

  16 for0 against
• To appoint a Director in place of Mr. Rabinarayan Mishra (DIN:10377015), who retires by rotation and being eligible, offers himself for re-appointment.

  16 for0 against
• Ratification of remuneration of Cost Auditors for the Financial Year 2024-25.

  16 for0 against
• To appoint M/s. RMG & Associates, Company Secretaries, New Delhi (FRN: P2001DE016100) as the Secretarial Auditors of the Company for a term of 5 (five) consecutive years from the conclusion of this Annual General Meeting till the conclusion of 41st Annual General Meeting to be held in the year 2030.MoreLess

  16 for0 against
• To re-appoint Mr. Ajit S. Shriram (DIN:00027918) as Joint Managing Director, liable to retire by rotation, for a further period of 5 years with effect from 2nd May 2026.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Unifi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Executive Directors remuneration is skewed in favour of proposed appointee; Similar commission being paid to 3 Promoter Executive Directors; No absolute cap on variable pay or total proposed remuneration; Unfettered power to the Board/ Nomination & Remuneration Committee to alter/ vary terms of remuneration without further approval of shareholders.
  • Axis Mutual Fund, Unifi Mutual FundAjit Shriram, 57, Joint Managing Director, part of the promoter family, has been on the board since May 2001. He attended all five board meetings held in FY25. He has functional responsibility for Strategy, Finance, Digital Transformation and operations of agri businesses, sugar and chloro- vinyl business. The resolution has not articulated his roles and responsibility – this will be subject to the discretion of the Chairperson and Senior Managing Director, Ajay Shriram. Although we support his reappointment, we raise concern over the proposed remuneration structure. Ajit Shriram’s remuneration in FY25 aggregated Rs. 149.6 mn: in the past, the growth in his remuneration has outpaced the growth in company profits and has not been aligned with operating profits. The proposed remuneration terms carry a commission component that is left to the discretion of the board: in the past, commission has ranged from 0.4% to 1.0% of profits. There is no clarity on the performance deliverables for Ajit Shriram for the commission payout. Overall remuneration is not capped in absolute amounts. Therefore, we are unable to estimate the proposed remuneration. We raise concern over the flexibility in the resolution with respect to Ajit Shriram’s roles and the proposed remuneration, on account of which we are unable to support the resolution. Ajay Shriram’s presence on the NRC presents a conflict of interest, given his role as Promoter, Chairperson, and Senior Managing Director. Overall promoter pay is also high – for FY25, it aggregated Rs.510.4 mn, which is 5.6% of FY25’s pre-tax profits.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: ED remuneration is skewed in favour of proposed appointee; Similar commission being paid to 3 Promoter EDs; No absolute cap on variable pay or total proposed remuneration; Unfettered power to the Board/ NRC to alter/ vary terms of remuneration without further approval of shareholders.
  • HDFC Mutual FundMr. Ajit Shriram, 57, Joint Managing Director, part of the promoter family, has been on the board since May 2001. His proposed remuneration is high considering the size of the business. We do not support the resolution.
  • Kotak Mahindra Mutual FundAjit Shriram, 57, Joint Managing Director, part of the promoter family, has been on the board since May 2001. He attended all five board meetings held in FY25. He has functional responsibility for Strategy, Finance, Digital Transformation and operations of agri businesses, sugar and chloro- vinyl business. Although we support his reappointment, we raise concern over the proposed remuneration structure. Ajit Shriram s remuneration in FY25 aggregated Rs. 149.6 mn: in the past, the growth in his remuneration has outpaced the growth in company profits and has not been aligned with operating profits. The proposed remuneration terms carry a commission component that is left to the discretion of the board: in the past, commission has ranged from 0.4% to 1.0% of profits. There is no clarity on the performance deliverables for Ajit Shriram for the commission payout. Overall remuneration is not capped in absolute amounts. Therefore, we are unable to estimate the proposed remuneration. Ajay Shriram s presence on the NRC presents a conflict of interest, given his role as Promoter, Chairperson, and Senior Managing Director. Basis the above points, we do not support the resolution. Hence, voting against.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: ED remuneration is skewed in favour of proposed appointee; Similar commission being paid to 3 Promoter EDs; No absolute cap on variable pay or total proposed remuneration; Unfettered power to the Board/ NRC to alter/ vary terms of remuneration without further approval of shareholders.
  • SBI Mutual FundAjit Shriram, 57, Joint Managing Director, part of the promoter family, has been on the board since May 2001. He attended all five board meetings held in FY25. He has functional responsibility for Strategy, Finance, Digital Transformation and operations of agri businesses, sugar and chloro- vinyl business. The resolution has not articulated his roles and responsibility – this will be subject to the discretion of the Chairperson and Senior Managing Director, Ajay Shriram. Although we support his reappointment, we raise concern over the proposed remuneration structure. Ajit Shriram’s remuneration in FY25 aggregated Rs. 149.6 mn: in the past, the growth in his remuneration has outpaced the growth in company profits. The proposed remuneration terms carry a commission component that is left to the discretion of the board: in the past, commission has ranged from 0.4% to 1.0% of profits. There is no clarity on the performance deliverables for Ajit Shriram for the commission payout. Overall remuneration is not capped in absolute amounts. Therefore, we are unable to estimate the proposed remuneration. We raise concern over the flexibility in the resolution with respect to Ajit Shriram’s roles and the proposed remuneration, on account of which we are unable to support the resolution.

  3 for13 against
• To approve the continuation of Directorship of Justice (Retd.) Vikramajit Sen (DIN: 00866743) on attaining the age of 75 Years

  16 for0 against

• Unlisted stake heldHindusthan Speciality Chemicals LimitedSince 11 May 2026

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

• Tax disputeDeputy Commissioner of Income Tax, Circle 7(1), New DelhiSince 14 Jun 2021
  (i) Matters relating to AY 2015-16 & AY 2016-17 have been decided in favour of the Company by Income Tax Appellate Tribunal (ITAT) vide order dated 30 June, 2025 by deleting additions having a tax effect of Rs.73.10 Cr. (ii) Matter relating to AY 2018-19 has also been decided in favour of the Company vide the same order as above wherein additions having the tax effect of Rs.58.85 Cr. are deleted and additions with tax effect of Rs.19.48 Cr. have been referred back to AO. (iii) The AO/TPO has ignored to verify the enhanced claim of deduction u/s 80IA of the Act as directed by ITAT vide Order Giving Effect (OGE) dated 06 March, 2026 for AY 2016-17. The Company has filed an appeal before CIT(A) against the said order. The AO OGE for AY 2018-19 is pending. (iv) The tax department has filed appeals before Delhi HC against ITAT favourable order on TP additions of transfer of power & steam, and acceptance of additional grounds raised for claim of enhnace deduction u/s 80IA for AY 2016-17 and AY 2018-19 (iv) Matter relating to AY 2017-18 was represented before Faceless CIT(A) in October,2024 and re-submitted in September,2025 and December, 2025. The hearing is rescheduled in July, 2026.MoreLess
  At the filing before: The Company currently has on-going Income-tax litigation for AY‘s (AY 15-16 to AY 18-19) at various appellate forums (viz. Commissioner of Income Tax (Appeals) & Income Tax Appellate Tribunal (ITAT). The material issue involved in litigation, having a likely cumulative tax effect of Rs.188.49 crores, is on account of transfer pricing adjustments on industrial consumables intra transferred between units of the Company. The said issue (of transfer pricing adjustments on industrial consumables) has been decided in favour of the Company in AY 14-15 by the Income Tax Appellate Tribunal (ITAT) and forms a favorable precedent for the following years in dispute. Years prior do not involve transfer pricing issues or any other material tax litigation. There is no change in status of the matters stated above and they are currently pending before CIT(A) & ITAT.MoreLess
• Tax disputeDeputy Commissioner of Income Tax, Circle 7(1), New DelhiSince 24 Jul 2024
  (i) Matter relating to AY 2020-21 has been decided in favour of the Company by Income Tax Appellate Tribunal (ITAT) vide order dated 30 June, 2025 by deleting additions having a tax effect of Rs.201.71 Cr. and additions with tax effect of Rs.23.98 Cr. have been referred back to AO. (ii) In addition, ITAT has also admitted ground of the Company for enhanced claim of deduction u/s 80IA of Income-tax Act, 1961 for the AY 2020-21 and directed the Assessing Officer to verify the enhanced claim and the evidences filed in support of the same. (iii) The tax department has filed appeals before Delhi HC against ITAT favourable order on TP additions of transfer of power & steam, and acceptance of additional grounds raised for claim of enhnace deduction u/s 80IA for AY 2020-21.MoreLess
  At the filing before: The Company is in receipt of an Assessment Order issued u/s 143(3) read with Section 144C(13) read with section 144B of the Income-tax Act, 1961 for AY 2020-21 dated 24th July, 2024. The Assessing Officer (AO) in the said order has given partial effect to the Directions of the Dispute Resolution Panel-I (DRP), New Delhi issued vide order u/s 144C(5) dated 30th June, 2024 and assessed a total income of Rs.953.47 Crore as against the returned total income of Rs.301.48 Crore, thereby, creating a demand of Rs.261.65 Crore (including interest) without taking into account the following: a) Giving effect to MAT credit brought forward under Sec.115JAA b) Not rectifying unwarranted additions made in the intimation u/s 143(1) dated 25th December 2021 having a tax effect of Rs. 168.01 crs. c) Not giving effect to the directions given by DRP on issues relating to the multiplicity of additions having tax effect of Rs. 18.92 crores. d) By charging interest on the erroneous demand. The Company will take the appropriate legal course of action(s) against the said assessment order u/s 143(3) dated 24.07.2024. Simultaneously, the Company will also file an application to the Assessing Officer to rectify the erroneously computed demand along with the filing application for stay of demand before Assessing Officer.MoreLess
• Tax disputeDeputy Commissioner of Income Tax, Circle 7(1), New DelhiSince 24 Oct 2024
  (i) The Company is in receipt of an order dated March 18, 2026 for AY 2021-22 issued by Income-tax Appellate Tribunal (ITAT), New Delhi, against order u/s 143(3) read with section 144C(13) having tax effect of Rs.12.20 crs. of which relief granted Rs. 9.79 crs. and matters referred back to AO having tax effect of Rs. 2.41 crs. (ii) For the unwarranted additions made u/s 143(1) dated October 25, 2022 (also appealed separately), amounting to Rs. 238.02 crs. and having tax effect of Rs. 83.17 crs., had been previously adjudicated vide ITAT’s order dated July 30, 2025 (received on August 11, 2025) and referred back to the Assessing Officer for de novo adjudication in accordance with law.MoreLess
  At the filing before: The Company is in receipt of an Assessment Order issued u/s 143(3) read with Section 144C(13) and Section 144B of the Income Tax Act, 1961 for AY 2021-22 dated 24th October, 2024. The Assessing Officer (AO) in the said order has given partial effect to the Directions of the Dispute Resolution Panel-I (DRP), New Delhi issued vide order u/s 144C(5) dated 30th September, 2024 and assessed an income of Rs.319.37 Crore as against the returned income of Rs.45.98 Crore by making various transfer pricing adjustments and not rectifying unwarranted additions made in the intimation u/s 143(1) dated 25th October, 2022 amounting to Rs.238.02 Crore and having a tax effect of Rs.83.17 Crore. However, this has not resulted in any additional tax payable currently. The Company will file an appeal to the Income Tax Appellate Tribunal in the due course of time.MoreLess
• Tax disputeDeputy Commissioner of Income Tax, Circle 7(1), New DelhiSince 31 Oct 2025
  (i) An appeal before ITAT against the AO order passed u/s 143(3) r.w.s 144C(13) dated 31st October, 2025 has been filed in December, 2025 and the matter is listed for hearing on April 30, 2026. Order awaited.MoreLess
  At the filing before: The Company is in receipt of an Assessment Order issued u/s 143(3) read with Section 144C(13) and Section 144B of the Income Tax Act, 1961 for AY 2022-23 dated 31st October, 2025. The Assessing Officer (AO) in the said order has assessed the total income at Rs.1596.53 Crore as against the returned income of Rs. 1086.46 Crore by making various transfer pricing adjustments and other addition and without giving proper effect to the directions of the Dispute Resolution Panel (DRP), New Delhi issued vide order u/s 144C(5) dated 29th September, 2025, thereby creating a demand of Rs.249.27 Crore (including penal interest). The Assessing Officer has not taken into consideration the following: a) MAT credit brought forward and available u/s 115JAA b) Directions given by DRP on the issues settled by the Hon’ble Delhi High Court in Company’s own case for AY 2014-15, whereby additions having tax effect of Rs.172.82 Crore, in the current Order would not have been made. c) Incorrect levy of interest on the demand, which otherwise would be Nil, if effect of (a) and (b) supra would have been given. The Company will take the appropriate legal course of action(s) against the said assessment order in due course of time.MoreLess

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

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.