Devyani International logo

Devyani International CEO, MD, chairman, board of directors and AGM

NSE: DEVYANIBSE: 543330Leisure ServicesSmall Cap

Last close ₹117.38down ₹1.97 (1.65%)BSE ₹117.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹119.35.

52-week range of traded prices to 23 Oct 2026
₹91.55Low, 2 Apr 2026₹169.40High, 28 Oct 2025
Market cap
₹14,472 Cr438th largest listed
P/E
Lossover the last 12 months
P/B
9.4
Dividend yield
Nonein the last 12 months
ROE
−2.1%
ROE without one-offs
−0.5%
ROCE
6.6%
Debt to equity
0.72
Volume, NSE
12,65,32446.2% delivered

Devyani International 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

  • ChairpersonRAVI KANT JAIPURIARelated to the promoter
  • Chief executiveMANISH DAWAR
  • Company Secretary and Compliance OfficerPankaj Virmani

10 directors5 independent1 executive4 non-executive

  • RAVI KANT JAIPURIA · ChairpersonNon-executive · joined Jul 1996 · reappointed Jul 1996 · 3 listed boards · 1 committee seat
  • VARUN JAIPURIANon-executive · joined Nov 2009 · reappointed Nov 2009 · 2 listed boards
  • RAJ PAL GANDHINon-executive · joined Aug 2007 · reappointed Aug 2007 · 2 listed boards · 4 committee seats
  • VIRAG JOSHINon-executive · joined Nov 2004 · reappointed Apr 2026 · 1 listed board
  • MANISH DAWAR · Chief executiveExecutive · joined Feb 2021 · reappointed Feb 2024 · 1 listed board · 1 committee seat
  • RASHMI DHARIWALIndependent · joined Apr 2018 · reappointed Apr 2023 · 98 months as independent · 3 listed boards · 3 as independent · 8 committee seats, 1 as chair
  • RAVI GUPTAIndependent · joined Apr 2018 · reappointed Apr 2023 · 98 months as independent · 4 listed boards · 4 as independent · 8 committee seats, 5 as chair
  • GIRISH KUMAR AHUJAIndependent · joined Apr 2021 · reappointed Apr 2024 · 62 months as independent · 5 listed boards · 5 as independent · 9 committee seats, 5 as chair
  • PRADEED KHUSHALCHAND SARDANAIndependent · joined Apr 2021 · reappointed Apr 2024 · 62 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • PRASHANT PURKERIndependent · joined May 2022 · reappointed May 2022 · 49 months as independent · 1 listed board · 1 as independent

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

Committees and meetings

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

  • Board

    • 15 May 20269 of 10 present4 independent · 65 days in between
    • 10 Mar 20269 of 10 present5 independent · 33 days in between
    • 4 Feb 20269 of 10 present4 independent · 33 days in between
    • 1 Jan 202610 of 10 present5 independent

  • Audit Committee

    Chair RAVI GUPTA

    GIRISH KUMAR AHUJA, RASHMI DHARIWAL

    • 15 May 20263 of 3 present3 independent · 65 days in between
    • 10 Mar 20263 of 3 present3 independent · 33 days in between
    • 4 Feb 20263 of 3 present3 independent · 33 days in between
    • 1 Jan 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair RASHMI DHARIWAL

    RAVI KANT JAIPURIA, RAVI GUPTA

    • 15 May 20263 of 3 present2 independent · 99 days in between
    • 4 Feb 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair RAVI GUPTA

    RAJ PAL GANDHI, RASHMI DHARIWAL, MANISH DAWAR

    • 15 May 20264 of 4 present2 independent

  • Risk Management Committee

    Chair RAVI GUPTA

    GIRISH KUMAR AHUJA, RASHMI DHARIWAL

    • 15 May 20263 of 3 present3 independent · 65 days in between
    • 10 Mar 20263 of 3 present3 independent · 33 days in between
    • 4 Feb 20263 of 3 present3 independent · 33 days in between
    • 1 Jan 20263 of 3 present3 independent

  • Corporate Social Responsibility Committee

    Chair RAVI GUPTA

    VARUN JAIPURIA, RAJ PAL GANDHI

    • 15 May 20262 of 3 present1 independent

  • CSR and ESG Committee

    Chair RAVI GUPTA

    VARUN JAIPURIA, RAJ PAL GANDHI, VIRAG JOSHI

    • 15 May 20262 of 3 present1 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 auditors

Named in the results for the quarter to Mar 2026.

  • Walker Chandiok & Co LLPPeer-review certificate valid to May 2028
  • O P Bagla & Co LLPPeer-review certificate valid to Mar 2028

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.

Devyani International 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.Devyani International share news and announcements

Annual general meeting, 14 Aug 2026

2,54,168 shareholders on the register on 7 Aug 2026; present: 3 promoters and 346 others; votes counted by Neeraj Arora / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended March 31, 2026 together with the reports of Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company including Auditors’ Report thereon for the Financial Year ended March 31, 2026.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 88.25% · promoters 100.00% · institutions 87.18% · other public 33.37%

  2. To appoint Mr. Raj Gandhi (DIN: 00003649), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    Ordinary
    96.63% for3.37% against

    Against: promoters 0.00% · institutions 13.12% · other public 0.00%

    Turnout: all 88.25% · promoters 100.00% · institutions 87.18% · other public 33.37%

  3. To appoint Mr. Manish Dawar (DIN: 00319476), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.32% · other public 0.00%

    Turnout: all 88.25% · promoters 100.00% · institutions 87.18% · other public 33.37%

  4. To approve re-appointment of Mr. Manish Dawar (DIN: 00319476) as a Whole-time Director of the Company designated as President & Group Chief Executive Officer.
    Special
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 0.58% · other public 0.00%

    Turnout: all 88.25% · promoters 100.00% · institutions 87.18% · other public 33.37%

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, 8 Mar 2026, 2 resolutions

2,56,942 shareholders on the register on 30 Jan 2026; votes counted by Neeraj Arora / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Re-classification of the Authorised Share Capital of the Company, with consequential amendments in the Memorandum of Association
    Special
    95.32% for4.68% against

    Against: promoters 0.00% · institutions 18.52% · other public 0.05%

    Turnout: all 87.84% · promoters 99.99% · institutions 88.16% · other public 31.75%

  2. Issue of Non-convertible Redeemable Preference Shares on a private placement basis
    Special
    95.25% for4.75% against

    Against: promoters 0.00% · institutions 18.77% · other public 0.07%

    Turnout: all 87.78% · promoters 99.99% · institutions 88.16% · other public 31.32%

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, 6 Feb 2026, 1 resolution

2,46,503 shareholders on the register on 2 Jan 2026; votes counted by Neeraj Arora / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. To shift registered office of the Company from the National Capital Territory of Delhi to the State of Haryana and consequential amendment in Clause II of the Memorandum of Association of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 88.98% · promoters 99.99% · institutions 88.20% · other public 40.13%

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, 28 Jul 2025, 6 resolutions

2,50,626 shareholders on the register on 21 Jul 2025; present: 3 promoters and 339 others; votes counted by Neeraj Arora / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended March 31, 2025 together with the reports of Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company including Auditors’ Report thereon for the Financial Year ended March 31, 2025.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.35% · promoters 99.99% · institutions 86.25% · other public 39.06%

  2. To appoint Mr. Ravi Jaipuria (DIN: 00003668), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    OrdinaryPromoters have an interest in it
    97.31% for2.69% against

    Against: promoters 0.00% · institutions 10.22% · other public 0.00%

    Turnout: all 89.35% · promoters 99.99% · institutions 86.25% · other public 39.06%

  3. To appoint Mr. Virag Joshi (DIN: 01821240), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.38% · other public 0.00%

    Turnout: all 89.35% · promoters 99.99% · institutions 86.25% · other public 39.06%

  4. To re-appoint Walker Chandiok & Co LLP, Chartered Accountants, as Joint Statutory Auditors for a second term of up to 5 (Five) consecutive years and fix their remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.35% · promoters 99.99% · institutions 86.25% · other public 39.06%

  5. To re-appoint Mr. Virag Joshi (DIN: 01821240) as Whole-time Director of the Company designated as President & Chief Executive Officer.
    Special
    97.38% for2.62% against

    Against: promoters 0.00% · institutions 9.94% · other public 0.00%

    Turnout: all 89.35% · promoters 99.99% · institutions 86.25% · other public 39.06%

  6. To appoint M/s Sanjay Grover & Associates, Company Secretaries, as Secretarial Auditors for a term of up to 5 (Five) consecutive years and fix their remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.35% · promoters 99.99% · institutions 86.25% · other public 39.06%

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, 17 May 2025, 1 resolution

2,53,555 shareholders on the register on 10 May 2025; present: 3 promoters and 238 others; votes counted by Kapil Dev Taneja / Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Approval of Issuance of equity shares on preferential basis
    Special
    99.95% for0.05% against

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

    Turnout: all 91.20% · promoters 100.00% · institutions 88.01% · other public 42.84%

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, 5 Jul 2024, 5 resolutions

Present: 3 promoters and 280 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended March 31, 2024 together with the reports of Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company including Auditors’ Report thereon for the Financial Year ended March 31, 2024.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.32% · promoters 100.00% · institutions 83.51% · other public 43.76%

  2. To appoint Mr. Varun Jaipuria (DIN: 02465412), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    OrdinaryPromoters have an interest in it
    94.41% for5.59% against

    Against: promoters 0.00% · institutions 23.12% · other public 0.01%

    Turnout: all 89.32% · promoters 100.00% · institutions 83.51% · other public 43.76%

  3. To appoint Mr. Raj Gandhi (DIN: 00003649), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    Ordinary
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 1.15% · other public 0.01%

    Turnout: all 89.32% · promoters 100.00% · institutions 83.51% · other public 43.76%

  4. To approve re-appointment of Dr. Girish Kumar Ahuja (DIN: 00446339) as an Independent Director of the Company
    Special
    88.42% for11.58% against

    Against: promoters 0.00% · institutions 47.87% · other public 0.01%

    Turnout: all 89.32% · promoters 100.00% · institutions 83.51% · other public 43.76%

  5. To approve re-appointment of Mr. Pradeep Khushalchand Sardana (DIN: 00682961) as an Independent Director of the Company
    Special
    92.07% for7.93% against

    Against: promoters 0.00% · institutions 32.79% · other public 0.01%

    Turnout: all 89.32% · promoters 100.00% · institutions 83.51% · other public 43.76%

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, 11 Jan 2024, 1 resolution

Present: 3 promoters and 221 others.The company's voting result (opens in a new tab)

  1. Approval of Material Related Party Transactions
    Ordinary
    98.70% for1.30% against

    Against: promoters 0.00% · institutions 1.91% · other public 0.01%

    Turnout: all 26.53% · promoters 0.00% · institutions 85.34% · other public 52.87%

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, 3 Jul 2023, 6 resolutions

Present: 3 promoters and 219 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements of the Company for the Financial Year ended March 31, 2023 together with the report of Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company including Auditors Report thereon for the Financial Year ended March 31, 2023MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 88.86% · promoters 100.00% · institutions 84.89% · other public 51.41%

  2. To appoint Mr. Ravi Jaipuria, who retires by rotation and being eligible, offers himself for reappointment, as a Director
    OrdinaryPromoters have an interest in it
    95.74% for4.26% against

    Against: promoters 0.00% · institutions 21.33% · other public 0.01%

    Turnout: all 89.00% · promoters 100.00% · institutions 85.56% · other public 51.41%

  3. To appoint Mr. Virag Joshi, who retires by rotation and being eligible, offers himself for reappointment, as a Director
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.82% · other public 0.01%

    Turnout: all 88.50% · promoters 100.00% · institutions 85.56% · other public 48.34%

  4. To approve reappointment of Mr. Manish Dawar as a Whole-time Director of the Company
    Special
    92.52% for7.48% against

    Against: promoters 0.00% · institutions 37.66% · other public 0.01%

    Turnout: all 88.86% · promoters 100.00% · institutions 84.89% · other public 51.41%

  5. To approve reappointment of Dr. Ravi Gupta as an Independent Director of the Company
    Special
    94.94% for5.06% against

    Against: promoters 0.00% · institutions 25.48% · other public 0.01%

    Turnout: all 88.86% · promoters 100.00% · institutions 84.89% · other public 51.41%

  6. To approve reappointment of Ms. Rashmi Dhariwal as an Independent Director of the Company
    Special
    92.19% for7.81% against

    Against: promoters 0.00% · institutions 39.31% · other public 0.01%

    Turnout: all 88.86% · promoters 100.00% · institutions 84.89% · other public 51.41%

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 14 Aug 2026, 13 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended March 31, 2026 together with the reports of Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company including Auditors’ Report thereon for the Financial Year ended March 31, 2026.MoreLess
    13 for0 against
  • To appoint Mr. Raj Gandhi (DIN: 00003649), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the nominee is warranted because: • Raj Gandhi is a non-independent director nominee, and the board independence is less than adequate
    12 for1 against
  • To appoint Mr. Manish Dawar (DIN: 00319476), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    13 for0 against
  • To approve re-appointment of Mr. Manish Dawar (DIN: 00319476) as a Whole-time Director of the Company designated as President & Group Chief Executive Officer.
    Against DSP Mutual Fund, Jio BlackRock Mutual Fund
    • DSP Mutual Fund, Jio BlackRock Mutual FundManish Dawar received a remuneration of Rs. 58.2 mn in FY26. As per his terms of reappointment, we estimate his annual remuneration to be Rs. 173.4 mn, including estimate fair value of proposed ESOP grants. While we note his remuneration structure does not disclose an ESOP component, we have estimated a quantum of 300,000 options (a 30% increase on the highest grant to senior management personnel in the last three financial years). We believe the aggregate quantum of pay is not in line with peers and not commensurate with the financial performance of the company. The company must disclose the quantum of stock options proposed to be granted to him during his current tenure. The company must also disclose exhaustive performance metrics which will determine variable pay. We do not support this resolution.
    11 for2 against

Mutual fund votes, meeting of 8 Mar 2026, 24 fund houses

  • Re-classification of the Authorised Share Capital of the Company, with consequential amendments in the Memorandum of Association
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST these resolutions is warranted because:• The RPS terms do not specify the redemption premium or basis for calculating the same, thereby rendering the consideration for the company's acquisition of 11.4 percent stake in Sky Gate open-ended
    23 for1 against
  • Issue of Non-convertible Redeemable Preference Shares on a private placement basis
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundTransparency Concern: The disclosures relating to the acquisition of a stake in Sky Gate Hospitality Private Limited contain inconsistencies in total issued share capital, and the number of shares proposed to be acquired. Further, as per data provided in the notice per-share valuation varies significantly across tranches without adequate explanation, and pricing of certain acquisitions has not been disclosed. These discrepancies raise transparency concerns, restricting investors’ ability to make an informed decision.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. Transparency Concern: The disclosures relating to the acquisition of a stake in Sky Gate Hospitality Private Limited contain inconsistencies in total issued share capital, and the number of shares proposed to be acquired. Further, as per data provided in the notice per-share valuation varies significantly across tranches without adequate explanation, and pricing of certain acquisitions has not been disclosed. These discrepancies raise transparency concerns, restricting investors’ ability to make an informed decision.
    • HSBC Mutual FundA vote AGAINST these resolutions is warranted because:• The RPS terms do not specify the redemption premium or basis for calculating the same, thereby rendering the consideration for the company's acquisition of 11.4 percent stake in Sky Gate open-ended
    • PGIM India Mutual FundCompliant with Law. Transparency Concern: The disclosures relating to the acquisition of a stake in Sky Gate Hospitality Private Limited contain inconsistencies in total issued share capital, and the number of shares proposed to be acquired. Further, as per data provided in the notice per-share valuation varies significantly across tranches without adequate explanation, and pricing of certain acquisitions has not been disclosed. These discrepancies raise transparency concerns, restricting investors ability to make an informed decision.
    16 for8 against
6 earlier meetings

Mutual fund votes, meeting of 6 Feb 2026, 25 fund houses

  • To shift registered office of the Company from the National Capital Territory of Delhi to the State of Haryana and consequential amendment in Clause II of the Memorandum of Association of the Company
    25 for0 against

Mutual fund votes, meeting of 28 Jul 2025, 24 fund houses

  • To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended March 31, 2025 together with the reports of Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company including Auditors’ Report thereon for the Financial Year ended March 31, 2025.MoreLess
    24 for0 against
  • To appoint Mr. Ravi Jaipuria (DIN: 00003668), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    24 for0 against
  • To appoint Mr. Virag Joshi (DIN: 01821240), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    24 for0 against
  • To re-appoint Walker Chandiok & Co LLP, Chartered Accountants, as Joint Statutory Auditors for a second term of up to 5 (Five) consecutive years and fix their remuneration.
    24 for0 against
  • To re-appoint Mr. Virag Joshi (DIN: 01821240) as Whole-time Director of the Company designated as President & Chief Executive Officer.
    Against Axis Mutual Fund, Canara Robeco Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund
    • Axis Mutual FundVirag Joshi received a remuneration of Rs. 48.6 mn in FY25. He is eligible to a fixed remuneration of Rs. 52.3 mn and a target variable payout of Rs. 9.6 mn. The company has stated that Virag Joshi will be entitled to ESOPs at the discretion of the board/NRC. While we note that he has not received any ESOPs in the past, we are unable to determine his overall remuneration given the lack of clarity on the grants proposed to be granted to him during the new tenure. The company currently has one ESOP scheme in force. Since his ESOP component is open ended and consequently his entire remuneration structure is open ended. The company must also disclose granular performance metrics which will be used to determine the variable pay. We do not support this resolution.
    • Canara Robeco Mutual Fundthough we are in favour of reappointment of Mr. Virag Joshi as president and CEO, we are unable to vote for as the performance metrics under which the esops are to be granted are not defined. given the abstract information, we vote AGAINST.
    • ICICI Prudential Mutual FundWhile we support the appointment of Mr Virag Joshi as a Whole-time Director (Designated as President and Chief Executive Officer) of the Company, there is lack of clarity and details on the ESOP part of the remuneration and hence the AMC has voted against the resolution.
    • Invesco Mutual FundVirag Joshi received a remuneration of Rs. 48.6 mn in FY25. He is eligible to a fixed remuneration of Rs. 52.3 mn and a target variable payout of Rs. 9.6 mn. The company has stated that Virag Joshi will be entitled to ESOPs at the discretion of the board/NRC. While we note that he has not received any ESOPs in the past, we are unable to determine his overall remuneration given the lack of clarity on the grants proposed to be granted to him during the new tenure. The company currently has one ESOP scheme in force. Since his ESOP component is open ended and consequently his entire remuneration structure is open ended. The company must also disclose granular performance metrics which will be used to determine the variable pay. We do not support this resolution
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    19 for5 against
  • To appoint M/s Sanjay Grover & Associates, Company Secretaries, as Secretarial Auditors for a term of up to 5 (Five) consecutive years and fix their remuneration.
    24 for0 against

Mutual fund votes, meeting of 17 May 2025, 24 fund houses

  • Approval of Issuance of equity shares on preferential basis
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundNo independent valuation carried out of business being acquired. Governance & Transparency concerns: Inadequate disclosures with respect to the material details regarding the acquisition, in consideration for which the preferential issue has been proposed.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-Compliant with Rule 13 of Companies (Share Capital and Debentures) Rules, 2014 and Regulation 163 of SEBI ICDR Regulations: No independent valuation of business being acquired. Governance & Transparency concerns: Inadequate disclosures with respect to the material details regarding the acquisition, in consideration for which the preferential issue has been proposed.
    • Kotak Mahindra Mutual FundThe Company is seeking shareholders approval for preferential issue of up to 2,37,19,187 fully paid-up Equity Shares of the Company ( Subscription/Sale Shares ), in one or more tranches, for consideration other than cash, for the acquisition of up to 80.72% equity stake, on fully diluted basis, in Sky Gate Hospitality Private Limited ( Sky Gate"). Sky Gate Hospitality owns 5 brands and out of them, the company is acquiring only three brands, and the remaining two brands will be divested within next nine months. The valuation report dated 24th April 2025 by the Sundae Capital Advisors values Skygate Hospitality for all the five brands. Valuation report doesn t specify the valuations split between the three brands (acquired) and the two brands (to be sold). This would be a non-compliance as there will be no independent valuation of the business being acquired. Hence, we are voting against.
    • PGIM India Mutual FundRegulation 163 of SEBI ICDR Regulations; Inadequate Disclosures w.r.t material details regarding the acquisition, in consideration for which the preferential issue is proposed.
    17 for7 against

Mutual fund votes, meeting of 5 Jul 2024, 19 fund houses

  • To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended March 31, 2024 together with the reports of Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company including Auditors’ Report thereon for the Financial Year ended March 31, 2024.MoreLess
    19 for0 against
  • To appoint Mr. Varun Jaipuria (DIN: 02465412), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • Varun Jaipuria has failed to attend at least 75 percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.
    18 for1 against
  • To appoint Mr. Raj Gandhi (DIN: 00003649), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
    19 for0 against
  • To approve re-appointment of Dr. Girish Kumar Ahuja (DIN: 00446339) as an Independent Director of the Company
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Companies Act: Prior approval of shareholders not sought for re-appointment as ID; Non-Compliant with SEBI LODR: Prior shareholders’ approval not sought for continuation after attaining the age of 75 years. Governance Concern: Proposed term will lead to prolonged association with the Group; Uncertain terms of appointment.
    • Edelweiss Mutual FundNo business related knowledge and he has already served one term.
    • HSBC Mutual FundA vote AGAINST this resolution is warranted because: • Girish Kumar Ahuja's current reappointment term will exceed his association with the company (including tenure at the holding company) for more than ten years thus affecting his independence.
    • ICICI Prudential Mutual FundWhile Dr. Girish Kumar Ahuja possesses necessary profile and qualification for the role of Independent director, shareholder approval for his reappointment should have been sought on or before crossing 75 years of age as on the date of AGM; also during his tenure, his association with the promoter group will cross 10 years, which is very long. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundDr. Girish Kumar Ahuja, 77, is a practicing Chartered Accountant. He has over 52 years of professional experience. He was a member of the task force constituted by the Government of India for redrafting the Income Tax Act. He was also a professor at Shri Ram College of Commerce, University of Delhi. He has been on the board as an Independent Director since 21 April 2021. He has attended all five board meetings in FY24 (100%). However, we raise concern that Dr. Ahuja has been on the board of Devyani Food Industries Limited and RJ Corp Limited promoter group companies, since 1 April 2018. During his tenure, his association with the promoter group will cross 10 years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. Further, we believe shareholder approval for his reappointment should have been sought on or before the completion of her first term as Independent Director. We do not support his reappointment as an Independent Director. We do not support his reappointment as an Independent Director
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director
    • PGIM India Mutual FundNon-Compliant with Companies Act: Prior approval of shareholders not sought for re-appointment as ID; Non-Compliant with SEBI LODR: Prior shareholders approval not sought for continuation after attaining the age of 75 years. Governance Concern: Proposed term will lead to prolonged association with the Group; Uncertain terms of appointment.
    • Sundaram Mutual Fund"Dr. Girish Kumar Ahuja, 77, is a practicing Chartered Accountant. He has over 52 years of professional experience. He was a member of the task force constituted by the Government of India for redrafting the Income Tax Act. He was also a professor at Shri Ram College of Commerce, University of Delhi. He has been on the board as an Independent Director since 21 April 2021. He has attended all five board meetings in FY24 (100%). However, we raise concern that Dr. Ahuja has been on the board of Devyani Food Industries Limited and RJ Corp Limited, promoter group companies, since 1 April 2018. During his tenure, his association with the promoter group will cross 10 years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. Further, we believe shareholder approval for his reappointment should have been sought on or before the completion of her first term as Independent Director. We do not support his reappointment as an Independent Director. We do not support his reappointment as an Independent Director."
    • Zerodha Mutual FundNon-compliant: Prior approval for reappointment not sought; Prior approval not sought for continuation beyond 75 years. Proposed term will lead to prolonged association; Uncertain terms of appointment.
    6 for13 against
  • To approve re-appointment of Mr. Pradeep Khushalchand Sardana (DIN: 00682961) as an Independent Director of the Company
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Companies Act: Prior approval of shareholders not sought for re-appointment as ID; Non-Compliant with SEBI LODR: Prior shareholders’ approval not sought for continuation after attaining the age of 75 years. Governance Concern: Proposed term will lead to prolonged association with the Group; Uncertain terms of appointment.
    • Edelweiss Mutual FundNot fit and proper due to age and he has already erved one term.
    • ICICI Prudential Mutual FundWhile Mr. Pradeep Khushalchand Sardana possesses necessary profile and qualification for the role of Independent director, shareholder approval for his reappointment should have been sought on or before crossing 75 years of age as on the date of AGM; also during his tenure, his association with the promoter group will cross 10 years, which is very long. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundPradeep Khushalchand Sardana, 74, is the Chief Executive Officer of PM Consulting – a consultancy firm in the field of Food, Beverages, FMCG and other industries. He is the former VP Operations of Pepsico India Holdings. He is also an Advisor to some Tier-1 consulting firms. He has been serving on the board as an Independent Director since 21 April 2021. The company now proposes to reappoint him as an Independent Director for a period of five years from 21 April 2024. He has attended four out of five board meetings in FY24 (80%). However, we raise concern that Pradeep Sardana was on the board of Varun Beverages Limited, a promoter group company, from 27 April 2016 till 4 May 2021. During his tenure, his association with the promoter group will cross 10 years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. Further, we believe shareholder approval for his reappointment should have been sought on or before the completion of her first term as Independent Director. We do not support his reappointment as an Independent Director. We do not support his reappointment as an Independent Director
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundProlonged association
    • PGIM India Mutual FundNon-Compliant with Companies Act: Prior approval of shareholders not sought for re-appointment as ID; Non-Compliant with SEBI LODR: Prior shareholders approval not sought for continuation after attaining the age of 75 years. Governance Concern: Proposed term will lead to prolonged association with the Group; Uncertain terms of appointment.
    • Sundaram Mutual FundPradeep Khushalchand Sardana, 74, is the Chief Executive Officer of PM Consulting – a consultancy firm in the field of Food, Beverages, FMCG and other industries. He is the former VP Operations of Pepsico India Holdings. He is also an Advisor to some Tier-1 consulting firms. He has been serving on the board as an Independent Director since 21 April 2021. The company now proposes to reappoint him as an Independent Director for a period of five years from 21 April 2024. He has attended four out of five board meetings in FY24 (80%). However, we raise concern that Pradeep Sardana was on the board of Varun Beverages Limited, a promoter group company, from 27 April 2016 till 4 May 2021. During his tenure, his association with the promoter group will cross 10 years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. Further, we believe shareholder approval for his reappointment should have been sought on or before the completion of her first term as Independent Director. We do not support his reappointment as an Independent Director. We do not support his reappointment as an Independent Director.
    • Zerodha Mutual FundNon-compliant: Prior approval for reappointment not sought; Prior approval not sought for continuation beyond 75 years. Proposed term will lead to prolonged association; Uncertain terms of appointment.
    7 for12 against

Mutual fund votes, meeting of 11 Jan 2024, 19 fund houses

  • Approval of Material Related Party Transactions
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency Concern: Basis of Pricing is unclear as Valuation Report for the Transaction has not been disclosed.
    • Zerodha Mutual FundBasis of Pricing is unclear as Valuation Report for the Transaction has not been disclosed.
    16 for3 against

Mutual fund votes, meeting of 3 Jul 2023, 15 fund houses

  • To receive, consider and adopt the Audited Financial Statements of the Company for the Financial Year ended March 31, 2023 together with the report of Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company including Auditors Report thereon for the Financial Year ended March 31, 2023MoreLess
    14 for0 against
  • To appoint Mr. Ravi Jaipuria, who retires by rotation and being eligible, offers himself for reappointment, as a Director
    Against JM Financial Mutual Fund, LIC Mutual Fund
    • JM Financial Mutual Fund, LIC Mutual FundRe-appointment compliant with law. Governance concern: Unfair remuneration practice in favour of Mr. Ravi Jaipuria, Promoter Chairperson.
    13 for2 against
  • To appoint Mr. Virag Joshi, who retires by rotation and being eligible, offers himself for reappointment, as a Director
    15 for0 against
  • To approve reappointment of Mr. Manish Dawar as a Whole-time Director of the Company
    Against Edelweiss Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, SBI Mutual Fund
    • Edelweiss Mutual Fundgiven his engagement with various organisations, may not be able to devot much needed time to fulfill responsibiities here
    • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • SBI Mutual FundManish Dawar, 57, is currently the Whole Time Director and Chief Financial Officer. He has served on the board since February 2021. Prior to joining Devyani International in January 2021, he was the Chief Integration and Transformation Officer at Vodafone Idea Limited. His FY23 remuneration was Rs. 45.4 mn (excluding fair value of stock options). We estimate his annual remuneration to be Rs. 56.8 mn, however this excludes the fair value of stock options to be granted to him and remuneration based on net profit (commission), which is at the discretion of the NRC. We raise concern that the quantum of options and the timing of the grant of the options has not been disclosed. He was granted 3.6 mn options pre-IPO, the fair value of which translates to Rs. 119.2 mn per annum (spread over a period of 5 years), which is high. He will also be eligible for profit-based incentive pay as recommended by the NRC board, which will be over and above the variable pay. His commission component is open-ended and as a consequence his entire salary structure is open ended. Further, they must also disclose the parameters used to determine the variable linked incentive. We believe his remuneration is high when compared to peers and not commensurate with the size and complexity of the business.
    11 for4 against
  • To approve reappointment of Dr. Ravi Gupta as an Independent Director of the Company
    Against JM Financial Mutual Fund, LIC Mutual Fund, Nippon India Mutual Fund
    • JM Financial Mutual Fund, LIC Mutual FundNon-Compliant with SEBI LODR. Excessive Committee Chairmanship; Prior approval for re-appointment as ID not sought.
    • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director
    12 for3 against
  • To approve reappointment of Ms. Rashmi Dhariwal as an Independent Director of the Company
    Against Edelweiss Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Edelweiss Mutual Fundgiven her engagement with various organisations, may not be able to devot much needed time to fulfill responsibiities here.
    • HDFC Mutual FundHer reappointment could create potential conflict of interest as her spouse has a professional relationship with a group company
    • Invesco Mutual FundMs. Rashmi Dhariwal, 66, is an Independent Director on the board and has served on the board since April 2018. She is currently the trustee of Prayatn, a non-profit organization which provides education to underprivileged children. She has also worked with law firms such as Khaitan & Co. and Mulla & Mulla in the past. She has attended three out of four board meetings in FY23 (75%). While Rashmi Dhariwal’s reappointment may be compliant with regulations, there is a potential for conflict of interest given that she is on the board of Varun Beverages Limited, VBL (a group company) and also has related party transaction with VBL
    • JM Financial Mutual Fund, LIC Mutual FundNon-Compliant: Prior approval of shareholders not sought for re-appointment as ID. Governance Concern: Ms. Dhariwal is the Chairperson of NRC, a committee in charge of remuneration policy that appears to be skewed in the favor of Promoter Director.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director
    • SBI Mutual FundMs. Rashmi Dhariwal, 66, is an Independent Director on the board and has served on the board since April 2018. She is currently the trustee of Prayatn, a non-profit organization which provides education to underprivileged children. She has also worked with law firms such as Khaitan & Co. and Mulla & Mulla in the past. She has attended three out of four board meetings in FY23 (75%). However, we note that she was appointed on Varun Beverages Limited’s (a group company) board from 19 March 2018, on the same day her husband Ravindra Dhariwal, stepped down from the board as Independent Director. We understand that Ravindra Dhariwal has received professional fees from Varun Beverages Limited each year since FY18: such professional fees ranged between Rs. 3.2 mn and Rs. 5.2 mn per annum in the last five years. Therefore, while Rashmi Dhariwal’s reappointment may be compliant with regulations, it creates a potential conflict of interest on account of the professional relationship of her spouse, Ravindra Dhariwal, with a group company. Further, we believe shareholder approval for her reappointment should have been sought on or before the completion of her first term as Independent Director.
    7 for8 against

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

Fines

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltySuperintendent, SAG-52, Hyderabad Audit-I Commissionerate, TelanganaSince 11 Jun 2026

    Penalty of Rs. 3,278 levied pursuant to GST Audit being initiated by GST department for the period from FY 20-21 to FY 23-24.

    Penalty towards discrepancies identified in input tax credit claims and related compliance requirements.
  • Fine or penaltySuperintendent, Gr-2, circle-1, Kolkata Audit - I Commissionerate, West BengalSince 30 Jun 2026

    Penalty of Rs. 4,560 levied pursuant to GST Audit being initiated by GST department for the period from FY 20-21 to FY 23-24.

    Penalty towards short payment of RCM liability in comparison to GSTR 2A.
  • Fine or penaltyAVATO (Ward-205), Department of Trade & Taxes, Government of NCT of DelhiSince 15 Apr 2026

    Receipt of Notice of assessment of penalty under Section 9(2) of Central Sales Tax Act, 1956 raising penalty demand of Rs. 10,500.

    Notice of assessment of penalty issued under Section 9(2) of Central Sales Tax Act, 1956 due to slightly delayed filing of return for Q4 FY 2020 during COVID pandemic.
  • Fine or penaltyAVATO (Ward-205), Department of Trade & Taxes, Government of NCT of DelhiSince 15 Apr 2026

    Receipt of Notice of assessment of penalty under Section 33 of Delhi Value Added Tax Act, 2004 raising penalty demand of Rs. 10,500.

    Notice of assessment of penalty issued under Section 33 of Delhi Value Added Tax Act, 2004 due to slightly delayed filing of return for Q4 FY 2020 during COVID pandemic.
  • Fine or penaltyFood Safety Department, Kannur (Kerala)/ Asst. Commissioner (Food Safety)Since 8 Jun 2026

    Fine of Rs. 5,000 levied for violation of Food Safety and Standards Act, 2006.

    Fine towards violation of Food Safety and Standards Act, 2006 for non-fulfilment of certain prescribed parameters. Case compounded by paying fine.
  • Fine or penaltyAhmedabad Municipal Corporation (AMC) - Solid Waste Management, Zone 05-WestSince 13 May 2026

    Fine of Rs. 5,000 levied for violation of Public Health By-laws, 2012.

    Fine towards violation of Public Health By-laws, 2012 for alleged non-maintenance of local cleanliness.
  • Fine or penaltyMunicipal Corporation of Delhi (MCD) - Environmental Management Services, South ZoneSince 15 May 2026

    Fine of Rs. 5,000 levied for violation of Delhi Municipal Corporation Act, 1957.

    Fine towards violation of Delhi Municipal Corporation Act, 1957 for alleged non-maintenance of operational hygiene and sanitation. Case compounded by paying fine.
  • Fine or penaltyMunicipal Corporation of Delhi (MCD) - Environmental Management Services, Central ZoneSince 19 Jun 2026

    Fine of Rs. 10,000 levied for violation of Section 15 of National Green Tribunal Act, 2010.

    Fine towards violation of Section 15 of National Green Tribunal Act, 2010 for air pollution.
17 more
  • Fine or penaltyMunicipal Corporation of Delhi (MCD) - General Branch, Najafgarh ZoneSince 8 May 2026

    Fine of Rs. 7,000 levied for encroached parking of two-wheelers on a public road during an anti-encroachment drive.

    Fine towards non-compliance with public space usage.
  • Fine or penaltyFSO Vs Sachin Tyagi & Ors. - Pizza Hut, BijnoreSince 29 May 2026

    Total fine of Rs. 1,80,000 levied for violation of Section 26(2)(ii) of the Food Safety and Standards Act, 2006.

    Fine towards violation of Section 26(2)(ii) of the Food Safety and Standards Act, 2006 for non-fulfilment of certain prescribed parameters.
  • Fine or penaltyFSO Vs Neetu - KFC, GhaziabadSince 12 Jun 2026

    Total fine of Rs. 1,20,000 levied for violation of Section 26(2)(ii) of the Food Safety and Standards Act, 2006.

    Fine towards violation of Section 26(2)(ii) of the Food Safety and Standards Act, 2006 for non-fulfilment of certain prescribed parameters.
  • Fine or penaltyJudicial Magistrate First Class - VSince 16 Apr 2026

    Penalty of Rs. 12,000 levied for violation of Section 30(1) & (2) and Rule 26 of Karnataka Shops and Commercial Establishments Act, 1961 read with Rules made thereunder.

    Penalty towards violation of Section 30(1) & (2) and Rule 26 of Karnataka Shops and Commercial Establishments Act, 1961 read with Rules made thereunder for deficiencies in maintenance of requisite registers and records.MoreLess
  • Fine or penaltyJudicial Magistrate First Class - VSince 16 Apr 2026

    Penalty of Rs. 12,000 levied for violation of Section 22A of Minimum Wages Act, 1948.

    Penalty towards violation of Section 22A of Minimum Wages Act, 1948 read with Rules made thereunder for deficiencies in maintenance of requisite registers and records.
  • Fine or penaltyJudicial Magistrate First Class - VSince 16 Apr 2026

    Penalty of Rs. 13,500 levied for violation of Section 20(1) and Rule 22 of Payment of Wages Act, 1948 read with Rules made thereunder.

    Penalty towards violation of Section 20(1) and Rule 22 of Payment of Wages Act, 1948 read with Rules made thereunder for non-compliance with employment-related documentation and other requirements.
  • Fine or penaltyJudicial Magistrate First Class - VSince 16 Apr 2016

    Penalty of Rs. 3,000 levied for violation of Section 8 and Rule 6 of Equal Remuneration Act, 1976 read with Rules made thereunder.

    Penalty towards violation of Section 8 and Rule 6 of Equal Remuneration Act, 1976 for non-compliance with employment-related documentation and other requirements.
  • Fine or penaltyJudicial Magistrate First Class - VISince 4 Apr 2026

    Penalty of Rs. 6,000 levied for violation of Section 22A of Minimum Wages Act, 1948 and rules made thereunder.

    Penalty towards violation of Section 22A of Minimum Wages Act, 1948 and rules made thereunder for deficiencies in maintainance of requisite registers and records.
  • Fine or penaltyJudicial Magistrate First Class - VISince 4 Apr 2026

    Penalty of Rs. 10,500 levied for violation of Section 20(1) and Rule 22 of Payment of Wages Act, 1948 read with Rules made thereunder.

    Penalty towards violation of Section 20(1) and Rule 22 of Payment of Wages Act, 1948 read with Rules made thereunder for non-compliance with employment-related documentation and other requirements.
  • Fine or penaltyJudicial Magistrate First Class - VISince 4 Apr 2026

    Penalty of Rs. 1,000 levied for violation of Section 8 and Rule 6 of the Equal Remuneration Act, 1976 read with Rules made thereunder.

    Penalty towards violation of Section 8 and Rule 6 of Equal Remuneration Act, 1976 for non-compliance with employment-related documentation and other requirements.
  • Fine or penaltyJudicial Magistrate First Class - VSince 21 Apr 2026

    Penalty of Rs. 25,000 levied for violation of Section 30(1) & (2) and Rule 26 of Karnataka Shops and Commercial Establishments Act, 1961 read with Rules made thereunder.

    Penalty towards violation of Section 30(1) & (2) and Rule 26 of Karnataka Shops and Commercial Establishments Act, 1961 read with Rules made thereunder for deficiencies in maintenance of requisite registers and records.MoreLess
  • Fine or penaltyJudicial Magistrate First Class - VSince 21 Apr 2026

    Penalty of Rs. 25,000 levied for violation of Section 22A of Minimum Wages Act, 1948.

    Penalty towards violation of Section 22A of Minimum Wages Act, 1948 for deficiencies in maintenance of requisite registers and records.
  • Fine or penaltyJudicial Magistrate First Class - VSince 21 Apr 2026

    Penalty of Rs. 22,500 levied for violation of Section 20(1) and Rule 22 of the Payment of Wages Act, 1948 read with Rules made thereunder.

    Penalty towards violation of Section 20(1) and Rule 22 of Payment of Wages Act, 1948 read with Rules made thereunder for non-compliance with employment-related documentation and other requirements.
  • Fine or penaltyJudicial Magistrate First Class - VSince 21 Apr 2026

    Penalty of Rs. 5,000 levied for violation of Section 8 and Rule 6 of the Equal Remuneration Act, 1976 read with Rules made thereunder.

    Penalty towards violation of Section 8 and Rule 6 of Equal Remuneration Act, 1976 for non-compliance with employment-related documentation and other requirements.
  • Fine or penaltyJudicial Magistrate First Class - VISince 4 Apr 2026

    Penalty of Rs. 6,000 levied for violation of Section 22A of the Minimum Wages Act, 1948.

    Penalty towards violation of Section 22A of the Minimum Wages Act, 1948 for deficiencies in maintenance of requisite registers and records.
  • Fine or penaltyJudicial Magistrate First Class - VISince 4 Apr 2026

    Penalty of Rs. 10,500 levied for violation of Section 20(1) and Rule 22 of the Payment of Wages Act, 1948 read with Rules made thereunder.

    Penalty towards violation of Section 20(1) and Rule 22 of Payment of Wages Act, 1948 read with Rules made thereunder for non-compliance with employment-related documentation and other requirements.
  • Fine or penaltyJudicial Magistrate First Class - VISince 4 Apr 2026

    Penalty of Rs. 1,000 levied for violation of Section 8 and Rule 6 of the Equal Remuneration Act, 1976 read with Rules made thereunder.

    Penalty towards violation of Section 8 and Rule 6 of Equal Remuneration Act, 1976 for non-compliance with employment-related documentation and other requirements.

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

Investor complaints and compliance

Quarter by quarter.

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

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
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.