Dhani Services (Delisted) CEO, MD, chairman, board of directors and AGM

BSE: 532960Finance

Formerly Indiabulls Ventures

Last traded ₹51.06 on 27 Oct 2025

Delisted on 16 Jan 2026.

Dhani Services board of directors

At the end of the quarter to Sep 2025, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chief executiveDivyesh Bharatkumar Shah
  • ChairpersonGurbans Singh
  • Company Secretary and Compliance OfficerRam Mehar

6 directors3 independent2 executive1 non-executive

  • Divyesh Bharatkumar Shah · Chief executiveExecutive · joined Mar 2005 · 1 listed board · 1 committee seat
  • Swati JainIndependent · joined Nov 2022 · reappointed Nov 2023 · 34 months as independent · 1 listed board · 1 as independent · 3 committee seats, 2 as chair
  • Aishwarya KatochIndependent · joined Jan 2023 · reappointed Jan 2025 · 33 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 3 as chair
  • Amit Ajit GandhiNon-executive · joined Jan 2023 · 1 listed board · 1 committee seat
  • Gurbans Singh · ChairpersonExecutive · joined Jun 2023 · 1 listed board
  • Prem Prakash MirdhaIndependent · joined Aug 2023 · reappointed Aug 2025 · 25 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 1 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.

Committees and meetings

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

  • Board

    • 25 Jul 20255 of 6 present3 independent · 83 days in between
    • 2 May 20256 of 6 present3 independent

  • Audit Committee

    Chair Aishwarya Katoch

    Swati Jain, Amit Ajit Gandhi

    • 25 Jul 20252 of 3 present2 independent · 83 days in between
    • 2 May 20253 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Aishwarya Katoch

    Swati Jain, Amit Ajit Gandhi

    • 24 Jul 20252 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Swati Jain

    Divyesh Bharatkumar Shah, Prem Prakash Mirdha

    • 24 Jul 20252 of 3 present2 independent

  • Risk Management Committee

    Chair Amit Ajit Gandhi

    Prem Prakash Mirdha, Swati Jain, Rajeev Lochan Agrawal, Sunil Gupta

    • 12 Jun 20253 of 3 present2 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 2025.

  • Hem Sandeep & Co.Peer-review certificate valid to Mar 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.

Dhani Services 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.Dhani Services share news and announcements

Annual general meeting, 23 Sep 2025

1,82,015 shareholders on the register on 16 Sep 2025; present: 1 promoter and 98 others; votes counted by Mr. Raj Kumar / M/s. AMRK & Associates.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company as at March 31, 2025, and Reports of the Board’s and Auditors thereon.
    Ordinary
    94.11% for5.89% against

    Against: promoters 0.00% · institutions 33.49% · other public 0.01%

    Turnout: all 47.48% · promoters 100.00% · institutions 37.33% · other public 21.11%

  2. Re-appointment of Mr. Gurbans Singh (DIN: 06667127), Whole Time Director & Key Managerial Personnel), designated as Executive Chairman of the Company, as a Director, liable to retire by rotation.
    Ordinary
    99.53% for0.47% against

    Against: promoters 0.00% · institutions 2.66% · other public 0.02%

    Turnout: all 47.44% · promoters 100.00% · institutions 37.33% · other public 21.02%

  3. Approval to the re-appointment of Mr. Prem Prakash Mirdha (DIN: 01352748), as an Independent Director for a period of two years w.e.f. August 11, 2025.
    Special
    99.53% for0.47% against

    Against: promoters 0.00% · institutions 2.66% · other public 0.02%

    Turnout: all 47.48% · promoters 100.00% · institutions 37.33% · other public 21.11%

  4. Appointment of M/s Sukesh & Co., Company Secretaries (Firm Registration No. S2014HR239100 and ICSI Peer Review Certificate No. 3473/2023), as Secretarial Auditors of the Company and to fix their remuneration.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 47.48% · promoters 100.00% · institutions 37.33% · other public 21.11%

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.

Meeting called by the tribunal, 29 Mar 2025, 1 resolution

1,82,695 shareholders on the register on 29 Jan 2025; present: 8 promoters and 49 others; votes counted by GS Sarin / sharma sarin and associates.The company's voting result (opens in a new tab)

  1. Approval to the Scheme of Arrangement
    Special
    99.67% for0.33% against

    Against: promoters 0.00% · institutions 1.73% · other public 0.00%

    Turnout: all 51.31% · promoters 100.00% · institutions 43.34% · other public 25.39%

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, 25 Jan 2025, 1 resolution

1,83,238 shareholders on the register on 18 Jan 2025; present: 1 promoter and 44 others; votes counted by CS Sukesh Saini / Sukesh & Co..The company's voting result (opens in a new tab)

  1. Preferential issue of warrants convertible into equivalent number of equity shares, to promoter group entities.
    SpecialPromoters have an interest in it
    99.64% for0.36% against

    Against: promoters 0.00% · institutions 2.18% · other public 0.01%

    Turnout: all 50.57% · promoters 100.00% · institutions 36.40% · other public 27.07%

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, 25 Sep 2024, 6 resolutions

Present: 1 promoter and 68 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company as at March 31, 2024 and Reports of the Board’s and Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 51.12% · promoters 100.00% · institutions 41.44% · other public 26.45%

  2. Re-appointment of Mr. Amit Ajit Gandhi (DIN: 07606699), Non-Independent Non-Executive Director, as a Director, liable to retire by rotation.
    Ordinary
    94.55% for5.45% against

    Against: promoters 0.00% · institutions 32.44% · other public 0.02%

    Turnout: all 51.12% · promoters 100.00% · institutions 41.44% · other public 26.45%

  3. Approval to the appointment of M/s Hem Sandeep & Co., Chartered Accountants (Firm Registration No. 009907N), as Statutory Auditors of the Company and to fix their remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 51.12% · promoters 100.00% · institutions 41.44% · other public 26.45%

  4. Approval to the re-appointment of Mr. Aishwarya Katoch (DIN: 00557488), as an Independent Director for a period of two years w.e.f. January 1, 2025.
    Special
    99.74% for0.26% against

    Against: promoters 0.00% · institutions 1.50% · other public 0.02%

    Turnout: all 51.12% · promoters 100.00% · institutions 41.44% · other public 26.45%

  5. Approval to the modification of ‘Dhani Services Limited Employees Stock Option Scheme – 2008’, to extend its effectiveness
    Special
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 1.06% · other public 0.02%

    Turnout: all 51.12% · promoters 100.00% · institutions 41.44% · other public 26.45%

  6. Approval to the modification of ‘Dhani Services Limited Employees Stock Option Scheme – 2009’, to extend its effectiveness
    Special
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 1.06% · other public 0.02%

    Turnout: all 51.12% · promoters 100.00% · institutions 41.44% · other public 26.45%

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, 20 Jun 2024, 1 resolution

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

  1. Approval to the re-appointment of Mr. Divyesh B. Shah (DIN: 00010933), as Whole Time Director & Key Managerial Personnel of the Company, designated as CEO, for a period of 3 years w.e.f. April 1, 2024 to March 31, 2027MoreLess
    Special
    94.49% for5.51% against

    Against: promoters 0.00% · institutions 32.81% · other public 0.26%

    Turnout: all 50.27% · promoters 100.00% · institutions 44.76% · other public 24.21%

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, 27 Sep 2023, 4 resolutions

Present: 0 promoters and 54 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company as at March 31, 2023 and Reports of the Board’s and Auditors thereon
    Ordinary
    95.19% for4.81% against

    Against: promoters 0.00% · institutions 42.12% · other public 0.01%

    Turnout: all 53.22% · promoters 100.00% · institutions 39.70% · other public 29.47%

  2. Re-appointment of Mr. Divyesh B. Shah (DIN: 00010933), Whole Time Director & KMP, designated as Chief Executive Officer, as a Director, liable to retire by rotation.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 51.78% · promoters 100.00% · institutions 39.70% · other public 26.75%

  3. Approval for making donation/contribution pursuant to section 181 of the Companies Act 2013
    Special
    95.12% for4.88% against

    Against: promoters 0.00% · institutions 42.27% · other public 0.17%

    Turnout: all 53.23% · promoters 100.00% · institutions 39.70% · other public 29.49%

  4. Approval for payment of remuneration to Mr. Divyesh B. Shah (DIN: 00010933) as Whole-time director & KMP, designated as Chief Executive Officer of the Company.
    Special
    95.02% for4.99% against

    Against: promoters 0.00% · institutions 42.25% · other public 0.10%

    Turnout: all 51.78% · promoters 100.00% · institutions 39.70% · other public 26.75%

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, 14 Sep 2023, 3 resolutions

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

  1. Approval to the appointment of Mr. Gurbans Singh (DIN: 06667127), as Whole-time Director & Key Managerial Personnel designated as Executive Chairman of the Company, for a period of five years, with effect from June 18, 2023.MoreLess
    Special
    95.24% for4.76% against

    Against: promoters 0.00% · institutions 0.00% · other public 12.96%

    Turnout: all 53.89% · promoters 100.00% · institutions 6.54% · other public 38.22%

  2. Approval to the appointment of Mr. Prem Prakash Mirdha (DIN: 01352748) as Independent Director of the Company for a period of two years, w.e.f. August 11, 2023.
    Special
    99.99% for0.01% against

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

    Turnout: all 53.89% · promoters 100.00% · institutions 6.54% · other public 38.22%

  3. Approval to the re-appointment of Ms. Swati Jain (DIN: 09784228) as Independent Director of the Company for a period of two years, w.e.f. November 11, 2023.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 53.89% · promoters 100.00% · institutions 6.54% · other public 38.22%

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, 25 May 2023, 1 resolution

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

  1. Approval to the Shifting of Registered Office of the Company from NCT of Delhi to the State of Haryana.
    Special
    99.99% for0.01% against

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

    Turnout: all 50.64% · promoters 100.00% · institutions 34.28% · other public 23.54%

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.

Mutual fund votes, meeting of 23 Sep 2025, 6 fund houses

  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company as at March 31, 2025, and Reports of the Board’s and Auditors thereon.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundNo concern on the Standalone Financial Statements.Governance Concern: Qualified Opinion raised by Auditors on Consolidated Financial Statements.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the Standalone Financial Statements. Governance Concern: Qualified Opinion raised by Auditors on Consolidated Financial Statements – Management has not provided an adequate response, whether the same was an accounting judgment, a deliberate policy decision or an error. Further, no clarity if the same is compliant with IND AS or not.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    1 for5 against
  • Re-appointment of Mr. Gurbans Singh (DIN: 06667127), Whole Time Director & Key Managerial Personnel), designated as Executive Chairman of the Company, as a Director, liable to retire by rotation.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: Combined Position of Chairperson & Executive Director – Combining the two positions may lead to the concentration of powers in the hands of a single Director. Excessive Remuneration when compared to the size & profit of the Company at a Consolidated Basis; no justification has been provided by the Company for such payments when the Company has been making losses in the last few years.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Combined Position of Chairperson & Executive Director – Combining the two positions may lead to the concentration of powers in the hands of a single Director. Excessive Remuneration when compared to the size & profit of the Company at a Consolidated Basis; no justification has been provided by the Company for such payments when the Company has been making losses in the last few years.
    2 for4 against
  • Approval to the re-appointment of Mr. Prem Prakash Mirdha (DIN: 01352748), as an Independent Director for a period of two years w.e.f. August 11, 2025.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundPrior approval of Shareholders not obtained for 2nd Term. Governance Concern: Prolonged association of ~19 years with the Group; such association may compromise the independence of the Director.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the Appointee. Non-Compliance under Companies Act 2013: Prior approval of Shareholders not obtained for 2nd Term. Governance Concern: Prolonged association of ~19 years with the Group; such association may compromise the independence of the Director.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    1 for5 against
  • Appointment of M/s Sukesh & Co., Company Secretaries (Firm Registration No. S2014HR239100 and ICSI Peer Review Certificate No. 3473/2023), as Secretarial Auditors of the Company and to fix their remuneration.MoreLess
    6 for0 against

Mutual fund votes, meeting of 29 Mar 2025, 4 fund houses

  • Approval to the Scheme of Arrangement
    Against Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance and transparency Concerns: No clarity of treatment of partly paid shares, and valuation of partly paid shares appears questionable due to consideration on proportionate basis without considering market price scenario.
    • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
    0 for4 against
5 earlier meetings

Mutual fund votes, meeting of 25 Jan 2025, 4 fund houses

  • Preferential issue of warrants convertible into equivalent number of equity shares, to promoter group entities.
    Against Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Warrants being priced based on formula to price equity shares as per SEBI ICDR despite both being different instruments. Excessive dilution; no justification for not opting Rights Issue. Transparency Concern: No clarity on selection of Promoter Allottees.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    0 for4 against

Mutual fund votes, meeting of 25 Sep 2024, 3 fund houses

  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company as at March 31, 2024 and Reports of the Board’s and Auditors thereon
    3 for0 against
  • Re-appointment of Mr. Amit Ajit Gandhi (DIN: 07606699), Non-Independent Non-Executive Director, as a Director, liable to retire by rotation.
    3 for0 against
  • Approval to the appointment of M/s Hem Sandeep & Co., Chartered Accountants (Firm Registration No. 009907N), as Statutory Auditors of the Company and to fix their remuneration.
    3 for0 against
  • Approval to the re-appointment of Mr. Aishwarya Katoch (DIN: 00557488), as an Independent Director for a period of two years w.e.f. January 1, 2025.
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of the proposed appointee. Governance Concern: Holding combined position of Chairman of AC & NRC. Transparency Concern: No clarity on whether proposed appointee holds non-independent position in group company.
    0 for3 against
  • Approval to the modification of ‘Dhani Services Limited Employees Stock Option Scheme – 2008’, to extend its effectiveness
    3 for0 against
  • Approval to the modification of ‘Dhani Services Limited Employees Stock Option Scheme – 2009’, to extend its effectiveness
    3 for0 against

Mutual fund votes, meeting of 20 Jun 2024, 2 fund houses

  • Approval to the re-appointment of Mr. Divyesh B. Shah (DIN: 00010933), as Whole Time Director & Key Managerial Personnel of the Company, designated as CEO, for a period of 3 years w.e.f. April 1, 2024 to March 31, 2027MoreLess
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundRe-appointment compliant with law. No concern on the merits of proposed appointee. Transparency Concern: Board attendance & last drawn remuneration not disclosed as per SS-2.
    0 for2 against

Mutual fund votes, meeting of 27 Sep 2023, 1 fund house

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

  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company as at March 31, 2023 and Reports of the Board’s and Auditors thereon
    1 for0 against
  • Re-appointment of Mr. Divyesh B. Shah (DIN: 00010933), Whole Time Director & KMP, designated as Chief Executive Officer, as a Director, liable to retire by rotation.
    1 for0 against
  • Approval for payment of remuneration to Mr. Divyesh B. Shah (DIN: 00010933) as Whole-time director & KMP, designated as Chief Executive Officer of the Company.
    1 for0 against
1 proposal not matched to one resolution
  • To contribute, donate or otherwise provide assistance from time to time to any bona fide charitable, social, benevolent and other funds, body, society, trust, etc., as would be approved by the Board of Directors of the Company (hereinafter referred to as the Board, which term shall include any duly constituted committee(s) thereof or such other person(s) authorised by the Board), in any financial year, in one or more tranches, from time to time, notwithstanding that such amount in the financial year may exceed the limit of 5% of the average net profits for the three immediately preceding financial years of the Company.MoreLess
    1 for0 against

Mutual fund votes, meeting of 14 Sep 2023, 1 fund house

  • Approval to the appointment of Mr. Gurbans Singh (DIN: 06667127), as Whole-time Director & Key Managerial Personnel designated as Executive Chairman of the Company, for a period of five years, with effect from June 18, 2023.MoreLess
    1 for0 against
  • Approval to the appointment of Mr. Prem Prakash Mirdha (DIN: 01352748) as Independent Director of the Company for a period of two years, w.e.f. August 11, 2023.
    1 for0 against
  • Approval to the re-appointment of Ms. Swati Jain (DIN: 09784228) as Independent Director of the Company for a period of two years, w.e.f. November 11, 2023.
    1 for0 against

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

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 1 complaint open, quarter to Mar 2025.
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
No
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 2025. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far. A statement's amounts are left out where the raise it states is more than ten times everything the company owns, a figure typed at the wrong scale.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Preferential IssuesFeb 2025, checked by Acuite Ratings and Research Limited–Funding growth plans of subsidiary(ies)––No
Preferential IssuesFeb 2025, checked by Acuite Ratings and Research Limited–Working capital requirements of subsidiary(ies)––No
Preferential IssuesFeb 2025, checked by Acuite Ratings and Research Limited–Debt repayment of subsidiary(ies)––No
Preferential IssuesFeb 2025, checked by Acuite Ratings and Research Limited–General Corporate purposes––No
₹ 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.