DLF logo

DLF MD, chairman, board of directors and AGM

NSE: DLFBSE: 532868RealtyLarge Cap

Last close ₹657.00down ₹6.25 (0.94%)BSE ₹653.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹663.25.

52-week range of traded prices to 23 Oct 2026
₹489.40Low, 2 Apr 2026₹786.50High, 29 Oct 2025
Market cap
₹1,62,628 Cr56th largest listed
P/E
35.6
P/B
3.6
Dividend yield
1.22%
ROE
10.3%
ROCE
1.8%
Debt to equity
0.00
Volume, NSE
20,66,83137.1% delivered

DLF board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonRajiv SinghRelated to the promoter
  • Managing directorAshok Kumar Tyagi
  • Managing directorDevinder Singh
  • Company Secretary and Compliance OfficerR.P. Punjani

12 directors6 independent3 executive3 non-executive

  • Rajiv Singh · ChairpersonExecutive · joined Nov 1988 · reappointed Apr 2024 · 1 listed board
  • Ashok Kumar Tyagi · Managing directorExecutive · joined Dec 2017 · reappointed Aug 2026 · 2 listed boards · 2 committee seats
  • Devinder Singh · Managing directorExecutive · joined Dec 2017 · reappointed Aug 2025 · 1 listed board
  • Pia SinghNon-executive · joined Feb 2003 · reappointed Aug 2026 · 2 listed boards · 1 as independent · 1 committee seat
  • Savitri Devi SinghNon-executive · joined Jun 2021 · reappointed Aug 2025 · 1 listed board
  • Anushka SinghNon-executive · joined Jun 2021 · reappointed Aug 2024 · 1 listed board
  • Vivek MehraIndependent · joined Feb 2018 · reappointed Feb 2023 · 103 months as independent · 5 listed boards · 5 as independent · 8 committee seats, 4 as chair
  • Priya PaulIndependent · joined Apr 2019 · reappointed Apr 2024 · 90 months as independent · 3 listed boards · 2 as independent · 2 committee seats
  • Umesh Kumar ChaudharyIndependent · joined Aug 2023 · reappointed Aug 2023 · 37 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Ajai SinghIndependent · joined Apr 2024 · reappointed Apr 2024 · 30 months as independent · 1 listed board · 1 as independent · 3 committee seats
  • Mahender SinghIndependent · joined Aug 2024 · reappointed Aug 2024 · 25 months as independent · 1 listed board · 1 as independent · 3 committee seats, 2 as chair
  • Vinati Kastia KilambiIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 1 listed board · 1 as independent · 1 committee seat

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

1 director who left
  • Amarjit Singh Minocha, left 19 May 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 3 Aug 202612 of 12 present6 independent · 81 days in between
    • 13 May 202610 of 12 present4 independent

  • Audit Committee

    Chair Vivek Mehra

    Umesh Kumar Chaudhary, Ajai Singh, Mahender Singh, Vinati Kastia Kilambi

    • 3 Aug 20265 of 5 present5 independent · 81 days in between
    • 13 May 20264 of 5 present4 independent · 20 days in between
    • 22 Apr 20265 of 5 present5 independent

  • Nomination and remuneration committee

    Chair Ajai Singh

    Vivek Mehra, Mahender Singh

    • 13 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Mahender Singh

    Ajai Singh, Ashok Kumar Tyagi

    • 16 Jul 20263 of 3 present2 independent · 85 days in between
    • 21 Apr 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Ajai Singh

    Mahender Singh, Vinati Kastia Kilambi, Ashok Kumar Tyagi, Devinder Singh

    • 12 Aug 20265 of 5 present3 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • S.R. Batliboi & Co. LLPPeer-review certificate valid to Jul 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

DLF 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.DLF dividend history

Annual general meeting, 3 Aug 2026

5,11,056 shareholders on the register on 27 Jul 2026; present: 18 promoters and 267 others; votes counted by Vineet K. Chaudhary and Deepak Kukreja / VKC & Associates and Deepak Kukreja & Associates.The company's voting result (opens in a new tab)

  1. (a) Adoption of the Audited Financial Statements of the Company for the financial year ended 31 March 2026 together with the reports of the Board of Directors and Auditors thereon. (b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2026 together with the report of the Auditors thereon.MoreLess
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.72% · other public 0.47%

    Turnout: all 93.02% · promoters 100.00% · institutions 87.91% · other public 20.02%

  2. Declaration of dividend on equity shares for the financial year ended on 31 March 2026
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 93.04% · promoters 100.00% · institutions 87.97% · other public 20.03%

  3. Appointment of a Director in place of Mr. Ashok Kumar Tyagi (DIN: 00254161), liable to retire by rotation and being eligible, offered himself for re-appointment.
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.72% · other public 0.48%

    Turnout: all 93.03% · promoters 100.00% · institutions 87.97% · other public 19.84%

  4. Appointment of a Director in place of Ms. Pia Singh (DIN: 00067233), liable to retire by rotation and being eligible, offered herself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.47% for0.53% against

    Against: promoters 0.00% · institutions 2.69% · other public 0.48%

    Turnout: all 92.10% · promoters 98.73% · institutions 87.97% · other public 20.02%

  5. Ratification of the remuneration payable to Sanjay Gupta & Associates, Cost Accountants (FRN: 000212), Cost Auditors of the Company for the financial year ended 31 March 2026.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 93.04% · promoters 100.00% · institutions 87.97% · other public 20.02%

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, 4 Aug 2025, 7 resolutions

4,99,709 shareholders on the register on 28 Jul 2025; present: 14 promoters and 267 others; votes counted by Mr. Vineet K. Chaudhary and Mr. Deepak Kukreja / VKC & Associates and Deepak Kukreja & Associates.The company's voting result (opens in a new tab)

  1. (a) Adoption of 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. (b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Report of the Auditors thereon.MoreLess
    Ordinary
    99.61% for0.39% against

    Against: promoters 0.00% · institutions 2.05% · other public 0.04%

    Turnout: all 92.10% · promoters 100.00% · institutions 83.04% · other public 13.24%

  2. Declaration of dividend on equity shares for the financial year ended 31 March 2025
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 92.45% · promoters 100.00% · institutions 84.68% · other public 13.24%

  3. Appointment of Mr. Devinder Singh (DIN: 02569464), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 1.21% · other public 0.17%

    Turnout: all 92.44% · promoters 100.00% · institutions 84.67% · other public 13.17%

  4. Appointment of Ms. Savitri Devi Singh (DIN: 01644076), who retires by rotation and being eligible, offers herself for re-appointment
    OrdinaryPromoters have an interest in it
    96.68% for3.32% against

    Against: promoters 0.00% · institutions 17.32% · other public 0.06%

    Turnout: all 92.42% · promoters 99.97% · institutions 84.67% · other public 13.24%

  5. Ratification of the remuneration payable to Sanjay Gupta & Associates, Cost Accountants (FRN: 000212), appointed as Cost Auditors of the Company for the financial year ended 31 March 2025
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 92.42% · promoters 100.00% · institutions 84.54% · other public 13.24%

  6. Appointment of Makarand M. Joshi & Co., peer reviewed firm of Company Secretaries (FRN: P2009MH007000) as Secretarial Auditors of the Company for a term of 5 (five) consecutive years, commencing from the financial year 2025-26 to financial year 2029-30MoreLess
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 92.44% · promoters 100.00% · institutions 84.67% · other public 13.24%

  7. Appointment of Ms. Vinati Kastia Kilambi (DIN: 08175434) as an Independent Director of the Company, to hold office for a term of 5 (five) consecutive years i.e. up to 18 May 2030
    Special
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 0.99% · other public 0.17%

    Turnout: all 92.45% · promoters 100.00% · institutions 84.67% · other public 13.24%

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

Postal ballot, 26 Sep 2024, 1 resolution

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

  1. Appointment of Mr. Mahender Singh (DIN: 07850935) as an Independent Director
    Special
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 1.17% · other public 0.07%

    Turnout: all 93.35% · promoters 100.00% · institutions 87.85% · other public 14.21%

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, 7 Aug 2024, 5 resolutions

Present: 11 promoters and 236 others.The company's voting result (opens in a new tab)

  1. (a) Adoption of the Audited Financial Statements of the Company for the financial year ended 31 March 2024 together with the Reports of Board of Directors and Auditors thereon. (b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2024 together with the Report of the Auditors thereonMoreLess
    Ordinary
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 1.01% · other public 0.01%

    Turnout: all 92.40% · promoters 100.00% · institutions 83.59% · other public 14.13%

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

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

    Turnout: all 92.77% · promoters 100.00% · institutions 85.31% · other public 14.13%

  3. Appointment of a Director in place of Ms. Anushka Singh (DIN: 03324893), liable to retire by rotation and being eligible, offers herself for re-appointment.
    OrdinaryPromoters have an interest in it
    93.71% for6.29% against

    Against: promoters 0.00% · institutions 32.37% · other public 0.02%

    Turnout: all 92.74% · promoters 99.97% · institutions 85.31% · other public 14.13%

  4. Appointment of a Director in place of Ms. Pia Singh (DIN: 00067233), liable to retire by rotation and being eligible, offers herself for re-appointment.
    OrdinaryPromoters have an interest in it
    92.76% for7.24% against

    Against: promoters 0.00% · institutions 36.91% · other public 0.14%

    Turnout: all 91.83% · promoters 98.73% · institutions 85.31% · other public 14.13%

  5. Ratification of the remuneration payable to Sanjay Gupta & Associates, Cost Accountants (FRN: 000212) of the Company for the financial year ended 31 March 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.75% · promoters 100.00% · institutions 85.25% · other public 14.13%

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.

Postal ballot, 4 Jun 2024, 2 resolutions

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

  1. Appointment of Lt. Gen. Ajai Singh (Retd.) (DIN: 10540436) as an Independent Director
    Special
    95.85% for4.15% against

    Against: promoters 0.00% · institutions 22.42% · other public 0.15%

    Turnout: all 91.77% · promoters 100.00% · institutions 80.20% · other public 14.96%

  2. Re-appointment of Mr. Rajiv Singh (DIN: 00003214), Whole-Time Director Designated as Chairman
    OrdinaryPromoters have an interest in it
    88.06% for11.94% against

    Against: promoters 0.00% · institutions 64.48% · other public 0.04%

    Turnout: all 90.62% · promoters 98.72% · institutions 79.27% · other public 14.96%

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, 21 Mar 2024, 1 resolution

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

  1. Re-Appointment of Ms. Priya Paul (DIN: 00051215) as an Independent Director
    Special
    88.45% for11.55% against

    Against: promoters 0.00% · institutions 61.57% · other public 0.12%

    Turnout: all 92.19% · promoters 100.00% · institutions 81.79% · other public 17.04%

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

Postal ballot, 28 Sep 2023, 3 resolutions

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

  1. Appointment of Mr. Ashok Kumar Tyagi (DIN: 00254161) as Managing Director
    Ordinary
    99.67% for0.33% against

    Against: promoters 0.00% · institutions 1.77% · other public 0.07%

    Turnout: all 91.97% · promoters 100.00% · institutions 81.61% · other public 16.90%

  2. Appointment of Mr. Devinder Singh (DIN: 02569464) as Managing Director
    Ordinary
    99.70% for0.30% against

    Against: promoters 0.00% · institutions 1.63% · other public 0.05%

    Turnout: all 91.98% · promoters 100.00% · institutions 81.61% · other public 17.03%

  3. Appointment of Dr. Umesh Kumar Chaudhary (DIN: 10263441) as an Independent Director
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.18% · other public 0.06%

    Turnout: all 91.98% · promoters 100.00% · institutions 81.61% · other public 17.11%

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.

Annual general meeting, 4 Aug 2023, 5 resolutions

Present: 16 promoters and 225 others.The company's voting result (opens in a new tab)

  1. (a) Adoption of the Audited Financial Statements of the Company for the financial year ended March 31, 2023 together with the Reports of Board of Directors and Auditors thereon.n(b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 together with the Report of the Auditors thereonMoreLess
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.21% · other public 0.01%

    Turnout: all 91.99% · promoters 100.00% · institutions 80.66% · other public 15.33%

  2. Declaration of dividend on equity shares for the financial year ended on March 31, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.05% · promoters 100.00% · institutions 80.99% · other public 15.32%

  3. Appointment of a Director in place of Ms. Savitri Devi Singh (DIN: 01644076), liable to retire by rotation and being eligible, offers herself for re-appointment.
    OrdinaryPromoters have an interest in it
    87.77% for12.23% against

    Against: promoters 0.00% · institutions 68.79% · other public 0.02%

    Turnout: all 92.02% · promoters 99.97% · institutions 80.95% · other public 15.32%

  4. Appointment of a Director in place of Mr. Ashok Kumar Tyagi (DIN: 00254161), liable to retire by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 1.02% · other public 0.02%

    Turnout: all 92.02% · promoters 100.00% · institutions 80.87% · other public 15.11%

  5. Ratification of the remuneration payable to R.J. Goel & Co., Cost Accountants (FRN: 000026) of the Company for the financial year ended March 31, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.04% · promoters 100.00% · institutions 80.92% · other public 15.32%

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.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 3 Aug 2026, 16 fund houses so far (houses' deadline to file 15 Oct 2026)

  • (a) Adoption of the Audited Financial Statements of the Company for the financial year ended 31 March 2026 together with the reports of the Board of Directors and Auditors thereon. (b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2026 together with the report of the Auditors thereon.MoreLess
    16 for0 against
  • Declaration of dividend on equity shares for the financial year ended on 31 March 2026
    16 for0 against
  • Appointment of a Director in place of Mr. Ashok Kumar Tyagi (DIN: 00254161), liable to retire by rotation and being eligible, offered himself for re-appointment.
    16 for0 against
  • Appointment of a Director in place of Ms. Pia Singh (DIN: 00067233), liable to retire by rotation and being eligible, offered herself for re-appointment.
    16 for0 against
  • Ratification of the remuneration payable to Sanjay Gupta & Associates, Cost Accountants (FRN: 000212), Cost Auditors of the Company for the financial year ended 31 March 2026.
    16 for0 against

Mutual fund votes, meeting of 4 Aug 2025, 35 fund houses

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

  • (a) Adoption of 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. (b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Report of the Auditors thereon.MoreLess
    35 for0 against
  • Declaration of dividend on equity shares for the financial year ended 31 March 2025
    29 for0 against
  • Appointment of Mr. Devinder Singh (DIN: 02569464), who retires by rotation and being eligible, offers himself for re-appointment
    34 for0 against
  • Appointment of Ms. Savitri Devi Singh (DIN: 01644076), who retires by rotation and being eligible, offers herself for re-appointment
    35 for0 against
  • Ratification of the remuneration payable to Sanjay Gupta & Associates, Cost Accountants (FRN: 000212), appointed as Cost Auditors of the Company for the financial year ended 31 March 2025
    34 for0 against
  • Appointment of Makarand M. Joshi & Co., peer reviewed firm of Company Secretaries (FRN: P2009MH007000) as Secretarial Auditors of the Company for a term of 5 (five) consecutive years, commencing from the financial year 2025-26 to financial year 2029-30MoreLess
    34 for0 against
  • Appointment of Ms. Vinati Kastia Kilambi (DIN: 08175434) as an Independent Director of the Company, to hold office for a term of 5 (five) consecutive years i.e. up to 18 May 2030
    34 for0 against
7 proposals not matched to one resolution
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against
  • 2) Declare final dividend of Rs. 6.0 per share (face value of Rs. 2.0 each) for FY25.
    1 for0 against
  • Declare final dividend of Rs. 6.0 per share (face value of Rs. 2.0 each) for FY25
    4 for0 against
6 earlier meetings

Mutual fund votes, meeting of 26 Sep 2024, 30 fund houses

  • Appointment of Mr. Mahender Singh (DIN: 07850935) as an Independent Director
    30 for0 against

Mutual fund votes, meeting of 7 Aug 2024, 30 fund houses

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

  • (a) Adoption of the Audited Financial Statements of the Company for the financial year ended 31 March 2024 together with the Reports of Board of Directors and Auditors thereon. (b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2024 together with the Report of the Auditors thereonMoreLess
    30 for0 against
  • Declaration of dividend on equity shares for the financial year ended 31 March 2024.
    25 for0 against
  • Appointment of a Director in place of Ms. Anushka Singh (DIN: 03324893), liable to retire by rotation and being eligible, offers herself for re-appointment.
    Against Bank of India Mutual Fund, DSP Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund
    • Bank of India Mutual Fund, DSP Mutual Fund, Sundaram Mutual FundMs. Anushka Singh, 37, is part of the promoter family and has been serving on the board since June 2021. She holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania, where she graduated with a double major in Real Estate and Management. She has varied experience in residential development, hospitality and marketing and strategic guidance. She has attended six out of seven (85%) board meetings held in FY24. Although her reappointment meets statutory requirements, we are unable to support her reappointment given the lack of clarity on her prior work experience. Further, the company must rationalize the number of promoters on the board: with Anushka Singh, there are four promoters on the board.
    • HSBC Mutual Fundote AGAINST these resolutions is warranted because the board independence norms are not met (after reclassification) and Anushka Singh and Pia Singh are non-independent director nominees.
    • Invesco Mutual FundMs. Anushka Singh, 37, is part of the promoter family and has been serving on the board since June 2021. She holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania, where she graduated with a double major in Real Estate and Management. She has varied experience in residential development, hospitality and marketing and strategic guidance. She has attended six out of seven (85%) board meetings held in FY24. Although her reappointment meets statutory requirements, we are unable to support her reappointment given the lack of clarity on her prior work experience. Further, the company must rationalize the number of promoters on the board: with Anushka Singh, there are four promoters on the board
    24 for5 against
  • Appointment of a Director in place of Ms. Pia Singh (DIN: 00067233), liable to retire by rotation and being eligible, offers herself for re-appointment.
    Against HSBC Mutual Fund
    • HSBC Mutual Fundote AGAINST these resolutions is warranted because the board independence norms are not met (after reclassification) and Anushka Singh and Pia Singh are non-independent director nominees.
    28 for1 against
  • Ratification of the remuneration payable to Sanjay Gupta & Associates, Cost Accountants (FRN: 000212) of the Company for the financial year ended 31 March 2024.
    29 for0 against
6 proposals not matched to one resolution
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundMs. Anushka Singh, 37, is part of the promoter family and has been serving on the board since June 2021. She holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania, where she graduated with a double major in Real Estate and Management. She has varied experience in residential development, hospitality and marketing and strategic guidance. She has attended six out of seven (85%) board meetings held in FY24. Although her reappointment meets statutory requirements, we are unable to support her reappointment given the lack of clarity on her prior work experience. Further, the company must rationalize the number of promoters on the board: with Anushka Singh, there are four promoters on the board.
    0 for1 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • 2) Declare final dividend of Rs. 5.0 per share (face value of Rs. 2.0 each).
    1 for0 against
  • Declare final dividend of Rs. 5.0 per share (face value of Rs. 2.0 each)
    3 for0 against

Mutual fund votes, meeting of 4 Jun 2024, 29 fund houses

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

  • Appointment of Lt. Gen. Ajai Singh (Retd.) (DIN: 10540436) as an Independent Director
    28 for0 against
  • Re-appointment of Mr. Rajiv Singh (DIN: 00003214), Whole-Time Director Designated as Chairman
    Against Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance Concern: Executive chairman, no absolute cap on variable pay and Disparity in Remuneration.
    • Bank of India Mutual Fund, DSP Mutual Fund, Navi Mutual Fund, Sundaram Mutual FundRajiv Singh, 64, is a part of the promoter family and chairperson of the company. He was paid a remuneration of Rs. 197.7 mn in FY23 and we estimate his FY24 remuneration at Rs. 200.5 mn. Based on past remuneration trends we estimate his FY25 pay to be Rs. 219.2 mn. While the estimated remuneration is commensurate with the overall size of business and in line with peers, the remuneration structure is open-ended: the board will decide the commission payable to him, which will not exceed 1% of net profits. As profitability increases, remuneration could be much higher over his tenure. While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the total remuneration. The company must cap the total remuneration in absolute terms and disclose the performance metrics for the variable component. Further, remuneration terms include reimbursement of expenses (medical, expenses for him and family, in India and abroad, travel expenses for spouse and attendant on business trips) that are personal in nature. We are of the opinion that family medical expenses and expenses incurred for companions for business travel should be borne by the employee and not the company.
    • HSBC Mutual FundThe overall remuneration is deemed to be significantly higher than industry standards and market peers of commensurate scale and operations.There is no absolute cap on the commission element or his overall pay.There are no disclosures on the threshold and target performance that he needs to achieve to determine the commission element.
    • Invesco Mutual FundRajiv Singh, 64, is a part of the promoter family and chairperson of the company. He was paid a remuneration of Rs. 197.7 mn in FY23 and we estimate his FY24 remuneration at Rs. 200.5 mn. Based on past remuneration trends we estimate his FY25 pay to be Rs. 219.2 mn. While the estimated remuneration is commensurate with the overall size of business and in line with peers, the remuneration structure is open-ended: the board will decide the commission payable to him, which will not exceed 1% of net profits. As profitability increases, remuneration could be much higher over his tenure. While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the total remuneration. The company must cap the total remuneration in absolute terms and disclose the performance metrics for the variable component. Further, remuneration terms include reimbursement of expenses (medical, expenses for him and family, in India and abroad, travel expenses for spouse and attendant on business trips) that are personal in nature. We are of the opinion that family medical expenses and expenses incurred for companions for business travel should be borne by the employee and not the company
    • Nippon India Mutual FundNo absolute cap on variable pay
    • PPFAS Mutual FundExecutive chairman, no absolute cap on variable pay and disparity in remuneration.
    • Zerodha Mutual FundExecutive chairman, no absolute cap on variable pay and disparity in remuneration
    14 for13 against
2 proposals not matched to one resolution
  • Item 2, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundRajiv Singh, 64, is a part of the promoter family and chairperson of the company. He was paid a remuneration of Rs. 197.7 mn in FY23 and we estimate his FY24 remuneration at Rs. 200.5 mn. Based on past remuneration trends we estimate his FY25 pay to be Rs. 219.2 mn. While the estimated remuneration is commensurate with the overall size of business and in line with peers, the remuneration structure is open-ended: the board will decide the commission payable to him, which will not exceed 1% of net profits. As profitability increases, remuneration could be much higher over his tenure. While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the total remuneration. The company must cap the total remuneration in absolute terms and disclose the performance metrics for the variable component. Further, remuneration terms include reimbursement of expenses (medical, expenses for him and family, in India and abroad, travel expenses for spouse and attendant on business trips) that are personal in nature. We are of the opinion that family medical expenses and expenses incurred for companions for business travel should be borne by the employee and not the company.
    0 for1 against
  • 1. APPOINTMENT OF LT. GEN. AJAI SINGH (RETD.) (DIN: 10540436) AS AN INDEPENDENT DIRECTOR 2. RE-APPOINTMENT OF MR. RAJIV SINGH (DIN: 00003214), WHOLE-TIME DIRECTOR DESIGNATED AS CHAIRMAN
    1 for0 against

Mutual fund votes, meeting of 21 Mar 2024, 25 fund houses

  • Re-Appointment of Ms. Priya Paul (DIN: 00051215) as an Independent Director
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe have concerns about the director's attendance at board meetings.
    24 for1 against

Mutual fund votes, meeting of 28 Sep 2023, 24 fund houses

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

  • Appointment of Mr. Ashok Kumar Tyagi (DIN: 00254161) as Managing Director
    22 for0 against
  • Appointment of Mr. Devinder Singh (DIN: 02569464) as Managing Director
    22 for0 against
  • Appointment of Dr. Umesh Kumar Chaudhary (DIN: 10263441) as an Independent Director
    22 for0 against
4 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • 1. APPOINTMENT OF MR. ASHOK KUMAR TYAGI (DIN: 00254161) AS MANAGING DIRECTOR 2. APPOINTMENT OF MR. DEVINDER SINGH (DIN: 02569464) AS MANAGING DIRECTOR 3. APPOINTMENT OF DR. UMESH KUMAR CHAUDHARY (DIN: 10263441) AS AN INDEPENDENT DIRECTORMoreLess
    1 for0 against

Mutual fund votes, meeting of 4 Aug 2023, 23 fund houses

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

  • (a) Adoption of the Audited Financial Statements of the Company for the financial year ended March 31, 2023 together with the Reports of Board of Directors and Auditors thereon.n(b) Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 together with the Report of the Auditors thereonMoreLess
    21 for0 against
  • Declaration of dividend on equity shares for the financial year ended on March 31, 2023.
    21 for0 against
  • Appointment of a Director in place of Ms. Savitri Devi Singh (DIN: 01644076), liable to retire by rotation and being eligible, offers herself for re-appointment.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met (after ISS reclassification) and Savitri Devi Singh is a non-independent director nominee.
    20 for1 against
  • Appointment of a Director in place of Mr. Ashok Kumar Tyagi (DIN: 00254161), liable to retire by rotation and being eligible, offers himself for re-appointment.
    22 for0 against
  • Ratification of the remuneration payable to R.J. Goel & Co., Cost Accountants (FRN: 000026) of the Company for the financial year ended March 31, 2023.
    21 for0 against
5 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • 1. Adoption of Financial Statements (including Consolidated Financial Statements) for the financial year ended 31 March, 2023. 2. Declaration of dividend. 3. Re-appointment of Ms. Savitri Devi Singh (DIN: 01644076), who retires by rotation. 4. Re-appointment of Mr. Ashok Kumar Tyagi (DIN: 00254161), who retires by rotation. 5. Approval/ Ratification of remuneration payable to Cost Auditor.MoreLess
    1 for0 against

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

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Sep 2026.

  • Unlisted stake boughtDLF Clubs and Hospitality LimitedSince 31 Aug 2026

    0.26% bought in the quarter; holding 100.00%, from 99.74%

  • Unlisted stake boughtClover Energy Private LimitedSince 30 Jul 2026

    −9.38% bought in the quarter; holding 1.21%, from 10.59%

  • Tax disputeAssessment Unit, Income Tax DepartmentSince 30 Apr 2024
    During the quarter ended 30-09-2026, the appeal filed by DMPL before the CIT(A) against penalty order of Rs. 40.63 crore on the addition of Rs. 117.41 crore was allowed by the CIT(A) in the DMPL’s favour vide its order dated 19.08.2026. Financial Implication: Nil [The matter was last reported at Sr. No. 9 of Part E in the integrated filing (Governance) for the quarter ended 31.12.2024]MoreLess
    At the filing before: DLF Midtown Private Limited (DMPL), subsidiary company- Assessment Year (AY): 2016-17 - The Assessing Officer vide Order dated 31-03-2024, levied penalty of Rs. 40.63 crore u/s 271(1)(c) of the Income-Tax Act, 1961 on addition of Rs. 117.40 crore sustained by CIT(A) vide Order dated 24-01-2023. - All the additions made by AO including the above addition of Rs. 117.40 crore have been deleted by ITAT vide Order dated 06-09-2024. - The appeal against penalty Order passed by the Assessing officer is pending disposal before CIT(A) which is likely to be deleted as the quantum appeal has been decided in favour of DMPL. Financial Implication: Rs. 40.63 croreMoreLess
  • Tax disputeIncome Tax Officer, National Faceless Assessment Centre, DelhiSince 13 Apr 2022
    During the quarter ended 30-09-2026, the penalty appeal filed by ABDPL has been disposed off by the CIT(A) by deleting the penalty levied. Financial Implication: Nil [The matter was last reported at Sr. No. 11 of Part E in the integrated filing (Governance) for the quarter ended 31-12-2024]MoreLess
    At the filing before: Arlie Builders & Developers Private Limited (ABDPL) (merged with DLF Limited)- Assessment Year (AY): 2015-16 - The Assessing Officer vide Order dated 13-04-2022 levied a penalty of Rs. 0.007 crore under section 271(1)(c) of the Income-Tax Act, 1961 on alleged additions of Rs. 0.024 crore upheld by the Commissioner of Income-tax (Appeals) ['CIT(A)’]. - Against the addition of Rs. 0.024 crore, upheld by the CIT(A), the ITAT vide Order dated 25-04-2023, has deleted the addition of Rs. 0.024 crore. - However, the appeal against the penalty Order passed by the Assessing Officer is pending disposal before CIT(A). Financial Implication: Rs. 0.007 croreMoreLess
  • Tax disputeIncome Tax Officer, Ward-22(1), DelhiSince 21 Jan 2025
    During the quarter ended 30-09-2026, the appeals filed by the SBDPL w.r.t. additions of Rs 5.01 crore and penalty of Rs. 1.62 crore levied have been decided in favor of the SBDPL’s by deleting the demand of Rs. 2.32 crore and penalty levied of Rs. 1.62 crore. Financial Implication: Nil [The matter was last reported at Sr. No. 12 of Part E in the integrated filing (Governance) for the quarter ended 31-12-2024]MoreLess
    At the filing before: Sagardutt Builders & Developers Private Limited (SBDPL) (merged with DLF Limited)- Assessment Year (AY): 2015-16. - The Assessing Officer vide Order dated 21-01-2025 has levied a penalty of Rs. 1.62 crore on alleged additions of Rs. 5.01 crore, on which a demand of Rs. 2.32 crore was raised. - The Company does not agree with the above order and has filed appeal before the CIT(A), which is pending. Financial Implication: Rs. 3.95 croreMoreLess
  • Tax disputeCommissioner, CGST, Gurugram, HaryanaSince 18 May 2017
    During the quarter ended 30-09-2026, the appeal has been decided by Hon’ble CESTAT – Chandigarh vide order dated 02-07-2026 in favour of DHDL by dropping the demand and allowing the appeals of DHDL. Financial implication: Nil [The matter was last reported at Sr. No. 42 of Part E in the integrated filing (Governance) for the quarter ended 31-12-2024]MoreLess
    At the filing before: DLF Home Developers Limited (DHDL), a material wholly-owned subsidiary company – Period of Dispute: 2013-14 to 2015-16 - Department has confirmed the demand vide Order dated 17-06-2019 on account of Service Tax of Rs. 3.57 crore along with Penalty of Rs. 2.08 crore Demand of Service Tax was raised for issuance of Corporate Guarantee (Post Service Tax Negative Regime) issued in favour of Banks/ Financial Institution on behalf of subsidiary/ associated enterprises though no Commission/ Fee/ Charges etc. was charged/ serviced. - DHDL has filed appeal on 26-08-2019 before CESTAT-Chandigarh against the Order confirmed which is pending. Financial Implication : Rs. 5.66 croreMoreLess
  • Tax disputeCommissioner (Adj.), Service Tax, Delhi-IV, Gurugram, HaryanaSince 21 Oct 2015
    During the quarter ended 30-09-2026, the appeal has been decided by Hon’ble CESTAT vide order dated 21-08-2026 in favour of DHSPL by dropping the demand and allowing the appeals of DHSPL. Financial implication: Nil [The matter was last reported at Sr. No. 82 of Part E in the integrated filing (Governance) for the quarter ended 31-12-2024]MoreLess
    At the filing before: DLF Homes Services Private Limited (DHSPL) (merged with DLF Clubs and Hospitality Limited, wholly-owned subsidiary company)– Period of Dispute: 2010-11 to 2014-15 - Department has confirmed the demand vide Order dated 09-06-2017. Against the Order, DHSPL has filed appeal before CESTAT-Chandigarh on 11-09-2017 on the issue of demand of Service Tax under Category ‘Management, Maintenance & Repair Service’ in place of ‘Works Contract Service’ and denied abatement under WCS. Demand in the appeal is Rs. 2.48 crore & Penalty of Rs. 1.27 crore. - Matter is pending before CESTAT-Chandigarh. Financial Implication : Rs. 1.27 croreMoreLess
  • Tax disputeCommissioner (Appeals), CGST, Rohtak, HaryanaSince 18 May 2017
    During the quarter ended 30-09-2026, the appeal has been decided by Hon’ble CESTAT vide order dated 21-08-2026 in favour of DHSPL by dropping the demand and allowing the appeals of DHSPL. Financial implication: Nil [The matter was last reported at Sr. No. 83 of Part E in the integrated filing (Governance) for the quarter ended 31-12-2024]MoreLess
    At the filing before: DLF Homes Services Private Limited (DHSPL), (merged with DLF Clubs and Hospitality Limited, wholly-owned subsidiary company) – Period of Dispute: 2015-16 - Department has confirmed the demand vide Order dated 12-06-2018. Against the Order, DHSPL has filed appeal before CESTAT-Chandigarh on 20-09-2018 on the issue of demand of Service Tax under Category ‘Management, Maintenance & Repair Service’ in place of ‘Works Contract Service’ and denied abatement under WCS. Demand in the appeal is Rs. 1.18 crore & Penalty of Rs. 0.12 crore - Matter is pending before CESTAT Chandigarh. Financial Implication : Rs. 0.12 croreMoreLess
1 more
  • Tax disputeCommissioner (Adj.), Service Tax, I.P. Estate, New DelhiSince 18 Oct 2012
    During the quarter ended 30-09-2026, the appeal has been decided by Hon’ble CESTAT vide order dated 21-08-2026 in favour of DPL by dropping the demand and allowing the appeals of DPL. Financial implication: Nil [The matter was last reported at Sr. No. 84 of Part E in the integrated filing (Governance) for the quarter ended 31-12-2024]MoreLess
    At the filing before: DLF Projects Limited (DPL), wholly-owned subsidiary - Period of Dispute: 2011-12 - Department has confirmed the demand vide Order dated 26-06-2014 against which DPL has filed appeal before CESTAT - Chandigarh on 11-09-2014 for penalty amount of Rs. 1.00 crore Issue in the appeal is demand of differential Service as on Construction Service Charges without allowing any benefit of abatement and not allowing payment of service tax on ongoing projects under Works Contract Service Category. - Matter is pending before CESTAT-Chandigarh. Financial Implication : Rs. 1.00 croreMoreLess

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

Investor complaints and compliance

Quarter by quarter.

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

  • Received
  • Resolved

Open at the quarter's end

At most 3 complaints open, quarter to Dec 2024.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
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.