Elecon Engineering Company CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 31 Jul 2026, 12 fund houses so far (houses' deadline to file 15 Oct 2026)

• Approval of the appointment of Mr. Pranav C. Amin (DIN: 00245099) as a Non-Executive & Independent Director for his second term of five consecutive years.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Mahindra Manulife Mutual Fund, Navi Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundThe proposed appointee has neither served consecutive terms nor completed the cooling-off period.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Mahindra Manulife Mutual Fund, Sundaram Mutual FundPranav Amin, 50, is the Managing Director of Alembic Pharmaceuticals. He has been on the board since 27 May 2021. He attended all five (100%) board meetings in FY26. He is the son of Chirayu Amin, Chairperson and CEO of Alembic Pharmaceuticals, who was on the board of Elecon for 22 years from June 1998 until August 2020: Pranav Amin was appointed on the board as Independent Director within a year of Chirayu Amin’s stepping off from the board of the company. Given the Amin family’s long-standing association with the company, we do not support his reappointment as Independent Director. The company must consider appointing him as Non-executive Non-Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundNo concerns are raised on the merit, time commitments, and independence of the proposed appointee. Non-compliant with Companies Act 2013: The proposed appointee has not been appointed for consecutive terms. As the proposed second term is intended to commence after a gap of 26 days from the expiry of the first term, it may be concluded that the two terms are not consecutive within the meaning of Section 149(11) of the Companies Act, 2013. Consequently, the proposed appointment could be regarded as a fresh appointment, in which case the mandatory three-year cooling-off period would become applicable. Since the cooling-off period has not been completed and the two terms are not consecutive, the proposed appointment may be considered non-compliant with the requirements of Section 149 of the Companies Act, 2013.

  5 for7 against

Mutual fund votes, meeting of 25 Jun 2026, 23 fund houses

• Adoption of the Audited Financial Statements (Both Standalone and Consolidated) of the Company for the Financial Year ended on 31st March, 2026 and the Reports of Auditors and the Board of Directors thereon.MoreLess

  23 for0 against
• Declaration of Final Dividend of Rs. 1.50/- (i.e. 150%) per equity share for the Financial Year ended on 31st March, 2026.

  23 for0 against
• Appointment of Mr. Pradip M. Patel (DIN: 00012138), who retires by rotation and being eligible, offers himself for re-appointment.

  23 for0 against
• Re-appointment of M/s. CNK & Associates LLP as the Statutory Auditor of the Company and fix their remuneration.

  23 for0 against
• Re-appointment of Mr. Prayasvin B. Patel (DIN: 00037394) as the Chairman & Managing Director for three consecutive years with effect from 1st July, 2026 and payment of managerial remuneration.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concerns: No absolute cap on variable pay and Holds Two full-time positions.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund, Sundaram Mutual FundPrayasvin Patel, 68, Chairperson and Managing Director, is a part of the promoter group. His FY26 remuneration (excluding retirals) of Rs 212.5 mn declined by 6.3% from Rs 226.6 mn in FY25. In comparison, the company's consolidated PBT (excluding exceptional items) declined by 11.4% year-on-year to Rs 4.8 bn in FY26 from Rs 5.4 bn in FY25. In FY26, his remuneration aggregated 9.2% of employee benefit costs, which is high. We estimate his FY27 pay at Rs. 230.9 mn. The proposed remuneration structure does not cap the quantum of commission payable – in the past, aggregate remuneration has ranged at about 3% of pre-tax profits. Further, Prayasvin B Patel will be given a flat 15% increment annually, independent of company performance and the average increments across the company. We believe the remuneration structure is open-ended and does not benchmark with peers. Given the past remuneration levels, we expect these to be high compared to the size of the company and not commensurate with peers. The company should also disclose the performance metrics governing his variable pay and remuneration in case of inadequate profits. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concerns: No absolute cap on variable pay and Holds Two full-time positions.
  • Kotak Mahindra Mutual FundPrayasvin Patel, 68, Chairperson and Managing Director, is a part of the promoter group. His FY26 remuneration (excluding retirals) of Rs 212.5 mn declined by 6.3% from Rs 226.6 mn in FY25. In comparison, the company's consolidated PBT (excluding exceptional items) declined by 11.4% year-on-year to Rs 4.8 bn in FY26 from Rs 5.4 bn in FY25. In FY26, his remuneration aggregated 9.2% of employee benefit costs, which is high. For FY 27, Company has neither disclosed any performance criteria nor any cap on variable pay. We do not support this kind of open payment structure. Hence, we do not favour the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Motilal Oswal Mutual FundNo absolute cap on variable pay; Two full-time positions.

  9 for14 against
• Appointment of Mr. Aayush A. Shah (DIN: 07140517) as an Executive Director for three consecutive years with effect from 1st October, 2026 and payment of managerial remuneration.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concerns: No absolute cap on variable pay and Proposed appointment would lead to director holding Two full-time positions.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund, Sundaram Mutual FundAayush A. Shah, 31, part of the promoter family and is Chief Executive Officer and Executive Director of Power Build Private Limited Private Limited, a group company. A mechanical engineer from Georgia Institute of Technology, USA, he has over 5 years of work experience. We believe for a board membership in a listed company, experience of over five years is inadequate. We estimate his FY27 pay at Rs. 79.9 mn. Further, Aayush A. Shah will be given a flat 15% increment annually, independent of company performance and the average increments across the company. We believe the remuneration structure is open-ended and does not benchmark with peers. Given the past remuneration levels, we expect these to be high compared to the size of the company and not commensurate with peers. The company should also disclose the performance metrics governing his variable pay and remuneration in case of inadequate profits. The company should disclose the performance metrics governing his variable pay. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concerns: No absolute cap on variable pay and Proposed appointment would lead to director holding Two full-time positions.
  • Kotak Mahindra Mutual FundAyush A. Shah, 31, part of the promoter family and is Chief Executive Officer and Executive Director of Power Build Private Limited Private Limited, a group company. A mechanical engineer from Georgia Institute of Technology, USA, he has over 5 years of work experience. For FY 27, Company has neither disclosed any performance criteria nor any cap on variable pay. We do not support this kind of open payment structure. Hence, we do not favour the resolution.
  • Mahindra Manulife Mutual FundAayush A. Shah, 31, part of the promoter family and is Chief Executive Officer and Executive Director of Power Build Private Limited Private Limited, a group company. A mechanical engineer from Georgia Institute of Technology, USA, he has over 5 years of work experience. We estimate his FY27 pay at Rs. 79.9 mn. Further, Aayush A. Shah will be given a flat 15% increment annually, independent of company performance and the average increments across the company. We believe the remuneration structure is open-ended and does not benchmark with peers. Given the past remuneration levels, we expect these to be high compared to the size of the company and not commensurate with peers. The company should also disclose the performance metrics governing his variable pay and remuneration in case of inadequate profits. The company should disclose the performance metrics governing his variable pay. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Motilal Oswal Mutual FundNo absolute cap on variable pay; Potentially may hold Two full-time positions.

  8 for15 against
• Appointment of Dr. Savan R. Godiawala (DIN: 07874111) as a Non-Executive & Independent Director for five consecutive years with effect from 15th April, 2026.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Concern identified by Insolvency & Bankruptcy Board of India with regards to the proposed director regarding the breach of fiduciary duty as Liquidator and contravention of code of conduct of Insolvency Professionals, which raised questions regarding the fit and proper aspects of director from the governance parameters.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Mahindra Manulife Mutual Fund, SBI Mutual Fund, Sundaram Mutual FundDr. Savan Godiawala, 58, is a qualified Chartered Accountant and a retired partner of Deloitte Touche Tohmatsu India LLP with over three decades of experience in Investment Banking and financial advisory services. We note that The Insolvency and Bankruptcy Board of India (IBBI) suspended his registration as an insolvency professional for violating provisions of the Insolvency and Bankruptcy Code (IBC). As per the IBBI Order dated 18 August 2022, it was observed that, as a resolution professional, he engaged the services of Deloitte Touche Tohmatsu India LLP in the liquidation process of Lanco Infratech Limited on vague terms and conditions without specifying the amount payable to the firm. Additionally, the NCLT, Hyderabad Bench, through its order dated 6 May 2026, ruled that the residual fee payments made to Deloitte were bad in law and directed Dr. Godiawala to refund an excess amount of INR 74.9 mn to the liquidation estate within six weeks. We believe that board members must not have a chequered past that may expose the company to reputational risks. Given these regulatory and judicial observations, we are unable to support his appointment.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. Governance Concern: Concern identified by IBBI w.r.t. the proposed director regarding the breach of fiduciary duty as Liquidator and contravention of code of conduct of Insolvency Professionals, which raised questions regarding the fit and proper aspects of director from the governance parameters.
  • HDFC Mutual FundGiven his past history of failure to perform his duties as Insolvency Professional, we do not support his appointment.
  • Kotak Mahindra Mutual FundDr. Savan Godiawala, 58, is a qualified Chartered Accountant and a retired partner of Deloitte Touche Tohmatsu India LLP with over three decades of experience in Investment Banking and financial advisory services. We note that The Insolvency and Bankruptcy Board of India (IBBI) suspended his registration as an insolvency professional for violating provisions of the Insolvency and Bankruptcy Code (IBC). As per the IBBI Order dated 18 August 2022, it was observed that, as a resolution professional, he engaged the services of Deloitte Touche Tohmatsu India LLP in the liquidation process of Lanco Infratech Limited on vague terms and conditions without specifying the amount payable to the firm. Additionally, the NCLT, Hyderabad Bench, through its order dated 6 May 2026, ruled that the residual fee payments made to Deloitte were bad in law and directed Dr. Godiawala to refund an excess amount of INR 74.9 mn to the liquidation estate within six weeks. We believe that board members must not have a chequered past that may expose the company to reputational risks. Given these regulatory and judicial observations, we are unable to support his appointment
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Motilal Oswal Mutual FundConcern identified by IBBI w.r.t. the breach of fiduciary duty as Liquidator and contravention of code of conduct of Insolvency Professionals.
  • Nippon India Mutual FundGovernance Concern: IBBI's findings of fiduciary duty breach and code of conduct violations against the proposed director raise serious concerns over his fit and proper status from a governance standpoint.
  • UTI Mutual FundDr. Savan Godiawala, 58, is a qualified Chartered Accountant and a retired partner of Deloitte Touche Tohmatsu India LLP with over three decades of experience in Investment Banking and financial advisory services. We note that The Insolvency and Bankruptcy Board of India (IBBI) suspended his registration as an insolvency professional for violating provisions of the Insolvency and Bankruptcy Code (IBC). As per the IBBI Order dated 18 August 2022, it was observed that, as a resolution professional, he engaged the services of Deloitte Touche Tohmatsu India LLP in the liquidation process of Lanco Infratech Limited on vague terms and conditions without specifying the amount payable to the firm. Additionally, the NCLT, Hyderabad Bench, through its order dated 6 May 2026, ruled that the residual fee payments made to Deloitte were bad in law and directed Dr. Godiawala to refund an excess amount of INR 74.9 mn to the liquidation estate within six weeks. Given these regulatory and judicial observations, we are unable to support his appointment.

  6 for17 against
• Ratify the remuneration payable to the Cost Auditors i.e. M/s. Ketki D. Visariya & Co., Cost & Management Accountants of the Company for the financial year 2026-27.

  23 for0 against

• Tax disputePrincipal Commissioner of Income Tax, VadodaraSince 2 Sep 2023
  Ongoing
  At the filing before: The Income Tax Department is in appeal before Hon’ble High Court of Gujarat against claim of TDS credit with regard to approved Scheme of Arrangement, which was allowed to the Company by the Hon’ble ITAT for Assessment Year 2013-14.MoreLess
• Tax disputePrincipal Commissioner of Income Tax, VadodaraSince 2 Sep 2023
  Ongoing
  At the filing before: The Income Tax Department is in appeal before Hon’ble High Court of Gujarat against claim of TDS credit with regard to approved Scheme of Arrangement, which was allowed to the Elecon EPC Projects Ltd. (Amalgamated with the Company) by the Hon’ble ITAT for Assessment Year 2013-14.MoreLess
• Tax disputePrincipal Commissioner of Income Tax, VadodaraSince 2 May 2023
  Ongoing
  At the filing before: The Income Tax Department is in appeal before Hon’ble High Court of Gujarat against write off of loans and advances; which was allowed to the Company by the Hon’ble ITAT for Assessment Year 2012-13.
• Tax disputeAssistant Commissioner of Income Tax, Anand CircleSince 22 Jan 2020
  Ongoing
  At the filing before: The Company has made submissions before National Faceless Appellant Centre (NFAC) regarding certain disallowances for Assessment Year 2017-18.
• Tax disputePrincipal Commissioner CGST & Central Excise, Vadodara-ISince 26 Jul 2023
  Ongoing
  At the filing before: The Company has filed an Appeal with Commisisoner (Appeal) against order passed by GST Commissioner for the matter relating to carry forward the Closing Balance of Disputed CENVAT Credit which was rejected vide order dated 21.08.2025. The Company has also filed Writ-Petition before Hon’ble High Court of Gujarat. The matter is awaited for final hearing.MoreLess
• Tax disputeDeputy Commissioner of Revenue, GST Dept., West BengalSince 28 Mar 2024
  Ongoing
  At the filing before: The Company had received an Adjudication Order from GST Department, West Bengal regarding Input Tax Credit availed by the Company. The Company has filed an Appeal before the Appellate Tribunal on 09th June, 2026, which is pending for hearing.MoreLess
• Tax disputeCommissioner of Central Excise, Customs and Service Tax, AnandSince 31 Mar 2015
  Ongoing
  At the filing before: The Company had received the Order from Commissioner of Central Excise, Customs and Service Tax, Anand regarding Cenvat credit of service tax paid on commission to agents for MHE Division of the Company. The matter is pending before CESTATE, Ahmedabad.MoreLess
• Tax disputeCommissioner of Central Excise, Customs and Service Tax, AnandSince 31 Mar 2015
  Ongoing
  At the filing before: The Company had received the Order from Commissioner of Central Excise, Customs and Service Tax, Anand regarding Cenvat credit of service tax paid on commission to agents for Gear Division of the Company. The matter is pending before CESTATE, Ahmedabad.MoreLess

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

The board is made up as the listing rules require

Yes

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

Yes

The filing has a part on fines and penalties

No

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.