Epigral logo

Epigral CEO, MD, chairman, board of directors and AGM

NSE: EPIGRALBSE: 543332Chemicals & PetrochemicalsSmall Cap

Formerly Meghmani Finechem
Last close ₹895.00down ₹26.20 (2.84%)BSE ₹897.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹921.20.

52-week range of traded prices to 23 Oct 2026
₹807.00Low, 30 Mar 2026₹1,729.90High, 29 Oct 2025
Market cap
₹3,861 Cr807th largest listed
P/E
14.2
P/B
1.7
Dividend yield
0.56%
ROE
13.1%
ROCE
14.8%
Debt to equity
0.25
Volume, NSE
42,72442.2% delivered

Epigral 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

  • Chairperson and managing directorMaulik Jayantibhai PatelRelated to the promoter
  • Chief executiveKaushal Ashishbhai Soparkar
  • Company Secretary and Compliance OfficerGaurang Trivedi

10 directors5 independent2 executive3 non-executive

  • Maulik Jayantibhai Patel · Chairperson and managing directorExecutive · joined May 2016 · reappointed Apr 2022 · 2 listed boards · 1 committee seat
  • Kaushal Ashishbhai Soparkar · Chief executiveExecutive · joined May 2016 · reappointed Apr 2022 · 2 listed boards
  • Ankit Natwarlal PatelNon-executive · joined May 2016 · reappointed Aug 2023 · 2 listed boards · 1 committee seat
  • Karana Rameshbhai PatelNon-executive · joined May 2016 · reappointed Aug 2023 · 2 listed boards
  • Darshan Anandbhai PatelNon-executive · joined May 2016 · reappointed Aug 2023 · 2 listed boards
  • Manubhai Khodidas PatelIndependent · joined Jul 2017 · reappointed Jun 2022 · 112 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 3 as chair
  • Sanjay Khatau AsherIndependent · joined May 2021 · reappointed May 2026 · 63 months as independent · 7 listed boards · 5 as independent · 9 committee seats, 1 as chair
  • Kanubhai Shakara PatelIndependent · joined May 2021 · reappointed May 2026 · 63 months as independent · 2 listed boards · 1 as independent · 3 committee seats, 1 as chair
  • Raju SwamyIndependent · joined May 2021 · reappointed May 2026 · 63 months as independent · 1 listed board · 1 as independent
  • Priyanka Agarwal ChopraIndependent · joined Feb 2025 · reappointed Feb 2025 · 19 months as independent · 2 listed boards · 2 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.

1 director who left
  • Nirali Bhavin Parikh, left 28 Feb 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 27 Jul 202610 of 10 present5 independent · 85 days in between
    • 2 May 202610 of 10 present5 independent

  • Audit Committee

    Chair Manubhai Khodidas Patel

    Kanubhai Shakara Patel, Sanjay Khatau Asher

    • 27 Jul 20263 of 3 present3 independent · 85 days in between
    • 2 May 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Raju Swamy

    Manubhai Khodidas Patel, Sanjay Khatau Asher

    • 2 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Kanubhai Shakara Patel

    Manubhai Khodidas Patel, Maulik Jayantibhai Patel

    • 2 May 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Manubhai Khodidas Patel

    Maulik Jayantibhai Patel, Kaushal Ashishbhai Soparkar

    • 2 May 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Manubhai Khodidas Patel

    Maulik Jayantibhai Patel, Kaushal Ashishbhai Soparkar

    • 2 May 20263 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 auditor

Named in the results for the quarter to Mar 2026.

  • S R B C & CO LLPPeer-review certificate valid to Feb 2029

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.

Epigral 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.Epigral dividend history

Annual general meeting, 8 Jun 2026

78,569 shareholders on the register on 1 Jun 2026; present: 19 promoters and 24 others; votes counted by KAUSHIK SHAH / M/S K J SHAH & CO..The company's voting result (opens in a new tab)

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

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

    Turnout: all 68.07% · promoters 90.22% · institutions 89.48% · other public 0.05%

  2. To declare a Final Dividend of Rs. 5.00 (50%) per equity share of Rs. 10/- each fully paid-up for the Financial Year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 68.09% · promoters 90.22% · institutions 89.81% · other public 0.05%

  3. To appoint a director in place of Mr. Ankit Patel (DIN: 02180007), who retires by rotation, and being eligible, offers himself for re-appointment.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.13% · other public 2.46%

    Turnout: all 68.09% · promoters 90.22% · institutions 89.81% · other public 0.05%

  4. To appoint a director in place of Mr. Karana Patel (DIN: 01727321), who retires by rotation, and being eligible, offers himself for re-appointment.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.13% · other public 2.46%

    Turnout: all 68.09% · promoters 90.22% · institutions 89.81% · other public 0.05%

  5. Ratification of Appointment of M/s. S R B C & Co LLP, Chartered Accountants as the Statutory Auditors of the Company for F. Y. 2026-27.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 68.09% · promoters 90.22% · institutions 89.81% · other public 0.05%

  6. Ratification of remuneration payable M/s K V Melwani & Associates, Cost Accountants as the Cost Auditors of the Company for the F.Y. 2026-27
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 68.09% · promoters 90.22% · institutions 89.81% · other public 0.05%

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, 19 May 2026, 3 resolutions

79,534 shareholders on the register on 10 Apr 2026; votes counted by UTKARSH PIYUSHKUMAR SHAH / M/s Utkarsh Shah & Co..The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Sanjay Asher (DIN: 00008221) as Non-Executive Independent Director for a second term of five (5) consecutive years w.e.f. 20th May, 2026.
    Special
    95.35% for4.65% against

    Against: promoters 0.00% · institutions 55.52% · other public 7.19%

    Turnout: all 66.59% · promoters 88.56% · institutions 85.97% · other public 0.29%

  2. Re-appointment of Mr. Kanubhai Patel (DIN: 00008395) as Non-Executive Independent Director for a second term of five (5) consecutive years w.e.f. 20th May, 2026.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.17% · other public 7.64%

    Turnout: all 66.59% · promoters 88.56% · institutions 85.97% · other public 0.29%

  3. Re-appointment of Mr. Raju Swamy (DIN: 03032679) as Non-Executive Independent Director for a second term of five (5) consecutive years w.e.f. 20th May, 2026.
    Special
    96.09% for3.91% against

    Against: promoters 0.00% · institutions 46.57% · other public 15.33%

    Turnout: all 66.59% · promoters 88.56% · institutions 85.97% · other public 0.29%

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 Jun 2025, 8 resolutions

81,788 shareholders on the register on 21 Jun 2025; present: 21 promoters and 18 others; votes counted by KAUSHIK SHAH / K J SHAH AND COMPANY.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2025 together with reports of the Board of Directors & Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.26% · promoters 87.57% · institutions 87.02% · other public 0.18%

  2. To confirm payment of Interim Dividend of Rs. 2.50 (25%) per equity share on 4,31,41,338 Equity Shares of Rs. 10/- each fully paid-up for the Financial Year 2024- 2025, and to declare Final Dividend of Rs. 3.50 (35%) per equity share of Rs. 10/- each fully paid-up for the Financial Year ended 31st March, 2025.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.28% · promoters 87.57% · institutions 87.30% · other public 0.18%

  3. Re-appointment of director in place of Mr. Darshan Patel (DIN 02047676), who retires by rotation, and being eligible, offers himself for re-appointment.
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.79% · other public 4.10%

    Turnout: all 67.25% · promoters 87.57% · institutions 86.94% · other public 0.18%

  4. Re-appointment of director in place of Mr. Kaushal Soparkar (DIN: 01998162), who retires by rotation, and being eligible, offers himself for re-appointment.
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.79% · other public 0.03%

    Turnout: all 67.25% · promoters 87.57% · institutions 86.94% · other public 0.18%

  5. Ratification of Appointment of M/s. S R B C & Co LLP, Chartered Accountants as the Statutory Auditors of the Company for F. Y. 2025-26.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.28% · promoters 87.57% · institutions 87.30% · other public 0.18%

  6. Change in nature of Directorship of Mr. Maulik Patel, Chairman and Managing Director of the Company.
    Ordinary
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 1.45% · other public 0.14%

    Turnout: all 67.25% · promoters 87.57% · institutions 86.94% · other public 0.18%

  7. Ratification of remuneration payable M/s K V Melwani & Associates, Cost Accountants as the Cost Auditors of the Company for the F.Y. 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.25% · promoters 87.57% · institutions 86.94% · other public 0.18%

  8. Appointment of Mr. Kaushik Shah of M/s. Shahs & Associates, Practicing Company Secretaries, Ahmedabad as a Secretarial Auditor for 5 years.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.25% · promoters 87.57% · institutions 86.94% · other public 0.18%

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, 15 May 2025, 1 resolution

82,616 shareholders on the register on 11 Apr 2025; votes counted by UTKARSH SHAH / UTKARSH SHAH & CO..The company's voting result (opens in a new tab)

  1. Appointment of Ms. Priyanka Agarwal Chopra (DIN: 10011547) as a Non-Executive Independent Woman Director of the Company.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.11% · other public 8.14%

    Turnout: all 65.67% · promoters 85.68% · institutions 84.93% · other public 0.26%

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, 16 Sep 2024, 1 resolution

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

  1. To approve fund raising by way of issuance of equity shares and/or equity linked securities for an aggregate amount up to Rs. 500 Crore. n
    Special
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 4.45% · other public 2.71%

    Turnout: all 47.14% · promoters 62.99% · institutions 61.48% · other public 3.17%

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, 9 Jul 2024, 7 resolutions

Present: 21 promoters and 23 others.The company's voting result (opens in a new tab)

  1. (a): To receive, consider, and adopt the Audited Standalone Financial Statement of the Company for the Financial Year ended on 31st March, 2024 together with reports of the Board of Directors & Auditors thereon; and (b): To receive, consider, and adopt the Audited Consolidated Financial Statement of the Company. nfor the Financial Year ended on 31st March, 2024 together with reports of Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 62.19% · promoters 83.46% · institutions 59.16% · other public 5.44%

  2. To declare a final dividend of Rs 5/- (50%) per equity share of Rs. 10/- each for the Financial Year 2023- 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 62.21% · promoters 83.46% · institutions 60.50% · other public 5.44%

  3. To appoint a director in place of Mr. Ankit Patel (DIN 02180007), who retires by rotation, and being eligible, offers himself for re-appointment.
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 2.75% · other public 0.01%

    Turnout: all 62.21% · promoters 83.46% · institutions 60.50% · other public 5.44%

  4. To appoint a Director in place of Mr. Karana Patel (DIN 01727321), who retires by rotation, and being eligible, offers himself for re-appointment.
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 2.75% · other public 0.16%

    Turnout: all 62.21% · promoters 83.46% · institutions 60.50% · other public 5.44%

  5. Ratification of Appointment of Statutory Auditors.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 62.21% · promoters 83.46% · institutions 60.50% · other public 5.44%

  6. Ratification of remuneration payable to Cost Auditors of the Company for the financial year 2024-25.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 62.21% · promoters 83.46% · institutions 60.50% · other public 5.44%

  7. Continuation of Mr. Manubhai Khodidas Patel as a Non-Executive Independent Director of the Company on completion of 75 years of age.
    Special
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 10.39% · other public 0.03%

    Turnout: all 62.21% · promoters 83.46% · institutions 60.50% · other public 5.44%

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 8 Jun 2026, 5 fund houses

  • To receive, consider, approve and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended March 31, 2026 together with reports of the Board of Directors & Auditors thereon.MoreLess
    5 for0 against
  • To declare a Final Dividend of Rs. 5.00 (50%) per equity share of Rs. 10/- each fully paid-up for the Financial Year ended March 31, 2026.
    5 for0 against
  • To appoint a director in place of Mr. Ankit Patel (DIN: 02180007), who retires by rotation, and being eligible, offers himself for re-appointment.
    5 for0 against
  • To appoint a director in place of Mr. Karana Patel (DIN: 01727321), who retires by rotation, and being eligible, offers himself for re-appointment.
    5 for0 against
  • Ratification of Appointment of M/s. S R B C & Co LLP, Chartered Accountants as the Statutory Auditors of the Company for F. Y. 2026-27.
    5 for0 against
  • Ratification of remuneration payable M/s K V Melwani & Associates, Cost Accountants as the Cost Auditors of the Company for the F.Y. 2026-27
    5 for0 against

Mutual fund votes, meeting of 19 May 2026, 5 fund houses

  • Re-appointment of Mr. Sanjay Asher (DIN: 00008221) as Non-Executive Independent Director for a second term of five (5) consecutive years w.e.f. 20th May, 2026.
    Against HSBC Mutual Fund, Motilal Oswal Mutual Fund, Old Bridge Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: * Sanjay Asher serves on a total of more than six public company boards, which could potentially compromise his ability to commit sufficient time to his role in the company. * The board is chaired by an executive and promoter director, and the board is not at least one-half independent (after our re-classification of Sanjay Asher) and he is a non-independent director nominee.
    • Motilal Oswal Mutual FundExcessive time commitments. Lack of Information regarding the service arrangement identified between the Company and the firm where proposed ID is interested.
    • Old Bridge Mutual FundSanjay Asher, 62, is a Senior Partner at Crawford Bayley & Co., a law firm. He has served on the board since 20 May 2021. He attended four out of five board meetings in FY25 (80%) and four board meetings in FY26. In FY25, the company paid Rs. 10.9 mn to Crawford Bayley & Co. for services availed. Given the inherent conflict of interest, we do not consider him to be an Independent Director. Accordingly, we do not support the resolution.
    2 for3 against
  • Re-appointment of Mr. Kanubhai Patel (DIN: 00008395) as Non-Executive Independent Director for a second term of five (5) consecutive years w.e.f. 20th May, 2026.
    Against Old Bridge Mutual Fund
    • Old Bridge Mutual FundKanubhai Patel, 69, is the Chairperson and Managing Director (CMD) of Voltamp Transformers Limited. He has served on the board since 20 May 2021. He attended all five board meetings held in FY25 (100%) and four board meetings held in FY26. In FY25, the company purchased goods aggregating Rs. 9.2 mn from Voltamp Transformers Limited. Given the inherent conflict of interest, we do not consider him to be an Independent Director. Accordingly, we do not support the resolution
    4 for1 against
  • Re-appointment of Mr. Raju Swamy (DIN: 03032679) as Non-Executive Independent Director for a second term of five (5) consecutive years w.e.f. 20th May, 2026.
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe are voting against the Nomination Committee Chair as the level of board independence falls below our expectation.
    4 for1 against
6 earlier meetings

Mutual fund votes, meeting of 28 Jun 2025, 9 fund houses

  • To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2025 together with reports of the Board of Directors & Auditors thereon.MoreLess
    9 for0 against
  • To confirm payment of Interim Dividend of Rs. 2.50 (25%) per equity share on 4,31,41,338 Equity Shares of Rs. 10/- each fully paid-up for the Financial Year 2024- 2025, and to declare Final Dividend of Rs. 3.50 (35%) per equity share of Rs. 10/- each fully paid-up for the Financial Year ended 31st March, 2025.MoreLess
    9 for0 against
  • Re-appointment of director in place of Mr. Darshan Patel (DIN 02047676), who retires by rotation, and being eligible, offers himself for re-appointment.
    9 for0 against
  • Re-appointment of director in place of Mr. Kaushal Soparkar (DIN: 01998162), who retires by rotation, and being eligible, offers himself for re-appointment.
    9 for0 against
  • Ratification of Appointment of M/s. S R B C & Co LLP, Chartered Accountants as the Statutory Auditors of the Company for F. Y. 2025-26.
    9 for0 against
  • Change in nature of Directorship of Mr. Maulik Patel, Chairman and Managing Director of the Company.
    Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance concern: Combined position of Chairman and Managing Director may lead to concentration of power in the hand of single person.
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on the merits of director. Governance concern: Combined position of Chairman and Managing Director may lead to concentration of power in the hand of single person.
    6 for3 against
  • Ratification of remuneration payable M/s K V Melwani & Associates, Cost Accountants as the Cost Auditors of the Company for the F.Y. 2025-26
    9 for0 against
  • Appointment of Mr. Kaushik Shah of M/s. Shahs & Associates, Practicing Company Secretaries, Ahmedabad as a Secretarial Auditor for 5 years.
    9 for0 against

Mutual fund votes, meeting of 15 May 2025, 8 fund houses

  • Appointment of Ms. Priyanka Agarwal Chopra (DIN: 10011547) as a Non-Executive Independent Woman Director of the Company.
    8 for0 against

Mutual fund votes, meeting of 16 Sep 2024, 4 fund houses

  • To approve fund raising by way of issuance of equity shares and/or equity linked securities for an aggregate amount up to Rs. 500 Crore. n
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Significant dilution. No clarity regarding not opting for Rights Issue.
    1 for3 against

Mutual fund votes, meeting of 9 Jul 2024, 2 fund houses

  • (a): To receive, consider, and adopt the Audited Standalone Financial Statement of the Company for the Financial Year ended on 31st March, 2024 together with reports of the Board of Directors & Auditors thereon; and (b): To receive, consider, and adopt the Audited Consolidated Financial Statement of the Company. nfor the Financial Year ended on 31st March, 2024 together with reports of Auditors thereon.MoreLess
    2 for0 against
  • To declare a final dividend of Rs 5/- (50%) per equity share of Rs. 10/- each for the Financial Year 2023- 2024.
    2 for0 against
  • To appoint a director in place of Mr. Ankit Patel (DIN 02180007), who retires by rotation, and being eligible, offers himself for re-appointment.
    2 for0 against
  • To appoint a Director in place of Mr. Karana Patel (DIN 01727321), who retires by rotation, and being eligible, offers himself for re-appointment.
    2 for0 against
  • Ratification of Appointment of Statutory Auditors.
    2 for0 against
  • Ratification of remuneration payable to Cost Auditors of the Company for the financial year 2024-25.
    2 for0 against
  • Continuation of Mr. Manubhai Khodidas Patel as a Non-Executive Independent Director of the Company on completion of 75 years of age.
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointees. Non-Compliance: Term of ID exceeding 10 years. Governance concern: Prolonged association with the group. Chairman of AC and NRC.
    0 for2 against

Mutual fund votes, meeting of 27 Jul 2023, 5 fund houses

  • 1) Approve change of name to Epigral Limited and consequent amendment to Memorandum and Articles of Association.
    1 for0 against
  • 2) Approve reclassification of Adesh K. Patel, Dhiren Madhur Goyal, Damini Narendra Patel, Hansaben Amrutbhai Patel, Amrutbhai Shivrambhai Patel, Narendra Bhailabhai Patel, Jagrutiben Lalitbhai Patel from promoter and promoter group category to public shareholder category.MoreLess
    Against SBI Mutual Fund
    • SBI Mutual FundWhile we recognize that Adesh Patel, Dhiren Madhur Goyal, Amrutbhai Shivrambhai Patel, Narendra Bhailabhai Patel and Jagrutiben Lalitbhai do not fall within the ambit of the definition of a ‘relative’, Ms. Hansaben Amrutbhai Patel and Ms. Damini Narendra Patel – being the sisters of Anand Patel – Promoter of the company and Executive Director of Meghmani Organics Limited, a group company – do fall under this definition. We believe that promoters should abide by the spirit of the regulation in cases of re-classification. Given the close family connection of Ms. Hansaben Patel and Ms. Damini Patel with the promoter group, we do not support the resolution. The company should have provided adequate clarity on the rationale for considering them as non-promoter shareholders.
    0 for1 against
  • Approval for the re-classification of 1. Adesh K Patel, 2. Dhiren Madhur Goyal, 3. Damini Narendra Patel, 4. Hansaben Amrutbhai Patel, 5. Amrutbhai Shivrambhai Patel, 6.Narendra Bhailalbhai Patel and 7. Jagrutiben Lalitbhai Patel status of those promoter group shareholders to public shareholders.MoreLess
    Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • HDFC Mutual FundAs certain promoters seeking reclassification are immediate relatives of the Executive Director, it is not appropriate to classify the same as public category
    • ICICI Prudential Mutual FundMs. Hansaben Amrutbhai Patel and Ms. Damini Narendra Patel – being the sisters of Anand Patel – Promoter of the company and Executive Director of Meghmani Organics Limited, a group company – do fall under this definition. Given the close family connection of Ms. Hansaben Patel and Ms. Damini Patel with the promoter group, the AMC do not support the resolution.
    • Motilal Oswal Mutual FundProposed re-classification is non-compliant. Promoters seeking re-classification do not fulfil the criteria as per Regulation 31A of the SEBI LODR.
    • Nippon India Mutual FundLack of clarity on the rationale for considering them as non-promoter
    0 for4 against
  • Change of name of the Company from "Meghmani Finechem Limited" to "Epigral Limited".
    4 for0 against

Mutual fund votes, meeting of 27 Jun 2023, 5 fund houses

  • 1) a) Adoption of Audited Standalone Financial Statements for the year ended March 31, 2023 and the reports of the Directors and Auditors thereon. B) Adoption of Audited Consolidated Financial Statements for the year ended March 31, 2023 and Auditors report thereon.MoreLess
    1 for0 against
  • 2) Confirm interim dividend of Rs. 2.50 per equity share and approve final dividend on equity share of face value of Rs.10.0 per share for FY23.
    1 for0 against
  • 3) Reappoint Maulik Patel (DIN: 02006947) as Director, liable to retire by rotation.
    1 for0 against
  • 4) Reappoint Kaushal Soparkar (DIN: 01998162) as Director, liable to retire by rotation.
    1 for0 against
  • 5) Ratify SRBC & Co LLP as statutory auditors for FY24 and fix their remuneration.
    1 for0 against
  • 6) Ratify remuneration payable of Rs. 200,000 to K. V. Melwani & Associates as cost auditors for FY24.
    1 for0 against
  • Ratification of remuneration Rs.2,00,000/- excluding service tax, travelling and other out-of-pocket expenses payable to M/s K V Melwani & Associates, Cost Accountants (Registration No. 100497) who have been appointed as the Cost Auditors of the Company by the Board of Directors to conduct the audit of the cost records of the Company for the Financial Year 2023-2024.MoreLess
    3 for0 against
  • Re-appointment of M/s S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration No. 324982E / E300003) as the Statutory Auditors of the Company for a Second term of five years from the conclusion of 15th Annual General Meeting held in 2022 to the conclusion of 20th Annual General Meeting of the Company to be held in 2027 as Statutory Auditors of the CompanyMoreLess
    3 for0 against
  • To appoint a Director in place of Mr. Kaushal Soparkar (DIN. 01998162), who retires by rotation, and being eligible, offers himself for re-appointment.
    4 for0 against
  • To appoint a Director in place of Mr. Maulik Patel (DIN . 02006947), who retires by rotation, and being eligible, offers himself for re-appointment.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundHolding dual positions of Managing Director and chairperson
    3 for1 against
  • To confirm interim dividend paid @ 25% i.e. Rs. 2.50/- per share on 4,15,50,158 Equity Shares of Rs. 10/- each fully paid-up, to the shareholders for Financial Year 2022- 2023, and to declare Final Equity Dividend for the Financial Year 2022-2023MoreLess
    4 for0 against
  • To ratify the remuneration payable to M/s K V Melwani & Associates, Cost Accountants (Registration No. 100497) who have been appointed as the Cost Auditors of the Company to conduct the audit of the cost records of the Company for the Financial Year 2023-2024MoreLess
    1 for0 against
  • To re-appoint M/s. S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration No.324982E / E300003) as the Statutory Auditors of the Company for a Second term of five years and to fix remunerationMoreLess
    1 for0 against
  • To receive, consider, and adopt: (i) the Audited Standalone Financial Statement of the Company for the Financial Year ended 31st March, 2023 together with report of the Board of Directors & Auditors thereon; and (ii) the Audited Consolidated Financial Statement of the Company for the Financial Year ended on 31st March, 2023 together with report of the Auditors thereon.MoreLess
    4 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 boughtEpigral Advanced Materials LimitedSince 7 Jul 2026

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

  • Tax disputeDeputy Commissioner of Income Tax, VadodaraSince 30 Dec 2025
    The Company believes that the consequent demand is not maintainable. The Company has filed a rectification application and appeal to Income Tax Appellate Tribunal against the said order within prescribed timelines.MoreLess
    At the filing before: Assessment order for Assessment Year 2022-23 pertaining to Financial Year 2021-22, along with notice of demand of Rs. 52.52 crore (including applicable interest), passed under section 143(3) read with section 144C (13) of the Income-tax Act, 1961 and notice of demand under section 156 of the Income-tax Act, 1961.MoreLess

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
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.

How money raised was used

Reported for the quarter to Mar 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.

RaisedAmount raisedForSet asideSpentSpent elsewhere
QIPOct 2024, checked by CARE Ratings Limited333.05Repayment/ prepayment, in full or part, of certain outstanding borrowings availed by the Company250.00250.00No
QIPOct 2024, checked by CARE Ratings Limited333.05Funding capital expenditure towards purchase of fixed assets30.0030.00No
QIPOct 2024, checked by CARE Ratings Limited333.05General corporate purposes44.7244.72No
QIPOct 2024, checked by CARE Ratings Limited333.05Issue Expenses8.338.33No
₹ 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.