Gujarat Ambuja Exports logo

Gujarat Ambuja Exports MD, chairman, board of directors and AGM

NSE: GAELBSE: 524226Agricultural Food & other ProductsSmall Cap

Last close ₹153.83down ₹4.74 (2.99%)BSE ₹153.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹158.57.

52-week range of traded prices to 23 Oct 2026
₹102.05Low, 17 Nov 2025₹184.99High, 21 Aug 2026
Market cap
₹7,056 Cr692nd largest listed
P/E
17.0
P/B
2.1
Dividend yield
0.20%
ROE
13.2%
ROCE
12.5%
Debt to equity
0.13
Volume, NSE
14,94,52653.5% delivered

Gujarat Ambuja Exports 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 directorManish Vijaykumar GuptaRelated to the promoter
  • Company Secretary and Compliance OfficerKalpesh Bhupatbhai Dave

7 directors4 independent3 executive

  • Manish Vijaykumar Gupta · Chairperson and managing directorExecutive · joined Aug 1991 · reappointed Dec 2023 · 1 listed board · 1 committee seat
  • Sandeep AgrawalExecutive · joined Jan 1995 · reappointed Aug 2024 · 1 listed board · 1 committee seat
  • Shreyaan Manish GuptaExecutive · joined Jan 2026 · reappointed Jan 2026 · 1 listed board
  • Sudhin Bhagwandas ChokseyIndependent · joined Nov 2022 · reappointed Nov 2022 · 46 months as independent · 5 listed boards · 4 as independent · 7 committee seats, 3 as chair
  • Dukhabandhu RathIndependent · joined Nov 2025 · reappointed Nov 2025 · 10 months as independent · 7 listed boards · 7 as independent · 10 committee seats, 3 as chair
  • Yogesh Ghanshyambhai ShahIndependent · joined Nov 2025 · reappointed Nov 2025 · 10 months as independent · 1 listed board · 1 as independent · 3 committee seats, 3 as chair
  • Gauri Surendra TrivediIndependent · joined Nov 2025 · reappointed Nov 2025 · 10 months as independent · 5 listed boards · 5 as independent · 8 committee seats, 2 as chair

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

4 directors who left
  • Maitri Kirankumar Mehta, left 24 May 2026: Tenure Completion
  • Sandeep Mohanraj Singhi, left 29 Apr 2026: Tenure Completion
  • Vishwavir Saran Das, left 31 Mar 2026: Tenure Completion
  • Sulochana Vijaykumar Gupta, left 19 Nov 2025: Others

Committees and meetings

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

  • Board

    • 1 Aug 20266 of 7 present3 independent · 83 days in between
    • 9 May 20268 of 8 present5 independent

  • Audit Committee

    Chair Yogesh Ghanshyambhai Shah

    Sudhin Bhagwandas Choksey, Dukhabandhu Rath, Gauri Surendra Trivedi

    • 1 Aug 20263 of 4 present3 independent · 83 days in between
    • 9 May 20264 of 4 present4 independent

  • Nomination and remuneration committee

    Chair Gauri Surendra Trivedi

    Sudhin Bhagwandas Choksey, Dukhabandhu Rath

    • 30 Jul 20263 of 3 present3 independent · 82 days in between
    • 8 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Yogesh Ghanshyambhai Shah

    Manish Vijaykumar Gupta, Sandeep Agrawal

    • 1 Aug 20263 of 3 present1 independent · 84 days in between
    • 8 May 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Manish Vijaykumar Gupta

    Sandeep Agrawal, Sudhin Bhagwandas Choksey, Yogesh Ghanshyambhai Shah, Dukhabandhu Rath, Nagaraj Giridhar, Kalpesh Bhupatbhai Dave

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Manish Vijaykumar Gupta

    Sandeep Agrawal, Sudhin Bhagwandas Choksey, Gauri Surendra Trivedi

    • 1 Aug 20264 of 4 present2 independent · 84 days in between
    • 8 May 20264 of 4 present2 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Kantilal Patel & Co.Peer-review certificate valid to Nov 2028

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

Gujarat Ambuja Exports 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.Gujarat Ambuja Exports dividend history

Annual general meeting, 5 Sep 2026

1,02,216 shareholders on the register on 29 Aug 2026; present: 2 promoters and 89 others; votes counted by CS Niraj Trivedi / M/s. TNT & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2026 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended 31st March, 2026.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.24%

    Turnout: all 67.17% · promoters 100.00% · institutions 72.43% · other public 0.38%

  2. To declare Final Dividend of ₹ 0.30/- (30%) per equity shares, having face value of ₹ 1/- each for the FY 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.61%

    Turnout: all 67.20% · promoters 100.00% · institutions 73.03% · other public 0.38%

  3. To appoint a Director in place of Mr. Manish Vijaykumar Gupta (DIN: 00028196), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 3.90% · other public 0.62%

    Turnout: all 67.20% · promoters 100.00% · institutions 73.03% · other public 0.38%

  4. Ratification of remuneration payable to the Cost Auditors for the FY 2026-27.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.37%

    Turnout: all 67.20% · promoters 100.00% · institutions 73.03% · other public 0.38%

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 Mar 2026, 2 resolutions

1,18,797 shareholders on the register on 13 Feb 2026; votes counted by Mr. Chirag Shah / Chirag Shah and Associates.The company's voting result (opens in a new tab)

  1. To appoint Mr. Shreyaan Manish Gupta (DIN: 09655911), as a Director of the Company
    Ordinary
    98.92% for1.08% against

    Against: promoters 0.00% · institutions 51.33% · other public 2.18%

    Turnout: all 63.05% · promoters 96.62% · institutions 52.43% · other public 0.12%

  2. To appoint Mr. Shreyaan Manish Gupta (DIN: 09655911), as Whole-Time Director of the Company
    Special
    98.69% for1.31% against

    Against: promoters 0.00% · institutions 62.41% · other public 2.25%

    Turnout: all 63.05% · promoters 96.62% · institutions 52.43% · other public 0.12%

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

Postal ballot, 20 Dec 2025, 3 resolutions

1,31,988 shareholders on the register on 14 Nov 2025; votes counted by Mr. Chirag Shah / Chirag Shah and Associates.The company's voting result (opens in a new tab)

  1. To approve the appointment of Mr. Dukhabandhu Rath (DIN: 08965826), as a Non-Executive & Independent Director of the Company
    Special
    98.26% for1.74% against

    Against: promoters 0.00% · institutions 73.33% · other public 3.64%

    Turnout: all 65.46% · promoters 100.00% · institutions 59.48% · other public 0.19%

  2. To approve the appointment of Mr. Yogesh Ghanshyambhai Shah (DIN: 11203883) as a Non-Executive & Independent Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.50%

    Turnout: all 65.46% · promoters 100.00% · institutions 59.48% · other public 0.19%

  3. To approve the appointment of Ms. Gauri Trivedi (DIN: 06502788) as a Non-Executive & Independent Director of the Company
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 1.37% · other public 2.24%

    Turnout: all 65.46% · promoters 100.00% · institutions 59.48% · other public 0.19%

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, 30 Aug 2025, 6 resolutions

1,36,491 shareholders on the register on 23 Aug 2025; present: 1 promoter and 88 others; votes counted by CS Niraj Trivedi / CS Niraj Trivedi.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended 31st March, 2025MoreLess
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.02% · other public 5.83%

    Turnout: all 65.51% · promoters 100.00% · institutions 30.96% · other public 2.85%

  2. To declare Final Dividend of ₹ 0.25/- (25%) per equity shares, having face value of ₹ 1/- each for the FY 2024-25
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.26% · other public 0.33%

    Turnout: all 65.54% · promoters 100.00% · institutions 30.96% · other public 2.94%

  3. To appoint a Director in place of Mr. Sandeep Agrawal (DIN: 00027244), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.34% · other public 3.48%

    Turnout: all 65.54% · promoters 100.00% · institutions 30.96% · other public 2.94%

  4. Ratification of remuneration of Cost Auditors for the FY 2025-26
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.49%

    Turnout: all 65.54% · promoters 100.00% · institutions 30.96% · other public 2.94%

  5. Appointment of M/s. TNT & Associates as Secretarial Auditors of the Company
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.02% · other public 10.92%

    Turnout: all 65.54% · promoters 100.00% · institutions 30.96% · other public 2.94%

  6. Alteration in Articles of Association of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.50%

    Turnout: all 65.54% · promoters 100.00% · institutions 30.96% · other public 2.94%

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, 31 Aug 2024, 5 resolutions

Present: 1 promoter and 94 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2024 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended 31st March, 2024.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 67.78% · promoters 100.00% · institutions 63.20% · other public 0.75%

  2. To declare Final Dividend of Rs. 0.35 (35%) per equity shares for the FY 2023-24.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.81% · promoters 100.00% · institutions 63.75% · other public 0.75%

  3. To appoint a Director in place of Mr. Manish Gupta (DIN:00028196), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 1.37% · other public 0.56%

    Turnout: all 67.81% · promoters 100.00% · institutions 63.75% · other public 0.75%

  4. Ratification of remuneration of Cost Auditors for the FY 2024-25
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.40%

    Turnout: all 67.81% · promoters 100.00% · institutions 63.75% · other public 0.75%

  5. Remuneration to Non-Executive Directors of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.61%

    Turnout: all 67.81% · promoters 100.00% · institutions 63.75% · other public 0.75%

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

Postal ballot, 20 Jun 2024, 1 resolution

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

  1. To advance any loan, give any guarantee or to provide any security to Maiz Citchem Limited (Subsidiary of the Company) pursuant to section 185 of the Companies Act, 2013:
    Special
    92.34% for7.66% against

    Against: promoters 0.00% · institutions 95.22% · other public 3.06%

    Turnout: all 69.66% · promoters 99.93% · institutions 84.65% · other public 0.92%

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

Postal ballot, 8 Mar 2024, 1 resolution

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

  1. To capitalize the reserves and issue Bonus shares to the Members of the Company
    Special
    99.56% for0.44% against

    Against: promoters 0.00% · institutions 5.93% · other public 5.05%

    Turnout: all 68.99% · promoters 100.00% · institutions 87.14% · other public 0.75%

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

Annual general meeting, 2 Sep 2023, 6 resolutions

Present: 1 promoter and 89 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2023 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended March 31, 2023MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.28%

    Turnout: all 67.26% · promoters 99.93% · institutions 86.39% · other public 0.15%

  2. To declare Final Dividend on equity shares for the financial year 2022-23
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.28%

    Turnout: all 67.30% · promoters 99.93% · institutions 87.51% · other public 0.15%

  3. To appoint a Director in place of Mrs. Sulochana Gupta (DIN: 00028225), who retires by rotation and being eligible, offers herself for re-appointment
    Ordinary
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 2.72% · other public 9.87%

    Turnout: all 67.30% · promoters 99.93% · institutions 87.51% · other public 0.15%

  4. Re-appointment of Mr. Manish Gupta (DIN: 00028196) as Chairman and Managing Director of the Company
    Special
    97.95% for2.05% against

    Against: promoters 0.00% · institutions 39.85% · other public 0.39%

    Turnout: all 67.30% · promoters 99.93% · institutions 87.51% · other public 0.15%

  5. Re-appointment of Mr. Sandeep Agrawal (DIN:00027244) as Whole-Time Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.43%

    Turnout: all 67.30% · promoters 99.93% · institutions 87.51% · other public 0.15%

  6. Ratification of remuneration of Cost Auditors for the Financial Year 2023-24
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.36%

    Turnout: all 67.30% · promoters 99.93% · institutions 87.51% · other public 0.15%

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 5 Sep 2026, 3 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2026 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended 31st March, 2026.MoreLess
    3 for0 against
  • To declare Final Dividend of ₹ 0.30/- (30%) per equity shares, having face value of ₹ 1/- each for the FY 2025-26.
    3 for0 against
  • To appoint a Director in place of Mr. Manish Vijaykumar Gupta (DIN: 00028196), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Angel One Mutual Fund, Quantum Mutual Fund
    • Angel One Mutual FundGovernance Concern: Skewed remuneration practice in favour of promoter Executive Director. Combined position as Chairman and Managing Director which may lead to concentration of powers.
    • Quantum Mutual FundWe take note that Mr. Manish Gupta holds the position of Chairman & MD of the company. We are of the view that the clubbed position of Chair & MD may lead to concentration of power. Therefore, we do not support his reappointment.
    1 for2 against
  • Ratification of remuneration payable to the Cost Auditors for the FY 2026-27.
    3 for0 against

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

  • To appoint Mr. Shreyaan Manish Gupta (DIN: 09655911), as a Director of the Company
    Against Mirae Asset Mutual Fund
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    4 for1 against
  • To appoint Mr. Shreyaan Manish Gupta (DIN: 09655911), as Whole-Time Director of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance concern: No absolute cap on variable pay or total remuneration, Skewed remuneration towards promoters.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on the merits of Director. Governance concern: No absolute cap on variable pay or total remuneration, Skewed remuneration towards promoters.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    0 for5 against
6 earlier meetings

Mutual fund votes, meeting of 20 Dec 2025, 6 fund houses

  • To approve the appointment of Mr. Dukhabandhu Rath (DIN: 08965826), as a Non-Executive & Independent Director of the Company
    6 for0 against
  • To approve the appointment of Mr. Yogesh Ghanshyambhai Shah (DIN: 11203883) as a Non-Executive & Independent Director of the Company
    6 for0 against
  • To approve the appointment of Ms. Gauri Trivedi (DIN: 06502788) as a Non-Executive & Independent Director of the Company
    6 for0 against

Mutual fund votes, meeting of 30 Aug 2025, 5 fund houses

  • To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended 31st March, 2025MoreLess
    5 for0 against
  • To declare Final Dividend of ₹ 0.25/- (25%) per equity shares, having face value of ₹ 1/- each for the FY 2024-25
    5 for0 against
  • To appoint a Director in place of Mr. Sandeep Agrawal (DIN: 00027244), who retires by rotation and being eligible, offers himself for re-appointment
    5 for0 against
  • Ratification of remuneration of Cost Auditors for the FY 2025-26
    5 for0 against
  • Appointment of M/s. TNT & Associates as Secretarial Auditors of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundTransparency concern: Remuneration of outgoing auditor not disclosed; thus, material change, if any, with proposed audit fee cannot be ascertained.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency concern: Remuneration of outgoing auditor not disclosed; thus, material change, if any, with proposed audit fee cannot be ascertained.
    1 for4 against
  • Alteration in Articles of Association of the Company
    5 for0 against

Mutual fund votes, meeting of 31 Aug 2024, 12 fund houses

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

  • To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2024 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended 31st March, 2024.MoreLess
    12 for0 against
  • To declare Final Dividend of Rs. 0.35 (35%) per equity shares for the FY 2023-24.
    12 for0 against
  • To appoint a Director in place of Mr. Manish Gupta (DIN:00028196), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance Concern: Combined position of Chairman and Managing Director. Skewed Remuneration.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    8 for4 against
  • Ratification of remuneration of Cost Auditors for the FY 2024-25
    12 for0 against
  • Remuneration to Non-Executive Directors of the Company
    3 for0 against
1 proposal not matched to one resolution
  • Payment of remuneration in the form of commission, with respect to the profits of the Company for each financial year, in addition to the sitting fees being paid / payable for attending the meetings of the Board of Directors of the Company and its Committees thereof, not exceeding in aggregate one percent (1%) of the net profits of the Company for each Financial Year computed in accordance with Section 198 of the Act or any statutory modification(s) or re-enactment thereof, to its Directors (other than Managing Director and Whole-Time Director or any other Executive Director) of the Company for a period of 5 (five) years commencing from 01st April, 2024, provided that all the aforesaid Directors taken together shall receive a sum not exceeding Rs. 50,00,000/- in a financial year.MoreLess
    9 for0 against

Mutual fund votes, meeting of 20 Jun 2024, 11 fund houses

  • To advance any loan, give any guarantee or to provide any security to Maiz Citchem Limited (Subsidiary of the Company) pursuant to section 185 of the Companies Act, 2013:
    Against DSP Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, SBI Mutual Fund, WhiteOak Capital Mutual Fund
    • DSP Mutual Fund, SBI Mutual Fund, WhiteOak Capital Mutual FundMCL was incorporated as a wholly owned subsidiary of Gujarat Ambuja Exports Limited in November 2022. However, as per the March 2024 related party transaction disclosures, equity shares of MCL valued at Rs. 50.0 mn were allotted to SMAS Investors LLP (a promoter-controlled entity). The proposed guarantee / security will be used by MCL for its principal business activities within an aggregate limit of Rs. 2.5 bn – no additional details have been provided. As per the annual report, MCL has not yet commenced operations. Therefore, the strategic or economic rationale for providing financial support to MCL is unclear. The company has not disclosed the full terms of the transaction – While the company has disclosed that the rate of interest on the loan shall be calculated based on the average cost of borrowing and the spread, we expect the company to disclose granular details about the transaction including the repayment period. Further, it is not clear if support provided will be in the ratio of shareholding. Also, the rationale for promoters to infuse equity in MCL (erstwhile wholly owned subsidiary) at this stage is unclear. Given the lack of clarity, we do not support the transaction.
    • HDFC Mutual FundLack of clarity on details about the transaction including the repayment period. Further, it is not clear if support provided will be in the ratio of shareholding. Also, the rationale for promoters to infuse equity in MCL (erstwhile wholly owned subsidiary) at this stage is unclear.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    6 for5 against

Mutual fund votes, meeting of 8 Mar 2024, 11 fund houses

  • To capitalize the reserves and issue Bonus shares to the Members of the Company
    11 for0 against

Mutual fund votes, meeting of 2 Sep 2023, 6 fund houses

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

  • To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2023 and the Reports of the Board of Directors and the Auditors thereon for the financial year ended March 31, 2023MoreLess
    6 for0 against
  • To declare Final Dividend on equity shares for the financial year 2022-23
    6 for0 against
  • To appoint a Director in place of Mrs. Sulochana Gupta (DIN: 00028225), who retires by rotation and being eligible, offers herself for re-appointment
    6 for0 against
  • Re-appointment of Mr. Manish Gupta (DIN: 00028196) as Chairman and Managing Director of the Company
    Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
    • ICICI Prudential Mutual FundMr. Manish Gupta, 64, is promoter and Chairperson and Managing Director. His current term will end on December 27, 2023. He received Rs. 440.0 million in FY2023, which was 2,085x the median employee remuneration. Based on payouts in the past five years, it is likely that he will receive ~11% of standalone profits as remuneration, which is high. The commission which forms the bulk of his remuneration (~97% in FY2023) is uncapped in absolute terms and at the discretion of the NRC. Further, there are no disclosures on the performance metrics that determine variable commission. His individual remuneration in FY2023 aggregated 10% of standalone PBT (10.7% of PBT in FY2022) and 36.3% of the standalone employee benefit expense.
    • Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding position of Chairman and Managing Director, Skewed Remuneration, no absolute cap on commission.
    • Nippon India Mutual FundSkewed Remuneration
    • SBI Mutual FundManish Gupta, 64, is promoter and Chairperson and Managing Director. His current term will end on 27 December 2023. He received Rs. 440.0 mn in FY23, which was 2,085x the median employee remuneration. While we support his reappointment, we do not support his remuneration terms. We estimate his FY24 remuneration at Rs. 697.2 mn, which is significantly higher than peers and not commensurate with the size and scale of the company Based on payouts in the past five years, it is likely that he will receive ~11% of standalone profits as remuneration, which is high. Hence, we do not support this resolution.
    1 for5 against
  • Re-appointment of Mr. Sandeep Agrawal (DIN:00027244) as Whole-Time Director of the Company
    6 for0 against
  • Ratification of remuneration of Cost Auditors for the Financial Year 2023-24
    5 for0 against
1 proposal not matched to one resolution
  • To approve, Appontment of Shri Bharat Anand (DIN: 02806475) as an Additional Director.
    1 for0 against

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

Investor complaints and compliance

Quarter by quarter.

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

  • Received
  • Resolved

Open at the quarter's end

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
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.