Gujarat Industries Power Company logo

Gujarat Industries Power Company MD, chairman, board of directors and AGM

NSE: GIPCLBSE: 517300PowerSmall Cap

Last close ₹153.76down ₹3.50 (2.23%)BSE ₹153.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹157.26.

52-week range of traded prices to 23 Oct 2026
₹119.90Low, 30 Mar 2026₹211.71High, 3 Sep 2026
Market cap
₹2,387 Cr1,106th largest listed
P/E
4.7
P/B
0.6
Dividend yield
2.67%
ROE
13.7%
ROCE
4.8%
Debt to equity
0.88
Volume, NSE
4,76,54851.8% delivered

Gujarat Industries Power Company 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

  • ChairpersonJAYANTI RAVI
  • Managing directorVATSALA VASUDEVA
  • Company Secretary and Compliance OfficerSHALIN MUKESH PATEL

13 directors7 independent1 executive5 non-executive

  • JAYANTI RAVI · ChairpersonNominee, non-executive · joined Aug 2025 · 1 listed board
  • RAJENDER KUMARNominee, non-executive · joined Sep 2026 · 3 listed boards · 1 committee seat
  • SHALINI AGARWALNominee, non-executive · joined Apr 2026 · 1 listed board
  • JENU DEVANNominee, non-executive · joined Mar 2026 · 1 listed board
  • BHATT SANJYAKUMAR SHUKDEVNominee, non-executive · joined Feb 2026 · 1 listed board
  • PRABHAT SINGHIndependent · joined Apr 2025 · reappointed Apr 2025 · 17 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • NITIN CHANDRASHANKER SHUKLAIndependent · joined Feb 2022 · reappointed Feb 2022 · 55 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 1 as chair
  • DHOLAKIA RAVINDRARAI HARSHADRAIIndependent · joined Feb 2022 · reappointed Feb 2022 · 55 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 2 as chair
  • MAMATA BISWALIndependent · joined Feb 2022 · reappointed Feb 2022 · 55 months as independent · 3 listed boards · 3 as independent · 5 committee seats
  • VISHAL GUPTAIndependent · joined Dec 2023 · reappointed Dec 2023 · 33 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • SUSANTA KUMAR ROYIndependent · joined Feb 2025 · reappointed Feb 2026 · 19 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • SUCHITA GUPTAIndependent · joined Feb 2025 · reappointed Feb 2025 · 19 months as independent · 1 listed board · 1 as independent · 3 committee seats
  • VATSALA VASUDEVA · Managing directorExecutive · joined Aug 2018 · reappointed Aug 2023 · 1 listed board · 2 committee seats

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.

8 directors who left
  • NARENDRA NATH MISRA, left 19 Sep 2026: Tenure Completion
  • KANYO SADHURAM BADLANI, left 31 Aug 2026: Others
  • SANDEEP RAJENDRAPRASAD KUMAR, left 19 Feb 2026: Others
  • AVANTIKA SINGH AULAKH, left 29 Dec 2025: Others
  • JAI PRAKASH SHIVAHARE, left 6 Nov 2025: Others
  • JAGDISH PRASAD GUPTA, left 28 Jul 2025: Others
  • KRISHNA KUMAR NIRALA, left 1 Jul 2025: Others
  • SWAROOP P, left 3 Feb 2025: Others

Committees and meetings

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

  • Board

    • 19 Sep 20269 of 12 present6 independent · 38 days in between
    • 11 Aug 202613 of 14 present8 independent · 73 days in between
    • 29 May 202613 of 14 present8 independent · 36 days in between
    • 22 Apr 202611 of 13 present8 independent

  • Audit Committee

    Chair PRABHAT SINGH

    MAMATA BISWAL, SUCHITA GUPTA, VATSALA VASUDEVA

    • 10 Aug 20264 of 4 present3 independent · 75 days in between
    • 26 May 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair NITIN CHANDRASHANKER SHUKLA

    DHOLAKIA RAVINDRARAI HARSHADRAI, PRABHAT SINGH, SUSANTA KUMAR ROY

    • 10 Aug 20263 of 3 present3 independent · 75 days in between
    • 26 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair DHOLAKIA RAVINDRARAI HARSHADRAI

    NITIN CHANDRASHANKER SHUKLA, SUCHITA GUPTA, VATSALA VASUDEVA

    No meeting listed in the filing.

  • Risk Management Committee

    Chair SUSANTA KUMAR ROY

    VISHAL GUPTA, VATSALA VASUDEVA

    • 10 Aug 20264 of 4 present3 independent · 75 days in between
    • 26 May 20264 of 4 present3 independent

  • Corporate Social Responsibility Committee

    Chair VATSALA VASUDEVA

    MAMATA BISWAL, VISHAL GUPTA

    • 10 Aug 20262 of 3 present1 independent · 75 days in between
    • 26 May 20263 of 3 present2 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • K C MEHTA CO & LLPPeer-review certificate valid to Mar 2027
2 earlier auditors
  • K C MEHTA & COMPANY LLPNamed in the filing for the quarter to Sep 2025
  • CNK & ASSOCIATES LLPNamed in the filing for the quarter to Mar 2025

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 Industries Power Company 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 Industries Power Company dividend history

Annual general meeting, 19 Sep 2026

90,947 shareholders on the register on 11 Sep 2026; present: 2 promoters and 60 others; votes counted by CS SHAILJA PANDYA / SHAILJA PANDYA & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements for the financial year ended March 31, 2026 and the Reports of the Board of Directors and the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.78% · promoters 100.00% · institutions 83.35% · other public 16.47%

  2. To declare a dividend on Equity Shares
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.78% · promoters 100.00% · institutions 83.35% · other public 16.47%

  3. To appoint a Director in place of Shri Kanyo Sadhuram Badlani (DIN:10237996), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryNot passedPromoters have an interest in it
    0.00% for0.00% against

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

    Turnout: all 0.00% · promoters 0.00% · institutions 0.00% · other public 0.00%

  4. To appoint a Director in place of Shri Sanjay S. Bhatt (DIN:02025125), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 69.78% · promoters 100.00% · institutions 83.35% · other public 16.47%

  5. To ratify the remuneration payable to Cost Auditors for the Financial Year 2026-27 ending on 31st March, 2027
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.62% · promoters 100.00% · institutions 81.62% · other public 16.47%

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, 12 Jun 2026, 2 resolutions

91,115 shareholders on the register on 8 May 2026; votes counted by CS SHAILJA PANDYA / SHAILJA PANDYA AND ASSOCIATES.The company's voting result (opens in a new tab)

  1. To appoint Shri Jenu Deva, IAS (DIN: 07852736), as a Director (Nominee of Government of Gujarat)on the Board of Directors of the Company.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.58%

    Turnout: all 66.42% · promoters 100.00% · institutions 64.30% · other public 0.41%

  2. To appoint Smt. Shalini Agarwal, IAS (DIN: 08172014), as a Director (Nominee of Gujarat Urja Vikas Nigam Limited)on the Board of Directors of the Company.
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.36%

    Turnout: all 41.69% · promoters 56.28% · institutions 64.30% · other public 0.41%

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 Mar 2026, 2 resolutions

92,082 shareholders on the register on 20 Feb 2026; votes counted by CS SHAILJA PANDYA / SHAILJA PANDYA AND ASSOCIATES.The company's voting result (opens in a new tab)

  1. To appoint Shri Sanjay S. Bhatt (DIN:02025125) Nominee of Gujarat Alkalies and Chemicals Limited, as a Director of the Company
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 12.43%

    Turnout: all 52.70% · promoters 71.45% · institutions 81.83% · other public 0.18%

  2. To approve material transactions to be entered with Related Parties for the Financial Year 2026-27
    OrdinaryPromoters have an interest in it
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.00% · other public 14.11%

    Turnout: all 10.86% · promoters 0.00% · institutions 72.32% · 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.

Annual general meeting, 20 Sep 2025, 8 resolutions

93,892 shareholders on the register on 12 Sep 2025; present: 1 promoter and 69 others; votes counted by CS SHAILJA PANDYA / SHAILJA PANDYA & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements for the financial year ended March 31, 2025 and the Reports of the Board of Directors and the Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.32% · promoters 100.00% · institutions 83.69% · other public 0.37%

  2. To declare dividend on Equity Shares.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.32% · promoters 100.00% · institutions 83.69% · other public 0.37%

  3. To appoint a Director in place of Shri Jai Prakash Shivahare, IAS (DIN: 07162392), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    85.94% for14.06% against

    Against: promoters 0.00% · institutions 46.94% · other public 1.05%

    Turnout: all 45.59% · promoters 56.28% · institutions 83.69% · other public 0.37%

  4. To appoint a Director in place of Shri Kanyo Sadhuram Badlani (DIN: 10237996) who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.63% · other public 0.59%

    Turnout: all 54.63% · promoters 72.27% · institutions 83.69% · other public 0.37%

  5. To appoint Auditors and fix their remuneration, to hold the office from the conclusion of this Annual General Meeting till the conclusion of Forty Fifth (45th) Annual General Meeting
    Ordinary
    94.02% for5.98% against

    Against: promoters 0.00% · institutions 30.82% · other public 0.37%

    Turnout: all 70.32% · promoters 100.00% · institutions 83.69% · other public 0.37%

  6. To appoint Dr. Jayanti S. Ravi, IAS (DIN: 07327139), Additional Chief Secretary, Revenue Department, Nominee of Government of Gujarat (GoG) as a Director of the Company.
    Ordinary
    99.35% for0.65% against

    Against: promoters 0.00% · institutions 3.34% · other public 0.46%

    Turnout: all 70.32% · promoters 100.00% · institutions 83.69% · other public 0.37%

  7. To Consider and approve appointment of Secretarial Auditors of the Company for a period of five (05) years.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.32% · promoters 100.00% · institutions 83.69% · other public 0.37%

  8. To ratify the remuneration payable to Cost Auditors for the Financial Year 2025-26 ending on 31st March, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.91%

    Turnout: all 70.32% · promoters 100.00% · institutions 83.69% · other public 0.37%

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 May 2025, 4 resolutions

92,220 shareholders on the register on 11 Apr 2025; votes counted by CS SHAILJA PANDYA / SHAILJA PANDYA AND ASSOCIATES.The company's voting result (opens in a new tab)

  1. To appoint Shri Susanta Kumar Roy DIN 07940997 as an Independent Director of the Company for a period of Five years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.01%

    Turnout: all 65.14% · promoters 100.00% · institutions 54.51% · other public 0.12%

  2. To appoint Smt Suchita Gupta DIN 08697650 as an Independent Director of the Company for a period of five years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 8.63%

    Turnout: all 65.14% · promoters 100.00% · institutions 54.51% · other public 0.12%

  3. To appoint Smt Avantika Singh Aulakh IAS DIN 07549438 Nominee of Gujarat Alaklies and Chemicals Limited as a Director of the Company
    OrdinaryPromoters have an interest in it
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.93% · other public 7.16%

    Turnout: all 65.14% · promoters 100.00% · institutions 54.51% · other public 0.12%

  4. To reappoint Shri Prabhat Singh DIN 03006541 as an Independent Director of the Company for a further period of five years
    Special
    92.85% for7.15% against

    Against: promoters 0.00% · institutions 48.10% · other public 8.58%

    Turnout: all 65.14% · promoters 100.00% · institutions 54.51% · 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, 14 Mar 2025, 2 resolutions

91,631 shareholders on the register on 7 Feb 2025; votes counted by CS SHAILJA PANDYA / SHAILJA PANDYA & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To approve Material transactions to be entered with related parties for the Financial Year 2025-26.
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 12.75%

    Turnout: all 13.63% · promoters 0.00% · institutions 74.56% · other public 0.11%

  2. To consider and approve issuance of up to 39,64,756 Equity Shares of face value of Rs. 10/- each to persons belonging to the promoter category on a Preferential issue Basis for cash consideration
    SpecialPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 15.15%

    Turnout: all 70.52% · promoters 100.00% · institutions 82.56% · other public 0.11%

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.

Postal ballot, 3 Jan 2025, 2 resolutions

95,497 shareholders on the register on 29 Nov 2024; votes counted by CS SHAILJA PANDYA / SHAILJA PANDYA & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To appoint Shri Krishna Kumar Nirala, IAS (DIN:08665796) Secretary, Finance Department (Expenditure), Nominee of Government of Gujarat (GoG) as a Director of the Company.
    Ordinary
    96.60% for3.40% against

    Against: promoters 0.00% · institutions 26.47% · other public 3.08%

    Turnout: all 63.63% · promoters 100.00% · institutions 44.82% · other public 0.16%

  2. To appoint Shri Jagdish Prasad Gupta, IAS (DIN: 01952821), Additional Chief Secretary, Tribal Development Department, Nominee of Government of Gujarat (GoG) as a Director of the Company.
    Ordinary
    95.79% for4.21% against

    Against: promoters 0.00% · institutions 32.86% · other public 3.07%

    Turnout: all 63.63% · promoters 100.00% · institutions 44.82% · other public 0.16%

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, 20 Sep 2024, 8 resolutions

Present: 2 promoters and 76 others.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements for the financial year ended March 31, 2024 and the Reports of the Board of Directors and the Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.38% · promoters 100.00% · institutions 65.56% · other public 0.08%

  2. To declare dividend on Equity Shares.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.42% · promoters 100.00% · institutions 65.79% · other public 0.08%

  3. To appoint a Director in place of Shri Jai Prakash Shivahare, IAS (DIN: 07162392), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    95.00% for5.00% against

    Against: promoters 0.00% · institutions 28.15% · other public 0.85%

    Turnout: all 67.42% · promoters 100.00% · institutions 65.79% · other public 0.07%

  4. To appoint a Director in place of Shri Swaroop P., IAS (DIN: 08103838) who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    95.00% for5.00% against

    Against: promoters 0.00% · institutions 28.15% · other public 0.85%

    Turnout: all 67.42% · promoters 100.00% · institutions 65.79% · other public 0.07%

  5. Powers to borrow u/s 180 (1) (c) of the Companies Act, 2013 (the Act)
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 8.94%

    Turnout: all 67.42% · promoters 100.00% · institutions 65.79% · other public 0.07%

  6. Power to create security on the present and future assets of the Company u/s 180 (1) (a) of the Companies Act, 2013 (the Act)
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.56%

    Turnout: all 67.42% · promoters 100.00% · institutions 65.79% · other public 0.07%

  7. To appoint Shri Kanyo Sadhuram Badlani (DIN: 10237996) Nominee of M/s. Gujarat State Fertilizers & Chemicals Limited, as a Director of the Company
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.93% · other public 1.67%

    Turnout: all 67.42% · promoters 100.00% · institutions 65.79% · other public 0.08%

  8. To ratify the remuneration payable to Cost Auditors for the Financial Year 2024-25 ending on 31st March, 2025.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.15%

    Turnout: all 67.44% · promoters 100.00% · institutions 65.86% · other public 0.08%

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 19 Sep 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

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

  • To consider and adopt the Audited Financial Statements for the financial year ended March 31, 2026 and the Reports of the Board of Directors and the Auditors thereon
    1 for0 against
  • To declare a dividend on Equity Shares
    1 for0 against
  • To appoint a Director in place of Shri Sanjay S. Bhatt (DIN:02025125), who retires by rotation and being eligible, offers himself for re-appointment
    1 for0 against
1 proposal not matched to one resolution
  • Ratification of Remuneration of Rs. 1,60,000/- plus applicable taxes, reimbursement of reasonable out of pocket expenses subject to maximum of 10% Cost Audit Fees for FY 2026-27, payable to M/s. Dalwadi and Associates, Cost Accountant (Firm Registration No: 00338), Cost Auditors of the Company, as fixed and approved by the Board of Directors of the Company, to conduct audit of the Cost records of the Company for the Financial Year 2026-27.MoreLess
    1 for0 against

Mutual fund votes, meeting of 12 Jun 2026, 3 fund houses

  • To appoint Shri Jenu Deva, IAS (DIN: 07852736), as a Director (Nominee of Government of Gujarat)on the Board of Directors of the Company.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundExcessive time commitments- Holds 2 full time positions
    2 for1 against
  • To appoint Smt. Shalini Agarwal, IAS (DIN: 08172014), as a Director (Nominee of Gujarat Urja Vikas Nigam Limited)on the Board of Directors of the Company.
    3 for0 against
6 earlier meetings

Mutual fund votes, meeting of 26 Mar 2026, 3 fund houses

  • To appoint Shri Sanjay S. Bhatt (DIN:02025125) Nominee of Gujarat Alkalies and Chemicals Limited, as a Director of the Company
    3 for0 against
  • To approve material transactions to be entered with Related Parties for the Financial Year 2026-27
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundNon-Compliant with RPT Industry Standards: As per the RPT Industry Standards prescribed pursuant to the regulatory framework of Securities and Exchange Board of India (SEBI), in cases where material Related Party Transactions (RPTs) or material modifications thereto are proposed for shareholders’ approval, the Company is required to provide specific disclosures in the explanatory statement annexed to the Notice of the general meeting. However, the Company has failed to disclose required information as per the RPT Industry Standards mandated by SEBI. Governance concern: Basis for Arm’s Length pricing not adequately disclosed. Without such supporting details it difficult for shareholders to assess fairness.
    2 for1 against

Mutual fund votes, meeting of 20 Sep 2025, 3 fund houses

  • To consider and adopt the Audited Financial Statements for the financial year ended March 31, 2025 and the Reports of the Board of Directors and the Auditors thereon.
    3 for0 against
  • To declare dividend on Equity Shares.
    3 for0 against
  • To appoint a Director in place of Shri Jai Prakash Shivahare, IAS (DIN: 07162392), who retires by rotation and being eligible, offers himself for re-appointment.
    Against HDFC Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund
    • HDFC Mutual FundMr. Jai Prakash Shivahare, 51, is the Managing Director of Gujarat Urja Vikas Nigam Limited (GUVNL) and Gujarat Green Revolution Company Limited. We do not support reappointment due to poor board attendance over the last three years. We do not support the resolution.
    • Mahindra Manulife Mutual FundJai Prakash Shivahare, 51, is the Managing Director of Gujarat Urja Vikas Nigam Limited (GUVNL) and Gujarat Green Revolution Company Limited. He has been on the board since March 2022 and represents promoter GUVNL’s 24.73% stake in the company. He has attended 38% (three out of eight) board meetings in FY25, and 41% (nine out of twenty-two) board meetings in the last three years. We expect directors to attend all board meetings or atleast 75% of the board meetings over a three-year period. We do not support the resolution.
    • Motilal Oswal Mutual FundCompliant with Law. No concern identified on the merits of director. Governance concern: Excessive time commitment as the director holds 2 Full time positions & low attendance at board meetings.
    0 for3 against
  • To appoint a Director in place of Shri Kanyo Sadhuram Badlani (DIN: 10237996) who retires by rotation and being eligible, offers himself for re-appointment.
    3 for0 against
  • To appoint Auditors and fix their remuneration, to hold the office from the conclusion of this Annual General Meeting till the conclusion of Forty Fifth (45th) Annual General Meeting
    Against HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • HDFC Mutual FundThe company proposes to appoint K C Mehta & Co. LLP as statutory auditors for five years from the conclusion of the 2025 AGM. The association of K C Mehta & Co LLP with the company and the group is more than 10 years, we do not support the resolution.
    • Motilal Oswal Mutual FundNo issues on merits of the proposed Statutory Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Statutory Auditors is not disclosed. Material change in Audit Fee cannot be ascertained
    1 for2 against
  • To appoint Dr. Jayanti S. Ravi, IAS (DIN: 07327139), Additional Chief Secretary, Revenue Department, Nominee of Government of Gujarat (GoG) as a Director of the Company.
    3 for0 against
  • To Consider and approve appointment of Secretarial Auditors of the Company for a period of five (05) years.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundNo concern on the merits of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.
    2 for1 against
  • To ratify the remuneration payable to Cost Auditors for the Financial Year 2025-26 ending on 31st March, 2026.
    3 for0 against

Mutual fund votes, meeting of 16 May 2025, 1 fund house

  • To appoint Shri Susanta Kumar Roy DIN 07940997 as an Independent Director of the Company for a period of Five years
    1 for0 against
  • To appoint Smt Suchita Gupta DIN 08697650 as an Independent Director of the Company for a period of five years
    1 for0 against
  • To appoint Smt Avantika Singh Aulakh IAS DIN 07549438 Nominee of Gujarat Alaklies and Chemicals Limited as a Director of the Company
    1 for0 against
  • To reappoint Shri Prabhat Singh DIN 03006541 as an Independent Director of the Company for a further period of five years
    Against HDFC Mutual Fund
    • HDFC Mutual FundMr. Prabhat Singh, 68, is Whole Time Director of India Gas Solutions Private Limited, a 50:50 joint venture between Reliance Industries Limited and BP International Ltd. He was an Independent Director on the board of Gujarat Industries Power Company Ltd (GIPCL) from 30 September 2018 to 20 September 2024. Given that his association with GIPCL will exceed ten years during the proposed tenure (from 2018 to 2030), we do not support the resolution.
    0 for1 against

Mutual fund votes, meeting of 14 Mar 2025, 1 fund house

  • To approve Material transactions to be entered with related parties for the Financial Year 2025-26.
    1 for0 against
  • To consider and approve issuance of up to 39,64,756 Equity Shares of face value of Rs. 10/- each to persons belonging to the promoter category on a Preferential issue Basis for cash consideration
    1 for0 against

Mutual fund votes, meeting of 3 Jan 2025, 2 fund houses

  • To appoint Shri Krishna Kumar Nirala, IAS (DIN:08665796) Secretary, Finance Department (Expenditure), Nominee of Government of Gujarat (GoG) as a Director of the Company.
    2 for0 against
  • To appoint Shri Jagdish Prasad Gupta, IAS (DIN: 01952821), Additional Chief Secretary, Tribal Development Department, Nominee of Government of Gujarat (GoG) as a Director of the Company.
    2 for0 against

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

  • To consider and adopt the Audited Financial Statements for the financial year ended March 31, 2024 and the Reports of the Board of Directors and the Auditors thereon.
    2 for0 against
  • To declare dividend on Equity Shares.
    2 for0 against
  • To appoint a Director in place of Shri Jai Prakash Shivahare, IAS (DIN: 07162392), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Mahindra Manulife Mutual Fund
    • Mahindra Manulife Mutual FundJai Prakash Shivahare, 50, is the Managing Director of Gujarat Urja Vikas Nigam Limited (GUVNL) and Gujarat Green Revolution Company Limited. He has been on the board as a Non-Executive Non-Independent Director since March 2022. He represents GUVNL’s 25.4% stake in the company. He has attended 38% (three out of eight) board meetings in FY24 (38%), and 43% (six out of fourteen) board meetings since his appointment in March 2022. We expect directors to take their responsibility seriously and attend all board meetings or atleast 75% of the board meetings.
    1 for1 against
  • To appoint a Director in place of Shri Swaroop P., IAS (DIN: 08103838) who retires by rotation and being eligible, offers himself for re-appointment.
    Against Mahindra Manulife Mutual Fund
    • Mahindra Manulife Mutual FundSwaroop P., 46, is the Secretary of Land Reforms and Special Secretary (Revenue Appeals), Revenue Department, Gandhinagar and holds charge as the Managing Director of Gujarat Alkalies and Chemicals Limited (GACL). He has been on the board as a Non-Executive Non-Independent Director since 22 August 2022. He has attended 50% (four out of eight) board meetings in FY24, and 67% (eight out of twelve) board meetings since his appointment in August 2022. We expect directors to take their responsibility seriously and attend all board meetings or atleast 75% of the board meetings.
    1 for1 against
  • Powers to borrow u/s 180 (1) (c) of the Companies Act, 2013 (the Act)
    2 for0 against
  • Power to create security on the present and future assets of the Company u/s 180 (1) (a) of the Companies Act, 2013 (the Act)
    2 for0 against
  • To appoint Shri Kanyo Sadhuram Badlani (DIN: 10237996) Nominee of M/s. Gujarat State Fertilizers & Chemicals Limited, as a Director of the Company
    2 for0 against
  • To ratify the remuneration payable to Cost Auditors for the Financial Year 2024-25 ending on 31st March, 2025.
    2 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.