Glenmark Pharmaceuticals logo

Glenmark Pharmaceuticals CEO, MD, chairman, board of directors and AGM

NSE: GLENMARKBSE: 532296Pharmaceuticals & BiotechnologyMid Cap

Last close ₹2,166.60down ₹31.90 (1.45%)BSE ₹2,129.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,198.50.

52-week range of traded prices to 23 Oct 2026
₹1,792.60Low, 28 Oct 2025₹2,537.60High, 28 Aug 2026
Market cap
₹61,147 Cr176th largest listed
P/E
34.0
P/E without one-offs
16.3
P/B
5.8
Dividend yield
0.12%
ROE
18.6%
ROE without one-offs
38.6%
ROCE
39.8%
Debt to equity
0.00
Volume, NSE
8,92,79752.3% delivered

Glenmark Pharmaceuticals board of directors

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

  • Chairperson and managing director and CEOGLENN MARIO SALDANHARelated to the promoter
  • Company Secretary and Compliance OfficerMs. Rashmi Khandelwal

9 directors5 independent3 executive1 non-executive

  • BLANCHE ELIZABETH SALDANHANon-executive · joined Aug 2009 · reappointed Sep 2023 · 1 listed board
  • GLENN MARIO SALDANHA · Chairperson and managing director and CEOExecutive · joined Oct 1998 · reappointed May 2022 · 1 listed board
  • CHERYLANN MARIA PINTOExecutive · joined May 2007 · reappointed May 2022 · 1 listed board · 1 committee seat
  • SAIRA RAMASASTRYIndependent · joined Apr 2019 · reappointed Apr 2024 · 87 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • DIPANKAR BHATTACHARJEEIndependent · joined Aug 2020 · reappointed Aug 2025 · 71 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • VIJAYALAKSHMI RAJARAM IYERIndependent · joined Feb 2023 · reappointed Feb 2023 · 41 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 1 as chair
  • PRADEEP KUMAR SINHAIndependent · joined Feb 2025 · reappointed Feb 2025 · 17 months as independent · 2 listed boards · 2 as independent
  • ANURAG MANTRIExecutive · joined May 2025 · reappointed May 2025 · 1 listed board
  • PATRICIA ANDREWSIndependent · joined Aug 2025 · reappointed Aug 2025 · 11 months as independent · 1 listed board · 1 as independent · 1 committee seat

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

2 directors who left
  • RAJESH V DESAI, left 25 Jun 2025: Others
  • V.S. MANI, left 26 May 2025: Others

Committees and meetings

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

  • Board

    • 29 May 20269 of 9 present5 independent · 118 days in between
    • 30 Jan 20268 of 9 present4 independent

  • Audit Committee

    Chair VIJAYALAKSHMI RAJARAM IYER

    SAIRA RAMASASTRY, DIPANKAR BHATTACHARJEE

    • 28 May 20263 of 3 present3 independent · 118 days in between
    • 29 Jan 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair DIPANKAR BHATTACHARJEE

    GLENN MARIO SALDANHA, VIJAYALAKSHMI RAJARAM IYER

    • 28 May 20263 of 3 present2 independent · 118 days in between
    • 29 Jan 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair SAIRA RAMASASTRY

    CHERYLANN MARIA PINTO, PATRICIA ANDREWS

    • 28 May 20263 of 3 present2 independent · 118 days in between
    • 29 Jan 20263 of 3 present2 independent

  • Risk Management Committee

    Chair DIPANKAR BHATTACHARJEE

    GLENN MARIO SALDANHA, ANURAG MANTRI, PATRICIA ANDREWS

    • 28 May 20264 of 4 present2 independent · 118 days in between
    • 29 Jan 20264 of 4 present2 independent

  • Corporate Social Responsibility Committee

    Chair CHERYLANN MARIA PINTO

    VIJAYALAKSHMI RAJARAM IYER, PRADEEP KUMAR SINHA

    • 27 May 20263 of 3 present2 independent · 118 days in between
    • 28 Jan 20262 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.

  • Walker Chandiok & Co LLPPeer-review certificate valid to May 2028
1 earlier auditor
  • Suresh Surana & 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.

Glenmark Pharmaceuticals 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.Glenmark Pharmaceuticals dividend history

Annual general meeting, 11 Sep 2026

2,11,051 shareholders on the register on 4 Sep 2026; present: 5 promoters and 49 others; votes counted by Alifya Sapatwala / M/s. Mehta & Mehta.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2026 together with the reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.18% · other public 0.67%

    Turnout: all 81.60% · promoters 100.00% · institutions 88.73% · other public 0.17%

  2. To receive, consider, approve and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026 together with the report of the Auditors thereon
    Ordinary
    95.88% for4.12% against

    Against: promoters 0.00% · institutions 9.63% · other public 0.67%

    Turnout: all 81.60% · promoters 100.00% · institutions 88.73% · other public 0.17%

  3. To declare dividend of INR 2.50 (Rupees Two & Fifty Paisa Only) per equity share for the Financial Year ended March 31, 2026
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.75% · promoters 100.00% · institutions 89.11% · other public 0.17%

  4. Re-appointment of Mrs. Blanche Saldanha as a Non-Executive Director, liable to retire by rotation
    Special
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.84%

    Turnout: all 81.74% · promoters 100.00% · institutions 89.09% · other public 0.17%

  5. To ratify remuneration of the Cost Auditor for the financial year ending March 31, 2027
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.86%

    Turnout: all 81.74% · promoters 100.00% · institutions 89.09% · other public 0.17%

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, 26 Sep 2025, 8 resolutions

2,02,704 shareholders on the register on 19 Sep 2025; present: 5 promoters and 54 others; votes counted by Mr. Surjan Singh Rauthan / M/s. Rauthan & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone Financial Statements for the Financial Year ended 31 March 2025 together with the reports of the Board and Auditors thereon.
    Ordinary
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.36% · other public 0.17%

    Turnout: all 82.22% · promoters 100.00% · institutions 90.46% · other public 0.42%

  2. To receive, consider, approve and adopt the Audited Consolidated Financial Statements for the Financial Year ended 31 March 2025 together with the report of the Auditors thereon.
    Ordinary
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 1.26% · other public 0.24%

    Turnout: all 82.22% · promoters 100.00% · institutions 90.46% · other public 0.42%

  3. To declare dividend of Rs. 2.50 per equity share for the financial year 31 March 2025
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.32% · promoters 100.00% · institutions 90.70% · other public 0.42%

  4. To appoint a Director in place of Mrs. Cherylann Pinto (DIN: 00111844), who retires by rotation and being eligible, offers herself for re-appointment
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.14% · other public 0.39%

    Turnout: all 82.32% · promoters 100.00% · institutions 90.70% · other public 0.42%

  5. To appoint M/s. Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration No.: 001076N/N500013) as the Statutory Auditors of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.51%

    Turnout: all 82.32% · promoters 100.00% · institutions 90.70% · other public 0.42%

  6. To ratify remuneration of the Cost Auditor for the financial year ending 31 March 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.51%

    Turnout: all 82.32% · promoters 100.00% · institutions 90.70% · other public 0.42%

  7. Appointment of M/s. Rauthan & Associates Company Secretaries LLP, (ACA - 3363) (Firm Registration No.: L2023MH014100) as the Secretarial Auditor of the Company
    Ordinary
    99.12% for0.88% against

    Against: promoters 0.00% · institutions 2.04% · other public 0.61%

    Turnout: all 82.31% · promoters 100.00% · institutions 90.69% · other public 0.42%

  8. Appointment of Ms. Patricia Andrews (DIN- 11211749) as Non-Executive Independent Director of the Company
    Special
    99.96% for0.05% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.63%

    Turnout: all 82.32% · promoters 100.00% · institutions 90.70% · other public 0.42%

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, 1 Aug 2025, 1 resolution

1,93,671 shareholders on the register on 27 Jun 2025; votes counted by Surjan Singh Rauthan / Rauthan & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Anurag Mantri (DIN – 05326463) as the Whole-time Director, designated as ‘Executive Director and Global Chief Financial Officer’
    Ordinary
    97.25% for2.75% against

    Against: promoters 0.00% · institutions 6.57% · other public 0.05%

    Turnout: all 82.86% · promoters 100.00% · institutions 90.64% · other public 10.05%

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, 25 Apr 2025, 4 resolutions

1,93,758 shareholders on the register on 21 Jan 2025; votes counted by Surjan Singh Rauthan / S.S. Rauthan and Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Pradeep Kumar Sinha (DIN- 00145126) as Non-Executive - Independent Director of the Company
    Special
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.14% · other public 0.02%

    Turnout: all 85.24% · promoters 100.00% · institutions 87.78% · other public 34.95%

  2. Reappointment of Mr. Rajesh Desai (DIN- 00007960) as an Independent Director of the Company
    SpecialNot passedRecorded as not passed although most votes were for it; no reason is given
    70.32% for29.68% against

    Against: promoters 0.00% · institutions 76.36% · other public 0.02%

    Turnout: all 85.24% · promoters 100.00% · institutions 87.78% · other public 34.95%

  3. Reappointment of Mr. Dipankar Bhattacharjee (DIN: 08770548) as an Independent Director of the Company
    Special
    96.34% for3.66% against

    Against: promoters 0.00% · institutions 9.41% · other public 0.02%

    Turnout: all 85.24% · promoters 100.00% · institutions 87.78% · other public 34.95%

  4. Payment of commission up to 1% of the net profits, to Non-Executive Directors of the Company for a period of three years
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.06%

    Turnout: all 85.24% · promoters 100.00% · institutions 87.78% · other public 34.95%

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, 27 Sep 2024, 5 resolutions

Present: 6 promoters and 43 others.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone Financial Statements for the Financial Year ended 31 March 2024 together with the reports of the Board and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.18% · promoters 100.00% · institutions 84.63% · other public 0.41%

  2. To receive, consider, approve and adopt the Audited Consolidated Financial Statements for the Financial Year ended 31 March 2024 together with the report of the Auditors thereon.
    Ordinary
    99.08% for0.93% against

    Against: promoters 0.00% · institutions 2.34% · other public 0.21%

    Turnout: all 77.18% · promoters 100.00% · institutions 84.63% · other public 0.41%

  3. To declare dividend of Rs. 2.50/- per equity share for the financial year 31 March 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.31% · promoters 100.00% · institutions 84.98% · other public 0.41%

  4. To appoint a Director in place of Mr. Glenn Saldanha (DIN 00050607), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    92.86% for7.14% against

    Against: promoters 0.00% · institutions 18.05% · other public 0.71%

    Turnout: all 77.29% · promoters 100.00% · institutions 84.93% · other public 0.41%

  5. To ratify remuneration of the cost auditor for the financial year ending 31 March 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.29% · promoters 100.00% · institutions 84.93% · 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, 7 Nov 2023, 1 resolution

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

  1. To consider and approve the sale of equity shares of Glenmark Life Sciences Limited, a Material Subsidiary of the Company
    Special
    98.81% for1.19% against

    Against: promoters 0.00% · institutions 3.24% · other public 0.04%

    Turnout: all 78.36% · promoters 100.00% · institutions 81.73% · other public 16.53%

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, 29 Sep 2023, 6 resolutions

Present: 4 promoters and 49 others.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone Financial Statements for the Financial Year ended 31 March 2023 together with the reports of the Board and Auditors thereon
    Ordinary
    99.94% for0.06% against

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

    Turnout: all 77.64% · promoters 100.00% · institutions 79.95% · other public 16.46%

  2. To receive, consider, approve and adopt the Audited Consolidated Financial Statements for the Financial Year ended 31 March 2023 together with the report of the Auditors thereon.
    Ordinary
    98.94% for1.06% against

    Against: promoters 0.00% · institutions 2.94% · other public 0.00%

    Turnout: all 77.64% · promoters 100.00% · institutions 79.95% · other public 16.46%

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

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

    Turnout: all 78.01% · promoters 100.00% · institutions 80.99% · other public 16.46%

  4. To re-appoint Mrs. Blanche Saldanha as director liable to retire by rotation
    Special
    88.26% for11.74% against

    Against: promoters 0.00% · institutions 32.31% · other public 0.01%

    Turnout: all 78.00% · promoters 100.00% · institutions 80.97% · other public 16.46%

  5. To ratify remuneration of the cost auditor for the financial year ending 31 March 2024
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 78.00% · promoters 100.00% · institutions 80.97% · other public 16.46%

  6. To re-appoint Ms. Sona Saira Ramasastry as an Independent Director of the Company
    Special
    99.53% for0.47% against

    Against: promoters 0.00% · institutions 1.28% · other public 0.01%

    Turnout: all 78.00% · promoters 100.00% · institutions 80.97% · other public 16.46%

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

Postal ballot, 4 Aug 2023, 1 resolution

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

  1. Re-appointment of Mr V. S. Mani (DIN: 01082878) as an Executive Director & Global Chief Financial Officer of the Company
    Ordinary
    87.27% for12.73% against

    Against: promoters 0.00% · institutions 33.86% · other public 1.71%

    Turnout: all 74.79% · promoters 99.87% · institutions 81.19% · other public 0.47%

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.

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 11 Sep 2026, 15 fund houses 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 receive, consider, approve and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2026 together with the reports of the Board of Directors and Auditors thereonMoreLess
    15 for0 against
  • To receive, consider, approve and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026 together with the report of the Auditors thereon
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundNon-disclosure of the audited financial statements of few Subsidiaries on the website of the Company.
    • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundUnqualified financial statements. Non-Compliant with S. 136(1) of the Companies Act & Regulation 46(2)(s) of SEBI LODR: Nondisclosure of the audited financial statements of few Subsidiaries on the website of the Company.
    11 for4 against
  • To declare dividend of INR 2.50 (Rupees Two & Fifty Paisa Only) per equity share for the Financial Year ended March 31, 2026
    15 for0 against
  • Re-appointment of Mrs. Blanche Saldanha as a Non-Executive Director, liable to retire by rotation
    15 for0 against
  • To ratify remuneration of the Cost Auditor for the financial year ending March 31, 2027
    12 for0 against
2 proposals not matched to one resolution
  • 5) Approve remuneration of Rs. 2.8 mn payable to R A & Co. as cost auditors for FY27
    1 for0 against
  • Approve remuneration of Rs. 2.8 mn payable to R A & Co. as cost auditors for FY27
    2 for0 against

Mutual fund votes, meeting of 26 Sep 2025, 33 fund houses

  • To receive, consider, approve and adopt the Audited Standalone Financial Statements for the Financial Year ended 31 March 2025 together with the reports of the Board and Auditors thereon.
    33 for0 against
  • To receive, consider, approve and adopt the Audited Consolidated Financial Statements for the Financial Year ended 31 March 2025 together with the report of the Auditors thereon.
    Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundNon-disclosure of financial statements of certain subsidiaries for FY 2024-25 on the website of the Company.
    • Baroda BNP Paribas Mutual FundCompany has not disclosed financial statement of certain subsidiaries.
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified financial statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of certain subsidiaries for FY 2024-25 on the website of the Company
    • LIC Mutual FundConcerns over Non-disclosure of financial statements of certain subsidiaries for FY 2024-25 on the website of the Company
    • PPFAS Mutual FundFinancials of certain subsidiaries not disclosed on website
    25 for8 against
  • To declare dividend of Rs. 2.50 per equity share for the financial year 31 March 2025
    33 for0 against
  • To appoint a Director in place of Mrs. Cherylann Pinto (DIN: 00111844), who retires by rotation and being eligible, offers herself for re-appointment
    33 for0 against
  • To appoint M/s. Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration No.: 001076N/N500013) as the Statutory Auditors of the Company
    33 for0 against
  • To ratify remuneration of the Cost Auditor for the financial year ending 31 March 2026
    33 for0 against
  • Appointment of M/s. Rauthan & Associates Company Secretaries LLP, (ACA - 3363) (Firm Registration No.: L2023MH014100) as the Secretarial Auditor of the Company
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundRemuneration of outgoing auditor not disclosed, thus material change, if any with proposed audit fee cannot be ascertained.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No issues on merit/ competency or suitability of Auditors. Transparency concern: Remuneration of outgoing auditor not disclosed, thus material change, if any with proposed audit fee cannot be ascertained
    • LIC Mutual FundTransparency concern: Remuneration of outgoing auditor not disclosed, thus material change, if any with proposed audit fee cannot be ascertained
    • PPFAS Mutual FundIt cannot be ascertained as to whether there is any material change in proposed auditor remuneration
    25 for8 against
  • Appointment of Ms. Patricia Andrews (DIN- 11211749) as Non-Executive Independent Director of the Company
    33 for0 against
6 earlier meetings

Mutual fund votes, meeting of 1 Aug 2025, 29 fund houses

  • Appointment of Mr. Anurag Mantri (DIN – 05326463) as the Whole-time Director, designated as ‘Executive Director and Global Chief Financial Officer’
    Against Invesco Mutual Fund, Unifi Mutual Fund
    • Invesco Mutual FundAnurag Mantri, 53, appointed as President Finance in April 2025 is now being appointed as Global Chief Financial Officer. Prior to his current role, he was Executive Director & Group Chief Finance Officer Jindal Stainless Limited. He also held leadership roles at HCL Technologies, SRF Limited, Cairn Energy, ACME Group, and Schneider Electric Infrastructure Limited.The proposed remuneration terms includes a fixed pay of ~Rs. 46.0 mn and variable pay in the form of a long term incentive, an additional long term incentive and performance bonus (annual or special). Though the long term incentive is performance based and the yearly amount is capped, additional long term incentive and performance bonus is at the discretion of the NRC and board and is open-ended. Therefore, while we support his appointment, given the remuneration structure is open-ended, we are unable to reliably estimate his overall remuneration and do not support the resolution. The company must cap executive pay in absolute amounts and also disclose the performance metrics that will be used to determine variable pay. We do not support the resolution.
    • Unifi Mutual FundAnurag Mantri, 53, appointed as President Finance in April 2025 is now being appointed as Global Chief Financial Officer. Prior to his current role, he was Executive Director & Group Chief Finance Officer Jindal Stainless Limited. He also held leadership roles at HCL Technologies, SRF Limited, Cairn Energy, ACME Group, and Schneider Electric Infrastructure Limited. The proposed remuneration terms includes a fixed pay of ~Rs. 46.0 mn and variable pay in the form of a long term incentive, an additional long term incentive and performance bonus (annual or special). Though the long term incentive is performance based and the yearly amount is capped, additional long term incentive and performance bonus is at the discretion of the NRC and board and is open-ended. Therefore, while we support his appointment, given the remuneration structure is open-ended, we are unable to reliably estimate his overall remuneration and do not support the resolution. The company must cap executive pay in absolute amounts and also disclose the performance metrics that will be used to determine variable pay.
    27 for2 against

Mutual fund votes, meeting of 25 Apr 2025, 24 fund houses

  • Appointment of Mr. Pradeep Kumar Sinha (DIN- 00145126) as Non-Executive - Independent Director of the Company
    24 for0 against
  • Reappointment of Mr. Rajesh Desai (DIN- 00007960) as an Independent Director of the Company
    Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, SBI Mutual Fund, Tata Mutual Fund, UTI Mutual Fund
    • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, SBI Mutual FundRajesh Desai, 66, is the former Executive Director and CFO of Glenmark Pharmaceuticals Limited. He was an employee of the company for more than 30 years. He retired on 31 March 2017 and thereafter he continued to be on Board as a Non-Executive Non-Independent Director from 1 April 2017. The company then appointed him as an Independent Director from 26 June 2020 for a period of five years. He has attended six out seven board meetings in FY24 and year to date FY25 (86%). The company now proposes to reappoint him as an Independent Director for a second term of five years from 26 June 2025. However, we consider former executive directors to be Independent only after they complete a cooling-off period (total detachment from the board, company, and promoter group) of at least five years. Since Rajesh Desai continued as a Non-Executive Director since his retirement, we do not consider that a cooling off period has taken place and thus do not consider him as Independent. We do not support his reappointment as Independent Director.
    • Angel One Mutual FundGovernance Concern: Prolonged Association and Past Employment/ Executive Position in the Company. No cooling off period served from his appointment as Non Executive Director to Independent Director.
    • Bajaj Finserv Mutual Fund"The Company is seeking shareholders’ approval for re-appointment of Mr. Rajesh Desai as an Independent Director of the Company for a term of 5 (Five) consecutive years with effect from 26th June, 2025 up to 25th June, 2030 (both days inclusive), not liable to retire by rotation. Mr. Rajesh Desai is a Chartered Accountant with over 38 years of rich experience. He was the Executive Director and Chief Financial Officer of Glenmark until 2016. Mr. Desai led the Finance, Legal and IT functions at Glenmark, and has contributed significantly to its growth story. Mr. Rajesh Desai was appointed as an Independent Director at Company’s Annual General Meeting held on September 29, 2020 for a period of 5 (Five) years starting from June 26, 2020 to June 25, 2025. It is noted that Mr. Rajesh Desai was an employee of the Company for more than 30 years. Out of those years, He was acting as an Executive Director and Chief Financial Officer of the Company for more than 15 years. He was also designated as a Key Managerial Person. Later, Mr. Desai retired from the services of the Company on 31st March 2017. Further, he continued to be on Board as a Non-Executive Director of the Company starting from 01st April 2017. Then he got appointed as an Independent Director for the term of five consecutive years with effect from 26th June 2020 up to 25th June 2025. While we do not question the integrity of the proposed individual’s independence, however, appointment of an Independent Director who has had long association with the Company is not indicative of a good governance practice. In the present case, Mr. Desai ceased to be a Non-Executive Director in 2020 and with immediate appointment as an Independent Director. Hence, the cooling off period was not served, as per SES. Additionally, there is no cooling-off period before appointing him as NED following the completion of his employment with the Company. As good governance practice past NEDs should serve a cooling off period before appointment as an ID. Basis the above concerns we are voting AGAINST the resolution."
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Prolonged Association and Past Employment/ Executive Position in the Company. No cooling off period served from his appointment as NED to ID.
    • Baroda BNP Paribas Mutual FundThough legally compliant, cooling off period not served from non executive director to independent director.
    • HDFC Mutual FundMr. Rajesh Desai is the former Executive Director and CFO of Glenmark Pharmaceuticals Limited. He was an employee of the company for more than 30 years. He continued as a Non-Executive Director since his retirement and then became an Independent Director. We do not consider him independent due to prolonged association with the company. We do not support his reappointment as Independent Director.
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • The board independence norms are not met (based on ISS reclassification), and Rajesh Desai is non independent director nominee.
    • ICICI Prudential Mutual FundThe AMC has decided to vote against the resolution because there has been no cooling off period for Mr Rajesh Desai to be considered as independent. As per SEBI regulations former executive directors are to be considered Independent only after they complete a cooling-off period (total detachment from the board, company, and promoter group) of at least three years. Since Rajesh Desai continued as a Non-Executive Director since his retirement, we do not consider that a cooling off period has taken place and thus do not consider him as Independent. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundRajesh Desai, 66, is the former Executive Director and CFO of Glenmark Pharmaceuticals Limited. He was an employee of the company for more than 30 years. He retired on 31 March 2017 and thereafter he continued to be on Board as a Non-Executive Non-Independent Director from 1 April 2017. The company then appointed him as an Independent Director from 26 June 2020 for a period of five years. He has attended six out seven board meetings in FY24 and year to date FY25 (86%). The company now proposes to reappoint him as an Independent Director for a second term of five years from 26 June 2025. However, we consider former executive directors to be Independent only after they complete a cooling-off period (total detachment from the board, company, and promoter group) of at least five years. Since Rajesh Desai continued as a Non-Executive Director since his retirement, we do not consider that a cooling off period has taken place and thus do not consider him as Independent. We do not support his reappointment as Independent Director
    • Kotak Mahindra Mutual FundNo concern has been identified on re-appointment of Mr. Rajesh Desai regarding his attendance and time commitment. However, Mr. Rajesh Desai was an employee of the Company for more than 30 years. He was acting as an Executive Director and Chief Financial Officer of the Company for more than 15 years. He was also designated as a Key Managerial Person. Appointment of an Independent Director who has had long association with the Company is not indicative of a good governance practice. The existence of past employment relationship may infringe on the Independence of the proposed appointee. Hence, we are voting against.
    • Mirae Asset Mutual FundAs per advisory recommendation
    • Nippon India Mutual FundGovernance Concern: Candidate Prolonged Association
    • PPFAS Mutual FundProlonged Association; Past Employment/ Executive Position
    • Tata Mutual FundGovernance Concern: Prolonged Association and Past Employment/ Executive Position in the Company. No cooling off period served from his appointment as NED to ID.
    • UTI Mutual FundIn the absence of sufficient cooling off period we do not consider him as Independent.
    2 for22 against
  • Reappointment of Mr. Dipankar Bhattacharjee (DIN: 08770548) as an Independent Director of the Company
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundTransparency Concern: No clarity on whether proposed re-appointee holds non-independent position in group company.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern: No clarity on whether proposed re-appointee holds non-independent position in group company.
    20 for4 against
  • Payment of commission up to 1% of the net profits, to Non-Executive Directors of the Company for a period of three years
    24 for0 against

Mutual fund votes, meeting of 27 Sep 2024, 23 fund houses

  • To receive, consider, approve and adopt the Audited Standalone Financial Statements for the Financial Year ended 31 March 2024 together with the reports of the Board and Auditors thereon.
    23 for0 against
  • To receive, consider, approve and adopt the Audited Consolidated Financial Statements for the Financial Year ended 31 March 2024 together with the report of the Auditors thereon.
    Against Bajaj Finserv Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund
    • Bajaj Finserv Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundUnqualified financial statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of certain subsidiaries for FY 2023-24 on the website of the Company.
    • Kotak Mahindra Mutual FundNo concern has been identified with the proposed resolution. The auditors have not raised concerns on the financial statements. However, the financials statements of certain subsidiaries are not disclosed on the company s website which is a legal requirements under the under Companies Act, 2013 & SEBI Listing Regulations. Hence voting against
    • PPFAS Mutual FundFinancials of certain subsidiaries not disclosed on website.
    16 for7 against
  • To declare dividend of Rs. 2.50/- per equity share for the financial year 31 March 2024.
    23 for0 against
  • To appoint a Director in place of Mr. Glenn Saldanha (DIN 00050607), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund
    • Edelweiss Mutual FundRe-appointment compliant with law. No concerns on merit of appointee. Governance Concern: Combined position of Chairperson & Managing Director;
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundRe-appointment compliant with law. No concerns on merit of appointee. Governance Concern: Combined position of Chairperson & Managing Director; Skewed remuneration practice that indicates plausible gender bias.
    • PPFAS Mutual FundCombined position of Chairperson & Managing Director. Gender bias in remuneration.
    18 for5 against
  • To ratify remuneration of the cost auditor for the financial year ending 31 March 2025.
    23 for0 against

Mutual fund votes, meeting of 7 Nov 2023, 15 fund houses

  • To consider and approve the sale of equity shares of Glenmark Life Sciences Limited, a Material Subsidiary of the Company
    Against Baroda BNP Paribas Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Baroda BNP Paribas Mutual FundGovernance concern implies to the shareholding agreement
    • Motilal Oswal Mutual FundTechnical Non-Compliance: Approval through Majority of minority also required under regulation 37A of SEBI LODR Regulations. Governance Concern: Implications of terms of shareholder agreements not clear.
    • Nippon India Mutual FundInadequate disclosure
    12 for3 against

Mutual fund votes, meeting of 29 Sep 2023, 15 fund houses

  • To receive, consider, approve and adopt the Audited Standalone Financial Statements for the Financial Year ended 31 March 2023 together with the reports of the Board and Auditors thereon
    15 for0 against
  • To receive, consider, approve and adopt the Audited Consolidated Financial Statements for the Financial Year ended 31 March 2023 together with the report of the Auditors thereon.
    Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Motilal Oswal Mutual Fund"Unqualified financial statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of certain subsidiaries for FY 2022-23."
    • Nippon India Mutual FundInadequate disclosure
    13 for2 against
  • To declare dividend on Equity Shares.
    15 for0 against
  • To re-appoint Mrs. Blanche Saldanha as director liable to retire by rotation
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met (based on our reclassification) and Blanche Saldanha is a non-independent director nominee.
    14 for1 against
  • To ratify remuneration of the cost auditor for the financial year ending 31 March 2024
    15 for0 against
  • To re-appoint Ms. Sona Saira Ramasastry as an Independent Director of the Company
    15 for0 against

Mutual fund votes, meeting of 4 Aug 2023, 12 fund houses

  • Re-appointment of Mr V. S. Mani (DIN: 01082878) as an Executive Director & Global Chief Financial Officer of the Company
    Against Axis Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual Fund, SBI Mutual FundV.S. Mani, 58, is an Executive Director designated as Global Chief Financial Officer on the board of the company. He has served on the board since May 2018. His responsibilities include overseeing the company’s worldwide Finance operations, as well as Legal and Secretarial functions. He has over thirty years of experience across treasury, taxation, accounting, financial planning and analysis, secretarial, legal, risk management and investor relations. He has attended all five board meetings in FY23 (100%). He received a remuneration of Rs. 102.5 mn in FY23. We are unable to reliably estimate his annual remuneration as the company has not disclosed the annual performance bonus payable to him in his current tenure or the fair value of stock options proposed to be granted to him. Further, in the absence of a clear breakup of past remuneration, the commission received in the past is unclear. Without this information, his variable component structure is open ended and as a consequence his entire remuneration structure is open ended. We do not support such open-ended structures and expect companies to cap executive pay in absolute amounts. Further, the company must also disclose performance metrics that will be used to determine his variable pay
    • Edelweiss Mutual FundAdequate Info not given.
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.The remuneration of V.S. Mani includes long term incentive but there is no information on the performance metrics and the targets that will determine the pay outcome going forward. This may lead to discretionary payment.There is lack of alignment between executive's historic pay and company's overall performance.His overall remuneration quantum is not in line with market standards.
    • Invesco Mutual FundV.S. Mani, 58, is an Executive Director designated as Global Chief Financial Officer on the board of the company. He has served on the board since May 2018. His responsibilities include overseeing the company’s worldwide Finance operations, as well as Legal and Secretarial functions. He has over thirty years of experience across treasury, taxation, accounting, financial planning and analysis, secretarial, legal, risk management and investor relations. He has attended all five board meetings in FY23 (100%). He received a remuneration of Rs. 102.5 mn in FY23 We are unable to reliably estimate his annual remuneration as the company has not disclosed the annual performance bonus payable to him in his current tenure or the fair value of stock options proposed to be granted to him. Further, in the absence of a clear breakup of past remuneration, the commission received in the past is unclear. Without this information, his variable component structure is open ended and as a consequence his entire remuneration structure is open ended. We do not support such open-ended structures and expect companies to cap executive pay in absolute amounts. Further, the company must also disclose performance metrics that will be used to determine his variable pay
    • Nippon India Mutual FundInsufficient information
    6 for6 against

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

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeJoint Commissioner of CGST & CX Palghar, MaharashtraSince 4 Feb 2025
    Appeal pending before GST Appellate Commissioner
    At the filing before: Order passed under relevant provisions of the Central Goods and Services Tax Act, 2017 for the period 2017-18 to 2021-22 raising following demand: 1. Rs.57,69,73,678/- on account of excess IGST Refund claimed on CIF value instead of FOB value; 2. Appropriating Rs.5,85,79,174/- already paid by company on account of surrender of IGST refunds towards non realization of export proceed. 3. Applicable interest on the above amounts; 4. Rs.63,55,52,852/- towards penalty equivalent to the above tax amounts.MoreLess
  • Tax disputeJoint Commissioner of Central Goods & Service Tax and Central Excise, Mumbai East Commissionerate.Since 31 Mar 2026
    Appeal filed before Commissioner (Appeal-II), Mumbai
    At the filing before: The order alleged to treat the transaction of sale of brand in FY 2020-21 as mixed supply and hence liable for higher rate of GST. Following demand have been raised in the order : 1. Rs.16,05,41,509/- on account of CGST/SGST alleged to be short paid by Glenmark. 2. Applicable interest on the above amount; 3. Rs.16,05,41,509/- towards penalty equivalent to the above tax amounts.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
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.