GMM Pfaudler MD, chairman, board of directors and AGM
NSE: GMMPFAUDLRBSE: 505255Industrial ManufacturingSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹1,275.00.
- Next results date: the board meets on 4 Nov 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹5,444 Cr848th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit.
- Earlier quarters restated in the year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 21 May 2026
- 4.5
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.17%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 5 Aug 2026
- 11.6%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 21 May 2026
- 0.68
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 2,70,00055.3% delivered
GMM Pfaudler 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
- ChairpersonPRAKASH KRISHNAJI APTE
- Managing directorTARAK ASHOK PATEL
- Company Secretary and Compliance OfficerMittal Mehta
8 directors5 independent1 executive2 non-executive
- PRAKASH KRISHNAJI APTE · ChairpersonIndependent · joined May 2022 · reappointed May 2022 · 49 months as independent · 2 listed boards · 2 as independent · 5 committee seats
- ASHOK JETHABHAI PATELNon-executive · joined Jan 1988 · 2 listed boards
- TARAK ASHOK PATEL · Managing directorExecutive · joined Jan 2007 · 1 listed board · 1 committee seat
- NAKUL TOSHNIWALIndependent · joined May 2018 · reappointed May 2023 · 97 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 2 as chair
- BHAWANA MISHRAIndependent · joined Apr 2020 · reappointed Apr 2025 · 75 months as independent · 1 listed board · 1 as independent · 1 committee seat
- VIVEK BHATIAIndependent · joined Apr 2020 · reappointed Apr 2025 · 75 months as independent · 1 listed board · 1 as independent · 1 committee seat
- SHILPA DIVEKAR NIRULAIndependent · joined May 2024 · reappointed May 2024 · 25 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
- RAGHAV RAMDEVNon-executive · joined Feb 2025 · 1 listed board · 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.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 21 May 20268 of 8 present5 independent · no day in between
- 20 May 20268 of 8 present5 independent · 54 days in between
- 26 Mar 20268 of 8 present5 independent · 47 days in between
- 6 Feb 20268 of 8 present5 independent
Audit Committee
Chair SHILPA DIVEKAR NIRULA
PRAKASH KRISHNAJI APTE, NAKUL TOSHNIWAL, VIVEK BHATIA
- 21 May 20264 of 4 present4 independent · 103 days in between
- 6 Feb 20264 of 4 present4 independent
Nomination and remuneration committee
Chair BHAWANA MISHRA
PRAKASH KRISHNAJI APTE, NAKUL TOSHNIWAL, SHILPA DIVEKAR NIRULA
- 20 May 20264 of 4 present4 independent
Stakeholders Relationship Committee
Chair NAKUL TOSHNIWAL
BHAWANA MISHRA, TARAK ASHOK PATEL
- 12 May 20263 of 3 present2 independent
Risk Management Committee
Chair VIVEK BHATIA
PRAKASH KRISHNAJI APTE, ASHOK JETHABHAI PATEL, RAGHAV RAMDEV, TARAK ASHOK PATEL
- 15 May 20265 of 5 present2 independent
Corporate Social Responsibility Committee
Chair NAKUL TOSHNIWAL
BHAWANA MISHRA, ASHOK JETHABHAI PATEL, TARAK ASHOK PATEL
- 12 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.
- S R B C & CO LLPPeer-review certificate valid to Feb 2029
1 earlier auditor
- Deloitte Haskins and SellsNamed 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.
GMM Pfaudler 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.GMM Pfaudler dividend history
Annual general meeting, 4 Aug 2026
95,467 shareholders on the register on 28 Jul 2026; present: 9 promoters and 60 others; votes counted by Jayesh M. Shah / M/s Rathi and Associates, Company Secretaries.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, and the reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 63.04% · promoters 100.00% · institutions 84.88% · other public 23.92%
- To confirm the Interim Dividend paid during the financial year ended March 31, 2026, and to declare final dividend for the financial year ended March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 63.05% · promoters 100.00% · institutions 84.92% · other public 23.92%
- To re-appoint Mr. Raghav Ramdev, as a director, who retires by rotation, and being eligible, offers himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 63.05% · promoters 100.00% · institutions 84.92% · other public 23.92%
- To ratify the payment of remuneration to the Cost Auditors viz. M/s. Dalwadi & Associates, Cost Accountants of the Company for the financial year ending March 31, 2027.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 63.05% · promoters 100.00% · institutions 84.92% · other public 23.92%
- To consider appointment of Mr. Gregory Gelhaus, a related party to an office or place of profit, as Group Chief Executive Officer of the Company.OrdinaryPromoters have an interest in it92.03% for7.97% against
Against: promoters 0.00% · institutions 10.85% · other public 0.01%
Turnout: all 37.87% · promoters 0.00% · institutions 84.92% · other public 23.92%
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.
Annual general meeting, 1 Aug 2025, 8 resolutions
1,03,278 shareholders on the register on 25 Jul 2025; present: 13 promoters and 42 others; votes counted by Jayesh M. Shah / M/s Rathi and Associates, Company Secretaries.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, and the reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.67% · promoters 100.00% · institutions 85.00% · other public 26.61%
- To confirm the Interim Dividend paid during the financial year ended March 31, 2025, and to declare final dividend for the financial year ended March 31, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.67% · promoters 100.00% · institutions 85.00% · other public 26.61%
- To re-appoint Mr. Ashok Patel, as a director, who retires by rotation, and being eligible, offers himself for re-appointment.OrdinaryPromoters have an interest in it98.50% for1.50% against
Against: promoters 0.00% · institutions 3.15% · other public 0.07%
Turnout: all 66.67% · promoters 100.00% · institutions 85.00% · other public 26.61%
- To appoint M/s. S R B C & CO. LLP, Chartered Accountants as the Statutory Auditors of the Company.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 66.67% · promoters 100.00% · institutions 85.00% · other public 26.61%
- To ratify the payment of remuneration to the Cost Auditors viz. M/s. Dalwadi & Associates, Cost Accountants of the Company for the financial year ending March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.67% · promoters 100.00% · institutions 85.00% · other public 26.61%
- To appoint M/s. Rathi & Associates, Practicing Company Secretaries as the Secretarial Auditors of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.67% · promoters 100.00% · institutions 85.00% · other public 26.61%
- To consider and approve Related Party Transaction with the wholly owned subsidiaries of the Company.OrdinaryPromoters have an interest in it79.21% for20.79% against
Against: promoters 0.00% · institutions 27.44% · other public 0.07%
Turnout: all 41.49% · promoters 0.00% · institutions 85.00% · other public 26.61%
- To consider re-appointment and payment of remuneration to Mr. Tarak Patel as the Managing Director of the Company.SpecialPromoters have an interest in it97.45% for2.55% against
Against: promoters 0.00% · institutions 3.34% · other public 0.07%
Turnout: all 41.49% · promoters 0.00% · institutions 85.00% · other public 26.61%
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, 13 Mar 2025, 3 resolutions
1,13,303 shareholders on the register on 7 Feb 2025; votes counted by Jayesh M. Shah / M/s Rathi and Associates, Company Secretaries.The company's voting result (opens in a new tab)
- Re-appointment of Ms. Bhawana Mishra (DIN: 06741655) as an Independent Director of the Company.Special99.93% for0.07% against
Against: promoters 0.00% · institutions 0.12% · other public 0.08%
Turnout: all 59.52% · promoters 96.03% · institutions 70.77% · other public 26.81%
- Re-appointment of Mr. Vivek Bhatia (DIN: 08166667) as an Independent Director of the Company.Special99.93% for0.07% against
Against: promoters 0.00% · institutions 0.12% · other public 0.08%
Turnout: all 59.52% · promoters 96.03% · institutions 70.77% · other public 26.81%
- Appointment of Mr. Raghav Ramdev (DIN: 09043096) as a Non-Executive, Non-Independent Director of the Company.Ordinary99.93% for0.07% against
Against: promoters 0.00% · institutions 0.12% · other public 0.08%
Turnout: all 59.52% · promoters 96.03% · institutions 70.77% · other public 26.81%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 9 Aug 2024, 7 resolutions
Present: 11 promoters and 34 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2024 (including Consolidated Financial Statements) together with the reports of the Board of Directors and auditors thereon.MoreLess
Ordinary98.78% for1.22% againstAgainst: promoters 0.00% · institutions 2.27% · other public 0.08%
Turnout: all 54.93% · promoters 96.03% · institutions 77.59% · other public 3.51%
- To confirm the declaration and payment of one interim dividend paid during the financial year ended March 31, 2024 and to declare final dividend for the financial year ended March 31, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 54.93% · promoters 96.03% · institutions 77.59% · other public 3.51%
- To appoint a Director in place of Mr. Ashok Patel (DIN 00165858), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary98.78% for1.22% against
Against: promoters 0.00% · institutions 2.27% · other public 0.10%
Turnout: all 54.93% · promoters 96.03% · institutions 77.59% · other public 3.51%
- To ratify the payment of remuneration to the Cost Auditors viz. M/s. Dalwadi & Associates, Cost Accountants of the Company for the financial year ended March 31, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 54.93% · promoters 96.03% · institutions 77.59% · other public 3.51%
- To approve the borrowings by the Company in excess of the limits prescribed under Section 180(1)(c) of the Companies Act, 2013.Special99.79% for0.21% against
Against: promoters 0.00% · institutions 0.38% · other public 0.10%
Turnout: all 54.93% · promoters 96.03% · institutions 77.59% · other public 3.51%
- To approve the creation of security in respect of an undertaking of the Company under Section 180(1)(a) of the Companies Act, 2013.Special99.79% for0.21% against
Against: promoters 0.00% · institutions 0.38% · other public 0.08%
Turnout: all 54.93% · promoters 96.03% · institutions 77.59% · other public 3.51%
- To appoint Ms. Shilpa Divekar Nirula (DIN: 06619353) as an Independent Director of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 54.93% · promoters 96.03% · institutions 77.59% · other public 3.51%
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, 5 Sep 2023, 6 resolutions
Present: 12 promoters and 33 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2023 (including Consolidated Financial Statements) together with the reports of the Board of Directors and auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 58.52% · promoters 100.00% · institutions 76.11% · other public 13.06%
- To confirm the declaration and payment of one interim dividend paid during the financial year ended March 31, 2023 and to declare final dividend for the financial year ended March 31, 2023.Ordinary99.83% for0.17% against
Against: promoters 0.00% · institutions 0.34% · other public 0.00%
Turnout: all 58.52% · promoters 100.00% · institutions 76.11% · other public 13.06%
- To appoint a Director in place of Mr. Ashok Patel (DIN: 00165858), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary96.37% for3.63% against
Against: promoters 0.00% · institutions 7.46% · other public 0.00%
Turnout: all 58.52% · promoters 100.00% · institutions 76.11% · other public 13.06%
- To ratify the payment of remuneration to the Cost Auditors of the Company for the financial year ending March 31, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 58.52% · promoters 100.00% · institutions 76.11% · other public 13.06%
- To consider payment of Commission to the Non-Executive Directors (excluding Directors who are a part of the Promoter group).Ordinary83.39% for16.61% against
Against: promoters 0.00% · institutions 34.17% · other public 0.01%
Turnout: all 58.52% · promoters 100.00% · institutions 76.11% · other public 13.06%
- To consider payment of remuneration to Mr. Tarak Patel (DIN: 00166183) as the Managing Director of the Company for balance period of his term up to May 31, 2025.Special79.15% for20.85% against
Against: promoters 0.00% · institutions 42.89% · other public 0.00%
Turnout: all 58.52% · promoters 100.00% · institutions 76.11% · other public 13.06%
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, 11 May 2023, 1 resolution
The company's voting result (opens in a new tab)
- Re-appointment of Mr. Nakul Toshniwal (DIN: 00350112) as an Independent Director of the CompanySpecial99.33% for0.67% against
Against: promoters 0.00% · institutions 1.79% · other public 0.02%
Turnout: all 68.29% · promoters 100.00% · institutions 83.42% · other public 13.38%
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.
Annual general meeting, 19 Sep 2022, 4 resolutions
Present: 10 promoters and 25 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2022 (including Consolidated Financial Statements) together with the reports of the Board of Directors and auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 64.02% · promoters 97.92% · institutions 57.18% · other public 0.04%
- To confirm the declaration and payment of three interim dividends paid during the financial year ended March 31, 2022 and to declare final dividend for the financial year ended March 31, 2022.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 64.02% · promoters 97.92% · institutions 57.18% · other public 0.04%
- To appoint a Director in place of Mr. Harsh Gupta (DIN 02434051), who retires by rotation and being eligible, offers himself for re-appointmentOrdinary98.17% for1.83% against
Against: promoters 0.00% · institutions 11.47% · other public 0.22%
Turnout: all 64.02% · promoters 97.92% · institutions 57.18% · other public 0.04%
- To ratify the payment of remuneration to the Cost Auditors of the Company for the financial year ending March 31, 2023.Ordinary99.96% for0.04% against
Against: promoters 0.00% · institutions 0.26% · other public 0.12%
Turnout: all 64.02% · promoters 97.92% · institutions 57.18% · other public 0.04%
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.
Extraordinary general meeting, 1 Sep 2022, 6 resolutions
Present: 20 promoters and 42 others.The company's voting result (opens in a new tab)
- .Approval for loans/ investments/ corporate guarantees by the Company in excess of the limits prescribed under the Companies Act, 2013.Special99.25% for0.75% against
Against: promoters 0.00% · institutions 4.90% · other public 0.04%
Turnout: all 64.78% · promoters 97.92% · institutions 56.20% · other public 3.88%
- Approval for borrowings by the Company in excess of the limits prescribed under the Companies Act, 2013.Special99.25% for0.75% against
Against: promoters 0.00% · institutions 4.90% · other public 0.04%
Turnout: all 64.78% · promoters 97.92% · institutions 56.20% · other public 3.88%
- Approval for creation of security in respect of an undertaking of the Company under Section 180(1)(a) of the Companies Act, 2013.Special99.25% for0.75% against
Against: promoters 0.00% · institutions 4.90% · other public 0.04%
Turnout: all 64.78% · promoters 97.92% · institutions 56.20% · other public 3.88%
- Approval of the further acquisition of balance shareholding of GMM International S.à.r.lOrdinaryPromoters have an interest in it94.16% for5.84% against
Against: promoters 0.00% · institutions 6.47% · other public 0.03%
Turnout: all 10.97% · promoters 0.00% · institutions 56.20% · other public 3.88%
- Approval for creation of pledge by the Company in respect of its additional shareholding in GMM International S.à.r.lSpecial99.25% for0.75% against
Against: promoters 0.00% · institutions 4.90% · other public 0.04%
Turnout: all 64.78% · promoters 97.92% · institutions 56.20% · other public 3.88%
- Approval to create, offer and issue equity shares on preferential basis to Millars Concrete Technologies Private Limited and matters related therewith.Special99.25% for0.75% against
Against: promoters 0.00% · institutions 4.90% · other public 0.04%
Turnout: all 64.78% · promoters 97.92% · institutions 56.20% · other public 3.88%
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 4 Aug 2026, 4 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, and the reports of the Board of Directors and Auditors thereon.MoreLess
4 for0 against- To confirm the Interim Dividend paid during the financial year ended March 31, 2026, and to declare final dividend for the financial year ended March 31, 2026.4 for0 against
- To re-appoint Mr. Raghav Ramdev, as a director, who retires by rotation, and being eligible, offers himself for re-appointment.4 for0 against
- To ratify the payment of remuneration to the Cost Auditors viz. M/s. Dalwadi & Associates, Cost Accountants of the Company for the financial year ending March 31, 2027.4 for0 against
- To consider appointment of Mr. Gregory Gelhaus, a related party to an office or place of profit, as Group Chief Executive Officer of the Company.4 for0 against
Mutual fund votes, meeting of 1 Aug 2025, 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 Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, and the reports of the Board of Directors and Auditors thereon.MoreLess
12 for0 against- To confirm the Interim Dividend paid during the financial year ended March 31, 2025, and to declare final dividend for the financial year ended March 31, 2025.12 for0 against
- To re-appoint Mr. Ashok Patel, as a director, who retires by rotation, and being eligible, offers himself for re-appointment.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundRe-appointment sought through ordinary resolution for Director who has already attained 75 years of age.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern identified on merits of proposed appointee. Non- Compliant with R.17(1A) of SEBI LODR: Re-appointment sought through ordinary resolution for Director who has already attained 75 years of age.
8 for4 against - To appoint M/s. S R B C & CO. LLP, Chartered Accountants as the Statutory Auditors of the Company.12 for0 against
- To ratify the payment of remuneration to the Cost Auditors viz. M/s. Dalwadi & Associates, Cost Accountants of the Company for the financial year ending March 31, 2026.12 for0 against
- To appoint M/s. Rathi & Associates, Practicing Company Secretaries as the Secretarial Auditors of the Company.12 for0 against
- To consider and approve Related Party Transaction with the wholly owned subsidiaries of the Company.
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Quantum Mutual Fund
- Angel One Mutual FundPrior shareholders’ approval not sought.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern identified on merit of proposed appointee. Non-compliance with Companies Act, 2013: Prior shareholders’ approval not sought as required under Section 188 of the Companies Act, 2013.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Quantum Mutual FundFor the following Governance reason we vote against the Resolution. The company has sought approval for appointment of Mr. Gregory Gelhaus as Chief Transformation Officer (CTO) of the GMM Pfaudler Group. He is the son-in-law of Mr. Ashok Patel, NED and brother-in-law of Mr. Tarak Patel, MD. We do not have any concern on the profile of Mr. Gelhaus. We take note that the proposed salary stands at ~Rs. 70 mn which is significantly higher than the other KMPs viz CEO & CFO pay of FY’25 which stood at ~Rs. 28 mn and ~Rs. 16 mn respectively. Therefore, we do not favour the resolution on the grounds of excessive pay.
4 for7 against - To consider re-appointment and payment of remuneration to Mr. Tarak Patel as the Managing Director of the Company.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Quantum Mutual Fund
- Angel One Mutual FundGovernance Concern: The proposed remuneration appears excessive and adequate justification has not been provided by the Company for such remuneration.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: The proposed remuneration appears excessive and adequate justification has not been provided by the Company for such remuneration.
- Quantum Mutual FundFor the following Governance reason we vote against the Resolution. We take note that the proposed remuneration stands at Rs. 84 mn including variable pay. The proposed remuneration translates to 8.75% of consolidated PBT. We are of the view that the remuneration is excessive considering the size and operations of the company. Therefore, we do not favour the resolution on the grounds of excessive pay.
7 for5 against
1 proposal not matched to one resolution
- Approve Gregory Gelhaus’s appointment as Chief Transformation Officer – GMM Pfaudler group in office of profit w.e.f. 5 May 2025
Against Canara Robeco Mutual Fund
- Canara Robeco Mutual FundGregory Gelhaus, Chief Transformation Officer, is brother-in-law of Tarak Patel, the MD of the company. We understand from the notice that he is being appointed as CTO for entire GMM Pfaudler Group: the company has entered into service agreements with its wholly-owned subsidiaries to proportionately allocate Gregory Gelhaus’s remuneration across entities, based on scope of work, time spent and deliverables completed. His remuneration consists fixed salary of Rs. 69.4 mn, short-term incentive (50% of fixed salary) of Rs. 34.7 mn and a long-term incentive for which there is no guidance provided. While the remuneration structure is open-ended, the remuneration portion to be borne by the company is also not capped. The Nomination and Remuneration Committee must provide details on how his remuneration is determined and benchmarked. We raise concern that the resolution is enabling and is valid in perpetuity therefore, given the uncapped structure and undefined quantum of remuneration from the company, future pay levels may be high, without requiring subsequent shareholder approval. Hence, we are unable to support the resolution.
0 for1 against
6 earlier meetings
Mutual fund votes, meeting of 13 Mar 2025, 9 fund houses
- Re-appointment of Ms. Bhawana Mishra (DIN: 06741655) as an Independent Director of the Company.9 for0 against
- Re-appointment of Mr. Vivek Bhatia (DIN: 08166667) as an Independent Director of the Company.9 for0 against
- Appointment of Mr. Raghav Ramdev (DIN: 09043096) as a Non-Executive, Non-Independent Director of the Company.9 for0 against
Mutual fund votes, meeting of 9 Aug 2024, 13 fund houses
To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2024 (including Consolidated Financial Statements) together with the reports of the Board of Directors and auditors thereon.MoreLess
Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiary Company for FY 2023-24.
- Nippon India Mutual FundFinancials of subsidiaries not disclosed
8 for5 against- To confirm the declaration and payment of one interim dividend paid during the financial year ended March 31, 2024 and to declare final dividend for the financial year ended March 31, 2024.13 for0 against
- To appoint a Director in place of Mr. Ashok Patel (DIN 00165858), who retires by rotation and being eligible, offers himself for re-appointment.
Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on merit of Director. Non-Compliant with Regulation 17(1A) of SEBI LODR: Approval not sought via special resolution for NED above 75 years. Board is Non-Compliant with Section 152(6) of Companies Act: The Company does not have required retiring directors on the Board.
8 for5 against - To ratify the payment of remuneration to the Cost Auditors viz. M/s. Dalwadi & Associates, Cost Accountants of the Company for the financial year ended March 31, 2025.13 for0 against
- To approve the borrowings by the Company in excess of the limits prescribed under Section 180(1)(c) of the Companies Act, 2013.
Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance & Transparency Concern: Majority of the borrowing limit is unutilized and absence of specific reasons for the proposed increase.
- Nippon India Mutual FundCompliant with the law. No concern identified.
8 for5 against - To approve the creation of security in respect of an undertaking of the Company under Section 180(1)(a) of the Companies Act, 2013.
Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance & Transparency Concern: Majority of the borrowing limit is unutilized and absence of specific reasons for the proposed increase.
- Nippon India Mutual FundCompliant with the law. No concern identified.
8 for5 against - To appoint Ms. Shilpa Divekar Nirula (DIN: 06619353) as an Independent Director of the Company.13 for0 against
Mutual fund votes, meeting of 5 Sep 2023, 7 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 of the Company for the financial year ended March 31, 2023 (including Consolidated Financial Statements) together with the reports of the Board of Directors and auditors thereon.MoreLess
7 for0 against- To confirm the declaration and payment of one interim dividend paid during the financial year ended March 31, 2023 and to declare final dividend for the financial year ended March 31, 2023.7 for0 against
- To appoint a Director in place of Mr. Ashok Patel (DIN: 00165858), who retires by rotation and being eligible, offers himself for re-appointment.
Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Motilal Oswal Mutual FundNo concern on merit of Director. Non-Compliant with Regulation 17(1A) of LODR: Approval not sought via special resolution for NED above 75 years.
- Nippon India Mutual FundOrdinary resolution for director above 75 years age
5 for2 against - To ratify the payment of remuneration to the Cost Auditors of the Company for the financial year ending March 31, 2024.3 for0 against
- To consider payment of Commission to the Non-Executive Directors (excluding Directors who are a part of the Promoter group).
Against HSBC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- HSBC Mutual FundNon-executive directors participate in performance-based incentive schemes.The approval will be valid till perpetuity and shareholders will not get to review the payments in the future.
- Motilal Oswal Mutual FundCompliant with law. Governance concern: No absolute cap on proposed payment of commission & Perpetual Approval.
- Nippon India Mutual FundPerpetual approval, hence not approved
- SBI Mutual FundThe company has not paid any commission to non-executive directors in the past. Now the company seeks approval to pay commission to each Non-Executive Director excluding promoter directors from FY23 onwards. The company has capped the commission at Rs. 1.3 mn to each director in FY23 including proportionate commission of Rs. 0.7 mn to S. Sivaram for his tenure in FY23. For FY24 and FY25, the company has proposed a maximum cap of Rs. 3.5 mn to each director for commission and sitting fees and from FY26 onwards the commission shall be decided at the discretion of the NRC within the overall limit of 1%. Of net profits. The proposed commission is commensurate with the value rendered by the Non-Executive Directors and is compensation for their time and effort invested in the company. Notwithstanding, the timeline for remuneration has not been defined and thus the resolution is effective in perpetuity. We believe shareholders must get a chance to periodically review such payments and thus we are unable to support the resolution.
3 for4 against - To consider payment of remuneration to Mr. Tarak Patel (DIN: 00166183) as the Managing Director of the Company for balance period of his term up to May 31, 2025.
Against HSBC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- HSBC Mutual FundThe performance criteria and vesting periods for the LTIP are not disclosed.He will be paid the proposed remuneration, coupled with increments in his pay, notwithstanding the company's financials and the relevant regulatory limits, for the rest of his tenure.His remuneration terms and pay quantum are not in line with market standards and the company's size and scale of operations.
- Motilal Oswal Mutual FundCompliant with law. Governance concern: Excessive Remuneration.
- Nippon India Mutual FundRemuneration is high
4 for3 against
1 proposal not matched to one resolution
Ratification of remuneration Rs.1,82,000/- plus GST as applicable and reimbursement of out-of-pocket expenses payable to M/s. Dalwadi & Associates, Cost Accountants, (Firm Registration No. 000338) as approved by the Board of Directors of the Company, for conducting cost audit of the Company for the financial year 2023-24.MoreLess
4 for0 against
Mutual fund votes, meeting of 11 May 2023, 8 fund houses
- Re-appointment of Mr. Nakul Toshniwal (DIN: 00350112) as an Independent Director of the Company8 for0 against
Mutual fund votes, meeting of 19 Sep 2022, 3 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 of the Company for the financial year ended March 31, 2022 (including Consolidated Financial Statements) together with the reports of the Board of Directors and auditors thereon.MoreLess
3 for0 against- To confirm the declaration and payment of three interim dividends paid during the financial year ended March 31, 2022 and to declare final dividend for the financial year ended March 31, 2022.3 for0 against
- To appoint a Director in place of Mr. Harsh Gupta (DIN 02434051), who retires by rotation and being eligible, offers himself for re-appointment3 for0 against
- To ratify the payment of remuneration to the Cost Auditors of the Company for the financial year ending March 31, 2023.1 for0 against
1 proposal not matched to one resolution
Ratification of remuneration of INR 1,65,000/- plus GST as applicable and reimbursement of out-of-pocket expenses payable to M/s. Dalwadi & Associates, Cost Accountants, (Firm Registration No. 000338) Cost Auditor of the Company for the financial year 2022-23.MoreLess
Against Nippon India Mutual Fund
- Nippon India Mutual FundLow audit fees
1 for1 against
Mutual fund votes, meeting of 1 Sep 2022, 3 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- .Approval for loans/ investments/ corporate guarantees by the Company in excess of the limits prescribed under the Companies Act, 2013.2 for0 against
- Approval for borrowings by the Company in excess of the limits prescribed under the Companies Act, 2013.2 for0 against
- Approval for creation of security in respect of an undertaking of the Company under Section 180(1)(a) of the Companies Act, 2013.2 for0 against
- Approval of the further acquisition of balance shareholding of GMM International S.à.r.l3 for0 against
- Approval for creation of pledge by the Company in respect of its additional shareholding in GMM International S.à.r.l3 for0 against
- Approval to create, offer and issue equity shares on preferential basis to Millars Concrete Technologies Private Limited and matters related therewith.3 for0 against
3 proposals not matched to one resolution
To authorize Board of Directors (a) to give loans to body corporates and/or persons or such entities; and (b) to give guarantees and provide security in connection with loans to any other body corporates and persons; and (c) to acquire by way of subscription, purchase and otherwise, the securities and shares of any other companies or body corporates, which may in aggregate exceed 60% of the paid-up share capital, free reserves and securities premium account of the Company or 100% of the free reserves and securities premium account of the Company, whichever is higher, but up to: (A) a maximum of INR 600,00,00,000 (Indian Rupees Six Hundred Crores) or (B) the maximum limits so prescribed under Section 186(2) of the Companies Act, 2013, whichever is higherMoreLess
1 for0 againstTo authorize Board of Directors to borrow such sum(s) of money (in foreign currency or Indian rupee) from time to time with or without security on such terms and conditions as the board of directors of the Company may think fit (subject to compliance with the provisions of Companies Act, 2013), provided that the borrowings intended to be obtained along with the monies already borrowed by the Company (which are outstanding) in aggregate (apart from the temporary loans obtained from the Company’s bankers in the ordinary course of business) shall not at any time exceed: (A) a maximum of INR 600,00,00,000; (Indian Rupees Six Hundred Crores) or (B) the maximum limits so prescribed under Section 180(1)(c) of the Companies Act, 2013, whichever is higherMoreLess
1 for0 againstTo authorize Board of Directors to secure the amount borrowed by the Company or subsidiary(ies) of the Company from such persons from time to time, for the due re-payment of the principal and/or together with interest, charges, costs, expenses and all other monies payable by the Company or its subsidiaries, as applicable, in respect of the said borrowings including the borrowings availed or proposed to be availed by the Company for undertaking additional investments into GMM International S.à.r.l. by way of acquisition of 46% shareholding in GMM International S.à r.l from: (1) Pfaudler International S.à r.l for a total cash consideration of INR 149,46,61,094 (Indian Rupees One Hundred Forty Nine Crores FortySix Lakhs Sixty-One Thousand Ninety Four) and (2) Millars Concrete Technologies Private Limited in GMM International S.à.r.l (a) for a cash consideration of INR 23,91,05,456 (Indian Rupees Twenty Three Crores Ninety-One Lakhs Five Thousand Four Hundred Fifty-Six) and (b) against the issue and allotment of 11,04,724 (Eleven Lakhs Four Thousand Seven Hundred Twenty-Four) fully paid-up equity shares of face value of INR 2 (Indian Rupees Two) each at a price of INR 1,542.43 (Indian Rupees One Thousand Five Hundred Forty-Two Paise Forty Three) per equity share of the Company and/or for any other business purpose of the Company and its subsidiariesMoreLess
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
- 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.