Garden Reach Shipbuilders & Engineers MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 25 Sep 2026, 8 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt the audited financial statements of the Company for the financial year ended 31st March, 2026, along with the Reports of the Board of Directors, Auditors’ and the comments of the Comptroller & Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter describing the effects of change in the estimation of cost to complete in respect of projects P17A, ASWSWC and NGOPV. The auditor’s opinion is not modified in this regard. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). We raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Governance concern: NonCompliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  3 for5 against
• To confirm the payment of Interim Dividend of ₹5.75 per equity share and Second Interim Dividend of ₹7.15 per equity Share and to declare a Final Dividend of ₹6.70 per equity share for the financial year 2025-26 (i.e., total Dividend of ₹19.60 per equity share for the financial year 2025-26).MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Sufficient funds available for payment of final dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  5 for3 against
• To appoint a Director in place of Capt. Sunilkumar Panangadan, IN (Retd.), (DIN: 11193635), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  5 for3 against
• To fix the remuneration of Statutory Auditors to be appointed by the Comptroller & Auditor General of India for the financial year 2026-27.

  8 for0 against
• To confirm the Appointment of Shri Niranjan Mukund Bhalerao (DIN: 10941391) as the Whole-time Director designated as Director (Finance) of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  5 for3 against
• To confirm the Appointment of Dr. Vijay Namdeorao Zade (DIN: 05142336) as the Government Nominee Director of the Company.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundVijay Zade, 54, is an IAS officer of 2002 batch (Punjab Cadre). He currently serves as Joint Secretary (Naval System) in the Department of Defence Production, Ministry of Defence, Government of India. He has experience in various departments of Govt of Punjab, Maharashtra and Chandigarh in the field of Finance, Housing & Urban Development, Health & Family welfare, Mining, etc. He holds MBA from Sikkim Manipal University and Msc. in Public Management and Governance from London School of Economics & Political Science, London. He will be liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition and ensure compliance with regulations before appointing its nominees to the board. We do not support this resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  3 for5 against
• To ratify the remuneration payable to the Cost Auditors for the financial year ending 31st March, 2027.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.

  5 for3 against
• To approve the alternation of the Articles of Association of the Company.

  8 for0 against

Mutual fund votes, meeting of 19 Sep 2025, 19 fund houses

• To receive, consider and adopt the audited financial statements of the Company for the financial year ended 31st March, 2025, along with the Reports of the Board of Directors, Auditors’ and the comments of the Comptroller & Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Axis Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter describing the effects of change in the estimation of cost to complete in respect of projects P17A and NGOPV. The auditor’s opinion is not modified in this regard. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). We believe the company should provide a clear explanation for the trade payables amounting to Rs. 6.7 bn that have remained outstanding for over one year. We raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • UTI Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter describing the effects of change in the estimation of cost to complete in respect of projects P17A and NGOPV. We believe the company should provide a clear explanation for the trade payables amounting to Rs. 6.7 bn that have remained outstanding for over one year. We raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.

  7 for12 against
• To confirm the payment of Interim Dividend of ₹8.95 per equity share and to declare a Final Dividend of ₹4.90 per equity share for the financial year 2024-25 (i.e., total Dividend of ₹13.85 per equity share for the financial year 2024-25)MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundSufficient funds available for payment of dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  12 for7 against
• To appoint a Director in place of Cdr. Shantanu Bose, IN (Retd.) (DIN: 09631817), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and Woman Director/ Woman Independent Director.

  12 for7 against
• To fix the remuneration of Statutory Auditors to be appointed by the Comptroller & Auditor General of India for the financial year 2025-26.

  19 for0 against
• To confirm the Appointment of Shri Kamleshbhai Shashikantbhai Mirani (DIN: 11118795) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed shareholder’s approval; Term of appointment is ambiguous.
  • Axis Mutual FundKamleshbhai Shashikantbhai Mirani, 54, is an experienced professional with background in public sector administration and real estate. He has over seven years of experience in various public sector-related roles. He has served in advisory and leadership capacities across multiple government bodies, including the Rajkot Municipal Corporation, Gujarat State Road Transport Corporation, and the Telephone Advisory Committee (Govt. of India). He has a Bachelor of Commerce degree from Saurashtra University, Rajkot. As per public sources, Kamlesh Mirani is associated with the Bhartiya Janata Party (BJP) and has served as the Rajkot City BJP President. While his appointment is in line with the statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of Director. Governance concern: Delayed shareholder’s approval; Term of appointment is ambiguous and against spirit of the law.
  • Jio BlackRock Mutual FundKamleshbhai Shashikantbhai Mirani, 54, is an experienced professional with background in public sector administration and real estate. He has over seven years of experience in various public sector-related roles. He has served in advisory and leadership capacities across multiple government bodies, including the Rajkot Municipal Corporation, Gujarat State Road Transport Corporation, and the Telephone Advisory Committee (Govt. of India). He has a Bachelor of Commerce degree from Saurashtra University, Rajkot. As per public sources, Kamlesh Mirani is associated with the Bhartiya Janata Party (BJP) and has served as the Rajkot City BJP President. While his appointment is in line with the statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice.Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance concern: Delayed shareholder’s approval; Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  8 for11 against
• To confirm the Appointment of Capt. Sunilkumar Panangadan, IN (Retd.), (DIN: 11193635) as the Whole-time Director designated as Director (Corporate Planning and Personnel) of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and Woman Director/ Woman Independent Director.

  12 for7 against
• To confirm the Appointment of Shri Rajeev Prakash (DIN: 08590061) as the Government Nominee Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director. Low attendance at Board meetings.
  • Axis Mutual Fund, Jio BlackRock Mutual FundRajeev Prakash, 56, is currently Joint Secretary (Naval System) in the Department of Defence Production, Ministry of Defence, Government of India. He has experience in the field of finance and has held various posts in the Government of India. Prior to joining as Joint Secretary (Naval System), he worked as Deputy Director General (Wireless Planning & Finance), Department of Telecommunication. He is an Indian Post & Telecommunication Accounts and Finance Service Officer (IP&TAFS) of the 1995 batch. He has a B.A. Honors in English from St. Stephen’s College, University of Delhi and an M.A. in Development Studies from the Institute of Social Studies, Erasmus University. He has previously served on the board of the company as a Government Nominee Director from 23 June 2022 till 10 December 2024. He will be liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition and ensure compliance with regulations before appointing its nominees to the board. We do not support this resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director. Low attendance at Board meetings.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  9 for10 against
• To ratify the remuneration payable to the Cost Auditors for the financial year ending 31st March, 2026.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: non-compliant audit committee casts concern over the fairness of remuneration of cost auditor.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Audit committee is non-compliant with SEBI LODR Regulations.
  • Nippon India Mutual FundGovernance Concern: Audit committee is non-compliant with SEBI LODR Regulations.

  12 for7 against
• To appoint Secretarial Auditor of the Company

  19 for0 against

• Fine or penaltyNational Stock Exchange of IndiaSince 25 Aug 2026

  The National Stock Exchange of India Limited (NSE) has imposed a fine of Rs. 9,66,420 for non-compliance with Regulations 17 (1), 18(1) and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015. The non-compliances relate to the composition of the Board, including non-appointment of a Woman Independent Director and non-constitution/re-constitution of the Audit Committee and Nomination & Remuneration Committee.

  During the quarter, NSE levied the fine for the quarter ended 30 Jun 2026, on account of non-compliance with the requirements relating to the non-compliance with the requirements relating to the composition of the Board including the absence of a Woman Independent Director and an inadequate number of Independent Directors, in terms of Regulation 17(1) of the SEBI (LODR) Regulations, 2015. Further, in accordance with Regulation 18(1), every listed entity is required to constitute a qualified and Independent Audit Committee comprising a minimum of three directors, two-thirds of whom shall be Independent. Owing to the insufficiency of Independent Directors, the Company could not reconstitute the Audit Committee. Similarly, as per Regulation 19(1), the Nomination and Remuneration Committee (NRC) must consist of at least three directors, with two-thirds being Independent and all non-executive. The Company was unable to reconstitute the NRC for the same reason.MoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

No

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

Yes

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.