Happy Forgings MD, chairman, board of directors and AGM
NSE: HAPPYFORGEBSE: 544057Industrial ProductsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹1,818.00.
- 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.
- ₹16,633 Cr504th 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. The filing of 4 Aug 2026
- 50.8
- 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
- 7.8
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.23%
- ROEReturn on equity. Profit over 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, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 4 Aug 2026
- 16.5%
- 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 4 Aug 2026
- 16.9%
- 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
- 0.15
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,21,10851.4% delivered
Happy Forgings board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorPARITOSH KUMAR
- Managing directorASHISH GARG
- Company Secretary and Compliance OfficerBINDU GARG
6 directors3 independent3 executive
- PARITOSH KUMAR · Chairperson and managing directorExecutive · joined Feb 2016 · reappointed Apr 2023 · 1 listed board
- ASHISH GARG · Managing directorExecutive · joined Dec 2015 · reappointed Apr 2023 · 1 listed board · 2 committee seats
- MEGHA GARGExecutive · joined Dec 2015 · reappointed Sep 2021 · 1 listed board · 1 committee seat
- RAVINDRA PISHARODYIndependent · joined Jun 2022 · reappointed Jun 2022 · 60 months as independent · 4 listed boards · 4 as independent · 7 committee seats, 4 as chair
- RAJESWARI KARTHIGEYANIndependent · joined May 2023 · reappointed May 2023 · 60 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 1 as chair
- ATUL B. LALLIndependent · joined Jul 2023 · reappointed Jul 2023 · 60 months as independent · 4 listed boards · 1 as independent · 3 committee seats
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
3 directors who left
- Satish Sekhri, left 3 May 2025: Tenure Completion
- Vikas Giya, left 30 Jan 2025: Tenure Completion
- NARINDER SINGH JUNEJA, left 31 Dec 2024: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 4 Aug 20265 of 6 present2 independent · 74 days in between
- 21 May 20266 of 6 present3 independent · 21 days in between
- 29 Apr 20265 of 6 present3 independent
Audit Committee
Chair RAJESWARI KARTHIGEYAN
ASHISH GARG, RAVINDRA PISHARODY, ATUL B. LALL
- 4 Aug 20264 of 4 present3 independent · 74 days in between
- 21 May 20264 of 4 present3 independent · 21 days in between
- 29 Apr 20264 of 4 present3 independent
Nomination and remuneration committee
Chair RAVINDRA PISHARODY
RAJESWARI KARTHIGEYAN, ATUL B. LALL
- 21 May 20263 of 3 present3 independent · 368 days in between
- 17 May 20253 of 3 present3 independent
Stakeholders Relationship Committee
Chair RAVINDRA PISHARODY
ASHISH GARG, MEGHA GARG
- 4 Aug 20263 of 3 present1 independent · 359 days in between
- 9 Aug 20253 of 3 present1 independent
Risk Management Committee
Chair ASHISH GARG
RAJESWARI KARTHIGEYAN, MEGHA GARG
- 4 Aug 20263 of 3 present1 independent
- 26 Feb 20263 of 3 present1 independent
Corporate Social Responsibility Committee
Chair PARIOTSH KUMAR
ASHISH GARG, RAVINDRA PISHARODY, RAJESWARI KARTHIGEYAN
- 21 May 20264 of 4 present2 independent
- 9 Feb 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. BATLIBOI & CO. LLPPeer-review certificate valid to Jul 2027
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.
Happy Forgings 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.Happy Forgings dividend history
Annual general meeting, 27 Jul 2026
65,697 shareholders on the register on 20 Jul 2026; present: 7 promoters and 70 others; votes counted by PARMINDER SINGH BATHLA / P S BATHLA & ASSOCIATES.The company's voting result (opens in a new tab)
- 1 - a) Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 93.76% · promoters 100.00% · institutions 87.70% · other public 0.79%
- 1 - b) Adoption of the Audited Consolidated Financial Statements for the financial year ended 31st March, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 87.26% · promoters 100.00% · institutions 50.40% · other public 0.79%
- 2 - To declare final dividend of Rs. 4 per equity share for the Financial year ended 31st March, 2026Ordinary99.24% for0.76% against
Against: promoters 0.00% · institutions 4.66% · other public 0.01%
Turnout: all 93.78% · promoters 100.00% · institutions 87.86% · other public 0.79%
- 3 - Mr. Ashish Garg (DIN: 01829082), Managing Director liable to retire by rotation, and being eligible for reappointment offers himself for reappointmentOrdinaryPromoters have an interest in it99.66% for0.34% against
Against: promoters 0.00% · institutions 2.09% · other public 0.10%
Turnout: all 93.78% · promoters 100.00% · institutions 87.86% · other public 0.79%
- 4 - Ratification of remuneration payable to M/s. Rajan Sabharwal & Associates, Cost Auditors of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 93.78% · promoters 100.00% · institutions 87.86% · other public 0.79%
- 5 - To approve the commission payable to the Independent Directors of the CompanyOrdinary99.54% for0.46% against
Against: promoters 0.00% · institutions 2.83% · other public 0.15%
Turnout: all 93.78% · promoters 100.00% · institutions 87.86% · other public 0.79%
- 6 - To re-appoint Ms. Megha Garg, (DIN 07352042) as the Whole-Time Director for a term of another five years.OrdinaryPromoters have an interest in it99.24% for0.76% against
Against: promoters 0.00% · institutions 4.64% · other public 0.10%
Turnout: all 93.78% · promoters 100.00% · institutions 87.86% · other public 0.79%
- 7 - Re-appointment of Mr. Ravindra Pisharody, DIN 01875848, Independent Director of the Company for second term starting from 16th June, 2027 till 15th November, 2030.Special99.93% for0.07% against
Against: promoters 0.00% · institutions 0.45% · other public 0.10%
Turnout: all 92.95% · promoters 100.00% · institutions 83.09% · other public 0.79%
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 Jul 2025, 8 resolutions
63,613 shareholders on the register on 22 Jul 2025; present: 14 promoters and 63,658 others; votes counted by PARMINDER SINGH BATHLA / P S BATHLA & ASSOCIATES.The company's voting result (opens in a new tab)
1 - a) Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2025 b) Adoption of the Audited Consolidated Financial Statements for the financial year ended 31st March 2025MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.57%
- 2 - To declare final dividend of Rs. 3 per equity share for the Financial year ended 31st March, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.57%
- 3 - Ms. Megha Garg (DIN: 07352042), Whole-Time Director liable to retire by rotation, and being eligible for reappointment offers herself for reappointment.OrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.20% · other public 0.60%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.57%
- 4 - To re-appoint M/s. S R Batliboi & Co., LLP, Chartered Accountants, as Statutory Auditors of the Company to hold office for a period of 5 (Five) consecutive financial years.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.23%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.57%
- 5 - Ratification of remuneration payable to M/s. Rajan Sabharwal & Associates, Cost Auditors of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.30%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.57%
- 6 - Continuation of Mr. Paritosh Kumar, DIN: 00393387, as Chairman and Managing Director of the Company on attaining the age of seventy yearsSpecialPromoters have an interest in it95.90% for4.10% against
Against: promoters 0.00% · institutions 21.15% · other public 1.26%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.57%
- 7 - To approve the commission payable to the Independent Directors of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.30%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.57%
- 8 - To appoint M/s. Chandrasekaran Associates, Practicing Company Secretaries as Secretarial Auditors for a term of 5(five) consecutive years, and fix their remuneration in this regardOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 97.44% · promoters 100.00% · institutions 98.59% · other public 1.56%
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 Jul 2024, 8 resolutions
Present: 7 promoters and 26 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone & Consolidated Financial Statements of the Company including the Balance Sheet, statement of Profit & Loss and Cash Flow Statement for the Financial Year ended 31st March 2024 along with Board's report and Auditor's reportMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
- To declare dividend of RS 4/- per Equity Share of the Company for the Fnancial year ended 31st March 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
- To appoint Mr Ashish Garg(DIN 01829082), who retires by rotation and being eligible offers himself for reappointmentOrdinaryPromoters have an interest in it98.90% for1.10% against
Against: promoters 0.00% · institutions 5.86% · other public 0.21%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
- Ratification of remuneration of cost auditor for FY 2023-24Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.30%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
- Ratification of remuneration of cost auditor for FY 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.26%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
- To approve the commission payable to the Independent Directors of the Company for FY 2023-24Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.34%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
- To consider and approve continuation of Mr Satish Sekhri as Non- Executive Independent Director of the Company for his remaining term beyond 75 years of ageSpecial99.98% for0.02% against
Against: promoters 0.00% · institutions 0.12% · other public 0.40%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
- To consider and ratify the Happy Forgings ESOP Scheme 2023Special93.42% for6.58% against
Against: promoters 0.00% · institutions 35.13% · other public 0.36%
Turnout: all 96.74% · promoters 100.00% · institutions 94.85% · other public 1.05%
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.
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 27 Jul 2026, 5 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.
- 1 - a) Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 20262 for0 against
- 1 - b) Adoption of the Audited Consolidated Financial Statements for the financial year ended 31st March, 20264 for0 against
- 2 - To declare final dividend of Rs. 4 per equity share for the Financial year ended 31st March, 20265 for0 against
- 3 - Mr. Ashish Garg (DIN: 01829082), Managing Director liable to retire by rotation, and being eligible for reappointment offers himself for reappointment5 for0 against
- 4 - Ratification of remuneration payable to M/s. Rajan Sabharwal & Associates, Cost Auditors of the Company.5 for0 against
- 5 - To approve the commission payable to the Independent Directors of the Company5 for0 against
- 6 - To re-appoint Ms. Megha Garg, (DIN 07352042) as the Whole-Time Director for a term of another five years.5 for0 against
- 7 - Re-appointment of Mr. Ravindra Pisharody, DIN 01875848, Independent Director of the Company for second term starting from 16th June, 2027 till 15th November, 2030.5 for0 against
1 proposal not matched to one resolution
- Accept Financial Statements and Statutory Reports1 for0 against
Mutual fund votes, meeting of 29 Jul 2025, 9 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
1 - a) Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2025 b) Adoption of the Audited Consolidated Financial Statements for the financial year ended 31st March 2025MoreLess
7 for0 against- 2 - To declare final dividend of Rs. 3 per equity share for the Financial year ended 31st March, 2025.9 for0 against
- 3 - Ms. Megha Garg (DIN: 07352042), Whole-Time Director liable to retire by rotation, and being eligible for reappointment offers herself for reappointment.9 for0 against
- 4 - To re-appoint M/s. S R Batliboi & Co., LLP, Chartered Accountants, as Statutory Auditors of the Company to hold office for a period of 5 (Five) consecutive financial years.9 for0 against
- 5 - Ratification of remuneration payable to M/s. Rajan Sabharwal & Associates, Cost Auditors of the Company.9 for0 against
- 6 - Continuation of Mr. Paritosh Kumar, DIN: 00393387, as Chairman and Managing Director of the Company on attaining the age of seventy years
Against Edelweiss Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund
- Edelweiss Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding position of Chairman and Managing Director, concentration of powers in the hands of single person.
- Kotak Mahindra Mutual FundParitosh Kumar, 69, is Promoter and Chairperson and Managing Director (CMD). He has been associated with Happy Forgings Limited since incorporation and has over 45 years of experience in the industrial sector. His vision, leadership, and strategic foresight have been instrumental in shaping the company s growth trajectory. His continued presence is vital for driving long-term strategy, business development, expansion, and execution continuity. The CMD remains fully committed to the company s progress, with interests closely aligned to those of investors. His estimated FY26 remuneration is Rs. 48.4 mn, entirely fixed. There is no legal bar on the Chairman of the Company from holding Managing Director position. The remuneration includes personal expenses of the spouse and the company has not provided adequate clarification for the same. Even though we support his continuation as CMD; we are not in favour of his remuneration. Hence, we are voting against.
- Nippon India Mutual FundGovernance concern: Holding position of Chairman and Managing Director, concentration of powers in the hands of single person.
- Sundaram Mutual FundParitosh Kumar, 69, is Promoter and Chairperson and Managing Director (CMD). He has been associated with Happy Forgings Limited since incorporation and has over 45 years of experience in the industrial sector. His estimated FY26 remuneration is Rs. 48.4 mn, entirely fixed. While the resolution seeks approval for his continuation post 70 years of age, it also seeks to include reimbursement of travel expenses for his spouse – Ms. Suman Garg during business trips, from 17 May 2025. We believe such expenses are personal in nature and should be borne by directors themselves. We support his continuation on the board. However, given that the company seeks to include personal expenses as part of his remuneration, we do not support the change in remuneration structure and therefore, do not support the resolution.
4 for5 against - 7 - To approve the commission payable to the Independent Directors of the Company9 for0 against
- 8 - To appoint M/s. Chandrasekaran Associates, Practicing Company Secretaries as Secretarial Auditors for a term of 5(five) consecutive years, and fix their remuneration in this regard9 for0 against
3 proposals not matched to one resolution
- Accept Financial Statements and Statutory Reports1 for0 against
Adoption of the audited consolidated financial statements for the year ended 31st March, 2025 containing the Balance Sheet as at that date, the Statement of Profit and Loss, statement of changes in equity and the Cash Flow Statement for the year ended on that date together with the Notes and the Auditors Report thereon.MoreLess
1 for0 againstAdoption of the audited standalone financial statements of the Company for the year ended 31st March, 2025 containing the Balance Sheet as at that date, the Statement of Profit and Loss, statement of changes in equity and the Cash Flow Statement for the year ended on that date together with the Notes and the Reports of Auditors and Board of Directors Report thereon.MoreLess
1 for0 against
1 earlier meeting
Mutual fund votes, meeting of 29 Jul 2024, 14 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 & Consolidated Financial Statements of the Company including the Balance Sheet, statement of Profit & Loss and Cash Flow Statement for the Financial Year ended 31st March 2024 along with Board's report and Auditor's reportMoreLess
13 for0 against- To declare dividend of RS 4/- per Equity Share of the Company for the Fnancial year ended 31st March 202414 for0 against
- To appoint Mr Ashish Garg(DIN 01829082), who retires by rotation and being eligible offers himself for reappointment
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Skewed remuneration in favor of proposed appointee.
11 for3 against - Ratification of remuneration of cost auditor for FY 2023-2413 for0 against
- Ratification of remuneration of cost auditor for FY 2024-2513 for0 against
- To approve the commission payable to the Independent Directors of the Company for FY 2023-2414 for0 against
- To consider and approve continuation of Mr Satish Sekhri as Non- Executive Independent Director of the Company for his remaining term beyond 75 years of age
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of proposed appointee. Governance Concern: Mr. Satish Sekhri is the NRC Chairman and the Remuneration policy of the Company appears to be skewed in the favor of male Promoter EDs.
11 for3 against - To consider and ratify the Happy Forgings ESOP Scheme 2023
Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Axis Mutual Fund, DSP Mutual FundThe company seeks shareholder approval for ratification of its pre-IPO stock option scheme - Happy Forgings ESOP Scheme 2023. The total number of options under the scheme is 1,342,485 of which options in force are 351,959. The Nomination and Remuneration Committee can determine the vesting criteria which may include performance-based or time-based conditions. We do not favour schemes where the exercise price is at a significant discount (>20%) to market price. In the current case, there is no clarity on the actual exercise price and may be issued at a steep discount to current market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics. In the absence of these conditions, we are unable to support the resolution.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Non-disclosure of Exercise price and Vesting Period. Governance Concern: Benefit extended to Associate Companies without justification or cost reimbursement provision; Provision of accelerated vesting.
- Edelweiss Mutual FundWill lead to dilution
- HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
- HSBC Mutual FundThe scheme permits stock options to be issued with an exercise price at a discount to the current market price.The company has not specified objective performance metrics, performance targets and thresholds for vesting.
- Invesco Mutual FundThe company seeks shareholder approval for ratification of its pre-IPO stock option scheme - Happy Forgings ESOP Scheme 2023. The total number of options under the scheme is 1,342,485 of which options in force are 351,959. The Nomination and Remuneration Committee can determine the vesting criteria which may include performance-based or time-based conditions. We do not favour schemes where the exercise price is at a significant discount (>20%) to market price. In the current case, there is no clarity on the actual exercise price and may be issued at a steep discount to current market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics. In the absence of these conditions, we are unable to support the resolution
- Kotak Mahindra Mutual FundThe company has mentioned the exercise price to be ~Rs. 190 under the scheme in their annual report. We do not favour ESOP plans where options are granted at a significant discount to the market price or where there is no clarity on the performance metrics for vesting. If the stock options are granted at a significant discount there is no alignment between the interests of investors and those of employees. Moreover, the Company has stated that proposed ESOP Scheme would be extended to Company s present and future associates with no compelling justification provided. Hence voting against.
- Nippon India Mutual FundInadequate Disclosure
3 for11 against
3 proposals not matched to one resolution
- Accept Financial Statements and Statutory Reports1 for0 against
- Approve remuneration of Rs. 100,000 to Rajan Sabharwal & Co., Cost Accountants as cost auditor for FY251 for0 against
- Ratify remuneration of Rs. 100,000 to Rajan Sabharwal & Co., Cost Accountants as cost auditor for FY241 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
- Yes
- 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.
How money raised was used
Reported for the quarter to Mar 2026. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesDec 2023, checked by ICRA | 400.00 | – | – | No |