HBL Engineering CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 26 Sep 2026, 8 fund houses so far (houses' deadline to file 15 Oct 2026)

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

• To receive, consider and adopt the audited financial statements (standalone and consolidated) of the Company for the financial year ended March 31, 2026 together with the reports of the Board of directors and auditors thereon.MoreLess

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

  • Angel One Mutual FundNon-disclosure of financial statements for all Subsidiary Companies on website of the Company for FY 2025-26.
  • Edelweiss Mutual Fund, Navi Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements for all Subsidiary Companies on website of the Company for FY 2025-26.

  5 for3 against
• To declare dividend for the year ended March 31, 2026

  8 for0 against
• To appoint a director in place of Mr. MSS Srinath (DIN 00319175) who retires by rotation and is eligible for re-appointment

  8 for0 against
• To ratify the appointment of statutory auditors and to authorize the Board to fix their remuneration.

  8 for0 against
• Appointment of Mrs. Kavita Prasad Aluru (DIN:00319292) as an Executive Director of the Company for a period of five years

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

  • Angel One Mutual FundGovernance Concern with regards to remuneration practice and appointee’s frequent movement from Executive Director to Non-Executive Director and back to Executive Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. No issues on merit profile & attendance. Governance Concern w.r.t. remuneration practice and appointee’s frequent movement from ED to NED and back to ED.

  5 for3 against
• Approval to borrowing in excess of paid-up capital and free reserves under Section 180(1)(c) of the Companies Act, 2013.

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

  • Angel One Mutual FundGovernance and Transparency concern: More than 95% portion of the existing borrowing limit is unutilized, and no adequate disclosures are provided for supersession of previous approval and proposing approval for significantly higher borrowing limits.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundThe company proposes to increase the borrowing limits to Rs. 10.0 bn over and above the paid-up share capital, free reserves and securities premium. On a standalone basis, the company has Rs. 0.4 bn in borrowings. The company has a standalone net-worth of Rs. 21.7 bn as on 31 March 2026. The proposed borrowing limit based on current financials will be Rs. 31.7 bn, which is 1.5x standalone net-worth. The company has an outstanding credit rating of CARE A+/Positive / CARE A1+, which denotes adequate degree of safety regarding timely servicing of financial obligations. The proposed resolution is enabling in nature: the company must provide details regarding the proposed increase in limits. However, based on the resolution text, we raise concern that the approval sought is for a rolling limit of Rs. 10.0 bn over and above the paid-up share capital, free reserves and securities premium; we do not support such rolling limits. The company must seek approval for an absolute limit. We do not support this resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance and Transparency concern: More than 95% portion of the existing borrowing limit is unutilized, and no adequate disclosures are provided for supersession of previous approval and proposing approval for significantly higher borrowing limits.

  2 for6 against
• Authority under Section 180(1)(a) of the Companies Act, 2013 to sell, lease or otherwise dispose off, to mortgage/create charges on the properties of the Company.

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

  • Angel One Mutual FundGovernance and Transparency concern: Interlinked with #6, further, the charge creation limit is linked to the borrowing limit of the Company. Since governance and transparency concerns are identified with the resolution seeking of borrowing limit, concerns are also identified with the supersession of previous shareholders’ approval.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance and Transparency concern: Interlinked with #6, further, the charge creation limit is linked to the borrowing limit of the Company. Since governance and transparency concerns are identified with the resolution seeking of borrowing limit, concerns are also identified with the supersession of previous shareholders’ approval.

  2 for3 against
• Authorisation to enter into related party transaction

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

  • Angel One Mutual FundNon-disclosure of required information as per the Related Party Transaction Industry Standards mandated by SEBI. Transparency Concern: Inadequate information with regard to proposed Related Party Transactions.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundDuring 2019 AGM, shareholders approved a related party transaction limit aggregating to Rs. 5.0 bn. The company now proposes to increase the limit to Rs. 7.0 bn. The nature of contracts / arrangements / transactions are for sale, purchase, supply goods including capital goods, or materials, selling or disposing off, or buying, leasing of property of any kind, rendering of any services, appointment for purchase or sale of goods, materials, services or property or sale / purchase of goods and supply, availing services and office or place of profit. The proposed related party transactions are in the ordinary course of business and on arm’s length basis. However, the company has not provided adequate disclosures, including details of the transactions separately with each of the related party and tenure of transactions. We expect the company to approach shareholders for separate approval with each of the related party and have a tenure for related party transactions to allow shareholders to make informed decision. Given these concerns, we do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundNon-compliant with SEBI Circular on RPT Disclosures: Non-disclosure of required information as per the RPT Industry Standards mandated by SEBI. Transparency Concern: Inadequate information with regard to proposed RPTs.

  2 for6 against
• Ratification of Cost Auditor’s Remuneration for FY 2026-27

  8 for0 against

Mutual fund votes, meeting of 25 Sep 2025, 17 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 (standalone and consolidated) of the Company for the financial year ended March 31, 2025 together with the reports of the Board of directors and auditors thereon.MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNon-disclosure of financial statements of subsidiary company.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified Financial Statements (except a non-material remark on CARO). Non-Compliant with Companies Act, 2013 and SEBI LODR Regulations: Non-disclosure of financial statements of subsidiary company.

  9 for7 against
• To declare dividend for the year ended March 31, 2025

  16 for0 against
• To appoint a director in place of Ms. Deeksha Mikkileneni (DIN 10267611) who retires by rotation and is eligible for re-appointment.

  ›Against Axis Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund

  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundMs. Deeksha Mikkileneni, 24, is part of promoter group. She has been associated with the company since 11 August 2023. She has attended three out of four (75%) board meetings held in FY25 and five out of nine (56%) board meetings since her appointment in August 2023. We expect directors to attend all the board meetings. She holds a MS in biotechnology and Entrepreneurship from New York University. We expect the company to provide detailed disclosures regarding her past work experience. With less than ten years of relevant post-qualification work experience and at 24 years of age, Ms. Deeksha Nikkileneni’s appointment as Non - Executive Director is not in line with our voting guidelines. Given the lack of clarity, we are unable to determine her suitability to be on the board. Therefore, we are unable to support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProfile of the candidate

  12 for5 against
• To ratify the appointment of statutory auditors and to authorize the Board to fix their remuneration.

  16 for0 against
• Re-appointment of Dr. Aluru Jagadish Prasad (DIN:00057275) as Chairman and Managing Director of the Company for a further period of five years

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

  • Angel One Mutual FundThe Company not sought shareholders’ approval for continuation beyond the age of 70 years under his re-appointment. Governance Concern: Excessive & Skewed Remuneration practice towards proposed appointee; Holds combined position of Chairman and Managing Director, which may result in concentration of power in the hands of single individual.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundDr. Aluru Jagadish Prasad, 79, is promoter and Chairperson and Managing Director. He is responsible for overall management, with a focus on product development and export sales promotion. He has been associated with the company since 20 August 1986. He has attended all four (100%) board meetings held in FY25. He received Rs. 199.8 mn (including commission of Rs. 189.5 mn) in FY25. We estimate his annual compensation at Rs. 222.4 mn (including commission of Rs. 208.7 mn) His commission is uncapped, at 5% of net profits of the company. There is no cap on the quantum of commission or clarity regarding the performance metrics which determine his commission. As the company size grows, the remuneration levels may also grow significantly higher - We expect the company to cap the remuneration in absolute terms. While we support his reappointment, given the uncapped nature of remuneration we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-Compliant w.r.t. Section 196 of the Companies Act, 2013: The Company not sought shareholders’ approval for continuation beyond the age of 70 years under his re-appointment. Governance Concern: Excessive & Skewed Remuneration practice towards proposed appointee; Holds combined position of Chairman and Managing Director, which may result in concentration of power in the hands of single individual.
  • Kotak Mahindra Mutual FundThe Company has not sought shareholders approval for continuation of the appointee beyond the age of 70 years under his re-appointment, which is a regulatory requirement. Further, there is no absolute cap on the remuneration the appointee. Considering both the concern, we do not favour the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliant w.r.t. Section 196 of the Companies Act, 2013: The Company not sought shareholders’ approval for continuation beyond the age of 70 years under his re-appointment

  4 for13 against
• Appointment of Secretarial Auditor for five Financial Years from 2025-26 to 2029-30

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundCredentials and proposed audit fee payable to Secretarial Auditors not disclosed.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed secretarial auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Credentials and proposed audit fee payable to Secretarial Auditors not disclosed.
  • Kotak Mahindra Mutual FundCompany has not disclosed the proposed audit fees for Secretarial Auditor, which is a regulatory requirement. Hence, we do not favour the resolution.

  8 for8 against
• Ratification of Cost Auditor’s Remuneration for FY 2025-26

  16 for0 against

• Unlisted stake boughtXalten Systems Private LimitedSince 30 May 2026

  16.00% bought in the quarter; holding 16.00%, from 0.00%

• Tax disputeThe Commissioner of Central Excise, Customs & Service Tax, Visakhapatnam.Since 27 Feb 2015
  The Personal Hearing has been scheduled by the Hon’ble CESTAT, Hyderabad on 11.08.2026.
  At the filing before: Irregular availment of CENVAT Credit of Service Tax (December 2008 to March 2013) Tax Demand - INR. 151.42 Lakhs Penalty - INR. 151.42 Lakhs Total - INR. 302.84 Lakhs The appeal filed by the Company is pending before the Customs Excise Service Tax Appellate Tribunal (CESTAT), Hyderabad. The personal hearing scheduled in December 2025 was adjourned and the next date of hearing is awaited.MoreLess
• Tax disputeThe Dy. Commissioner, Commercial Taxes, LucknowSince 18 Dec 2020
  The Personal Hearing has been scheduled by the Hon’ble Tribunal, Lucknow on 27.07.2026.
  At the filing before: Tax demanded on the sales of Solar Batteries Tax Demand - INR. 65.83 Lakhs The appeal filed on 8th April 2025 with the second level appellate authority. Currently pending for disposal.

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

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

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.