Hindustan Construction Company MD, chairman, board of directors and AGM
NSE: HCCBSE: 500185ConstructionSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹17.54.
- 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.
- ₹4,553 Cr764th 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 6 Aug 2026
- 27.4
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: 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, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹38 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 35.6
- 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 14 May 2026
- 2.1
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- 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 6 Aug 2026
- 10.9%
- ROE without one-offsReturn on equity without one-off items. Core profit, 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 less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹38 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 8.4%
- 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 6 Aug 2026
- 14.9%
- 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 14 May 2026
- 0.48
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 3,01,83,86437.3% delivered
Hindustan Construction Company 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
- ChairpersonAjit GulabchandRelated to the promoter
- Managing directorArjun Dhawan
- Company Secretary and Compliance OfficerNitesh Kumar Jha
8 directors4 independent1 executive3 non-executive
- Ajit Gulabchand · ChairpersonNon-executive · joined Mar 1983 · reappointed Apr 2023 · 1 listed board · 2 committee seats
- Arjun Dhawan · Managing directorExecutive · joined Apr 2017 · reappointed Jun 2025 · 1 listed board · 1 committee seat
- Santosh Janakiram IyerIndependent · joined Jun 2019 · reappointed Sep 2022 · 87 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
- Mukul SarkarNominee, non-executive · joined Feb 2020 · reappointed Feb 2020 · 2 listed boards
- Mita DixitIndependent · joined Feb 2020 · reappointed Aug 2023 · 79 months as independent · 3 listed boards · 3 as independent · 5 committee seats, 1 as chair
- Aditya Pratap JainNon-executive · joined Jun 2023 · reappointed Aug 2026 · 1 listed board · 1 committee seat
- Ramesh SubramanyamIndependent · joined Dec 2024 · reappointed Dec 2024 · 21 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Nakul PasrichaIndependent · joined Jul 2026 · reappointed Jul 2026 · 2 months as independent · 1 listed board · 1 as independent
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
- Mahendra Singh Mehta, left 22 May 2026: Others
- Arun Karambelkar, left 2 Nov 2025: Others
- Jaspreet Singh Bhullar, left 23 Jun 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 11 Sep 20267 of 8 present3 independent · 35 days in between
- 6 Aug 20268 of 8 present4 independent · 83 days in between
- 14 May 20266 of 8 present3 independent
Audit Committee
Chair Ramesh Subramanyam
Mita Dixit, Aditya Pratap Jain
- 6 Aug 20263 of 3 present2 independent · 83 days in between
- 14 May 20263 of 3 present2 independent
Nomination and remuneration committee
Chair Santosh Janakiram Iyer
Ajit Gulabchand, Mita Dixit
- 10 Jul 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Santosh Janakiram Iyer
Ajit Gulabchand, Arjun Dhawan, Ramesh Subramanyam
No meeting listed in the filing.
Risk Management Committee
Chair Arjun Dhawan
Aditya Pratap Jain, Santosh Rai, Rahul Shukla, Ramesh Subramanyam
- 6 Jul 20263 of 3 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- Mukund M. Chitale & Co.Peer-review certificate valid to Apr 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.
Hindustan Construction Company 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.Hindustan Construction Company dividend history
Annual general meeting, 18 Aug 2026
7,49,344 shareholders on the register on 11 Aug 2026; present: 8 promoters and 124 others; votes counted by Mr. B. Narasimhan / B N & Associates.The company's voting result (opens in a new tab)
- Adoption of the Audited Standalone and Consolidated Financial Statements of the CompanyOrdinary75.45% for24.55% against
Against: promoters 0.00% · institutions 85.20% · other public 1.50%
Turnout: all 29.41% · promoters 100.00% · institutions 62.61% · other public 6.88%
- Re- appointment of Mr. Aditya Pratap Jain (DIN: 08115375), who retires by rotation and being eligible, offers himself for re-appointment as a Director of the CompanyOrdinary79.65% for20.35% against
Against: promoters 0.00% · institutions 70.48% · other public 1.48%
Turnout: all 29.41% · promoters 100.00% · institutions 62.61% · other public 6.88%
- Appointment of Mr. Nakul Pasricha (DIN: 03176843) as an Independent Director of the CompanySpecial99.81% for0.19% against
Against: promoters 0.00% · institutions 0.00% · other public 1.16%
Turnout: all 29.41% · promoters 100.00% · institutions 62.61% · other public 6.88%
- Payment of Remuneration to Mr. Ajit Gulabchand (DIN: 00010827), Non-Executive Chairman of the CompanySpecial75.80% for24.20% against
Against: promoters 0.00% · institutions 84.17% · other public 1.13%
Turnout: all 29.40% · promoters 100.00% · institutions 62.61% · other public 6.87%
- Ratification of Remuneration of Cost Auditors for the financial year 2025-26Ordinary99.82% for0.18% against
Against: promoters 0.00% · institutions 0.00% · other public 1.10%
Turnout: all 29.41% · promoters 100.00% · institutions 62.61% · other public 6.88%
- To Increase the Authorised Share Capital and Alteration to the Capital Clause of Memorandum of Association of the CompanyOrdinary99.74% for0.26% against
Against: promoters 0.00% · institutions 0.00% · other public 1.56%
Turnout: all 29.41% · promoters 100.00% · institutions 62.61% · other public 6.88%
- Issue of Securities of the CompanySpecial99.59% for0.41% against
Against: promoters 0.00% · institutions 0.55% · other public 1.54%
Turnout: all 29.40% · promoters 100.00% · institutions 62.61% · other public 6.88%
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.
Annual general meeting, 12 Aug 2025, 10 resolutions
7,35,850 shareholders on the register on 5 Aug 2025; present: 8 promoters and 87 others; votes counted by Mr. B. Narasimhan / B N & Associates.The company's voting result (opens in a new tab)
- Adoption of the Audited Standalone and Consolidated Financial Statements of the CompanyOrdinary72.97% for27.03% against
Against: promoters 0.00% · institutions 62.85% · other public 0.26%
Turnout: all 32.03% · promoters 100.00% · institutions 82.45% · other public 2.32%
- Appointment of Mr. Aditya Pratap Jain (DIN: 08115375), who retires by rotation and being eligible, offers himself for re-appointment as a DirectorOrdinary90.24% for9.76% against
Against: promoters 0.00% · institutions 22.60% · other public 0.46%
Turnout: all 32.08% · promoters 100.00% · institutions 82.74% · other public 2.32%
- Payment of revised Remunaration to Mr. Ajit Gulabchand (DIN: 00010827), Non-Executive Chairman of the CompanySpecial78.68% for21.32% against
Against: promoters 0.00% · institutions 48.98% · other public 4.68%
Turnout: all 32.08% · promoters 100.00% · institutions 82.74% · other public 2.32%
- Appointment of Mr. Arjun Dhawan, Executive Vice Chairman as Vice Chairman & Managing Director of the CompanySpecial80.06% for19.94% against
Against: promoters 0.00% · institutions 45.77% · other public 4.62%
Turnout: all 32.08% · promoters 100.00% · institutions 82.74% · other public 2.32%
- Ratification of Remuneration of Cost Auditors for the financial year 2024-25Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.26%
Turnout: all 32.08% · promoters 100.00% · institutions 82.74% · other public 2.32%
- Appointment of M/s. BNP & Associates, Practicing Company Secretaries as Secretarial Auditors of the CompanyOrdinary99.10% for0.90% against
Against: promoters 0.00% · institutions 2.05% · other public 0.25%
Turnout: all 32.08% · promoters 100.00% · institutions 82.74% · other public 2.32%
- Approving the enhancement in the borrowing limits of the CompanySpecial85.40% for14.60% against
Against: promoters 0.00% · institutions 36.39% · other public 0.50%
Turnout: all 30.47% · promoters 100.00% · institutions 73.10% · other public 2.32%
- To authorise the Board of Directors to create security interests over the undertaking or substantially the whole of the undertaking of the Company under Section 180(1)(a) of the Companies Act, 2013Special85.40% for14.60% against
Against: promoters 0.00% · institutions 36.39% · other public 0.41%
Turnout: all 30.47% · promoters 100.00% · institutions 73.10% · other public 2.32%
- To Increase the Authorised Share Capital and Alteration to the Capital Clause of Memorandum of Association of the ComapnyOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.28%
Turnout: all 32.08% · promoters 100.00% · institutions 82.74% · other public 2.32%
- Issue of Securities of the CompanySpecial90.99% for9.01% against
Against: promoters 0.00% · institutions 20.89% · other public 0.28%
Turnout: all 32.08% · promoters 100.00% · institutions 82.74% · other public 2.32%
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, 13 Mar 2025, 3 resolutions
7,46,645 shareholders on the register on 6 Mar 2025; present: 9 promoters and 59 others; votes counted by Mr. B. Narasimhan / B N & Associates.The company's voting result (opens in a new tab)
- Appointment of Mr. Ramesh Subramanyam (DIN:02421481) as an Independent Director of the CompanySpecial99.17% for0.83% against
Against: promoters 0.00% · institutions 2.20% · other public 0.36%
Turnout: all 28.23% · promoters 99.92% · institutions 60.17% · other public 1.63%
- Transfer of economic and beneficial interest in Arbitration Awards to a wholly owned subsidiary of the CompanySpecial99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.41%
Turnout: all 26.62% · promoters 99.92% · institutions 50.90% · other public 1.63%
- Advancing a sum up to Rs. 400 Crore by way of Inter-Corporate Deposit (s) to Prolific Resolution Private Ltd., an Associate CompanySpecial99.84% for0.16% against
Against: promoters 0.00% · institutions 0.00% · other public 4.18%
Turnout: all 28.23% · promoters 99.92% · institutions 60.17% · other public 1.63%
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, 17 Sep 2024, 7 resolutions
Present: 8 promoters and 108 others.The company's voting result (opens in a new tab)
- Adoption of the Audited Standalone and Consolidated Financial Statements of the CompanyOrdinary78.00% for22.00% against
Against: promoters 0.00% · institutions 70.43% · other public 0.19%
Turnout: all 30.29% · promoters 100.00% · institutions 61.46% · other public 3.41%
- Appointment of Mr. Aditya Pratap Jain (DIN: 08115375), who retires by rotation and being eligible, offers himself for re-appointment as a DirectorOrdinary89.58% for10.42% against
Against: promoters 0.00% · institutions 33.27% · other public 0.28%
Turnout: all 30.31% · promoters 100.00% · institutions 61.60% · other public 3.41%
- Appointment of M/s. Mukund M Chitale & Co., Chartered Accountants (Firm Registration No. 006655W) as the Statutory Auditors of the CompanyOrdinary99.21% for0.79% against
Against: promoters 0.00% · institutions 2.46% · other public 0.31%
Turnout: all 30.31% · promoters 100.00% · institutions 61.60% · other public 3.41%
- Re-appointment of Mr. N. R. Acharyulu (DIN: 02010249) as an Independent Director of the CompanySpecial74.47% for25.53% against
Against: promoters 0.00% · institutions 81.59% · other public 0.33%
Turnout: all 30.31% · promoters 100.00% · institutions 61.60% · other public 3.41%
- Payment of Remuneration to Mr. Ajit Gulabchand (DIN : 00010827), Non-Executive Chairman of the CompanySpecial76.91% for23.09% against
Against: promoters 0.00% · institutions 68.10% · other public 24.18%
Turnout: all 30.31% · promoters 100.00% · institutions 61.60% · other public 3.41%
- Ratification of Remuneration of Cost Auditors for the financial year 2023-24Ordinary99.97% for0.03% against
Against: promoters 0.00% · institutions 0.00% · other public 0.37%
Turnout: all 30.31% · promoters 100.00% · institutions 61.60% · other public 3.41%
- Issue of Securities of the CompanySpecial99.37% for0.63% against
Against: promoters 0.00% · institutions 2.19% · other public 0.40%
Turnout: all 28.57% · promoters 100.00% · institutions 50.27% · other public 3.41%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 30 Aug 2023, 8 resolutions
Present: 7 promoters and 96 others.The company's voting result (opens in a new tab)
- Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2023.Ordinary89.85% for10.15% against
Against: promoters 0.00% · institutions 43.69% · other public 0.05%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
- Appointment of Mr. Arun Karambelkar (DIN: 02151606) Non-Executive-Non-Independent Director as an Independent Director of the Company.Special83.41% for16.59% against
Against: promoters 0.00% · institutions 71.41% · other public 0.07%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
- Appointment of Mr. Aditya Pratap Jain (DIN: 08115375) as a Non-Executive-Non-Independent Director of the Company, liable to retire by rotation.Ordinary96.85% for3.15% against
Against: promoters 0.00% · institutions 13.54% · other public 0.07%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
- Re-appointment of Dr. Mita Dixit (DIN: 08198165), as an Independent Director of the Company.Special89.85% for10.15% against
Against: promoters 0.00% · institutions 43.64% · other public 0.07%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
- Alteration of existing Articles of Association of the Company to enable Nomination of Director by Debenture Trustee.Special99.83% for0.17% against
Against: promoters 0.00% · institutions 0.69% · other public 0.07%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
- Ratification of Remuneration of Cost Auditors for the financial year 2022-23.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
- Issue of Securities of the Company.Special89.98% for10.02% against
Against: promoters 0.00% · institutions 43.13% · other public 0.06%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
- Divestment of entire interest in Steiner Construction SA, Switzerland, a step-down material subsidiary of the Company by Steiner AG, Switzerland, a material subsidiary of the Company.Special89.85% for10.15% against
Against: promoters 0.00% · institutions 43.69% · other public 0.06%
Turnout: all 30.77% · promoters 99.91% · institutions 46.42% · other public 7.66%
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, 14 Feb 2023, 3 resolutions
Present: 7 promoters and 58 others.The company's voting result (opens in a new tab)
- Alteration of existing Articles of Association of the CompanySpecial75.72% for24.28% against
Against: promoters 0.00% · institutions 76.91% · other public 0.17%
Turnout: all 32.15% · promoters 99.91% · institutions 41.14% · other public 6.05%
Re-appointment of Mr. Ajit Gulabchand (DIN: 00010827) as Director, not liable to retire by rotation and as the Non-Executive Chairman of the Company with effect from April 01, 2023, upon expiry of his present tenure as Chairman and Managing Director of the Company on March 31, 2023 and payment of remuneration for a period of 3 years commencing from April 01, 2023MoreLess
Special75.71% for24.29% againstAgainst: promoters 0.00% · institutions 76.91% · other public 0.20%
Turnout: all 32.14% · promoters 99.91% · institutions 41.14% · other public 6.05%
Appointment of Mr. Jaspreet Bhullar (DIN: 03644691), Chief Executive Officer as Director, liable to retire by roation and Managing Director and Chief Executive Officer (MD & CEO) of the Company, for a period of 5 years with effect from April 01, 2023, and paymentnof remuneration for a period of 3 years commencing from April 01, 2023MoreLess
Special99.98% for0.02% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.18%
Turnout: all 32.14% · promoters 99.91% · institutions 41.14% · other public 6.05%
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.
Annual general meeting, 29 Sep 2022, 10 resolutions
Present: 8 promoters and 79 others.The company's voting result (opens in a new tab)
- Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2022Ordinary92.68% for7.32% against
Against: promoters 0.00% · institutions 16.11% · other public 13.33%
Turnout: all 49.55% · promoters 99.94% · institutions 68.19% · other public 13.11%
- Appointment of Mr. Arun Karambelkar (DIN: 02151606), who retires by rotation and being eligible, offers himself for re-appointment as a DirectorOrdinary98.22% for1.78% against
Against: promoters 0.00% · institutions 0.08% · other public 13.58%
Turnout: all 49.55% · promoters 99.94% · institutions 68.19% · other public 13.11%
- Re-appointment of Mr. Santosh Janakiram (DIN:06801226), as an Independent Director of the Company.Special98.25% for1.75% against
Against: promoters 0.00% · institutions 0.00% · other public 13.58%
Turnout: all 49.55% · promoters 99.94% · institutions 68.19% · other public 13.11%
- Re-appointment of Mr. Mahendra Singh Mehta (DIN:00019566), as an Independent Director of the CompanySpecial92.65% for7.35% against
Against: promoters 0.00% · institutions 16.11% · other public 13.58%
Turnout: all 49.54% · promoters 99.94% · institutions 68.19% · other public 13.11%
- Ratification of Remuneration of Cost Auditors for the financial year 2021-22Ordinary98.26% for1.74% against
Against: promoters 0.00% · institutions 0.00% · other public 13.51%
Turnout: all 49.55% · promoters 99.94% · institutions 68.19% · other public 13.11%
- Payment of Remuneration to Mr. Ajit Gulabchand, Chairman and Managing Director of the Company for the period April 01, 2022 to March 31, 2023Special91.45% for8.55% against
Against: promoters 0.00% · institutions 18.10% · other public 20.42%
Turnout: all 47.61% · promoters 99.94% · institutions 60.51% · other public 13.11%
- Payment of Remuneration to Mr. Arjun Dhawan, Vice Chairman and Whole-time Director of the Company for the period April 01, 2022 to March 31, 2025Special92.35% for7.65% against
Against: promoters 0.00% · institutions 18.10% · other public 13.76%
Turnout: all 47.61% · promoters 99.94% · institutions 60.51% · other public 13.11%
- Payment of a consolidated amount in lieu of the remuneration (accrued, but not paid) to Mr. Ajit Gulabchand, Chairman & Managing Director of the Company for the period April 01, 2019 to March 31, 2022Special91.42% for8.58% against
Against: promoters 0.00% · institutions 18.19% · other public 20.46%
Turnout: all 47.61% · promoters 99.94% · institutions 60.51% · other public 13.11%
Payment of a consolidated amount in lieu of the remuneration (accrued, but not paid) to Mr. Arjun Dhawan, Vice Chairman & Whole-time Director of the Company for the period April 01, 2019 to March 31, 2022MoreLess
Special91.42% for8.58% againstAgainst: promoters 0.00% · institutions 18.19% · other public 20.46%
Turnout: all 47.61% · promoters 99.94% · institutions 60.51% · other public 13.11%
- Issue of Securities of the CompanySpecial97.47% for2.53% against
Against: promoters 0.00% · institutions 2.17% · other public 14.56%
Turnout: all 49.11% · promoters 99.94% · institutions 68.19% · other public 12.22%
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, 22 Jun 2022, 1 resolution
Present: 8 promoters and 49 others.The company's voting result (opens in a new tab)
- Re-appointment of Mr. Arjun Dhawan (DIN : 01778379) as a Whole-time Director of the Company for a period of 5 years commencing from April 01, 2022.Special93.78% for6.22% against
Against: promoters 0.00% · institutions 19.22% · other public 10.10%
Turnout: all 48.20% · promoters 99.95% · institutions 61.60% · other public 0.28%
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.
Mutual fund votes, meeting of 18 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)
- Adoption of the Audited Standalone and Consolidated Financial Statements of the Company
Against Angel One Mutual Fund
- Angel One Mutual FundGovernance concern: The management is unable to ascertain the impact of the qualifications. Certain non-material qualified/ adverse remarks identified in CARO report.
0 for1 against - Re- appointment of Mr. Aditya Pratap Jain (DIN: 08115375), who retires by rotation and being eligible, offers himself for re-appointment as a Director of the Company1 for0 against
- Appointment of Mr. Nakul Pasricha (DIN: 03176843) as an Independent Director of the Company1 for0 against
- Payment of Remuneration to Mr. Ajit Gulabchand (DIN: 00010827), Non-Executive Chairman of the Company
Against Angel One Mutual Fund
- Angel One Mutual FundGovernance Concerns: Chairman related to Managing Director and proposed remuneration appears excessive and not adequately justified. Non-Compliant board with Section 152 of Companies Act, 2013 and director is Nomination & Remuneration Committee Member and Board Chairman, thus, equally accountable for such non-compliance.
0 for1 against - Ratification of Remuneration of Cost Auditors for the financial year 2025-261 for0 against
- To Increase the Authorised Share Capital and Alteration to the Capital Clause of Memorandum of Association of the Company1 for0 against
- Issue of Securities of the Company1 for0 against
Mutual fund votes, meeting of 12 Aug 2025, 6 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of the Audited Standalone and Consolidated Financial Statements of the Company
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance concern: The management is unable to ascertain the impact of the qualifications.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundQualified opinion by the Auditors on Standalone and Consolidated financial statements; Governance concern: The management is unable to ascertain the impact of the qualifications. Certain non-material qualified/ adverse remarks identified in CARO report.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
1 for5 against - Appointment of Mr. Aditya Pratap Jain (DIN: 08115375), who retires by rotation and being eligible, offers himself for re-appointment as a Director6 for0 against
- Payment of revised Remunaration to Mr. Ajit Gulabchand (DIN: 00010827), Non-Executive Chairman of the Company
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concerns: Chairman related to Managing Director. Proposed revised remuneration appears excessive and not adequately justified. Non-Compliant board with retirement by rotations ofdirectors and director is Nomination & Remuneration Committee Member and Board Chairman, thus, equally accountable for such non-compliance.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concerns: Chairman related to Managing Director. Proposed revised remuneration appears excessive and not adequately justified. Non-Compliant board with Section 152 of Companies Act, 2013 and director is NRC Member and Board Chairman, thus, equally accountable for such non-compliance.
2 for4 against - Appointment of Mr. Arjun Dhawan, Executive Vice Chairman as Vice Chairman & Managing Director of the Company
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Non-Compliant board with retirement by rotations ofdirectors, director proposed for re-appointment as not liable to retire by rotation.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern identified on the merit of the proposed appointee. Governance Concern: Board non-compliant u/s 152 of the Companies Act, 2013, director proposed for re-appointment as Not Liable to retire by rotation.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
1 for5 against - Ratification of Remuneration of Cost Auditors for the financial year 2024-256 for0 against
- Appointment of M/s. BNP & Associates, Practicing Company Secretaries as Secretarial Auditors of the Company
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Failure to highlight previous and existing non-compliance related to Board composition in the Secretarial Audit Report or Compliance Report.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Failure to highlight previous and existing non-compliance related to Board composition in the Secretarial Audit Report or Compliance Report.
2 for4 against - To authorise the Board of Directors to create security interests over the undertaking or substantially the whole of the undertaking of the Company under Section 180(1)(a) of the Companies Act, 20136 for0 against
- To Increase the Authorised Share Capital and Alteration to the Capital Clause of Memorandum of Association of the Comapny6 for0 against
- Issue of Securities of the Company6 for0 against
1 proposal not matched to one resolution
To borrow monies in excess of the aggregate of the Paid-up Share Capital, Free Reserves and the Securities Premium of the Company, provided that the total amount borrowed and outstanding at any point of time, apart from temporary loans obtained / to be obtained from the Company’s Bankers in the ordinary course of business, shall not be in excess of Rs. 12,500 crore and the increased borrowing limit will primarily be utilized for Non-Fund based facilities, such as bank guarantees and letters of credit, as well as a working capital facility through cash credit. It is clarified that the total Fund-based exposure will not exceed the Fund-based debt as of March 31, 2025.MoreLess
6 for0 against
6 earlier meetings
Mutual fund votes, meeting of 13 Mar 2025, 6 fund houses
- Appointment of Mr. Ramesh Subramanyam (DIN:02421481) as an Independent Director of the Company6 for0 against
- Transfer of economic and beneficial interest in Arbitration Awards to a wholly owned subsidiary of the Company
Against Mirae Asset Mutual Fund
- Mirae Asset Mutual FundNeed more clarity on remuneration metrics
5 for1 against - Advancing a sum up to Rs. 400 Crore by way of Inter-Corporate Deposit (s) to Prolific Resolution Private Ltd., an Associate Company6 for0 against
Mutual fund votes, meeting of 17 Sep 2024, 4 fund houses
- Adoption of the Audited Standalone and Consolidated Financial Statements of the Company
Against Bandhan Mutual Fund
- Bandhan Mutual FundAuditors have qualified their opinion on the standalone and consolidated financials. The auditors have raised concerns that the net worth of wholly owned subsidiary, HCC Infrastructure Company Ltd (HICL) is substantially eroded as on 31 March 2024. However, the investment in HICL (~Rs. 12.9 bn at cost) is fully recoverable as per the management. Further, the company has recognised net deferred tax assets of Rs 6.1 bn as at 31 March 2024. However, given the history of losses recorded by the company, the auditors are unable to obtain sufficient appropriate audit evidence for the projections for future taxable profits prepared by the management and are unable to determine the adjustments that may be required to the net deferred tax assets as at 31 March 2024. The auditors have also qualified the internal financial controls due to the above concerns. The auditors of Steiner AG, a step-down subsidiary, have raised an emphasis of matter regarding the material uncertainty related to going concern. The auditor notes that the company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that the audit trail feature was not enabled at the database level for accounting software to log any direct data changes.
3 for1 against - Appointment of Mr. Aditya Pratap Jain (DIN: 08115375), who retires by rotation and being eligible, offers himself for re-appointment as a Director4 for0 against
- Appointment of M/s. Mukund M Chitale & Co., Chartered Accountants (Firm Registration No. 006655W) as the Statutory Auditors of the Company
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant of Regulation 36(5)(a): No justification for the material change in the proposed Audit remuneration as Proposed fee is less than 50% of fees paid to outgoing Auditors.
1 for3 against - Re-appointment of Mr. N. R. Acharyulu (DIN: 02010249) as an Independent Director of the Company
Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundRe-appointment compliant with law. Governance concern: Past employment relationship, No Cooling off period served and Prolonged association.
- HDFC Mutual FundAs he was on the board as a Non Executive Non Independent Director, we do not consider him independent
0 for4 against - Payment of Remuneration to Mr. Ajit Gulabchand (DIN : 00010827), Non-Executive Chairman of the Company
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: Excessive remuneration
1 for3 against - Ratification of Remuneration of Cost Auditors for the financial year 2023-244 for0 against
- Issue of Securities of the Company
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance and fairness concern: There is no justification as to why the Company is not opting for right issue and making a proposal which may cause significant dilution to existing shareholders.
1 for3 against
Mutual fund votes, meeting of 30 Aug 2023, 2 fund houses
- Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2023.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundQualified opinion on Standalone and Consolidated financial statements. Shareholders may seek clarification from the Company. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries for FY 2022-23.
1 for1 against - Appointment of Mr. Arun Karambelkar (DIN: 02151606) Non-Executive-Non-Independent Director as an Independent Director of the Company.
Against HDFC Mutual Fund, Motilal Oswal Mutual Fund
- HDFC Mutual FundAs he was on the board as a Non Executive Non Independent Director, we do not consider him independent
- Motilal Oswal Mutual FundPotential Non-Compliance with law. Uncertain terms of appointment. Proposed term may result in term to exceed 5 years. Governance concern: Ex-employee, Prolonged Association & Low attendance
0 for2 against - Appointment of Mr. Aditya Pratap Jain (DIN: 08115375) as a Non-Executive-Non-Independent Director of the Company, liable to retire by rotation.2 for0 against
- Re-appointment of Dr. Mita Dixit (DIN: 08198165), as an Independent Director of the Company.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundPotential Non-Compliance with law. Uncertain terms of appointment. Proposed term may result in term to exceed 5 years
1 for1 against - Alteration of existing Articles of Association of the Company to enable Nomination of Director by Debenture Trustee.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundNon-compliant with SEBI LODR Regulation. Article also includes provision to appoint directors nominated by banks, financial institution, NBFC, other body corporates in other cases which can be done without shareholders’ approval and it can be on non-retiring basis.
1 for1 against - Ratification of Remuneration of Cost Auditors for the financial year 2022-23.2 for0 against
- Issue of Securities of the Company.2 for0 against
- Divestment of entire interest in Steiner Construction SA, Switzerland, a step-down material subsidiary of the Company by Steiner AG, Switzerland, a material subsidiary of the Company.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance Concern: Inadequate Justification, Inadequate disclosure and transparency regarding valuation.
1 for1 against
Mutual fund votes, meeting of 14 Feb 2023, 1 fund house
- Alteration of existing Articles of Association of the Company
Against HDFC Mutual Fund
- HDFC Mutual FundThe shareholders would not get a chance to periodically review the appointment of Chairperson as they are not liable to retire by rotation
0 for1 against Re-appointment of Mr. Ajit Gulabchand (DIN: 00010827) as Director, not liable to retire by rotation and as the Non-Executive Chairman of the Company with effect from April 01, 2023, upon expiry of his present tenure as Chairman and Managing Director of the Company on March 31, 2023 and payment of remuneration for a period of 3 years commencing from April 01, 2023MoreLess
Against HDFC Mutual Fund
- HDFC Mutual FundThe shareholders would not get a chance to periodically review the appointment of the director as he is not liable to retire by rotation
0 for1 againstAppointment of Mr. Jaspreet Bhullar (DIN: 03644691), Chief Executive Officer as Director, liable to retire by roation and Managing Director and Chief Executive Officer (MD & CEO) of the Company, for a period of 5 years with effect from April 01, 2023, and paymentnof remuneration for a period of 3 years commencing from April 01, 2023MoreLess
1 for0 against
Mutual fund votes, meeting of 29 Sep 2022, 1 fund house
- Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 20221 for0 against
- Appointment of Mr. Arun Karambelkar (DIN: 02151606), who retires by rotation and being eligible, offers himself for re-appointment as a Director1 for0 against
- Re-appointment of Mr. Santosh Janakiram (DIN:06801226), as an Independent Director of the Company.1 for0 against
- Re-appointment of Mr. Mahendra Singh Mehta (DIN:00019566), as an Independent Director of the Company1 for0 against
- Ratification of Remuneration of Cost Auditors for the financial year 2021-221 for0 against
- Payment of Remuneration to Mr. Ajit Gulabchand, Chairman and Managing Director of the Company for the period April 01, 2022 to March 31, 20231 for0 against
- Payment of Remuneration to Mr. Arjun Dhawan, Vice Chairman and Whole-time Director of the Company for the period April 01, 2022 to March 31, 20251 for0 against
- Payment of a consolidated amount in lieu of the remuneration (accrued, but not paid) to Mr. Ajit Gulabchand, Chairman & Managing Director of the Company for the period April 01, 2019 to March 31, 20221 for0 against
Payment of a consolidated amount in lieu of the remuneration (accrued, but not paid) to Mr. Arjun Dhawan, Vice Chairman & Whole-time Director of the Company for the period April 01, 2019 to March 31, 2022MoreLess
1 for0 against- Issue of Securities of the Company1 for0 against
Mutual fund votes, meeting of 22 Jun 2022, 1 fund house
- Re-appointment of Mr. Arjun Dhawan (DIN : 01778379) as a Whole-time Director of the Company for a period of 5 years commencing from April 01, 2022.1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake boughtHC Concessions LimitedSince 24 Sep 2026
51.00% bought in the quarter; holding 51.00%, from 0.00%
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 Jun 2026. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere | Spent elsewhere, amount |
|---|---|---|---|---|---|---|
| Rights IssuesDec 2025, checked by Care Ratings Ltd | 999.99 | Repayment and/ or pre-payment, in full or in part, of certain outstanding borrowings availed by our Company | 625.00 | 625.00 | No | |
| Rights IssuesDec 2025, checked by Care Ratings Ltd | 999.99 | Investment in our Joint Venture, Prolific Resolution Private Limited, for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by Prolific Resolution Private Limited | 200.00 | 200.00 | No | |
| Rights IssuesDec 2025, checked by Care Ratings Ltd | 999.99 | Augmenting the working capital requirements of our Company | 100.00 | 100.00 | No | |
| Rights IssuesDec 2025, checked by Care Ratings Ltd | 999.99 | General corporate purposes | 35.54 | 36.56 | No | 1.02 |