HEG Advanced Materials CEO, MD, chairman, board of directors and AGM
NSE: HEGAMBSE: 509631Industrial ProductsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹205.67.
- Next results date: the board meets on 3 Nov 2026 to consider: financial results, fund raising and other business matters.
- 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.
- ₹6,556 Cr527th 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. Not shown: part of the business was demerged on 7 Sep 2026, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergernew accounts awaited
- 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. Not shown: part of the business was demerged on 7 Sep 2026, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergernew accounts awaited
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.61%
- 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. Not shown: part of the business was demerged on 7 Sep 2026, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergernew accounts awaited
- 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. Not shown: part of the business was demerged on 7 Sep 2026, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergernew accounts awaited
- 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. Not shown: part of the business was demerged on 7 Sep 2026, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergernew accounts awaited
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 7,18,41848.2% delivered
HEG Advanced Materials board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing director and CEORAVI JHUNJHUNWALARelated to the promoter
- Company Secretary and Compliance OfficerVivek Chaudhary
10 directors5 independent2 executive3 non-executive
- RAVI JHUNJHUNWALA · Chairperson and managing director and CEOExecutive · joined Sep 1979 · reappointed Feb 2024 · 4 listed boards · 2 committee seats, 1 as chair
- RIJU JHUNJHUNWALANon-executive · joined Apr 2009 · reappointed Apr 2009 · 3 listed boards · 2 committee seats, 1 as chair
- SHEKHAR AGARWALNon-executive · joined Jul 1996 · reappointed Jul 1996 · 5 listed boards · 4 committee seats
- KAMAL GUPTANon-executive · joined Nov 2024 · reappointed Nov 2024 · 1 listed board · 2 committee seats
- RAMNI NIRULAIndependent · joined Oct 2018 · reappointed Oct 2023 · 92 months as independent · 2 listed boards · 2 as independent · 1 committee seat
- JAYANT DAVARIndependent · joined Aug 2019 · reappointed Aug 2024 · 82 months as independent · 2 listed boards · 1 as independent · 3 committee seats
- MANISH GULATIExecutive · joined Mar 2020 · reappointed Mar 2025 · 1 listed board
- NAND GOPAL KHAITANIndependent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 6 listed boards · 4 as independent · 6 committee seats, 3 as chair
- SANDIP SOMANYIndependent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 5 listed boards · 2 as independent · 4 committee seats, 1 as chair
- PRIYA SHANKAR DASGUPTAIndependent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 2 listed boards · 2 as independent · 2 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.
2 directors who left
- SATISH CHAND MEHTA, left 22 Jun 2026: Tenure Completion
- VINITA SINGHANIA, left 21 Jun 2026: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 29 Apr 202611 of 12 present5 independent · 77 days in between
- 10 Feb 202610 of 12 present5 independent
Audit Committee
Chair NAND GOPAL KHAITAN
SHEKHAR AGARWAL, KAMAL GUPTA, RAMNI NIRULA, JAYANT DAVAR, PRIYA SHANKAR DASGUPTA
- 29 Apr 20266 of 6 present4 independent · 77 days in between
- 10 Feb 20266 of 6 present4 independent
Nomination and remuneration committee
Chair JAYANT DAVAR
RAMNI NIRULA, NAND GOPAL KHAITAN
- 29 Apr 20263 of 3 present3 independent · 77 days in between
- 10 Feb 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair RIJU JHUNJHUNWALA
RAVI JHUNJHUNWALA, JAYANT DAVAR, SANDIP SOMANY
- 16 Apr 20263 of 4 present1 independent · 75 days in between
- 30 Jan 20264 of 4 present2 independent
Risk Management Committee
Chair RAVI JHUNJHUNWALA
KAMAL GUPTA, RAMNI NIRULA, NAND GOPAL KHAITAN
- 29 Apr 20264 of 4 present2 independent
Corporate Social Responsibility Committee
Chair RAVI JHUNJHUNWALA
KAMAL GUPTA, MANISH GULATI, JAYANT DAVAR
- 29 Apr 20265 of 5 present1 independent · 77 days in between
- 10 Feb 20264 of 5 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.
- M/s. SCV & Co. LLPPeer-review certificate valid to Feb 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.
HEG Advanced Materials 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.HEG Advanced Materials dividend history
Annual general meeting, 29 Jul 2026
1,39,272 shareholders on the register on 22 Jul 2026; present: 9 promoters and 98 others; votes counted by SAKET SHARMA / M/s. GSK & ASSOCIATES.The company's voting result (opens in a new tab)
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2026, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 and Report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 71.30% · promoters 100.00% · institutions 76.79% · other public 7.13%
- Declaration of Final Dividend of Rs.3.40 per Equity Share of face value of Rs.2 each, for the Financial Year 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 71.32% · promoters 100.00% · institutions 76.92% · other public 7.13%
- Re-appointment of Shri Manish Gulati (DIN:08697512), who retires by roation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.Ordinary99.85% for0.15% against
Against: promoters 0.00% · institutions 0.79% · other public 0.04%
Turnout: all 71.32% · promoters 100.00% · institutions 76.92% · other public 7.13%
- Approval of continuation of Shri Shekhar Agarwal (DIN: 00066113), as Non-Executive Non-Independent Director of the Company who will be attaining the age of 75 years in FY 2027-2028.Special99.51% for0.49% against
Against: promoters 0.00% · institutions 2.64% · other public 0.06%
Turnout: all 71.32% · promoters 100.00% · institutions 76.92% · other public 7.13%
- Ratification of the remuneration payable to M/s. N.D. Birla & Co., Cost Auditors (FRN: 00028) for the Financial Year ending 31st March, 2027.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 71.32% · promoters 100.00% · institutions 76.92% · other public 7.13%
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.
Meeting called by the tribunal, 5 May 2026, 1 resolution
1,37,819 shareholders on the register on 28 Apr 2026; present: 6 promoters and 60 others; votes counted by Mr. S. Alam Khan / Alam Khan & Co., Practicising Company Secretary.The company's voting result (opens in a new tab)
Approval for Composite Scheme of Arrangement amongst HEG Limited (Company or Transferee Company or Demerged Company) and HEG Graphite Limited (Resulting Company) and Bhilwara Energy Limited (Transferor Company)MoreLess
Special100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 72.15% · promoters 100.00% · institutions 71.57% · other public 8.60%
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, 20 Aug 2025, 7 resolutions
1,43,828 shareholders on the register on 13 Aug 2025; present: 9 promoters and 65 others; votes counted by SAKET SHARMA / M/s. GSK & ASSOCIATES.The company's voting result (opens in a new tab)
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2025, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2025 and the Report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 1.68%
Turnout: all 70.03% · promoters 100.00% · institutions 70.56% · other public 0.21%
- Declaration of Final Dividend of Rs.1.80 per Equity Share of the face value of Rs.2 each, for the Financial Year 2024-25.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.67%
Turnout: all 70.05% · promoters 100.00% · institutions 70.67% · other public 0.21%
- Re-appointment of Shri Riju Jhunjhunwala (DIN: 00061060), who retires by roation in terms of Section 152 (6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.Ordinary99.84% for0.16% against
Against: promoters 0.00% · institutions 0.80% · other public 2.76%
Turnout: all 70.04% · promoters 99.97% · institutions 70.67% · other public 0.21%
- Re-appointment of Shri Shekhar Agarwal (DIN: 00066113), who retires by rotation in terms of Section 152 (6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.Ordinary99.61% for0.39% against
Against: promoters 0.00% · institutions 1.92% · other public 2.64%
Turnout: all 70.04% · promoters 99.97% · institutions 70.67% · other public 0.21%
- Approval of continuation of Smt. Vinita Singhania (DIN: 00042983), as Non-Executive Non-Independent Director of the Company who will be attaining the the of 75 years in FY 2026-2027Special99.69% for0.31% against
Against: promoters 0.00% · institutions 1.53% · other public 3.09%
Turnout: all 70.05% · promoters 100.00% · institutions 70.67% · other public 0.21%
Approval of the Appointment of M/s. GSK & Associates, a firm of Practising Company Secretaries (Firm Registration No. P2014UP036000), as the Secretarial Auditors of the Company for a term of five consecutive years commencing from Apri 1, 2025 till March 31, 2030, at such remuneration as may be determined by the Board of Directors of the Company (including its Committee thereof) in consultation with Secretarial Auditors.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 2.15%
Turnout: all 70.05% · promoters 100.00% · institutions 70.67% · other public 0.21%
- Ratification of the remuneration payable to M/s. N.D. Birla & Co., Cost Auditors (FRN: 000028) for the Financial Year ending 31st March, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 2.75%
Turnout: all 70.05% · promoters 100.00% · institutions 70.67% · other public 0.21%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 27 Dec 2024, 2 resolutions
1,25,653 shareholders on the register on 22 Nov 2024; votes counted by SAKET SHARMA / M/S. GSK & ASSOCIATES.The company's voting result (opens in a new tab)
- Appointment of Dr. Kamal Gupta (DIN: 00038490) as Non-Executive Non-Independent Director of the Company, liable to retire by rotation.Special99.24% for0.76% against
Against: promoters 0.00% · institutions 3.48% · other public 0.68%
Turnout: all 71.69% · promoters 100.00% · institutions 77.29% · other public 1.72%
- Re-appointment and fixation of remuneration of Shri Manish Gulati (DIN: 08697512) as Whole Time Director designated as Executive Director of the Company, liable to retire by rotation.Special99.89% for0.11% against
Against: promoters 0.00% · institutions 0.48% · other public 0.97%
Turnout: all 71.69% · promoters 100.00% · institutions 77.29% · other public 1.72%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 20 Sep 2024, 5 resolutions
The company's voting result (opens in a new tab)
- Appointment of Shri Nand Gopal Khaitan (DIN: 00020588) as an Independent Director of the Company.Special96.92% for3.08% against
Against: promoters 0.00% · institutions 14.70% · other public 2.68%
Turnout: all 70.72% · promoters 100.00% · institutions 77.78% · other public 0.54%
- Appointment of Shri Sandip Somany (DIN: 00053597) as an Independent Director of the Company.Special98.71% for1.29% against
Against: promoters 0.00% · institutions 6.14% · other public 2.77%
Turnout: all 70.72% · promoters 100.00% · institutions 77.78% · other public 0.54%
- Appointment of Shri Priya Shankar Dasgupta (DIN: 00012552) as an Independent Director of the Company.Special98.82% for1.18% against
Against: promoters 0.00% · institutions 5.62% · other public 2.59%
Turnout: all 70.72% · promoters 100.00% · institutions 77.78% · other public 0.54%
- Approval for Splitting / Sub-division of the Company's Equity Shares of face value Rs.10 earch into 5 (five) Equity Shares of face value Rs.2 each.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.36%
Turnout: all 70.73% · promoters 100.00% · institutions 77.78% · other public 0.56%
- Approval to amend the Capital Clause in the Memorandum of Association of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.91%
Turnout: all 70.73% · promoters 100.00% · institutions 77.78% · other public 0.56%
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, 7 Aug 2024, 7 resolutions
Present: 17 promoters and 71 others.The company's voting result (opens in a new tab)
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2024, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2024 and the Report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.37%
Turnout: all 70.14% · promoters 100.00% · institutions 75.80% · other public 0.14%
- Declaration of Final Dividend of Rs.22.50 per Equity Share of face value of Rs.10 each, for the Financial Year 2023-24.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 70.16% · promoters 100.00% · institutions 75.90% · other public 0.14%
- Re-appointment of Shri Manish Gulati (DIN: 08697512), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.Ordinary95.87% for4.13% against
Against: promoters 0.00% · institutions 20.21% · other public 2.14%
Turnout: all 70.16% · promoters 100.00% · institutions 75.90% · other public 0.14%
- Re-appointment of Smt. Vinita Singhania (DIN: 00042983), who retires by rotation in terms of Section 152 (6) of the Companies Act, 2013 and being eligible, offers herself for re-appointment.Ordinary94.62% for5.38% against
Against: promoters 0.00% · institutions 26.29% · other public 3.59%
Turnout: all 70.16% · promoters 100.00% · institutions 75.90% · other public 0.14%
- Fixation of remuneration of Shri Manish Gulati (DIN: 08697512), Whole-time Director designated as Executive Director of the Company, with effect from 1st April, 2024 upto 28th February, 2025.Special99.91% for0.09% against
Against: promoters 0.00% · institutions 0.43% · other public 3.20%
Turnout: all 70.16% · promoters 100.00% · institutions 75.90% · other public 0.14%
- Re-appointment of Shri Jayant Davar (DIN: 00100801), as an Independent Director of the Company for a second term of five consecutive years from 14th August, 2024 upto 13th August, 2029.Special98.50% for1.50% against
Against: promoters 0.00% · institutions 7.33% · other public 3.97%
Turnout: all 70.16% · promoters 100.00% · institutions 75.90% · other public 0.14%
- Ratification of the remuneration payable to M/s N.D. Birla & Co., Cost Auditors (FRN: 000028) of Cost Auditors for the Financial Year ending 31st March, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 3.15%
Turnout: all 70.16% · promoters 100.00% · institutions 75.90% · other public 0.14%
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, 31 Aug 2023, 7 resolutions
Present: 19 promoters and 73 others.The company's voting result (opens in a new tab)
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2023, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2023 and the Report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.09%
Turnout: all 64.20% · promoters 100.00% · institutions 60.55% · other public 0.34%
- Declaration of Final Dividend of Rs.42.50 per Equity Share of the face value of Rs.10 each, for the Financial Year 2022-23.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 64.22% · promoters 100.00% · institutions 60.71% · other public 0.34%
- Re-appointment of Shri Riju Jhunjhunwala (DIN: 00061060), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.Ordinary92.78% for7.22% against
Against: promoters 0.00% · institutions 55.55% · other public 2.18%
Turnout: all 64.20% · promoters 99.97% · institutions 60.71% · other public 0.34%
- Re-appointment of Shri Shekhar Agarwal (DIN: 00066113), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible offers himself for re-appointment.Ordinary94.76% for5.24% against
Against: promoters 0.00% · institutions 40.37% · other public 1.87%
Turnout: all 64.20% · promoters 99.97% · institutions 60.71% · other public 0.34%
Re-appointment and fixation of remuneration of Shri Ravi Jhunjhunwala (DIN: 00060972), as Managing Director of the Company, not liable to retire by rotation with effect from 13th February, 2024 upto 12th February, 2029.MoreLess
Special88.55% for11.45% againstAgainst: promoters 0.00% · institutions 88.14% · other public 4.72%
Turnout: all 64.20% · promoters 99.97% · institutions 60.71% · other public 0.34%
- Re-appointment of Smt. Ramni Nirula (DIN: 00015330), as an Independent Director of the Company for a second term of five consecutive years from 31st October, 2023 to 30th October, 2028.Special93.35% for6.65% against
Against: promoters 0.00% · institutions 51.16% · other public 2.75%
Turnout: all 64.22% · promoters 100.00% · institutions 60.71% · other public 0.34%
- Ratification of the remuneration payable to M/s N.D. Birla & Co., Cost Auditors (FRN: 000028) for the Financial Year ending 31st March, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.79%
Turnout: all 64.22% · promoters 100.00% · institutions 60.71% · other public 0.34%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 1 Sep 2022, 8 resolutions
Present: 18 promoters and 76 others.The company's voting result (opens in a new tab)
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2022, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2022 and the Report of Auditors thereon.MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 2.61%
Turnout: all 68.01% · promoters 100.00% · institutions 83.96% · other public 0.46%
- Declaration of Final Dividend of Rs.40 per Equity Share of the face value of Rs.10 each, for the Financial Year 2021-22.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 2.50%
Turnout: all 68.20% · promoters 100.00% · institutions 85.24% · other public 0.45%
- Re-appointment of Shri Manish Gulati (holding DIN: 08697512), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.Ordinary97.78% for2.22% against
Against: promoters 0.00% · institutions 11.67% · other public 4.02%
Turnout: all 68.20% · promoters 100.00% · institutions 85.24% · other public 0.45%
- Re-appointment of Smt. Vinita Singhania (holding DIN: 00042983), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers herself for re-appointment.Ordinary94.92% for5.08% against
Against: promoters 0.00% · institutions 26.75% · other public 4.14%
Turnout: all 68.20% · promoters 100.00% · institutions 85.24% · other public 0.45%
Re-appointment of M/s SCV & Co. LLP, Chartered Accountants, (Firm Registration No. 000235N/ N500089) as Statutory Auditors of the Company and to fix their remuneration, for a second term of five consecutive years.MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 3.36%
Turnout: all 68.20% · promoters 100.00% · institutions 85.24% · other public 0.45%
- Appointment of Shri Davinder Kumar Chugh, (holding DIN: 09020244), as an Independent Director.Special99.65% for0.35% against
Against: promoters 0.00% · institutions 1.78% · other public 5.87%
Turnout: all 68.20% · promoters 100.00% · institutions 85.24% · other public 0.45%
- Approval of modification in the remuneration of Shri Manish Gulati (holding DIN: 08697512), Whole Time Director designated as Executive Director of the Company.Special97.41% for2.59% against
Against: promoters 0.00% · institutions 13.58% · other public 7.29%
Turnout: all 68.20% · promoters 100.00% · institutions 85.24% · other public 0.45%
- Ratification of the remuneration payable to M/s. N. D. Birla & Co., Cost Auditors (FRN: 000028) for the Financial Year ending 31st March, 2023.Ordinary99.13% for0.87% against
Against: promoters 0.00% · institutions 4.56% · other public 3.40%
Turnout: all 68.20% · promoters 100.00% · institutions 85.24% · other public 0.45%
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 29 Jul 2026, 8 fund houses so far (houses' deadline to file 15 Oct 2026)
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2026, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 and Report of Auditors thereon.MoreLess
8 for0 against- Declaration of Final Dividend of Rs.3.40 per Equity Share of face value of Rs.2 each, for the Financial Year 2025-26.8 for0 against
- Re-appointment of Shri Manish Gulati (DIN:08697512), who retires by roation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.8 for0 against
- Approval of continuation of Shri Shekhar Agarwal (DIN: 00066113), as Non-Executive Non-Independent Director of the Company who will be attaining the age of 75 years in FY 2027-2028.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance Concern: Director holds 2 full-time positions in companies which does not hold substantial stake in each other; excessive time commitments.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed director. Governance Concern: Director holds 2 full-time positions in companies which does not hold substantial stake in each other; excessive time commitments.
5 for3 against - Ratification of the remuneration payable to M/s. N.D. Birla & Co., Cost Auditors (FRN: 00028) for the Financial Year ending 31st March, 2027.8 for0 against
Mutual fund votes, meeting of 5 May 2026, 19 fund houses
Approval for Composite Scheme of Arrangement amongst HEG Limited (Company or Transferee Company or Demerged Company) and HEG Graphite Limited (Resulting Company) and Bhilwara Energy Limited (Transferor Company)MoreLess
19 for0 against
6 earlier meetings
Mutual fund votes, meeting of 20 Aug 2025, 16 fund houses
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2025, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2025 and the Report of Auditors thereon.MoreLess
16 for0 against- Declaration of Final Dividend of Rs.1.80 per Equity Share of the face value of Rs.2 each, for the Financial Year 2024-25.16 for0 against
- Re-appointment of Shri Riju Jhunjhunwala (DIN: 00061060), who retires by roation in terms of Section 152 (6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance concern: Excessive time commitments.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Excessive time commitments
10 for6 against - Re-appointment of Shri Shekhar Agarwal (DIN: 00066113), who retires by rotation in terms of Section 152 (6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance concern: Excessive time commitments.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Excessive time commitments
10 for6 against - Approval of continuation of Smt. Vinita Singhania (DIN: 00042983), as Non-Executive Non-Independent Director of the Company who will be attaining the the of 75 years in FY 2026-202716 for0 against
Approval of the Appointment of M/s. GSK & Associates, a firm of Practising Company Secretaries (Firm Registration No. P2014UP036000), as the Secretarial Auditors of the Company for a term of five consecutive years commencing from Apri 1, 2025 till March 31, 2030, at such remuneration as may be determined by the Board of Directors of the Company (including its Committee thereof) in consultation with Secretarial Auditors.MoreLess
16 for0 against- Ratification of the remuneration payable to M/s. N.D. Birla & Co., Cost Auditors (FRN: 000028) for the Financial Year ending 31st March, 2026.16 for0 against
Mutual fund votes, meeting of 27 Dec 2024, 15 fund houses
- Appointment of Dr. Kamal Gupta (DIN: 00038490) as Non-Executive Non-Independent Director of the Company, liable to retire by rotation.
Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bajaj Finserv Mutual FundNo concern on merit of the appointee. Non-Compliance with Regulation 17(1A) of SEBI LODR, 2015: No prior approval for appointment of director above 75 years of age. Governance Concern: Transition from ID to NED NID without cooling off period of 1 year served after completion of term as ID. Appointment as NED will raise questions over his independence while being ID. "The Company is seeking shareholders' approval for the appointment of Dr. Kamal Gupta as Non-Executive Non-Independent Director, liable to retire by rotation, with effect from 14th November 2024. Further, the company is also seeking shareholders' approval for the continuation of Dr. Kamal Gupta by way of special resolution as he has attained the age of 75 Years. Dr. Kamal Gupta has qualified Chartered Accountancy and Cost Management Accountancy and also holds Ph.D. in Business Management. He was earlier a Technical Director of the Institute of Chartered Accountants of India and was responsible for all technical and research activities of the Institute. In particular he was instrumental in introducing accounting and auditing standards in India. He has represented India on various international professional bodies. He has also been senior technical advisor in a Big4 multinational accounting, auditing and consultancy firm of chartered accountants. Dr. Gupta has expertise in the areas of Finance, Accounting and Corporate Laws and is at present a freelance consultant in these areas. He is also the renowned author of various books on Auditing and Company Law. He has also been a faculty and speaker at a large number of national and inter-national seminars and programmes. No Concerns have been identified with regards to profile, time commitments and attendance of Dr. Kamal Gupta. However, we are of the opinion that an Independent Director should serve at least 1-year Cooling-Off Period before joining the Company as a Non-Executive Director until as unless cooling off period can be waived off in presence of documented rationale, ensuring transparency and accountability as it undermines the independence of director in previous term. In absence of such disclosures by the company we are voting against the resolution."
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of the appointee. Non-Compliance with Regulation 17(1A) of SEBI LODR, 2015: No prior approval for appointment of director above 75 years of age. Governance Concern: Transition from ID to NED NID without cooling off period of 1 year served after completion of term as ID. Appointment as NED will raise questions over his independence while being ID.
- Nippon India Mutual FundNo cooling -off period
9 for6 against - Re-appointment and fixation of remuneration of Shri Manish Gulati (DIN: 08697512) as Whole Time Director designated as Executive Director of the Company, liable to retire by rotation.15 for0 against
Mutual fund votes, meeting of 20 Sep 2024, 11 fund houses
- Appointment of Shri Nand Gopal Khaitan (DIN: 00020588) as an Independent Director of the Company.
Against Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Axis Mutual Fund, Bank of India Mutual FundNand Gopal Khaitan, 73, is Senior Partner at Khaitan & Co. The company proposes to appoint him as Independent Director for five years from 13 August 2024. The company also seeks shareholder approval for his continuation on the board once he attains 75 years of age during his tenure till the end of his term on 12 August 2029 as required under amendments to SEBI’s LODR. We do not consider age to be a criterion for board appointments. Nand Gopal Khaitan is an Independent Director on the board of five listed companies (including HEG Limited). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors on a maximum of three listed companies. We believe that as Senior Partner at Khaitan & Co., his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation. According to May 2024 Company Press Release, Khaitan & Co. are the legal advisors to HEG Limited in the Composite Scheme of Arrangement which provides for demerger of Graphite Business into a new company and post demerger, merger of Bhilwara Energy Limited into HEG Limited. Given the business linkages between HEG Limited and Khaitan & Co. creating a potential conflict of interest, we consider him to be non-independent. Therefore, we do not support the resolution.
- Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with Law. Governance concern: Excessive time commitment.
- ICICI Prudential Mutual FundNand Gopal Khaitan, is Senior Partner at Khaitan & Co. He possesses necessary qualification and experience. The AMC has voted against the resolution for his appointment as an independent director on the board of HEG Limited based on the business linkages between HEG Limited and Khaitan & Co. creating a potential conflict of interest.
3 for8 against - Appointment of Shri Sandip Somany (DIN: 00053597) as an Independent Director of the Company.
Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Excessive Time Commitment. Holding two full-time positions.
7 for4 against - Appointment of Shri Priya Shankar Dasgupta (DIN: 00012552) as an Independent Director of the Company.
Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Prolonged association with the Group.
7 for4 against - Approval for Splitting / Sub-division of the Company's Equity Shares of face value Rs.10 earch into 5 (five) Equity Shares of face value Rs.2 each.11 for0 against
- Approval to amend the Capital Clause in the Memorandum of Association of the Company.11 for0 against
Mutual fund votes, meeting of 7 Aug 2024, 11 fund houses
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2024, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2024 and the Report of Auditors thereon.MoreLess
11 for0 against- Declaration of Final Dividend of Rs.22.50 per Equity Share of face value of Rs.10 each, for the Financial Year 2023-24.11 for0 against
- Re-appointment of Shri Manish Gulati (DIN: 08697512), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.11 for0 against
- Re-appointment of Smt. Vinita Singhania (DIN: 00042983), who retires by rotation in terms of Section 152 (6) of the Companies Act, 2013 and being eligible, offers herself for re-appointment.11 for0 against
- Fixation of remuneration of Shri Manish Gulati (DIN: 08697512), Whole-time Director designated as Executive Director of the Company, with effect from 1st April, 2024 upto 28th February, 2025.11 for0 against
- Re-appointment of Shri Jayant Davar (DIN: 00100801), as an Independent Director of the Company for a second term of five consecutive years from 14th August, 2024 upto 13th August, 2029.
Against Axis Mutual Fund, Bank of India Mutual Fund
- Axis Mutual Fund, Bank of India Mutual FundJayant Dawar, 63, is the Founder, Co-Chairperson and Managing Director of Sandhar Technologies Limited. He attended 83% (five out of six) board meetings held in FY24. Although his reappointment as Independent Director is in line with the statutory requirements, we are unable to support the resolution because we observe that his father Dharmendar Nath Davar was on the board of HEG Limited for over twenty-five years and stepped off the board on 24 July 2019 on account of health reasons. Within a month on 14 August 2019, his son Jayant Davar was appointed to the board. Outside of family linkages, HEG’s NRC must disclose the basis of his appointment over others and also articulate how it has tested for the independence of the director.
9 for2 against - Ratification of the remuneration payable to M/s N.D. Birla & Co., Cost Auditors (FRN: 000028) of Cost Auditors for the Financial Year ending 31st March, 2025.11 for0 against
Mutual fund votes, meeting of 31 Aug 2023, 6 fund houses
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2023, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2023 and the Report of Auditors thereon.MoreLess
6 for0 against- Declaration of Final Dividend of Rs.42.50 per Equity Share of the face value of Rs.10 each, for the Financial Year 2022-23.6 for0 against
- Re-appointment of Shri Riju Jhunjhunwala (DIN: 00061060), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding two full time positions.
5 for1 against - Re-appointment of Shri Shekhar Agarwal (DIN: 00066113), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible offers himself for re-appointment.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding two full time positions.
5 for1 against Re-appointment and fixation of remuneration of Shri Ravi Jhunjhunwala (DIN: 00060972), as Managing Director of the Company, not liable to retire by rotation with effect from 13th February, 2024 upto 12th February, 2029.MoreLess
Against Bank of India Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bank of India Mutual FundRavi Jhunjhunwala was paid a remuneration of Rs. 213.9 mn in FY23 up 17.1% from Rs 182.8 mn paid in FY22. On account of the COVID-19 pandemic, Ravi Jhunjhunwala took a voluntary cut in his basic pay for FY20 and FY21, however from FY22 his remuneration is back at previously high levels. His remuneration is 490.7x median employee remuneration for FY23. With a commission of 3.0% of net profit, the remuneration structure is open-ended and does not provide clarity about future payouts. Given the track record of high remuneration in the past, the commission payable to Ravi Jhunjhunwala must be capped in absolute amounts. In the past he has received remuneration from Malana Power Co Ltd., (Enterprise in which KMP has significant influence), it is unclear if he continues to receive the remuneration in FY22 and FY23. We do not encourage payment of remuneration from subsidiaries as it does not allow shareholders a say in fixing remuneration. As per our estimates his proposed remuneration for FY24 would be ~ Rs 240.0 mn, which is neither commensurate with the performance of the company nor is it comparable with industry peers.
- Motilal Oswal Mutual FundRe-appointment Complaint with law. Governance concern: Combined position of Chairman and Managing Director. No absolute cap on commission. Holding two full time position.
- Nippon India Mutual FundNo absolute cap on commission
3 for3 against- Re-appointment of Smt. Ramni Nirula (DIN: 00015330), as an Independent Director of the Company for a second term of five consecutive years from 31st October, 2023 to 30th October, 2028.
Against Bank of India Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Bank of India Mutual Fund, SBI Mutual FundMs. Ramni Nirula, 71, is former senior General Manager, ICICI Bank. She has been on board as Independent Director since 31 October 2018. She has attended all the board meetings held in FY23. Until November 2020, she was on the board of CG Power and Industrial Solution Ltd (CG Power) and was a member of its audit committee at the time several unauthorized transactions took place that led to funds being allegedly received by the promoters. In FY19, based on a task force assessment, CG Power restated its accounts in a manner that suggested a significant inflation of revenues, profits, and possible siphoning of funds. Similar instances were true when Ms. Ramni Nirula held board positions at Eveready Industries (India) Limited and McLeod Russel India Limited – auditors had raised material concerns over the quality of financial statements. Given the multiple corporate governance failures that lace her past board memberships, we do not support her reappointment as an Independent Director.
- HDFC Mutual FundGiven her past history of failure to perform her duties on the board of companies where there has been corporate governance lapses, we do not support her reappointment
- Motilal Oswal Mutual FundCompliant with law. Governance Concern: In the opinion of SES, the Director has failed in her fiduciary duty.
- Nippon India Mutual FundProfile of the candidate
1 for5 against - Ratification of the remuneration payable to M/s N.D. Birla & Co., Cost Auditors (FRN: 000028) for the Financial Year ending 31st March, 2024.6 for0 against
Mutual fund votes, meeting of 1 Sep 2022, 8 fund houses
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2022, the Reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2022 and the Report of Auditors thereon.MoreLess
8 for0 against- Declaration of Final Dividend of Rs.40 per Equity Share of the face value of Rs.10 each, for the Financial Year 2021-22.8 for0 against
- Re-appointment of Shri Manish Gulati (holding DIN: 08697512), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.8 for0 against
- Re-appointment of Smt. Vinita Singhania (holding DIN: 00042983), who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers herself for re-appointment.8 for0 against
Re-appointment of M/s SCV & Co. LLP, Chartered Accountants, (Firm Registration No. 000235N/ N500089) as Statutory Auditors of the Company and to fix their remuneration, for a second term of five consecutive years.MoreLess
8 for0 against- Appointment of Shri Davinder Kumar Chugh, (holding DIN: 09020244), as an Independent Director.8 for0 against
- Approval of modification in the remuneration of Shri Manish Gulati (holding DIN: 08697512), Whole Time Director designated as Executive Director of the Company.8 for0 against
- Ratification of the remuneration payable to M/s. N. D. Birla & Co., Cost Auditors (FRN: 000028) for the Financial Year ending 31st March, 2023.
Against Nippon India Mutual Fund
- Nippon India Mutual FundLow audit fees
7 for1 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Jun 2026.
- Tax disputeElectrical Consumer Grievances Redressal forum (ECGRF), BhopalSince 8 Feb 2023
This case relates to a dispute in relation to HEG's electricity bills for the period between June 2005 to October 2011, which has been ongoing, with multiple court hearings and subsequent stays. In February 2023, DISCOM, Bhopal (Madhya Pradesh) raised a demand of INR 78.16 crore in this regard. Pursuant to protest by HEG on the demand, the same was reviewed by DISCOM and INR 26.35 crore was dropped. HEG paid the balance amount of INR 51.81 crore under protest and filed a petition in Jabalpur High Court in May 2023. DISCOM, Bhopal then took the issue to the Electrical Consumer Grievances Redressal Forum (“ECGRF”), which issued a stay on the extra charges. The case was moved from the High Court to the ECGRF and after several hearings with ECGRF, the matter was settled in HEG's favor in February 2024. However, the DISCOM, Bhopal has challenged this order in the High Court. The matter is still pending with Jabalpur High Court.MoreLess
- Tax disputeCIT(A), Delhi Income TaxSince 20 Feb 2020
This case is related to AY 2018-19. The original order passed u/s 143(3) of the Income Tax Act, 1961 (“ITA”) dated 02.11.2021, wherein there was a disallowance of deduction u/s 80IA of ITA amounting to INR 19.86 crore on account of reduction in fair value of electricity generated from Captive Power Plant (CPP), disallowance of deduction claimed u/s 35(2AB) on account of Research & Development of INR 0.84 crore and disallowance u/s 14A on account of expenditure in relation to exempt income of INR 0.01 crore. HEG has filed an appeal against demands of this order in CIT (Appeal), Delhi. As on date, the matter is pending before Commissioner of Income-Tax (Appeals) Delhi.MoreLess
In the company's own words, from its latest governance filing.
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
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.