H.G. Infra Engineering logo

H.G. Infra Engineering MD, chairman, board of directors and AGM

NSE: HGINFRABSE: 541019ConstructionSmall Cap

Last close ₹381.00down ₹9.30 (2.38%)BSE ₹381.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹390.30.

52-week range of traded prices to 23 Oct 2026
₹376.70Low, 23 Oct 2026₹943.00High, 23 Oct 2025
Market cap
₹2,483 Cr868th largest listed
P/E
13.3
P/E without one-offs
8.8
P/B
0.8
Dividend yield
0.52%
ROE
6.0%
ROE without one-offs
9.1%
ROCE
10.7%
Debt to equity
1.50
Volume, NSE
98,58444.4% delivered

H.G. Infra Engineering 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 directorHarendra SinghRelated to the promoter
  • Company Secretary and Compliance OfficerAnkita Mehra

8 directors5 independent3 executive

  • Harendra Singh · Chairperson and managing directorExecutive · joined Jan 2003 · 1 listed board · 2 committee seats
  • Vijendra Singh ChoudharyExecutive · joined Jan 2003 · 1 listed board · 1 committee seat
  • Devendra Bhushan GuptaExecutive · joined Jun 2025 · 2 listed boards · 1 as independent · 2 committee seats
  • Manjit SinghIndependent · joined May 2022 · reappointed May 2022 · 49 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Ashok Kumar ThakurIndependent · joined May 2017 · reappointed May 2022 · 109 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 4 as chair
  • Sunil Kumar ChaudharyIndependent · joined Feb 2025 · reappointed Feb 2025 · 16 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Sharada SunderIndependent · joined Feb 2023 · reappointed Feb 2023 · 40 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • Monica WidhaniIndependent · joined Feb 2023 · reappointed Feb 2023 · 40 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 3 as chair

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
  • Dinesh Kumar Goyal, left 21 May 2025: Others
  • Pooja Hemant Goyal, left 14 May 2025: Tenure Completion

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 28 May 20267 of 8 present4 independent · 104 days in between
    • 12 Feb 20268 of 8 present5 independent · 5 days in between
    • 6 Feb 20267 of 8 present5 independent

  • Audit Committee

    Chair Ashok Kumar Thakur

    Harendra Singh, Sharada Sunder, Monica Widhani

    • 28 May 20263 of 4 present2 independent · 104 days in between
    • 12 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Manjit Singh

    Ashok Kumar Thakur, Sharada Sunder

    • 12 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Manjit Singh

    Harendra Singh, Vijendra Singh Choudhary, Monica Widhani, Sunil Kumar Chaudhary

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Harendra Singh

    Monica Widhani, Ashok Kumar Thakur, Manjit Singh, Sunil Kumar Chaudhary

    • 18 May 20265 of 5 present4 independent

  • Corporate Social Responsibility Committee

    Chair Vijendra Singh Choudhary

    Harendra Singh, Manjit Singh, Devendra Bhushan Gupta, Sharada Sunder, Ashok Kumar Thakur

    • 18 May 20266 of 6 present3 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 auditors

Named in the results for the quarter to Mar 2026.

  • MSKA & AssociatesPeer-review certificate valid to Jul 2027
  • Shridhar & AssociatesPeer-review certificate valid to Jun 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.

H.G. Infra Engineering 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.H.G. Infra Engineering dividend history

Annual general meeting, 19 Aug 2026

1,20,158 shareholders on the register on 12 Aug 2026; present: 11 promoters and 55 others; votes counted by Heena Lakhani / M/s Deepak Arora & Associates, Company Secretaries.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2026, and the reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.66%

    Turnout: all 82.11% · promoters 100.00% · institutions 89.52% · other public 0.05%

  2. To declare the final dividend of Rs. 2/- per equity share of Rs. 10/- each for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.78%

    Turnout: all 82.13% · promoters 100.00% · institutions 89.70% · other public 0.05%

  3. To appoint a director in place of Mr. Vijendra Singh Choudhary (DIN: 01688452), who retires by rotation and being eligible, offered himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.73% · other public 17.71%

    Turnout: all 82.13% · promoters 100.00% · institutions 89.70% · other public 0.05%

  4. To approve the re-appointment of Mr. Harendra Singh (DIN: 00402458) as Managing Director of the Company for a third term of five consecutive years.
    SpecialPromoters have an interest in it
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.73% · other public 16.28%

    Turnout: all 82.13% · promoters 100.00% · institutions 89.70% · other public 0.05%

  5. To approve the re-appointment of Mr. Vijendra Singh Choudhary (DIN: 01688452) as Whole Time Director of the Company for a third term of five consecutive years.
    SpecialPromoters have an interest in it
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.73% · other public 17.83%

    Turnout: all 82.13% · promoters 100.00% · institutions 89.70% · other public 0.05%

  6. To approve the increase in borrowing limits of the Company under section 180(1)(c) of the Companies Act, 2013.
    Special
    95.74% for4.26% against

    Against: promoters 0.00% · institutions 33.79% · other public 16.98%

    Turnout: all 82.13% · promoters 100.00% · institutions 89.70% · other public 0.05%

  7. To approve the increase in limits of the creation of charges and securities on the properties/assets of the company under section 180(1)(a) of the Companies Act, 2013.
    Special
    92.74% for7.26% against

    Against: promoters 0.00% · institutions 57.63% · other public 3.57%

    Turnout: all 82.13% · promoters 100.00% · institutions 89.70% · other public 0.05%

  8. To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2027.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.85%

    Turnout: all 82.13% · promoters 100.00% · institutions 89.70% · other public 0.05%

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, 19 Aug 2025, 7 resolutions

1,30,316 shareholders on the register on 12 Aug 2025; present: 11 promoters and 39 others; votes counted by Heena Lakhani / M/s. Deepak Arora & Associates, Practicing Company Secretaries.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2025, and the reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 83.01% · promoters 100.00% · institutions 81.23% · other public 0.02%

  2. To declare the final dividend of H 2/- per equity share of H 10/- each for the financial year ended March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 83.03% · promoters 100.00% · institutions 81.37% · other public 0.02%

  3. To appoint a Director in place of Mr. Harendra Singh (DIN: 00402458), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.17% for0.83% against

    Against: promoters 0.00% · institutions 6.14% · other public 0.09%

    Turnout: all 83.03% · promoters 100.00% · institutions 81.37% · other public 0.02%

  4. To approve the re-appointment of M/s. Shridhar & Associates, Chartered Accountants, as Joint Statutory Auditors of the Company
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.96% · other public 0.53%

    Turnout: all 83.03% · promoters 100.00% · institutions 81.37% · other public 0.02%

  5. To approve the appointment of Mr. Devendra Bhushan Gupta as a Whole-Time Director of the Company for a period of 3 (three) consecutive years
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.11% · other public 0.09%

    Turnout: all 83.03% · promoters 100.00% · institutions 81.37% · other public 0.02%

  6. To approve the appointment of M/s. Deepak Arora & Associates Practicing Company Secretaries, as the Secretarial Auditor of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 83.03% · promoters 100.00% · institutions 81.37% · other public 0.02%

  7. To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 83.03% · promoters 100.00% · institutions 81.37% · other public 0.02%

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, 26 Mar 2025, 1 resolution

1,40,612 shareholders on the register on 14 Feb 2025; votes counted by Heena Lakhani / Deepak Arora & Associates.The company's voting result (opens in a new tab)

  1. To consider and approve the appointment of Dr. Sunil Kumar Chaudhary (DIN:00515672) as an Independent Director of the Company for a term of three consecutive years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 12.16%

    Turnout: all 85.14% · promoters 100.00% · institutions 89.68% · other public 0.09%

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, 21 Aug 2024, 8 resolutions

Present: 9 promoters and 44 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2024, and the reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.12%

    Turnout: all 86.44% · promoters 100.00% · institutions 90.72% · other public 0.09%

  2. To declare the final dividend of Rs. 1.50/- per equity share of Rs. 10/- each for the financial year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.30%

    Turnout: all 86.46% · promoters 100.00% · institutions 90.86% · other public 0.09%

  3. To appoint a director in place of Mr. Dinesh Kumar Goyal (DIN: 02576453), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.12% for0.88% against

    Against: promoters 0.00% · institutions 6.36% · other public 1.15%

    Turnout: all 86.46% · promoters 100.00% · institutions 90.86% · other public 0.09%

  4. To approve the increase in borrowing limits of the Company under section 180(1)(c) of the Companies Act, 2013.
    Special
    99.03% for0.97% against

    Against: promoters 0.00% · institutions 7.04% · other public 1.53%

    Turnout: all 86.46% · promoters 100.00% · institutions 90.86% · other public 0.09%

  5. To approve the increase in limits of the creation of charges, and securities on the properties/assets of the company, under section 180(1)(a) of the Companies Act, 2013.
    Special
    91.99% for8.01% against

    Against: promoters 0.00% · institutions 58.08% · other public 3.33%

    Turnout: all 86.46% · promoters 100.00% · institutions 90.86% · other public 0.08%

  6. To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2025.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.12%

    Turnout: all 86.46% · promoters 100.00% · institutions 90.86% · other public 0.09%

  7. To alter the Object Clause of the Memorandum of Association of the Company.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.27%

    Turnout: all 86.46% · promoters 100.00% · institutions 90.86% · other public 0.09%

  8. To approve the sale or disposal of the undertaking of the company.
    Special
    99.56% for0.44% against

    Against: promoters 0.00% · institutions 3.20% · other public 4.58%

    Turnout: all 86.46% · promoters 100.00% · institutions 90.86% · other public 0.08%

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, 31 Oct 2023, 1 resolution

Present: 10 promoters and 51 others.The company's voting result (opens in a new tab)

  1. To approve the sale or disposal of the assets/undertakings of the Company.
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.18% · other public 0.48%

    Turnout: all 87.98% · promoters 100.00% · institutions 91.26% · other public 0.04%

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, 21 Aug 2023, 4 resolutions

Present: 9 promoters and 80 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt:na.tAudited Standalone Financial Statements of the Company for the financial year ended March 31, 2023 and the Reports of Board of Directors and Auditors thereon; andnb.tAudited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 and the Report of Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.10% · promoters 100.00% · institutions 92.03% · other public 0.03%

  2. To declare a Final Dividend of ₹1.25/- per equity share of ₹10/- each for the financial year 2022-23
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.12% · promoters 100.00% · institutions 92.15% · other public 0.03%

  3. To appoint a director in place of Mr. Vijendra Singh (DIN:01688452), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.15% · other public 0.00%

    Turnout: all 88.12% · promoters 100.00% · institutions 92.15% · other public 0.03%

  4. To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2024.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.12% · promoters 100.00% · institutions 92.15% · other public 0.03%

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, 4 May 2023, 3 resolutions

Present: 10 promoters and 33 others.The company's voting result (opens in a new tab)

  1. To consider and approve the appointment of Ms. Sharada Sunder (DIN: 07599164) as an nIndependent Director of the Company for a term of five consecutive years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.12%

    Turnout: all 88.87% · promoters 100.00% · institutions 92.16% · other public 0.01%

  2. To consider and approve the appointment of Ms. Monica Widhani (DIN:07674403) as an nIndependent Director of the Company for a term of five consecutive years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.87% · promoters 100.00% · institutions 92.16% · other public 0.01%

  3. To consider and approve the amendment in Articles of Association ( AoA”) of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.87% · promoters 100.00% · institutions 92.16% · other public 0.01%

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, 3 Aug 2022, 9 resolutions

Present: 9 promoters and 50 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt:na. Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2022 and the Reports of the Board of Directors and Auditors thereon; andnb) Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2022 and the Report of Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 88.68% · promoters 100.00% · institutions 97.63% · other public 0.04%

  2. To declare a Final Dividend of ₹1/- (One Rupee Only) per equity share of ₹10/- each for the financial year 2021-22.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

  3. To appoint a director in place of Mr. Harendra Singh (DIN: 00402458), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

  4. To approve the appointment of M/S. M S K A & Associates,nChartered Accountants, as Joint Statutory Auditors of thenCompany
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

  5. To approve the re-appointment of Ms. Pooja HemantnGoyal (DIN: 07813296) as an Independent Director of thenCompany for a second term of three consecutive years.
    Special
    89.78% for10.22% against

    Against: promoters 0.00% · institutions 64.02% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

  6. To approve the appointment of Mr. Manjit Singh (DIN:n02759940) as an Independent Director of the Company forna term of five consecutive years.
    Special
    99.24% for0.76% against

    Against: promoters 0.00% · institutions 4.78% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

  7. To approve the limits for making investment, loans,nguarantees and security under Section 186 of thenCompanies Act, 2013
    Special
    94.25% for5.75% against

    Against: promoters 0.00% · institutions 36.03% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

  8. To approve the limits for making loans, guarantees andnsecurity under Section 185 of the Companies Act, 2013
    SpecialPromoters have an interest in it
    86.92% for13.08% against

    Against: promoters 0.00% · institutions 81.93% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

  9. To ratify the remuneration payable to Cost Auditors of thenCompany for the financial year ending March 31, 2023
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 88.70% · promoters 100.00% · institutions 97.75% · other public 0.04%

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 19 Aug 2026, 3 fund houses so far (houses' deadline to file 15 Oct 2026)

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

  • To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2026, and the reports of the Board of Directors and Auditors thereon.
    3 for0 against
  • To declare the final dividend of Rs. 2/- per equity share of Rs. 10/- each for the financial year ended March 31, 2026.
    3 for0 against
  • To appoint a director in place of Mr. Vijendra Singh Choudhary (DIN: 01688452), who retires by rotation and being eligible, offered himself for re-appointment.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance Concern: Skewed remuneration in favour of promoter directors.
    2 for1 against
  • To approve the re-appointment of Mr. Harendra Singh (DIN: 00402458) as Managing Director of the Company for a third term of five consecutive years.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance Concern: Holding combined position of Chairman and Managing Director, which may lead to concentration of power in the hands of a single person. Skewed remuneration in favour of promoter directors. Transparency Concern - Ongoing CBI investigation in a pending matter involving the proposed appointee; the matter remains sub judice, and the Company has not adequately disclosed the details of the case in the Notice or the Annual Report.
    2 for1 against
  • To approve the re-appointment of Mr. Vijendra Singh Choudhary (DIN: 01688452) as Whole Time Director of the Company for a third term of five consecutive years.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance Concern: Skewed remuneration in favour of promoter directors.
    2 for1 against
  • To approve the increase in borrowing limits of the Company under section 180(1)(c) of the Companies Act, 2013.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance & Transparency concern: Majority of the existing borrowing limit is unutilized, and no specific reason/ justification provided for the proposed increase when the existing limit is significantly unutilized.
    2 for1 against
  • To approve the increase in limits of the creation of charges and securities on the properties/assets of the company under section 180(1)(a) of the Companies Act, 2013.
    Against Angel One Mutual Fund, DSP Mutual Fund
    • Angel One Mutual FundGovernance & Transparency concern: Interlinked with resolution #6; Not adequately justified the proposed charge creation limit of ₹ 20,000 crore, which is more than twice the proposed borrowing limit.
    • DSP Mutual FundThe proposed resolution seeks to increase the existing limit on charge on assets from Rs. 150.0 bn to Rs. 200.0 bn, which is significantly higher than the proposed increase in borrowing limits (resolution #6). We raise concern that the company proposes to secure its assets for debt raised by associate and group companies, a practice we do not support. The company must clarify the economic and strategic rationale to provide collateral or credit support to such group and associate companies. We don’t support the resolution.
    1 for2 against
  • To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2027.
    2 for0 against
1 proposal not matched to one resolution
  • Approve remuneration of Rs. 210,000 to Rajendra Singh Bhati & Co. as cost auditors for FY27
    1 for0 against

Mutual fund votes, meeting of 19 Aug 2025, 13 fund houses

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

  • To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2025, and the reports of the Board of Directors and Auditors thereon
    13 for0 against
  • To declare the final dividend of H 2/- per equity share of H 10/- each for the financial year ended March 31, 2025
    13 for0 against
  • To appoint a Director in place of Mr. Harendra Singh (DIN: 00402458), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: Holding combined position of Chairman and Managing Director, which may lead to concentration of power in the hands of a single person. Skewed remuneration in favour of promoter directors.
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Holding combined position of CMD, which may lead to concentration of power in the hands of a single person. Skewed remuneration in favour of promoter directors.
    10 for3 against
  • To approve the re-appointment of M/s. Shridhar & Associates, Chartered Accountants, as Joint Statutory Auditors of the Company
    Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance and Transparency Concern: Significant disparity in the joint auditors’ remuneration. As Scope of audit not disclosed, thus, fairness of proposed audit remuneration cannot be ascertained.
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance and Transparency Concern: Significant disparity in the joint auditors’ remuneration. As Scope of audit not disclosed, thus, fairness of proposed audit remuneration cannot be ascertained.
    10 for3 against
  • To approve the appointment of Mr. Devendra Bhushan Gupta as a Whole-Time Director of the Company for a period of 3 (three) consecutive years
    13 for0 against
  • To approve the appointment of M/s. Deepak Arora & Associates Practicing Company Secretaries, as the Secretarial Auditor of the Company
    13 for0 against
  • To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2026
    9 for0 against
2 proposals not matched to one resolution
  • 7) Approve remuneration of Rs. 210,000 to Rajendra Singh Bhati & Co. as cost auditors for FY26.
    1 for0 against
  • Approve remuneration of Rs. 210,000 to Rajendra Singh Bhati & Co. as cost auditors for FY26
    3 for0 against
6 earlier meetings

Mutual fund votes, meeting of 26 Mar 2025, 12 fund houses

  • To consider and approve the appointment of Dr. Sunil Kumar Chaudhary (DIN:00515672) as an Independent Director of the Company for a term of three consecutive years
    12 for0 against

Mutual fund votes, meeting of 21 Aug 2024, 10 fund houses

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

  • To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2024, and the reports of the Board of Directors and Auditors thereon.
    10 for0 against
  • To declare the final dividend of Rs. 1.50/- per equity share of Rs. 10/- each for the financial year ended March 31, 2024
    10 for0 against
  • To appoint a director in place of Mr. Dinesh Kumar Goyal (DIN: 02576453), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Companies Act, 2013: He cannot continue on the Board as approval of shareholders for continuation beyond 70 years of age not taken.
    • Kotak Mahindra Mutual FundNo concern identified regarding his profile, time-commitment and attendance of Mr. Dinesh Kumar Goyal. However, Mr. Dinesh Kumar Goyal is serving on the Board as an Executive Director and is 70 years of age. According to Section 196(3) of Companies Act, 2013, the continuation of a person who has attained the age of seventy years can be approved after passing a special resolution. Since no such approval was taken, voting against.
    7 for3 against
  • To approve the increase in borrowing limits of the Company under section 180(1)(c) of the Companies Act, 2013.
    2 for0 against
  • To approve the increase in limits of the creation of charges, and securities on the properties/assets of the company, under section 180(1)(a) of the Companies Act, 2013.
    Against Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance & Transparency Concern: Significant portion of existing borrowing limit is un-utilized. No adequate disclosures regarding the existing non-fund-based borrowings.
    • DSP Mutual Fund, Kotak Mahindra Mutual FundThe proposed resolution seeks to create a charge on assets aggregating Rs. 150 bn, which is significantly higher than the proposed increase in borrowing limits (resolution #4). The company proposes to secure its assets for debt raised by associate and group companies, a practice we do not support. The company must clarify the economic and strategic rationale to provide collateral or credit support to such group and associate companies.
    • Invesco Mutual FundThe proposed resolution seeks to create a charge on assets aggregating Rs. 150 bn, which is significantly higher than the proposed increase in borrowing limits (resolution #4). The company proposes to secure its assets for debt raised by associate and group companies, a practice we do not support. The company must clarify the economic and strategic rationale to provide collateral or credit support to such group and associate companies
    2 for7 against
  • To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2025.
    8 for0 against
  • To alter the Object Clause of the Memorandum of Association of the Company.
    10 for0 against
  • To approve the sale or disposal of the undertaking of the company.
    1 for0 against
6 proposals not matched to one resolution
  • Approve creation of charge/mortgage/hypothecation on the assets for borrowings upto Rs. 150.0 bn
    1 for0 against
  • Approve divestment of entire stake held in H.G. Rewari Bypass Private Limited (100% subsidiary) to Highways Infrastructure Trust
    2 for0 against
  • Approve increase in borrowing limits to 65.0 bn or aggregate paid up capital plus reserves whichever is higher
    1 for0 against
  • Approve remuneration of Rs. 199,000 to Rajendra Singh Bhati & Co. as cost auditors for FY25
    2 for0 against
  • To borrow, from time to time, from any one or more persons, firms, body corporates, company’s bankers, financial institutions, or from others or from any other source in India or outside India by way of loans, debentures, guarantees, suppliers’ credit, bonds, deposits or any other instruments/ securities otherwise permitted by law for the time being in force, and whether secured by way of mortgage, charge, hypothecation or lien or pledge on the Company’s assets and properties or otherwise, such sum(s) of money(ies) in Indian Rupees and / or in any foreign currency from time to time, at its discretion, with or without security and on such terms and conditions as the Board may deem fit, which together with monies already borrowed by the Company (apart from the temporary loans obtained or to be obtained from the Company’s bankers in the ordinary course of business) may exceed, at any time, the aggregate of the paid-up share capital, free reserves, and securities premium account of the Company, provided that the total amount so borrowed by the Board (apart from temporary loans obtained or to be obtained from the Company’s bankers in the ordinary course of business) and outstanding principal amount at any time shall not exceed Rs. 6,500 Crores.MoreLess
    Against Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: Significant portion of existing borrowing limit is un-utilized. No adequate disclosures regarding the existing non-fund-based borrowings.
    • Kotak Mahindra Mutual FundThe Company is seeking shareholders approval for Increase in the existing Borrowing Limits of the Company from 5,000 Crores to 6,500 Crores i.e. by increase of 1,500 Crores including fund-based as well as non-fund based. However, the company s 90% of the borrowing limit is unutilised. However, the proposed borrowing limit is excessive considering the existing borrowing and the same is approx. 2.8 times, the net worth of the Company. The Company has only disclosed the existing fund-based borrowings and not non-fund-based items. Hence voting against.
    4 for3 against
  • To transfer the Company’s (and its nominee shareholder’s) entire shareholding (including all legal and beneficial interest therein) constituting 100% of share capital aggregating to 14,38,065 equity shares of Rs. 10 each in its wholly owned subsidiary (special purpose vehicle), namely, H.G. Rewari Bypass Private Limited (referred to as SPV 4) to Highways Infrastructure Trust (including its nominee shareholder) (Purchaser).MoreLess
    Against Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance and Transparency Concern: Inadequate disclosure and transparency regarding valuation.
    • Kotak Mahindra Mutual FundThe Company has not adequately disclosed the usage of funds post sale of the undertaking. Moreover, the Company has not disclosed valuation report or how the consideration for the proposed sale has been arrived at. Hence voting against.
    4 for3 against

Mutual fund votes, meeting of 31 Oct 2023, 8 fund houses

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

  • To approve the sale or disposal of the assets/undertakings of the Company.
    1 for0 against
2 proposals not matched to one resolution
  • Approve divestment of entire stake held in three wholly owned subsidiaries (SPVs), Gurgaon Sohna Highway Private Limited (GSH), H.G. Rewari Ateli Highway Private Limited (HGRAH) and H.G. Ateli Narnaul Highway Private Limited (HGANH) to Highways Infrastructure TrustMoreLess
    1 for0 against
  • To transfer the Company’s entire shareholding constituting 100% of share capital in its three wholly owned subsidiaries (special purpose vehicles), namely, (a) Gurgaon Sohna Highway Private Limited (b) H.G. Rewari Ateli Highway Private Limited and (c) H.G. Ateli Narnaul Highway Private Limited (collectively referred to as SPVs) to Highways Infrastructure Trust (Purchaser).MoreLess
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Inadequate disclosure and transparency regarding valuation
    5 for1 against

Mutual fund votes, meeting of 21 Aug 2023, 8 fund houses

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

  • To receive, consider and adopt:na.tAudited Standalone Financial Statements of the Company for the financial year ended March 31, 2023 and the Reports of Board of Directors and Auditors thereon; andnb.tAudited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 and the Report of Auditors thereon.MoreLess
    7 for0 against
  • To declare a Final Dividend of ₹1.25/- per equity share of ₹10/- each for the financial year 2022-23
    8 for0 against
  • To appoint a director in place of Mr. Vijendra Singh (DIN:01688452), who retires by rotation and being eligible, offers himself for re-appointment
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundSkewed Remuneration
    7 for1 against
  • To ratify the remuneration payable to Cost Auditors of the Company for the financial year ending March 31, 2024.
    7 for0 against
2 proposals not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against
  • Approve remuneration of Rs. 189,750 to Rajendra Singh Bhati & Co. as cost auditors for FY24
    1 for0 against

Mutual fund votes, meeting of 4 May 2023, 7 fund houses

  • To consider and approve the appointment of Ms. Sharada Sunder (DIN: 07599164) as an nIndependent Director of the Company for a term of five consecutive years
    7 for0 against
  • To consider and approve the appointment of Ms. Monica Widhani (DIN:07674403) as an nIndependent Director of the Company for a term of five consecutive years
    7 for0 against
  • To consider and approve the amendment in Articles of Association ( AoA”) of the Company
    7 for0 against

Mutual fund votes, meeting of 3 Aug 2022, 6 fund houses

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

  • To receive, consider and adopt:na. Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2022 and the Reports of the Board of Directors and Auditors thereon; andnb) Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2022 and the Report of Auditors thereon.MoreLess
    6 for0 against
  • To declare a Final Dividend of ₹1/- (One Rupee Only) per equity share of ₹10/- each for the financial year 2021-22.
    6 for0 against
  • To appoint a director in place of Mr. Harendra Singh (DIN: 00402458), who retires by rotation and being eligible, offers himself for re-appointment.
    6 for0 against
  • To approve the appointment of M/S. M S K A & Associates,nChartered Accountants, as Joint Statutory Auditors of thenCompany
    6 for0 against
  • To approve the re-appointment of Ms. Pooja HemantnGoyal (DIN: 07813296) as an Independent Director of thenCompany for a second term of three consecutive years.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director
    5 for1 against
  • To approve the appointment of Mr. Manjit Singh (DIN:n02759940) as an Independent Director of the Company forna term of five consecutive years.
    Against Invesco Mutual Fund
    • Invesco Mutual FundDr. Manjit Singh, 64, is a retired IAS officer. He retired as the Additional Chief Secretary, Department of Local Self Government (UDH) of Government of Rajasthan. While we support his appointment to the board, we are unable to support the resolution – Based on the recent amendments to SEBI LODR effective 1 January 2022, we believe that a special resolution should have been presented to shareholders for his appointment. Therefore, we do not support his appointment
    5 for1 against
  • To approve the limits for making investment, loans,nguarantees and security under Section 186 of thenCompanies Act, 2013
    5 for0 against
  • To ratify the remuneration payable to Cost Auditors of thenCompany for the financial year ending March 31, 2023
    6 for0 against
4 proposals not matched to one resolution
  • Approve increase in intercorporate transactions to Rs. 60.0 bn from Rs. 50.0 bn under section 186 of the Companies Act 2013
    1 for0 against
  • Approve making loans, guarantees and security under section 185 of the Companies Act 2013 upto Rs. 500 m
    Against Aditya Birla Sun Life Mutual Fund
    • Aditya Birla Sun Life Mutual FundThe company has not disclosed any track record of previous transactions with the above-mentioned entities. Without disclosures on previous transactions, shareholders might not be able to assess the fairness of these transactions. The company must also disclose granular details on the operating activities and size of these companies to enable shareholders to make an informed decision. Is this transaction one time of this will be recurring in the future. In our interaction with the company we were not satisfied with their response.
    0 for1 against
  • To advance any loan, in one or more tranches, including loan represented by way of book debt to, or give any guarantee or provide any security, in connection with any loan taken/to be taken by entities namely H.G. Acerage Developers Private Limited, H.G. Luxury Hotels Pvt. Ltd., Valencia Leisure Pvt. Ltd., H.G. Atulyam Educare Private Limited, H.G. Motive Educare Private Limited and H.G. Ekaaya Resort Private Limited in which any of the directors of the company is interested (collectively referred to as the “Entities”), up to an aggregate sum of ?50 Crore.MoreLess
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundInadequate disclosure
    0 for1 against
  • To advance any loan, in one or more tranches, including loan represented by way of book debt to, or give any guarantee or provide any security, in connection with any loan taken/to be taken by entities namely H.G. Acerage Developers Private Limited, H.G. Luxury Hotels Pvt. Ltd., Valencia Leisure Pvt. Ltd., H.G. Atulyam Educare Private Limited, H.G. Motive Educare Private Limited and H.G. Ekaaya Resort Private Limited in which any of the directors of the company is interested (collectively referred to as the “Entities”), up to an aggregate sum of Rs.50 Crore.MoreLess
    Against HDFC Mutual Fund, Invesco Mutual Fund
    • HDFC Mutual FundThe company is seeking to provide financial assistance to entities in in which any of the Directors of the Company are interested without providing sufficient disclosures.
    • Invesco Mutual FundWe understand that the company is expected to extend financial support, by way of loans, guarantees and securities, for the principal business requirements of certain entities viz. H.G. Acerage Developers Private Limited, H.G. Luxury Hotels Private Limited, Valencia Leisure Private Limited, H.G. Atulyam Educare Private Limited, H.G. Motive Educare Private Limited and H.G. Ekaaya Resort Private Limited in in which any of the Directors of the Company are interested, in one or more tranches. There are no disclosures on past transactions, operating size of these companies and their financial profile. It is unclear if promoters own and control these entities or are merely board members. Although the Rs. 500 mn limit is not relatively high, in the absence of any clarity, unable to support the resolution
    2 for2 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Fines, tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtWR ER Part C Power Transmission LimitedSince 30 Jun 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Fine or penaltyAudit Authority by Suprintendent CGSTSince 10 Jun 2026

    Imposition of Penalty of Rs.1504

    Short payment of RCM
  • Tax disputeIncome Tax DepartmentSince 26 Mar 2025
    Appeal Filed
    At the filing before: Matter is Subjudice
  • Tax disputeIncome Tax DepartmentSince 25 Mar 2025
    Appeal Filed
    At the filing before: Matter is Subjudice

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

None open at any 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
Yes
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.