Ideaforge Technology logo

Ideaforge Technology CEO, MD, chairman, board of directors and AGM

NSE: IDEAFORGEBSE: 543932Aerospace & DefenseSmall Cap

Last close ₹646.55down ₹33.25 (4.89%)BSE ₹646.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹679.80.

52-week range of traded prices to 23 Oct 2026
₹366.00Low, 30 Mar 2026₹992.25High, 8 Jun 2026
Market cap
₹3,214 Cr1,069th largest listed
P/E
817.4
P/B
Shares changed
Dividend yield
Nonein the last 12 months
ROE
0.7%
ROCE
−3.2%
Debt to equity
0.12
Volume, NSE
2,47,30153.0% delivered

Ideaforge Technology board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonSrikanth Velamakanni
  • Chief executiveAnkit Mehta
  • Company Secretary and Compliance OfficerNilesh Ranjan Jaywant

8 directors3 independent4 executive1 non-executive

  • Srikanth Velamakanni · ChairpersonIndependent · joined Dec 2022 · 45 months as independent · 4 listed boards · 3 as independent · 1 committee seat
  • Ankit Mehta · Chief executiveExecutive · joined Feb 2007 · reappointed Nov 2024 · 1 listed board · 1 committee seat
  • Rahul SinghExecutive · joined Feb 2007 · reappointed Nov 2024 · 1 listed board
  • Ashish BhatExecutive · joined Feb 2007 · reappointed Nov 2024 · 1 listed board
  • Mathew CyriacNon-executive · joined Jun 2022 · 3 listed boards · 2 committee seats, 3 as chair
  • Sutapa BanerjeeIndependent · joined Dec 2022 · 45 months as independent · 7 listed boards · 7 as independent · 6 committee seats, 2 as chair
  • Vikas BaliaIndependent · joined Dec 2022 · 45 months as independent · 4 listed boards · 4 as independent · 3 committee seats, 3 as chair
  • Vipul JoshiExecutive · joined Sep 2025 · 1 listed board

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.

1 director who left
  • Ganapathy Subramaniam, left 8 Jul 2025: Others

Committees and meetings

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

  • Board

    • 10 Aug 20268 of 8 present3 independent · 67 days in between
    • 3 Jun 20268 of 8 present3 independent · 33 days in between
    • 30 Apr 20268 of 8 present3 independent

  • Audit Committee

    Chair Vikas Balia

    Sutapa Banerjee, Mathew Cyriac

    • 10 Aug 20263 of 3 present2 independent · 101 days in between
    • 30 Apr 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Sutapa Banerjee

    Srikanth Velamakanni, Mathew Cyriac

    • 10 Aug 20263 of 3 present2 independent · 101 days in between
    • 30 Apr 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Mathew Cyriac

    Vikas Balia, Ankit Mehta

    • 10 Aug 20263 of 3 present1 independent · 110 days in between

  • Risk Management Committee

    Chair Vikas Balia

    Ankit Mehta, Vipul Joshi

    • 21 Apr 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Rahul Singh

    Vikas Balia, Vipul Joshi

    No meeting listed in the filing.

  • Executive Committee

    Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi

    • 22 Sep 20264 of 4 present0 independent · 14 days in between
    • 7 Sep 20264 of 4 present0 independent · 23 days in between
    • 14 Aug 20264 of 4 present0 independent · 14 days in between
    • 30 Jul 20263 of 3 present0 independent · 16 days in between
    8 earlier meetings
    • 13 Jul 20263 of 3 present0 independent · 2 days in between
    • 8 Jul 20263 of 3 present0 independent · no day in between
    • 3 Jul 20263 of 3 present0 independent · 16 days in between
    • 16 Jun 20263 of 3 present0 independent · 7 days in between
    • 8 Jun 20263 of 3 present0 independent · 13 days in between
    • 25 May 20263 of 3 present0 independent · 20 days in between
    • 4 May 20263 of 3 present0 independent · 19 days in between
    • 14 Apr 20263 of 3 present0 independent

  • Fund Raisng Committee

    Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, Mathew Cyriac

    No meeting listed in the filing.

  • Fund Raising Committee

    • 10 Jul 20265 of 5 present0 independent · 1 day in between
    • 7 Jul 20265 of 5 present0 independent · 3 days in between

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.

  • B S R & Co. LLPPeer-review certificate valid to Jul 2028

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.

Ideaforge Technology 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.Ideaforge Technology share news and announcements

Annual general meeting, 5 Aug 2026

1,64,922 shareholders on the register on 29 Jul 2026; present: 3 promoters and 62 others; votes counted by ASHWINI VARTAK / S.N. Ananthasubramanian & Co..The company's voting result (opens in a new tab)

  1. To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditor’s thereon. b. the Audited Consolidated Financial Statements of the Company for the year ended March 31, 2026, together with the Report of the Auditor’s thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 53.25% · promoters 100.00% · institutions 71.07% · other public 25.55%

  2. To appoint a director in place of Mr. Ashish Bhat (DIN: 02480920), Whole-time Director, who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.08% · other public 0.00%

    Turnout: all 53.25% · promoters 100.00% · institutions 71.07% · other public 25.55%

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, 4 Jul 2026, 2 resolutions

1,66,841 shareholders on the register on 29 May 2026; votes counted by Ashwini Vartak / M/S S. N. ANANTHASUBRAMANIAN & CO..The company's voting result (opens in a new tab)

  1. To approve raising of funds in one or more tranches, by issuance of Equity Shares and/or other Eligible Securities
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.01%

    Turnout: all 47.49% · promoters 100.00% · institutions 27.66% · other public 25.88%

  2. Alteration of Articles of Association of the Company.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 47.49% · promoters 100.00% · institutions 27.66% · other public 25.87%

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, 6 Sep 2025, 3 resolutions

1,90,575 shareholders on the register on 1 Aug 2025; votes counted by Shirin Bhatt / Shirin Bhatt & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Vipul Joshi (DIN: 10071782) as Whole-Time Director of the Company
    Special
    97.38% for2.62% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.06%

    Turnout: all 46.65% · promoters 100.00% · institutions 69.27% · other public 23.64%

  2. Identification of Mr. Vipul Joshi as the Promoter and granting of Special Rights to the Promoters of the Company.
    Special
    97.35% for2.65% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.13%

    Turnout: all 46.65% · promoters 100.00% · institutions 69.27% · other public 23.64%

  3. Alteration of Articles of Association (“AOA”) of the Company
    Special
    97.36% for2.64% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.11%

    Turnout: all 46.65% · promoters 100.00% · institutions 69.27% · other public 23.63%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 31 Jul 2025, 7 resolutions

1,96,297 shareholders on the register on 24 Jul 2025; present: 3 promoters and 69 others; votes counted by Aparna Gadgil / S.N. Ananthasubramanian & Co..The company's voting result (opens in a new tab)

  1. To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon. b. the Audited Consolidated Financial Statements of the Company for the year ended March 31, 2025, together with the Report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 45.09% · promoters 100.00% · institutions 71.48% · other public 21.37%

  2. To appoint a director in place of Mr. Rahul Singh, Whole-time Director (DIN: 02106568), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 45.09% · promoters 100.00% · institutions 71.48% · other public 21.37%

  3. Appointment of Ms. S. N. ANANTHASUBRAMANIAN and Co. Company Secretaries as the Secretarial Auditors of the Company and fixing their remuneration.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.04%

    Turnout: all 45.09% · promoters 100.00% · institutions 71.48% · other public 21.37%

  4. Remuneration to Mr. Ankit Mehta (DIN: 02108289), Whole-time Director of the Company.
    Special
    97.27% for2.73% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.11%

    Turnout: all 45.09% · promoters 100.00% · institutions 71.48% · other public 21.37%

  5. Remuneration to Mr. Rahul Singh (DIN: 02106568), Whole-time Director of the Company.
    Special
    97.27% for2.73% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.11%

    Turnout: all 45.09% · promoters 100.00% · institutions 71.48% · other public 21.37%

  6. Remuneration to Mr. Ashish Bhat (DIN: 02480920), Whole-time Director of the Company.
    Special
    97.27% for2.73% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.11%

    Turnout: all 45.09% · promoters 100.00% · institutions 71.48% · other public 21.37%

  7. Payment of remuneration by way of commission to the Non- Executive-Independent Directors of the Company.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.05%

    Turnout: all 45.09% · promoters 100.00% · institutions 71.48% · other public 21.37%

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, 8 Aug 2024, 7 resolutions

Present: 3 promoters and 66 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Standalone Audited Financial Statements of the Company ( including Audited Consolidated Financial Statements) for the year ended March 31, 2024, together with the Report of the Board of Directors and Auditors' thereon.MoreLess
    Ordinary
    99.00% for1.00% against

    Against: promoters 0.00% · institutions 11.60% · other public 0.01%

    Turnout: all 57.24% · promoters 100.00% · institutions 87.03% · other public 35.43%

  2. To appoint a director in place of Mr. Ashish Bhat, Whole-time Director (DIN: 02480920) who retires by rotation and being eligible, offer himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.63% for0.37% against

    Against: promoters 0.00% · institutions 4.18% · other public 0.02%

    Turnout: all 57.34% · promoters 100.00% · institutions 88.83% · other public 35.43%

  3. To approve rectification in the terms of Statutory Auditors.
    Ordinary
    98.80% for1.20% against

    Against: promoters 0.00% · institutions 13.92% · other public 0.01%

    Turnout: all 57.24% · promoters 100.00% · institutions 87.03% · other public 35.43%

  4. Re-appointment of Mr. Ankit Mehta (DIN: 02108289) as Whole-time Director of the Company.
    Special
    94.13% for5.87% against

    Against: promoters 0.00% · institutions 67.09% · other public 0.02%

    Turnout: all 57.34% · promoters 100.00% · institutions 88.83% · other public 35.43%

  5. Re-appointment of Mr. Rahul Singh (DIN: 02016568) as the Whole-time Director of the Company
    Special
    94.13% for5.87% against

    Against: promoters 0.00% · institutions 67.09% · other public 0.02%

    Turnout: all 57.34% · promoters 100.00% · institutions 88.83% · other public 35.43%

  6. Re-appointment of Mr. Ashish Bhat (DIN: 02480920) as the Whole-time Director of the Company.
    Special
    94.13% for5.87% against

    Against: promoters 0.00% · institutions 67.09% · other public 0.02%

    Turnout: all 57.34% · promoters 100.00% · institutions 88.83% · other public 35.43%

  7. Continuation of term of appointment of Mr. Ganapathy Subramaniam (DIN: 00019891) as Non-Executive Director and Non- Independent Director
    Ordinary
    99.46% for0.54% against

    Against: promoters 0.00% · institutions 6.03% · other public 0.03%

    Turnout: all 57.34% · promoters 100.00% · institutions 88.83% · other public 35.43%

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, 1 Nov 2023, 2 resolutions

The company's voting result (opens in a new tab)

  1. Ratification of Employees Stock Option Scheme 2018
    Special
    88.47% for11.53% against

    Against: promoters 0.00% · institutions 78.73% · other public 0.02%

    Turnout: all 68.45% · promoters 100.00% · institutions 75.89% · other public 49.89%

  2. GRANT OF STOCK OPTIONS TO THE EMPLOYEES OF SUBSIDAIRY COMPANIES AND ASSOCIATE COMPANIES, INCLUDING JOINT VENTURE COMPANIES UNDER IDEAFORGE TECHNOLOGY LIMITED - EMPLOYEES STOCK
    Special
    88.10% for11.90% against

    Against: promoters 0.00% · institutions 81.24% · other public 0.02%

    Turnout: all 68.45% · promoters 100.00% · institutions 75.89% · other public 49.89%

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

  • To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditor’s thereon. b. the Audited Consolidated Financial Statements of the Company for the year ended March 31, 2026, together with the Report of the Auditor’s thereon.MoreLess
    3 for0 against
  • To appoint a director in place of Mr. Ashish Bhat (DIN: 02480920), Whole-time Director, who retires by rotation and being eligible, offers himself for reappointment.
    3 for0 against

Mutual fund votes, meeting of 4 Jul 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • To approve raising of funds in one or more tranches, by issuance of Equity Shares and/or other Eligible Securities
    1 for0 against
  • Alteration of Articles of Association of the Company.
    1 for0 against
4 earlier meetings

Mutual fund votes, meeting of 6 Sep 2025, 3 fund houses

  • Appointment of Mr. Vipul Joshi (DIN: 10071782) as Whole-Time Director of the Company
    Against Axis Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundVipul Joshi, 43, is the Chief Financial Officer at IdeaForge Technology Limited. He has been part of its leadership team since 2008. In FY25, as CFO, he received Rs. 14.9 mn as minimum remuneration. As per the terms, his estimated annual remuneration is Rs. 28.7 mn with a cap on minimum remuneration at Rs. 50.0 mn (to each WTD including Vipul Joshi) per annum bringing the total promoter remuneration to a maximum of Rs. 200.0 mn per annum which is high and not commensurate with the size of the business. The Nomination and Remuneration Committee (NRC) should disclose the basis of its benchmarking exercise, including the parameters used to justify the proposed pay levels. In the absence of such clarity, the remuneration appears disproportionately high for the scale of operations. Further, we note that the remuneration structure includes reimbursement of expenses for travelling, boarding and lodging including for his spouse and attendant(s) during business trips. We believe these expenses are personal in nature and should be borne by the directors themselves or at the very least, capped at reasonable amounts. We do not support the resolution.
    • HDFC Mutual FundMr. Vipul Joshi, 43, is the Chief Financial Officer at IdeaForge Technology Limited. He has been part of its leadership team since 2008. His proposed remuneration is high and not commensurate with the size of the business. We do not support the resolution.
    • Motilal Oswal Mutual FundCompliant with law. No concern identified on the merit of the proposed appointee. Governance and Transparency Concern: Proposed remuneration and Overall Executive remuneration appears excessive when considering that the Company’s financial performance is impacted and disclosures made on improvement measures are generic.
    0 for3 against
  • Identification of Mr. Vipul Joshi as the Promoter and granting of Special Rights to the Promoters of the Company.
    Against Axis Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundVipul Joshi, 43, is the Chief Financial Officer at IdeaForge Technology Limited. He has been a part of its leadership team since 2008. The company seeks to classify Vipul Joshi as promoter and extend the same nomination rights to Vipul Joshi which are available to other promoters, viz., Ankit Mehta, Ashish Bhat and Rahul Singh. As per amended clause 18.3 of part I of the AoA (see resolution #3), the promoters are collectively entitled to nominate five directors on the board, subject to the promoters holding at least 5% of the share capital of the Company on a fully diluted basis. While classification of Vipul Joshi as promoter is the company’s prerogative, we do not support the board nomination rights to promoters, as minimum shareholding threshold for these rights is at 5%: this is lower than the minimum shareholding required for other public shareholders who need at least 10% equity to be able to propose a resolution (and thus propose their nominee’s appointment). We do not support the resolution.
    • HDFC Mutual FundThe company seeks to classify Vipul Joshi as promoter and extend the same nomination rights to Vipul Joshi. As per amended clause 18.3 of part I of the AoA (see resolution #3), the promoters are collectively entitled to nominate five directors on the board, subject to the promoters holding at least 5% of the share capital of the Company on a fully diluted basis. We do not support the board nomination rights to promoters, as minimum shareholding threshold for these rights is at 5%: this is low. We do not support the resolution.
    • Motilal Oswal Mutual FundCompliant with law. Governance and Transparency concern: Lack of clarity regarding fulfilment of reclassification requirements to give the open offer as required under SEBI (LODR) Regulations, 2015. The proposed special rights to nominate directors appears to be disproportionate to the minimum shareholding requirement proposed; the said rights undermines the role of NRC in independently identifying and evaluating candidates for board positions.
    0 for3 against
  • Alteration of Articles of Association (“AOA”) of the Company
    Against Axis Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundWe raise concerns regarding amended clause 18.3 of part I of the AoA, through which the promoters are collectively entitled to nominate five directors on the board, subject to the promoters holding at least 5% of the share capital of the Company on a fully diluted basis: this is lower than the minimum shareholding required for other public shareholders who need at least 10% equity to be able to propose a resolution (and thus propose their nominee’s appointment). The board nomination rights proposed under this resolution does not align with our voting guidelines. We do not support the resolution.
    • HDFC Mutual FundWe raise concerns regarding amended clause 18.3 of part I of the AoA, through which the promoters are collectively entitled to nominate five directors on the board, subject to the promoters holding at least 5% of the share capital of the Company on a fully diluted basis as this is low. We do not support the resolution.
    • Motilal Oswal Mutual FundCompliant with Law. Governance Concern: The proposed AoA contains clause for combined position of Board Chairpersonship and Managing Director; the articles also provide for position of Alternate Director appointments. Further, the special rights proposed under resolution no. 2 over which compliance and governance concerns are identified also forms part of the proposed articles. Hence, governance concerns are identified in this regard also.
    0 for3 against

Mutual fund votes, meeting of 31 Jul 2025, 3 fund houses

  • To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon. b. the Audited Consolidated Financial Statements of the Company for the year ended March 31, 2025, together with the Report of the Auditors thereon.MoreLess
    3 for0 against
  • To appoint a director in place of Mr. Rahul Singh, Whole-time Director (DIN: 02106568), who retires by rotation and being eligible, offers himself for re-appointment.
    3 for0 against
  • Appointment of Ms. S. N. ANANTHASUBRAMANIAN and Co. Company Secretaries as the Secretarial Auditors of the Company and fixing their remuneration.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Secretarial Auditors not disclosed.
    2 for1 against
  • Remuneration to Mr. Ankit Mehta (DIN: 02108289), Whole-time Director of the Company.
    Against Axis Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundAnkit Mehta, 42, is the CEO and one of the company’s three founders. He attended all six board meetings held in FY25. The company had reappointed him as Whole-time Director for five years from 15 November 2024 in the 2024 AGM and through this resolution the company is seeking approval to pay him minimum remuneration for three years. He received Rs. 14.9 mn as minimum remuneration in FY25. As per the terms the company is seeking approval to increase the cap on minimum remuneration to each WTD at Rs. 50.0 mn per annum bringing the total promoter remuneration at Rs. 150.0 mn per annum which is high and not commensurate with the size of the business. The company will reimburse his medical expenses at actuals as well as expenses incurred for travelling, boarding and lodging including for spouse and attendants during business trips – while we do not support the reimbursement, we note that the overall remuneration is capped in absolute amounts. We believe that attendant / family expenses should be borne by the employee and not the company, given the personal nature of such expenses. According to the notice, the total promoter remuneration is lower than that drawn by peers in similar roles within the same industry. However, the comparison appears to have overlooked the relative size and scale of the company. The Nomination and Remuneration Committee (NRC) should disclose the basis of its benchmarking exercise, including the parameters used to justify the proposed pay levels. In the absence of such clarity, the remuneration appears disproportionately high for the scale of operations. We do not support the resolution.
    • HDFC Mutual FundMr. Ankit Mehta, 42, is the CEO and one of the company’s three founders. His proposed remuneration is high for the scale of operations. We do not support the resolution.
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: The proposed remuneration as minimum remuneration in case of no profits or inadequate profits with overall cap of ? 5 Crores per annum to each promoter executive director appears excessive, considering the Company’s financial performance i.e. when the Company is struggling to retain its revenue and profitability is impacted.
    0 for3 against
  • Remuneration to Mr. Rahul Singh (DIN: 02106568), Whole-time Director of the Company.
    Against Axis Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundRahul Singh, 40, was appointed as Whole-time Director from 8 February 2007. He is one of the Co-founder promoter and VP-Engineering. He has attended all six board meetings held in FY25. The company had reappointed him as Whole-time Director for five years from 15 November 2024 in the 2024 AGM and now it seeks approval to fix his remuneration for three years as minimum remuneration. He received Rs. 14.9 mn as minimum remuneration in FY25. Now the company proposes to increase the cap of minimum remuneration to Rs. 50.0 mn bringing the total promoter remuneration including all three Whole time Directors at RS. 150.0 mn which is high and not commensurate with the size of the business. The company will reimburse his medical expenses at actuals and expenses incurred for travelling, boarding and lodging including for spouse and attendants during business trips – while we do not support the reimbursement, we note that the overall remuneration is capped in absolute amounts. We believe that attendant / family expenses should be borne by the employee and not the company, given the personal nature of such expenses. According to the notice, the total promoter remuneration is lower than that drawn by peers in similar roles within the same industry. However, the comparison appears to have overlooked the relative size and scale of the company. The Nomination and Remuneration Committee (NRC) should disclose the basis of its benchmarking exercise, including the parameters used to justify the proposed pay levels. In the absence of such clarity, the remuneration appears disproportionately high for the scale of operations. We do not support the resolution.
    • HDFC Mutual FundMr. Rahul Singh, 40, was appointed as Whole-time Director from 8 February 2007. He is one of the Co-founder promoter and VP-Engineering. His proposed remuneration is high for the scale of operations. We do not support the resolution.
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: The proposed remuneration as minimum remuneration in case of no profits or inadequate profits with overall cap of ? 5 Crores per annum to each promoter executive director appears excessive, considering the Company’s financial performance i.e. when the Company is struggling to retain its revenue and profitability is impacted.
    0 for3 against
  • Remuneration to Mr. Ashish Bhat (DIN: 02480920), Whole-time Director of the Company.
    Against Axis Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundAshish Bhat, 41, was appointed as Whole-time Director from 8 February 2007. He is the Co-founder promoter and VP - Product Development. He has attended all six board meetings held in FY25. The company had reappointed him as Whole-time Director for five years from 15 November 2024 and now the company is seeking approval for paying him minimum remuneration for three years. He received Rs. 14.9 mn as minimum remuneration in FY25. Now the company proposes to increase the cap on minimum remuneration to Rs. 50.0 mn and cap remuneration to all three promoters at Rs. 150.0 mn which is high and not commensurate with the size of the business. The company will reimburse medical expenses at actuals and expenses incurred for travelling, boarding and lodging including for spouse and attendants during business trips – while we do not support the reimbursement, we note that the overall remuneration is capped in absolute amounts. We believe that attendant / family expenses should be borne by the employee and not the company, given the personal nature of such expenses. According to the notice, the total promoter remuneration is lower than that drawn by peers in similar roles within the same industry. However, the comparison appears to have overlooked the relative size and scale of the company. The Nomination and Remuneration Committee (NRC) should disclose the basis of its benchmarking exercise, including the parameters used to justify the proposed pay levels. In the absence of such clarity, the remuneration appears disproportionately high for the scale of operations. We do not support the resolution.
    • HDFC Mutual FundAshish Bhat, 41, was appointed as Whole-time Director from 8 February 2007. He is the Co-founder promoter and VP - Product Development. His proposed remuneration is high for the scale of operations. We do not support the resolution.
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: The proposed remuneration as minimum remuneration in case of no profits or inadequate profits with overall cap of ? 5 Crores per annum to each promoter executive director appears excessive, considering the Company’s financial performance i.e. when the Company is struggling to retain its revenue and profitability is impacted.
    0 for3 against
  • Payment of remuneration by way of commission to the Non- Executive-Independent Directors of the Company.
    3 for0 against

Mutual fund votes, meeting of 8 Aug 2024, 7 fund houses

  • To receive, consider and adopt the Standalone Audited Financial Statements of the Company ( including Audited Consolidated Financial Statements) for the year ended March 31, 2024, together with the Report of the Board of Directors and Auditors' thereon.MoreLess
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiary Company for FY 2023-24.
    4 for3 against
  • To appoint a director in place of Mr. Ashish Bhat, Whole-time Director (DIN: 02480920) who retires by rotation and being eligible, offer himself for re-appointment.
    7 for0 against
  • To approve rectification in the terms of Statutory Auditors.
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concerns on merit & eligibility of proposed Auditors. Non-Compliant with Section 139 of the Companies Act, 2013: Appointment for period of 4 years will result in violation of Section 139 of the Companies Act, 2013.
    4 for3 against
  • Re-appointment of Mr. Ankit Mehta (DIN: 02108289) as Whole-time Director of the Company.
    Against Axis Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundAnkit Mehta, 41, was appointed as Whole-time Director from 8 February 2007. He is a Co-founder and CEO. He has attended all eight board meetings held in FY24. He received Rs. 35.3 mn as remuneration in FY24 which was 37.2x the median employee remuneration. The company proposes to reappoint him as Whole-time Director for five years from 15 November 2024 and fix his remuneration. His maximum proposed remuneration is at Rs. 50.0 mn which is not in line with peers and not commensurate with the size of the business. Further, there is no disclosure on the performance metrics that govern his variable pay. The company will reimburse expenses incurred for travelling, boarding and lodging including for spouse and attendants during business trips – while we do not support the reimbursement, we note that the overall remuneration is capped in absolute amounts. We believe that attendant / family expenses should be borne by the employee and not the company, given the personal nature of such expenses. There are three co-founders (and promoters) on the board and their aggregate remuneration in FY24 is high at 17.3% of the consolidated PBT. While we support his reappointment, we do not support his remuneration terms.
    • Groww Mutual Fund, Motilal Oswal Mutual FundReappointment is compliant with law. Governance Concern: No absolute cap on Variable or overall pay.
    • HSBC Mutual FundThe company has not provided a cap on the variable pay. In this regard, the pay structure is considered to be open ended. The company has not disclosed the objective parameters which would be used to determine the outcome under variable pay. Further, in absence of disclosure of short-term targets and their achievements, the fairness of awards cannot be clearly ascertained. Past pay of the executives as a percentage of Net Profit of the company is significantly high compared to peers. They will be paid the proposed remuneration as minimum remuneration even in the event of loss or inadequate profits of the company
    3 for4 against
  • Re-appointment of Mr. Rahul Singh (DIN: 02016568) as the Whole-time Director of the Company
    Against Axis Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundRahul Singh, 39, was appointed as Whole-time Director from 8 February 2007. He is a Co-founder and VP-Engineering. He has attended all eight board meetings held in FY24. He received Rs. 35.3 mn as remuneration in FY24 which was 37.2x the median employee remuneration. The company proposes to reappoint him as Whole-time Director for five years from 15 November 2024 and fix his remuneration. His maximum proposed remuneration is at Rs. 50.0 mn which is not in line with peers and not commensurate with the size of the business. Further, there is no disclosure on the performance metrics that govern his variable pay. The company will reimburse expenses incurred for travelling, boarding and lodging including for spouse and attendants during business trips – while we do not support the reimbursement, we note that the overall remuneration is capped in absolute amounts. We believe that attendant / family expenses should be borne by the employee and not the company, given the personal nature of such expenses. There are three co-founders (and promoters) on the board and their aggregate remuneration in FY24 is high at 17.3% of the consolidated PBT. While we support his reappointment, we do not support his remuneration terms.
    • Groww Mutual Fund, Motilal Oswal Mutual FundReappointment is compliant with law. Governance Concern: No absolute cap on Variable or overall pay.
    • HSBC Mutual FundThe company has not provided a cap on the variable pay. In this regard, the pay structure is considered to be open ended. The company has not disclosed the objective parameters which would be used to determine the outcome under variable pay. Further, in absence of disclosure of short-term targets and their achievements, the fairness of awards cannot be clearly ascertained. Past pay of the executives as a percentage of Net Profit of the company is significantly high compared to peers. They will be paid the proposed remuneration as minimum remuneration even in the event of loss or inadequate profits of the company
    3 for4 against
  • Re-appointment of Mr. Ashish Bhat (DIN: 02480920) as the Whole-time Director of the Company.
    Against Axis Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund
    • Axis Mutual FundAshish Bhat, 40, was appointed as Whole-time Director from 8 February 2007. He is a Co-founder and VP - Product Development. He has attended seven out of eight board meetings held in FY24. He received Rs. 35.3 mn as remuneration in FY24 which was 37.2x the median employee remuneration. The company proposes to reappoint him as Whole-time Director for five years from 15 November 2024 and fix his remuneration. His maximum proposed remuneration is at Rs. 50.0 mn which is not in line with peers and not commensurate with the size of the business. Further, there is no disclosure on the performance metrics that govern his variable pay. The company will reimburse expenses incurred for travelling, boarding and lodging including for spouse and attendants during business trips – while we do not support the reimbursement, we note that the overall remuneration is capped in absolute amounts. We believe that attendant / family expenses should be borne by the employee and not the company, given the personal nature of such expenses. There are three co-founders (and promoters) on the board and their aggregate remuneration in FY24 is high at 17.3% of the consolidated PBT. While we support his reappointment, we do not support his remuneration terms.
    • Groww Mutual Fund, Motilal Oswal Mutual FundReappointment is compliant with law. Governance Concern: No absolute cap on Variable or overall pay.
    • HSBC Mutual FundThe company has not provided a cap on the variable pay. In this regard, the pay structure is considered to be open ended. The company has not disclosed the objective parameters which would be used to determine the outcome under variable pay. Further, in absence of disclosure of short-term targets and their achievements, the fairness of awards cannot be clearly ascertained. Past pay of the executives as a percentage of Net Profit of the company is significantly high compared to peers. They will be paid the proposed remuneration as minimum remuneration even in the event of loss or inadequate profits of the company
    3 for4 against
  • Continuation of term of appointment of Mr. Ganapathy Subramaniam (DIN: 00019891) as Non-Executive Director and Non- Independent Director
    7 for0 against

Mutual fund votes, meeting of 1 Nov 2023, 15 fund houses

  • Ratification of Employees Stock Option Scheme 2018
    Against Axis Mutual Fund, Bandhan Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, ITI Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundUnder the scheme, 958,812 options are available for grant. The options will grant over four years and will be tenure-based. The exercise price and the exercise period have been left to the discretion of the Nomination and Remuneration Committee. Given the lack of contours regarding the exercise price, regulations allow the company to grant stock options at a deep discount to market price – but not lower than the face value. We do not favour ESOP schemes where options can be granted at a discount of more than 20% to the market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. Therefore, we do not support the scheme.
    • Bandhan Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Non-disclosure of Exercise Price.
    • HDFC Mutual FundThere is lack of disclosure or clarity on the pricing formula or exercise price at which the ESOP will be granted
    • HSBC Mutual FundThe scheme permits stock options to be issued with an exercise price at a discount to the market price, as on grant date.The proposals include grant of stock options to employees of associate companies and joint venture companies without a compelling rationale.
    • ICICI Prudential Mutual FundUnder the scheme, 958,812 options were available for grant. The options will be granted over four years and will be tenure-based. The exercise price and the exercise period have been left to the discretion of the Nomination and Remuneration Committee. Given the lack of contours regarding the exercise price, regulations allow the company to grant stock options at a deep discount to market price – but not lower than the face value. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundUnder the scheme, 958,812 options are available for grant. The options will grant over four years and will be tenure-based. The exercise price and the exercise period have been left to the discretion of the Nomination and Remuneration Committee. Given the lack of contours regarding the exercise price, regulations allow the company to grant stock options at a deep discount to market price – but not lower than the face value. We do not favour ESOP schemes where options can be granted at a discount of more than 20% to the market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. Therefore, we do not support the scheme
    • ITI Mutual FundNon compliant with law.
    • Kotak Mahindra Mutual FundThe resolution is non-compliant and the disclosure provided by the Company is not in accordance with SEBI (SBEB & SE) Regulations, 2021. Hence voting AGAINST .
    • Motilal Oswal Mutual Fund, Nippon India Mutual FundExercise price inadequately disclosed
    4 for10 against
  • GRANT OF STOCK OPTIONS TO THE EMPLOYEES OF SUBSIDAIRY COMPANIES AND ASSOCIATE COMPANIES, INCLUDING JOINT VENTURE COMPANIES UNDER IDEAFORGE TECHNOLOGY LIMITED - EMPLOYEES STOCK
    Against Axis Mutual Fund, Bandhan Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, ITI Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundThrough resolution #2, the company is seeking approval to extend Employee Stock Options Scheme 2018 (ESOP 2018) to eligible employees of group companies including employees of subsidiary companies, associate companies, and joint ventures. The enabling nature of the approval could allow the company to grant these options to future subsidiaries, associates, and joint ventures which may or may not have their ESOP plans. While we support the grant to stock options to unlisted subsidiaries, we the company must provide a clear rationale for extending the scheme to associate companies and joint ventures. Our recommendation is also linked to Resolution #1.
    • Bandhan Mutual Fund, Mahindra Manulife Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Non-disclosure of Exercise Price. Governance Concern: ESOP Scheme proposed to be extended to Associate Company including joint venture companies without compelling reasons.
    • HDFC Mutual FundThere is lack of disclosure or clarity on the pricing formula or exercise price at which the ESOP will be granted
    • HSBC Mutual FundThe scheme permits stock options to be issued with an exercise price at a discount to the market price, as on grant date.The proposals include grant of stock options to employees of associate companies and joint venture companies without a compelling rationale.
    • ICICI Prudential Mutual FundThe company is seeking approval to extend Employee Stock Options Scheme 2018 (ESOP 2018) to eligible employees of group companies including employees of subsidiary companies, associate companies, and joint ventures. The enabling nature of the approval could allow the company to grant these options to future subsidiaries, associates, and joint ventures which may or may not have their ESOP plans. The AMC has voted against the resolutiom as the company has not provided a clear rationale for extending the scheme to associate companies and joint ventures.
    • Invesco Mutual FundThrough resolution #2, the company is seeking approval to extend Employee Stock Options Scheme 2018 (ESOP 2018) to eligible employees of group companies including employees of subsidiary companies, associate companies, and joint ventures. The enabling nature of the approval could allow the company to grant these options to future subsidiaries, associates, and joint ventures which may or may not have their ESOP plans. While we support the grant to stock options to unlisted subsidiaries, we the company must provide a clear rationale for extending the scheme to associate companies and joint ventures. Our recommendation is also linked to Resolution #1
    • ITI Mutual FundNon compliant with law.
    • Kotak Mahindra Mutual FundEven though there is no issue in extending the scheme to its subsidiaries as there exists control of the company, the same cannot be argued in case of associates company/joint venture company. The company would require specific justification with respect to the intention and plans with such grants. Hence voting AGAINST .
    • Motilal Oswal Mutual FundExercise price inadequately disclosed, extended to employees of associate companies
    • Nippon India Mutual FundExercise price inadequately disclosed
    4 for11 against

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

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

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
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.