IFGL Refractories logo

IFGL Refractories MD, chairman, board of directors and AGM

NSE: IFGLEXPORBSE: 540774Industrial ProductsSmall Cap

Last close ₹158.26down ₹10.19 (6.05%)BSE ₹158.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹168.45.

52-week range of traded prices to 23 Oct 2026
₹119.68Low, 30 Mar 2026₹268.00High, 23 Oct 2025
Market cap
₹1,141 Cr1,365th largest listed
P/E
27.9
P/E without one-offs
24.7
P/B
1.0
Dividend yield
1.36%
ROE
3.6%
ROE without one-offs
4.0%
ROCE
4.6%
Debt to equity
0.17
Volume, NSE
35,01457.2% delivered

IFGL Refractories 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

  • ChairpersonSHISHIR KUMAR BAJORIARelated to the promoter
  • Managing directorMIHIR PRAKASH BAJORIA
  • Company Secretary and Compliance OfficerMansi Damani

9 directors5 independent3 executive1 non-executive

  • SHISHIR KUMAR BAJORIA · ChairpersonExecutive · joined Sep 2007 · reappointed Apr 2026 · 1 listed board
  • MIHIR PRAKASH BAJORIA · Managing directorExecutive · joined May 2025 · reappointed Mar 2026 · 1 listed board
  • RAJESH AGARWALExecutive · joined Nov 2022 · reappointed Nov 2025 · 1 listed board · 1 committee seat
  • DURAISWAMY GUNASEELA RAJANIndependent · joined Aug 2017 · reappointed Sep 2022 · 106 months as independent · 3 listed boards · 3 as independent · 3 committee seats, 2 as chair
  • DEBAL KUMAR BANERJIIndependent · joined Aug 2017 · reappointed Sep 2022 · 106 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • SUDHAMOY KHASNOBISIndependent · joined Aug 2017 · reappointed Sep 2022 · 106 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • GAURAV SWARUPIndependent · joined Oct 2022 · reappointed Oct 2022 · 44 months as independent · 5 listed boards · 2 as independent · 3 committee seats
  • MUKESH RAWALNon-executive · joined Apr 2026 · reappointed Apr 2026 · 1 listed board
  • ANITA GUPTAIndependent · joined Oct 2022 · reappointed Oct 2022 · 44 months as independent · 1 listed board · 1 as independent

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

2 directors who left
  • ARASU SHANMUGAM, left 6 Apr 2026: Others
  • JAMES LEACOCK MCINTOSH, left 1 Mar 2026: Others

Committees and meetings

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

  • Board

    • 30 May 20269 of 9 present5 independent · 104 days in between
    • 14 Feb 202610 of 10 present5 independent

  • Audit Committee

    Chair DURAISWAMY GUNASEELA RAJAN

    DEBAL KUMAR BANERJI, SUDHAMOY KHASNOBIS

    • 30 May 20263 of 3 present3 independent · 104 days in between
    • 14 Feb 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair DURAISWAMY GUNASEELA RAJAN

    DEBAL KUMAR BANERJI, SUDHAMOY KHASNOBIS

    • 30 May 20263 of 3 present3 independent · 104 days in between
    • 14 Feb 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair DEBAL KUMAR BANERJI

    SUDHAMOY KHASNOBIS, RAJESH AGARWAL

    • 4 Apr 20262 of 3 present1 independent · 83 days in between
    • 10 Jan 20262 of 3 present1 independent

  • Risk Management Committee

    Chair DEBAL KUMAR BANERJI

    RAJESH AGARWAL, MIHIR PRAKASH BAJORIA

    • 14 Feb 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair DEBAL KUMAR BANERJI

    SUDHAMOY KHASNOBIS, RAJESH AGARWAL

    • 30 May 20263 of 3 present2 independent

  • Investment Committee

    Chair SHISHIR KUMAR BAJORIA

    SUDHAMOY KHASNOBIS, MIHIR PRAKASH BAJORIA

    • 14 Feb 20263 of 3 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

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

IFGL Refractories 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.IFGL Refractories dividend history

Postal ballot, 8 Oct 2026

22,088 shareholders on the register on 4 Sep 2026; votes counted by P.K. SARAWAGI / P. SARAWAGI & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Appointment of Mr Mukesh Harshadrai Rawal (DIN: 11676514) as a Whole-time Director of the Company, designated as Director and Chief Executive Officer India, for a period of three years from 16th August, 2026 to 15th August, 2029, both days inclusive, liable to retire by rotation, and payment of Remuneration to himMoreLess
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.55%

    Turnout: all 85.75% · promoters 100.00% · institutions 99.88% · other public 2.56%

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

Annual general meeting, 5 Aug 2026, 4 resolutions

22,292 shareholders on the register on 29 Jul 2026; present: 6 promoters and 42 others; votes counted by P.K. Sarawagi / P. Sarawagi & Associates.The company's voting result (opens in a new tab)

  1. Adoption of both Standalone and Consolidated Audited Financial Statements of the Company for the year ended on 31st March 2026, Reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.47% · promoters 100.00% · institutions 99.86% · other public 14.24%

  2. Approval for payment of Final Dividend @ 21.50% i.e. Rs. 2.15 per Equity Share of Rs. 10 each, recommended by the Board of Director, for financial year 2025-26.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.47% · promoters 100.00% · institutions 99.86% · other public 14.24%

  3. Re-appointment of Mr. Mihir Prakash Bajoria (DIN: 09346426), to the extent he is required to retire by rotation at 19th AGM, as a Director of the Company for further period, liable to retire by rotation.MoreLess
    OrdinaryPromoters have an interest in it
    96.51% for3.49% against

    Against: promoters 0.00% · institutions 23.55% · other public 0.09%

    Turnout: all 87.47% · promoters 100.00% · institutions 99.86% · other public 14.24%

  4. Ratification of remuneration payable to Cost Auditors of the Company, M/s Mani & Co., Cost Accountants, for the financial year 2026-27.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.47% · promoters 100.00% · institutions 99.86% · other public 14.24%

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, 17 Jul 2026, 1 resolution

22,005 shareholders on the register on 12 Jun 2026; votes counted by P.K. SARAWAGI / P. SARAWAGI & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Appointment of Mr Mukesh Harshadrai Rawal (DIN: 11676514) as Non-Executive Non-Independent Director of the Company, liable to retire by rotation on and from 17th July, 2026.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.37%

    Turnout: all 87.71% · promoters 100.00% · institutions 99.84% · other public 14.87%

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, 2 May 2026, 1 resolution

21,743 shareholders on the register on 27 Mar 2026; votes counted by P.K. SARAWAGI / P. SARAWAGI & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Appointment of Mr Mihir Prakash Bajoria (DIN: 09346426) as Managing Director of the Company for a period of three years from 1st March, 2026 to 28th February, 2029, both days inclusive, liable to retire by rotation, and payment of Remuneration to himMoreLess
    SpecialPromoters have an interest in it
    96.16% for3.84% against

    Against: promoters 0.00% · institutions 23.39% · other public 1.14%

    Turnout: all 80.92% · promoters 92.95% · institutions 99.83% · other public 2.19%

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, 5 Feb 2026, 2 resolutions

21,778 shareholders on the register on 31 Dec 2025; votes counted by P.K. SARAWAGI / P. SARAWAGI & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Shishir Kumar Bajoria (DIN: 00084004) as Executive Chairman (Whole-time Director) of the Company for the period of three years from 1st April 2026 to 31st March 2029, both days inclusive and payment of Remuneration to himMoreLess
    SpecialPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.10% · other public 1.77%

    Turnout: all 81.15% · promoters 92.95% · institutions 99.76% · other public 2.17%

  2. Re-appointment of Mr. Rajesh Agarwal (DIN: 09786410) as Director - General Counsel (Whole-time Director) of the Company for the period of three years from 12th November 2025 to 11th November 2028, both days inclusive and payment of remuneration to himMoreLess
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.44%

    Turnout: all 86.25% · promoters 100.00% · institutions 99.76% · other public 2.08%

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.

Annual general meeting, 27 Aug 2025, 6 resolutions

22,395 shareholders on the register on 20 Aug 2025; present: 6 promoters and 32 others; votes counted by P.K. Sarawagi / P. Sarawagi & Associates.The company's voting result (opens in a new tab)

  1. Adoption of both Standalone and Consolidated Audited Financial Statements of the Company for year ended on 31st March, 2025, Reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.11% · promoters 100.00% · institutions 99.76% · other public 2.11%

  2. Confirmation of payment of Interim Dividend @ 60% i.e. Rs 6 per Equity Share and approval for payment of Final Dividend @ 10% i.e. Re 1 per Equity Share recommended by the Board of Directors for Financial Year 2024-25.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.14%

    Turnout: all 86.11% · promoters 100.00% · institutions 99.76% · other public 2.11%

  3. Re-appointment of Mr Shishir Kumar Bajoria (DIN: 00084004) , to the extent he is required to retire by rotation at 18th AGM, as a Director of the Company for further period liable to retire by rotation.MoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 80.39% · promoters 92.11% · institutions 99.76% · other public 2.11%

  4. Appointment of Mr Mihir Prakash Bajoria (DIN: 09346426) as Non Executive Non Independent Director of the Company.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 80.39% · promoters 92.11% · institutions 99.76% · other public 2.11%

  5. Appointment of M/s P Sarawagi & Associates, Practicing Company Secretaries, [Proprietor Mr P K Sarawagi (Membership No. FCS 3381 and C.P. No. 4882)] as Secretarial Auditors of the Company for term of 5 (five) years immediately after conclusion of 18th AGM until conclusion of 23rd AGM of the Company.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.14%

    Turnout: all 86.11% · promoters 100.00% · institutions 99.76% · other public 2.11%

  6. Ratification of Remuneration for FY 2025-26 of Cost Auditors, M/s Mani & Co .
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.14%

    Turnout: all 86.11% · promoters 100.00% · institutions 99.76% · other public 2.11%

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, 5 Jul 2025, 2 resolutions

19,921 shareholders on the register on 30 May 2025; votes counted by P.K. SARAWAGI / P. SARAWAGI & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Issue of Bonus Shares
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.14%

    Turnout: all 86.31% · promoters 100.00% · institutions 99.84% · other public 2.32%

  2. Increase in Authorised Share Capital and consequent alteration to the Capital Clause of the Memorandum of Association
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.31% · promoters 100.00% · institutions 99.84% · other public 2.32%

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

Annual general meeting, 31 Jul 2024, 7 resolutions

Present: 6 promoters and 44 others.The company's voting result (opens in a new tab)

  1. Ordinary Resolution for adoption of both Standalone and Consolidated Audited Financial Statements of the Company for year ended on 31st March, 2024, Reports of Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.77% · promoters 100.00% · institutions 99.65% · other public 2.23%

  2. Ordinary Resolution for approval for payment of Final Dividend @ 70% (Rs 7) per Equity Share recommended by the Board of Directors for Financial Year 2023-24.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.55%

    Turnout: all 86.77% · promoters 100.00% · institutions 99.65% · other public 2.23%

  3. Ordinary Resolution for re-appointment of Mr James Leacock McIntosh (DIN: 09287829) as a Director of the Company for further period liable to retire by rotation.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.56%

    Turnout: all 86.77% · promoters 100.00% · institutions 99.65% · other public 2.22%

  4. Ordinary Resolution for re-appointment of M/s S. R. Batliboi& Co LLP, Chartered Accountants, Firm Registration No. 301003E/E300005 as Statutory Auditors of the Company for second term of 5 (five) years immediately after conclusion of 17th Annual General Meeting and to fix their Remuneration.MoreLess
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.37% · other public 0.01%

    Turnout: all 86.77% · promoters 100.00% · institutions 99.65% · other public 2.22%

  5. Special Resolution for re-appointment of Mr James Leacock McIntosh (DIN: 09287829) as Managing Director of the Company on and from 1st September, 2024 for a period of 3 years ending on 31st August, 2027 and payment of Remuneration to himMoreLess
    Special
    97.36% for2.64% against

    Against: promoters 0.00% · institutions 16.30% · other public 0.56%

    Turnout: all 86.77% · promoters 100.00% · institutions 99.65% · other public 2.22%

  6. Ordinary Resolution for entering into transactions with Related Parties pursuant to Section 188 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014.
    OrdinaryPromoters have an interest in it
    99.62% for0.38% against

    Against: promoters 0.00% · institutions 0.37% · other public 0.58%

    Turnout: all 14.32% · promoters 0.00% · institutions 99.65% · other public 2.12%

  7. Ordinary Resolution for ratification of Remuneration for FY 2024-2025 of Cost Auditors, M/s Mani & Co
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.56%

    Turnout: all 86.77% · promoters 100.00% · institutions 99.65% · other public 2.22%

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

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 5 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • Adoption of both Standalone and Consolidated Audited Financial Statements of the Company for the year ended on 31st March 2026, Reports of the Board of Directors and Auditors thereon.
    1 for0 against
  • Approval for payment of Final Dividend @ 21.50% i.e. Rs. 2.15 per Equity Share of Rs. 10 each, recommended by the Board of Director, for financial year 2025-26.
    1 for0 against
  • Re-appointment of Mr. Mihir Prakash Bajoria (DIN: 09346426), to the extent he is required to retire by rotation at 19th AGM, as a Director of the Company for further period, liable to retire by rotation.MoreLess
    Against DSP Mutual Fund
    • DSP Mutual FundMihir Prakash Bajoria, 40, is part of the promoter family and Managing Director. He was appointed as a NonExecutive NonIndependent Director on 24 May 2025, and, as part of the successionplanning process, the board has decided to appoint him as Managing Director on 1 March 2026. He attended three out of five (60%) board meetings held in FY26 during his tenure which is low. Due to his low attendance, we are unable to support the resolution.
    0 for1 against
  • Ratification of remuneration payable to Cost Auditors of the Company, M/s Mani & Co., Cost Accountants, for the financial year 2026-27.
    1 for0 against

Mutual fund votes, meeting of 17 Jul 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • Appointment of Mr Mukesh Harshadrai Rawal (DIN: 11676514) as Non-Executive Non-Independent Director of the Company, liable to retire by rotation on and from 17th July, 2026.
    1 for0 against
5 earlier meetings

Mutual fund votes, meeting of 2 May 2026, 4 fund houses

  • Appointment of Mr Mihir Prakash Bajoria (DIN: 09346426) as Managing Director of the Company for a period of three years from 1st March, 2026 to 28th February, 2029, both days inclusive, liable to retire by rotation, and payment of Remuneration to himMoreLess
    Against DSP Mutual Fund, Motilal Oswal Mutual Fund
    • DSP Mutual FundMihir Prakash Bajoria, 40, is part of the promoter group and is currently designated as the Managing Director of the company. He is the son of Shishir Kumar Bajoria, Executive Chairperson of the company. He was appointed as a Non‑Executive Non‑Independent Director on 24 May 2025, and, as part of the succession‑planning process, the board has decided to appoint him as Managing Director. He has 16 years of experience and served as a Director and Executive Chairperson on the board of Monocon International Refractories Ltd. (MIRL), a UK‑based wholly owned step‑down subsidiary, from February 2010 to August 2025. He resigned from the board of MIRL citing personal reasons.He attended three out of five board meetings held in FY26 (60%), from the date of his appointment as Non‑Executive Non‑Independent Director until the date of the notice. We expect directors to attend all board meetings and, at a minimum, at least 75% of meetings.Mihir Prakash Bajoria was paid Rs. 25.9 mn as remuneration from MIRL in FY25. We estimate his FY27 remuneration at Rs. 33.3 mn, which is reasonable and commensurate with the size of the business and peer benchmarks. However, the remuneration structure includes reimbursement of medical expenses for self. We believe these expenses are personal in nature and should be borne by the directors themselves. Given the concerns regarding his remuneration structure and low board attendance, we are unable to support the resolution.
    • Motilal Oswal Mutual FundProposed remuneration appears skewed towards proposed promoter director. Board discretion to alter terms and conditions of remuneration.
    2 for2 against

Mutual fund votes, meeting of 5 Feb 2026, 4 fund houses

  • Re-appointment of Mr. Shishir Kumar Bajoria (DIN: 00084004) as Executive Chairman (Whole-time Director) of the Company for the period of three years from 1st April 2026 to 31st March 2029, both days inclusive and payment of Remuneration to himMoreLess
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. No concern identified on the merits of proposed director. Governance concern: Combined position of Chairman and Executive Director, may result in concentration of powers in the hands of a single person. No absolute cap on variable pay or total remuneration.
    3 for1 against
  • Re-appointment of Mr. Rajesh Agarwal (DIN: 09786410) as Director - General Counsel (Whole-time Director) of the Company for the period of three years from 12th November 2025 to 11th November 2028, both days inclusive and payment of remuneration to himMoreLess
    4 for0 against

Mutual fund votes, meeting of 27 Aug 2025, 3 fund houses

  • Adoption of both Standalone and Consolidated Audited Financial Statements of the Company for year ended on 31st March, 2025, Reports of the Board of Directors and Auditors thereon.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundUnqualified financial statements. Non-Compliant with Companies Act, 2013 and Regulation 46(2)(s) of SEBI LODR: Non-disclosure of the audited financial statements of Few Subsidiaries on the website of the Company.
    2 for1 against
  • Confirmation of payment of Interim Dividend @ 60% i.e. Rs 6 per Equity Share and approval for payment of Final Dividend @ 10% i.e. Re 1 per Equity Share recommended by the Board of Directors for Financial Year 2024-25.MoreLess
    3 for0 against
  • Re-appointment of Mr Shishir Kumar Bajoria (DIN: 00084004) , to the extent he is required to retire by rotation at 18th AGM, as a Director of the Company for further period liable to retire by rotation.MoreLess
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Combined position of Chairman and Executive Director.
    2 for1 against
  • Appointment of Mr Mihir Prakash Bajoria (DIN: 09346426) as Non Executive Non Independent Director of the Company.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundNon-Compliant with Regulation 17(1C) of the SEBI (LODR) Regulations: Delayed Shareholders’ approval proposed i.e. after lapse of three months from the date of appointment.
    2 for1 against
  • Appointment of M/s P Sarawagi & Associates, Practicing Company Secretaries, [Proprietor Mr P K Sarawagi (Membership No. FCS 3381 and C.P. No. 4882)] as Secretarial Auditors of the Company for term of 5 (five) years immediately after conclusion of 18th AGM until conclusion of 23rd AGM of the Company.MoreLess
    3 for0 against
  • Ratification of Remuneration for FY 2025-26 of Cost Auditors, M/s Mani & Co .
    3 for0 against

Mutual fund votes, meeting of 5 Jul 2025, 2 fund houses

  • Issue of Bonus Shares
    2 for0 against
  • Increase in Authorised Share Capital and consequent alteration to the Capital Clause of the Memorandum of Association
    2 for0 against

Mutual fund votes, meeting of 31 Jul 2024, 4 fund houses

  • Ordinary Resolution for adoption of both Standalone and Consolidated Audited Financial Statements of the Company for year ended on 31st March, 2024, Reports of Board of Directors and Auditors thereon.
    4 for0 against
  • Ordinary Resolution for approval for payment of Final Dividend @ 70% (Rs 7) per Equity Share recommended by the Board of Directors for Financial Year 2023-24.
    4 for0 against
  • Ordinary Resolution for re-appointment of Mr James Leacock McIntosh (DIN: 09287829) as a Director of the Company for further period liable to retire by rotation.
    4 for0 against
  • Ordinary Resolution for re-appointment of M/s S. R. Batliboi& Co LLP, Chartered Accountants, Firm Registration No. 301003E/E300005 as Statutory Auditors of the Company for second term of 5 (five) years immediately after conclusion of 17th Annual General Meeting and to fix their Remuneration.MoreLess
    Against LIC Mutual Fund
    • LIC Mutual FundNo concern on the merit of proposed Auditor. Non-Compliant with SEBI LODR Regulation: Proposed audit fee to be paid to the auditors & credential of Auditors not disclosed.
    3 for1 against
  • Special Resolution for re-appointment of Mr James Leacock McIntosh (DIN: 09287829) as Managing Director of the Company on and from 1st September, 2024 for a period of 3 years ending on 31st August, 2027 and payment of Remuneration to himMoreLess
    Against DSP Mutual Fund
    • DSP Mutual FundJames Leacock McIntosh, 61, has been the Managing Director since September 2021. He has over three decades of experience in the refractory industry. He was appointed via an EGM in December 2021, with his remuneration from IFGL Worldwide Holdings Ltd, Isle of Man (IWHL) capped at GBP 346,000(including HRA) and subject to adjustments for UK inflation. In FY24, he received a total remuneration of Rs. 100.1 mn, with Rs. 82.0 mn coming from IWHL, which was significantly higher than the proposed amount. The current remuneration terms limit his compensation from IWHL to USD 0.45 mn (approximately Rs. 37.35 mn), which is less than what he was paid in FY24. Consequently, we cannot estimate his proposed remuneration. His remuneration structure is largely fixed and will be paid even in the event of inadequate profits. While we support James McIntosh's reappointment as Managing Director, we do not support the resolution regarding his remuneration.
    3 for1 against
  • Ordinary Resolution for entering into transactions with Related Parties pursuant to Section 188 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014.
    Against LIC Mutual Fund
    • LIC Mutual FundCompliant with law. Governance Concern: Clubbing of resolutions. Intent behind seeking approval of RPT not clear. Inadequate disclosures.
    3 for1 against
  • Ordinary Resolution for ratification of Remuneration for FY 2024-2025 of Cost Auditors, M/s Mani & Co
    4 for0 against

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

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeAssistant Commissioner of Income Tax, Ward 5(1), KolkataSince 10 Apr 2024
    Ongoing
    At the filing before: The Company has filed a Writ Petition (WPO No. 506 of 2024) before the Hon’ble High Court at Calcutta, challenging the Order under Section 148A and the Notice issued under Section 148 for AY 2018-19. The dispute pertains to the deduction of Rs. 5,006 lakhs claimed by the Company on account of depreciation on goodwill arising from amalgamation, with the tax involved amounting to Rs. 1,732 lakhs. The Hon’ble Court has heard the petition and passed an order directing that no further steps be taken by the respondents based on the notice issued under Section 148 until the disposal of the Writ Petition.MoreLess
  • Tax disputeAssistant Commissioner of Income Tax, Ward 5(1), KolkataSince 10 Apr 2024
    Ongoing
    At the filing before: The Company has filed a Writ Petition (WPO No. 507 of 2024) before the Hon’ble High Court at Calcutta, challenging the Order under Section 148A and the Notice issued under Section 148 for AY 2019-20. The matter relates to the deduction of Rs. 3,755 lakhs claimed by the Company on account of depreciation on goodwill arising from amalgamation, with the tax involved amounting to Rs.1,312 lakhs. The Hon’ble Court, after hearing the petition, has directed that no further steps be taken by the respondents based on the notice issued under Section 148 until the disposal of the Writ Petition.MoreLess
  • Tax disputeAssistant Commissioner of Income Tax, Ward 5(1), KolkataSince 26 Sep 2022
    Ongoing
    At the filing before: Being aggrieved by the Order passed under Section 143(3) for AY 2020-21, disallowing the deduction of Rs. 28,15,95,821 claimed by the Company as depreciation on goodwill arising from amalgamation (with tax involved amounting to Rs. 984 lakhs), the Company has filed an Appeal before the Ld. Commissioner of Income Tax (Appeals) on 17th October, 2022. The Appeal is currently pending adjudication before the CIT (Appeals). Whole of the demand of Rs. 5,17,96,834/- raised, has been adjusted along with interest by the Department from following Refunds: AY 2023-24 - Rs. 5,71,31,735/- and AY 2024-25 - Rs. 45, 06, 487/- Order passed by AO on 9th February, 2026 whereby erroneously refund of Rs. 2,97,550/- only was raised .MoreLess
  • Tax disputeAssistant Commissioner of Income Tax, Ward 5(1), KolkataSince 21 Aug 2024
    Ongoing
    At the filing before: Being aggrieved by Order passed under Section 154 for AY 2022-23, whereby a sum of Rs. 13,872 lakhs was disallowed on account of deviation from the method of valuation specified under Section 145A and disclosure under ICDS, resulting in demand of Rs. 6,434 lakhs, the Company has filed an Appeal before the Ld. Commissioner of Income Tax (Appeals) on 23rd September, 2024. The Appeal is currently pending before CIT (Appeals). Demand of Rs. 66,34,73,917, to the extent of Rs. 1,49,99,421/- has been adjusted by the Department from following Refunds: AY 2024-25 - Rs. 1,43,00,828/- , AY 2016-17 - Rs. 25,801 /- and AY 2023-24 - Rs. 6,72,792/- .MoreLess
  • Tax disputeAssistant Commissioner of Income Tax, Ward 5(1), KolkataSince 4 Nov 2019
    Ongoing
    At the filing before: The Company challenged the vires of the Explanation to Section 10AA(1) of the Income Tax Act, 1961, inserted with effect from the Assessment Year beginning 1st April, 2018, by filing Writ Petition No. 544 of 2019 before the Hon’ble Court. The Writ Petition was dismissed by the Single Bench on 3rd October, 2023. Being aggrieved, the Company has preferred an Appeal (APO No. 193 of 2023) before the Division Bench of the Hon’ble Court on 10th January, 2024, involving a tax amount of Rs. 654.68 lakhs. The Hon’ble Division Bench admitted the Appeal on 10th January, 2024, and it is presently pending for hearing.MoreLess

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

Investor complaints and compliance

Quarter by quarter.

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

  • Received
  • Resolved

Open at the quarter's end

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

The company's own answers in its filing.