IG Petrochemicals logo

IG Petrochemicals CEO, MD, chairman, board of directors and AGM

NSE: IGPLBSE: 500199Chemicals & PetrochemicalsSmall Cap

Last close ₹507.35down ₹33.65 (6.22%)BSE ₹507.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹541.00.

52-week range of traded prices to 23 Oct 2026
₹315.00Low, 9 Mar 2026₹609.90High, 28 Sep 2026
Market cap
₹1,562 Cr1,383rd largest listed
P/E
19.1
P/B
1.2
Dividend yield
0.99%
ROE
6.1%
ROCE
8.1%
Debt to equity
0.27
Volume, NSE
58,75360.8% delivered

IG Petrochemicals 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 directorNikunj DhanukaRelated to the promoter
  • Chief executiveMayank Dhanuka
  • Company Secretary and Compliance OfficerSudhir R Singh

7 directors4 independent3 executive

  • Nikunj Dhanuka · Chairperson and managing directorExecutive · joined Jul 1998 · reappointed Apr 2025 · 2 listed boards · 3 committee seats
  • Mayank Dhanuka · Chief executiveExecutive · joined Feb 2025 · 2 listed boards · 1 committee seat
  • Sagar Haribhau JadhavExecutive · joined Apr 2024 · reappointed Aug 2025 · 1 listed board
  • Shrikant Shreeniwas SomaniIndependent · joined Jul 2024 · reappointed Jul 2024 · 23 months as independent · 3 listed boards · 3 as independent · 5 committee seats
  • Girija BalakrishnanIndependent · joined Jul 2024 · reappointed Jul 2024 · 23 months as independent · 6 listed boards · 6 as independent · 10 committee seats, 4 as chair
  • Jyotin Kantilal MehtaIndependent · joined Feb 2025 · reappointed Feb 2025 · 16 months as independent · 4 listed boards · 4 as independent · 10 committee seats, 5 as chair
  • Sanjoy Susim DattaIndependent · joined Nov 2025 · reappointed Nov 2025 · 7 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.

1 director who left
  • Madan Mohan Dhanuka, left 13 Feb 2025: Others

Committees and meetings

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

  • Board

    • 18 May 20267 of 7 present4 independent · 95 days in between
    • 11 Feb 20266 of 7 present4 independent

  • Audit Committee

    Chair Jyotin Mehta

    Girija Balakrishnan, Shrikant Somani, Nikunj Dhanuka

    • 18 May 20264 of 4 present3 independent · 95 days in between
    • 11 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Shrikant Somani

    Girija Balakrishnan, Jyotin Mehta, Nikunj Dhanuka

    • 18 May 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Girija Balakrishnan

    Shrikant Somani, Mayank Dhanuka

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Mayank Dhanuka

    Jyotin Mehta, Nikunj Dhanuka, Sagar Jadhav

    • 6 Mar 20263 of 4 present1 independent

  • Corporate Social Responsibility Committee

    Chair Shrikant Somani

    Nikunj Dhanuka, Mayank Dhanuka, Sagar Jadhav

    • 18 May 20264 of 4 present1 independent · 95 days in between
    • 11 Feb 20263 of 4 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 auditors

Named in the results for the quarter to Jun 2026.

  • MSKA & ASSOCIATES LLPPeer-review certificate valid to Jul 2027
  • SMMP & COMPANYPeer-review certificate valid to May 2027
1 earlier auditor
  • MSKA & ASSOCIATESNamed in filings from Mar 2025 to Mar 2026

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.

IG Petrochemicals 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.IG Petrochemicals dividend history

Annual general meeting, 6 Aug 2026

33,683 shareholders on the register on 30 Jul 2026; present: 13 promoters and 31 others; votes counted by MARTINHO FERRAO / MARTINHO FERRAO & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (standalone and consolidated) of the Company for the financial year ended 31st March, 2026 and the Report of the Board of Directors and the Auditors Report thereon.MoreLess
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.00% · other public 25.01%

    Turnout: all 53.36% · promoters 76.44% · institutions 10.32% · other public 1.36%

  2. To declare Dividend for the financial year ended 31st March, 2026.
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.00% · other public 25.01%

    Turnout: all 53.43% · promoters 76.44% · institutions 11.82% · other public 1.36%

  3. To appoint a Director in place of Shri Nikunj Dhanuka (DIN 00193499) who retires by rotation and being eligible offers himself for re-appointment.
    Ordinary
    99.79% for0.21% against

    Against: promoters 0.00% · institutions 4.26% · other public 25.24%

    Turnout: all 53.42% · promoters 76.44% · institutions 11.82% · other public 1.36%

  4. Payment of remuneration by way of commission to the Non-Executive Directors.
    Ordinary
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.00% · other public 26.63%

    Turnout: all 53.42% · promoters 76.44% · institutions 11.82% · other public 1.36%

  5. Re-appointment of Shri Sagar Jadhav (DIN 09547029) as Executive Director.
    Special
    98.97% for1.03% against

    Against: promoters 0.00% · institutions 89.42% · other public 25.09%

    Turnout: all 53.42% · promoters 76.44% · institutions 11.82% · other public 1.36%

  6. Ratification of Remuneration of Cost Auditor
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.00% · other public 25.31%

    Turnout: all 53.42% · promoters 76.44% · institutions 11.82% · other public 1.36%

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, 15 Dec 2025, 1 resolution

36,172 shareholders on the register on 7 Nov 2025; votes counted by MARTINHO FERRAO / MARTINHO FERRAO & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Appointment of Shri Sanjoy Datta (DIN 00499015) as an Independent Director
    Special
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.00% · other public 39.96%

    Turnout: all 53.10% · promoters 74.55% · institutions 41.99% · other public 0.84%

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

Annual general meeting, 7 Aug 2025, 7 resolutions

35,792 shareholders on the register on 31 Jul 2025; present: 14 promoters and 29 others; votes counted by MARTINHO FERRAO / MARTINHO FERRAO & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (standalone and consolidated) of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and the Auditors’ thereon.MoreLess
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.00% · other public 47.02%

    Turnout: all 65.56% · promoters 93.80% · institutions 22.56% · other public 0.66%

  2. To declare Dividend for the financial year ended 31st March, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 65.63% · promoters 93.80% · institutions 24.36% · other public 0.66%

  3. To appoint a Director in place of Shri Sagar Jadhav (DIN 09547029) who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 10.81% · other public 47.02%

    Turnout: all 65.63% · promoters 93.80% · institutions 24.36% · other public 0.66%

  4. Appointment of M/s. S M M P & Co., Chartered Accountants as the Joint Statitory Auditors of the Company
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.00% · other public 47.20%

    Turnout: all 65.63% · promoters 93.80% · institutions 24.36% · other public 0.66%

  5. Payment of remuneration by way of commission to the Non-Executive Director
    Special
    97.74% for2.26% against

    Against: promoters 0.00% · institutions 99.98% · other public 54.16%

    Turnout: all 47.42% · promoters 67.30% · institutions 24.36% · other public 0.66%

  6. Appointment of M/s. Makarand M. Joshi & Co., Company Secretaries as Secretarial Auditors
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.00% · other public 47.20%

    Turnout: all 65.63% · promoters 93.80% · institutions 24.36% · other public 0.66%

  7. Ratification of remuneration of Cost Auditor
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.00% · other public 47.92%

    Turnout: all 65.63% · promoters 93.80% · institutions 24.36% · other public 0.66%

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

Postal ballot, 10 Apr 2025, 4 resolutions

34,541 shareholders on the register on 7 Mar 2025; votes counted by MARTINHO FERRAO / MARTINHO FERRAO & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Re-appointment of Shri Nikunj Dhanuka (DIN 00193499) as Managing Director and designated as Chairman and Managing Director
    SpecialPromoters have an interest in it
    96.85% for3.15% against

    Against: promoters 0.00% · institutions 65.72% · other public 20.00%

    Turnout: all 48.88% · promoters 67.30% · institutions 52.09% · other public 1.45%

  2. Appointment of Shri Mayank Dhanuka (DIN 00747034) as a Director
    OrdinaryPromoters have an interest in it
    99.62% for0.38% against

    Against: promoters 0.00% · institutions 4.73% · other public 19.99%

    Turnout: all 48.88% · promoters 67.30% · institutions 52.09% · other public 1.45%

  3. Appointment of Shri Mayank Dhanuka (DIN 00747034) as Whole-time Director designated as Executive Director & Chief Executive Officer
    SpecialPromoters have an interest in it
    96.85% for3.15% against

    Against: promoters 0.00% · institutions 65.72% · other public 20.13%

    Turnout: all 48.88% · promoters 67.30% · institutions 52.09% · other public 1.45%

  4. Appointment of Shri Jyotin Mehta (DIN 00033518) as an Independent Director
    SpecialPromoters have an interest in it
    98.97% for1.03% against

    Against: promoters 0.00% · institutions 27.42% · other public 19.89%

    Turnout: all 67.09% · promoters 93.80% · institutions 52.09% · other public 1.45%

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

Annual general meeting, 5 Sep 2024, 7 resolutions

Present: 14 promoters and 20 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (standalone and consolidated) of the Company for the financial year ended 31st March, 2024 and the Reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.00% · other public 19.01%

    Turnout: all 55.91% · promoters 76.30% · institutions 58.63% · other public 1.16%

  2. To declare Dividend for the financial year ended 31st March, 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 56.06% · promoters 76.30% · institutions 61.38% · other public 1.16%

  3. To appoint a Director in place of Shri M M Dhanuka (DIN 00193456) who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.69% for0.31% against

    Against: promoters 0.00% · institutions 3.48% · other public 19.02%

    Turnout: all 56.06% · promoters 76.30% · institutions 61.38% · other public 1.16%

  4. Payment of remuneration by way of commission to the Non-Executive Director.
    Special
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 2.46% · other public 19.96%

    Turnout: all 56.06% · promoters 76.30% · institutions 61.38% · other public 1.16%

  5. Appointment of Shri Shrikant Somani (DIN 00085039) as an Independent Director of the Company.
    Special
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.00% · other public 19.02%

    Turnout: all 56.06% · promoters 76.30% · institutions 61.38% · other public 1.16%

  6. Appointment of Smt. Girija Balakrishnan (DIN 06841071) as an Independent Director of the Company.
    Special
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.00% · other public 19.02%

    Turnout: all 56.06% · promoters 76.30% · institutions 61.38% · other public 1.16%

  7. Ratification of Remuneration of Cost Auditor.
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.00% · other public 19.14%

    Turnout: all 56.06% · promoters 76.30% · institutions 61.38% · other public 1.16%

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 Apr 2024, 2 resolutions

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

  1. Appointment of Shri Sagar Jadhav (DIN 09547029) as Director
    Ordinary
    97.93% for2.07% against

    Against: promoters 0.00% · institutions 43.41% · other public 27.08%

    Turnout: all 70.90% · promoters 98.11% · institutions 63.69% · other public 0.88%

  2. Appointment of Shri Sagar Jadhav (DIN 09547029) as Executive Director
    Special
    98.45% for1.55% against

    Against: promoters 0.00% · institutions 34.10% · other public 27.37%

    Turnout: all 70.70% · promoters 98.11% · institutions 59.82% · other public 0.87%

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.

Annual general meeting, 24 Aug 2023, 5 resolutions

Present: 15 promoters and 26 others.The company's voting result (opens in a new tab)

  1. Resolution 1: Adoption of Standalone and Consolidated Financial Statements for the year ended 31st March, 2023 together with the Report of Board of Directors and Auditors thereon
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.00% · other public 32.78%

    Turnout: all 54.90% · promoters 74.54% · institutions 62.79% · other public 0.49%

  2. Resolution 2: To declare Dividend for the financial year ended 31st March, 2023
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.27%

    Turnout: all 55.20% · promoters 74.54% · institutions 68.11% · other public 0.49%

  3. Resolution 3: To appoint a Director in place of Shri Nikunj Dhanuka (DIN 00193499) who retires by rotation and being eligible offers himself for re-appointment
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.00% · other public 32.96%

    Turnout: all 39.36% · promoters 51.49% · institutions 68.11% · other public 0.49%

  4. Resolution 4: Payment of remuneration by way of commission to the Non-Executive Director
    Special
    95.45% for4.55% against

    Against: promoters 0.00% · institutions 56.16% · other public 40.42%

    Turnout: all 48.60% · promoters 64.93% · institutions 68.11% · other public 0.49%

  5. Resolution 5: Ratification of the Remuneration of the Cost Auditor
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.00% · other public 33.92%

    Turnout: all 55.20% · promoters 74.54% · institutions 68.11% · other public 0.49%

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, 10 Aug 2022, 9 resolutions

Present: 16 promoters and 25 others.The company's voting result (opens in a new tab)

  1. Resolution 1 : Adoption of Standalone and Consolidated Financial Statements for the year ended 31st March, 2022
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 56.59% · promoters 76.43% · institutions 72.90% · other public 0.29%

  2. Resolution 2 : To declare Dividend for the financial year ended 31st March, 2022
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.50%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

  3. Resolution 3 : To appoint a Director in place of Shri J K Saboo
    Ordinary
    95.96% for4.04% against

    Against: promoters 0.00% · institutions 53.61% · other public 0.53%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

  4. Resolution 4 : Appointment of Statutory Auditors
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.97%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

  5. Resolution 5 : Continuation of holding of directorship by Shri M M Dhanuka
    Special
    99.15% for0.85% against

    Against: promoters 0.00% · institutions 11.27% · other public 1.54%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

  6. Resolution 6 : Re-appointment of Shri Nikunj Dhanuka as Managing Director & CEO
    Special
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 3.78% · other public 1.41%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

  7. Resolution 7 : Re-appointment of Shri J K Saboo as Executive Director
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.41%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

  8. Resolution 8 : Payment of remuneration by way of commission to the Non-Executive Directors
    Special
    95.43% for4.57% against

    Against: promoters 0.00% · institutions 60.64% · other public 5.18%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

  9. Resolution 9 : Ratification of Remuneration of Cost Auditor
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.32%

    Turnout: all 56.89% · promoters 76.43% · institutions 78.40% · other public 0.29%

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 15 Dec 2025, 1 fund house

  • Appointment of Shri Sanjoy Datta (DIN 00499015) as an Independent Director
    1 for0 against

Mutual fund votes, meeting of 7 Aug 2025, 1 fund house

  • To receive, consider and adopt the Audited Financial Statements (standalone and consolidated) of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and the Auditors’ thereon.MoreLess
    1 for0 against
  • To declare Dividend for the financial year ended 31st March, 2025.
    1 for0 against
  • To appoint a Director in place of Shri Sagar Jadhav (DIN 09547029) who retires by rotation and being eligible, offers himself for re-appointment.
    1 for0 against
  • Appointment of M/s. S M M P & Co., Chartered Accountants as the Joint Statitory Auditors of the Company
    1 for0 against
  • Payment of remuneration by way of commission to the Non-Executive Director
    1 for0 against
  • Appointment of M/s. Makarand M. Joshi & Co., Company Secretaries as Secretarial Auditors
    1 for0 against
  • Ratification of remuneration of Cost Auditor
    1 for0 against
5 earlier meetings

Mutual fund votes, meeting of 10 Apr 2025, 1 fund house

  • Re-appointment of Shri Nikunj Dhanuka (DIN 00193499) as Managing Director and designated as Chairman and Managing Director
    Against Aditya Birla Sun Life Mutual Fund
    • Aditya Birla Sun Life Mutual FundNikunj Dhanuka, 57, is Managing Director and CEO of IGPL and part of the promoter family. The company proposes to reappoint him as Managing Director designated as Chairperson and Managing Director from 27 April 2025. Nikunj Dhanuka received a remuneration of ~Rs. 24.2 mn in FY24 and we estimate his total remuneration for FY25 to be ~Rs. 38.8 mn, including commission of ~Rs. 20.1 mn. We support his reappointment but do not support the proposed remuneration. His remuneration for FY26 is estimated at ~Rs. 51.1 mn including commission of ~Rs. 29.7 mn (1.75% of net profits). The company has proposed an increase in the cap on the fixed pay and commission payable (from 1.5% to 1.75% of net profits). The company’s performance in FY24 was weaker than previous years. Hence, the reason for the increase in compensation is unclear. Further, his commission of up to 1.75% of net profits, is uncapped: therefore, as profitability increases, remuneration may be much higher over his tenure. The company must cap his remuneration in absolute terms. We expect the company to disclose performance metrics that will be used to determine his commission payout. Further, the remuneration structure contains reimbursement of medical expenses for self and family. We believe these expenses are personal in nature and should be borne by the directors themselves. He is also a member of the Audit Committee. As a good practice, the Audit Committee should comprise of non-tenured independent directors. Hence, we do not support the resolution.
    0 for1 against
  • Appointment of Shri Mayank Dhanuka (DIN 00747034) as a Director
    1 for0 against
  • Appointment of Shri Mayank Dhanuka (DIN 00747034) as Whole-time Director designated as Executive Director & Chief Executive Officer
    Against Aditya Birla Sun Life Mutual Fund
    • Aditya Birla Sun Life Mutual FundMayank Dhanuka, 46, is currently President, IG Petrochemicals Limited. Prior to his current role, he held the position of Chief Operating Officer. The company proposes to appoint Mayank Dhanuka as Whole time Director designated as Executive Director and CEO from 14 February 2025. He is liable to retire by rotation. Based on the proposed terms, his remuneration for FY26 is estimated at ~Rs. 51.7 mn including commission of Rs. ~18.7 mn (1.10% of net profits). We support his appointment. However, we do not support his remuneration since his proposed remuneration is high in comparison to peers and the size and complexity of the business. He is eligible for commission up to 1.10% of net profits, which is uncapped: therefore, as profitability increases, remuneration may be much higher over his tenure. The company must cap his remuneration in absolute terms. We expect the company to disclose performance metrics that will be used to determine his commission payout. Further, the remuneration structure contains reimbursement of medical expenses for self and family. We believe these expenses are personal in nature and should be borne by the directors themselves. Hence, we do not support the resolution.
    0 for1 against
  • Appointment of Shri Jyotin Mehta (DIN 00033518) as an Independent Director
    Against Aditya Birla Sun Life Mutual Fund
    • Aditya Birla Sun Life Mutual FundJyotin K. Mehta, 67, is the former VP and Chief Internal Auditor of Voltas Limited. He has more than forty years of experience in the areas of finance and accounting, internal audit, corporate governance, risk and controls, company law and legal and regulatory compliance and customer service. He has held leadership positions in Tata Group, ICICI Group and Shell Group of companies. He is a Chartered Accountant, Company Secretary and Management Accountant. He is a mentor and coach and visiting faculty at management schools in India. We note that until September 2024, he was on the board of Linde India Limited and was the Chairperson of its audit committee. The auditors of Linde India Limited had qualified the financial statements for FY24, citing concerns regarding related party transactions; which was followed by SEBI’s order dated 24 July 2024. In its order, SEBI has asserted that the company’s interpretation of the need to seek related party transaction approval was incorrect; the transactions were undertaken based on legal opinions despite not receiving shareholder approval. Further, SEBI also noted that the business allocation arrangement between Linde India Limited and a group company - Praxair India Private Limited was an arbitrary reallocation of business, presenting a potential risk to the future growth prospects of Linde India Ltd. Given the corporate governance failure that laces his past board membership, we do not support his appointment as an Independent Director.
    0 for1 against

Mutual fund votes, meeting of 5 Sep 2024, 1 fund house

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

  • To receive, consider and adopt the Audited Financial Statements (standalone and consolidated) of the Company for the financial year ended 31st March, 2024 and the Reports of the Board of Directors and the Auditors thereon.MoreLess
    1 for0 against
  • To appoint a Director in place of Shri M M Dhanuka (DIN 00193456) who retires by rotation and being eligible, offers himself for re-appointment.
    1 for0 against
  • Payment of remuneration by way of commission to the Non-Executive Director.
    1 for0 against
  • Appointment of Shri Shrikant Somani (DIN 00085039) as an Independent Director of the Company.
    1 for0 against
  • Appointment of Smt. Girija Balakrishnan (DIN 06841071) as an Independent Director of the Company.
    1 for0 against
  • Ratification of Remuneration of Cost Auditor.
    1 for0 against
1 proposal not matched to one resolution
  • Approve final dividend of Rs. 7.5 per equity share of face value Rs. 10.0 each for FY24
    1 for0 against

Mutual fund votes, meeting of 4 Apr 2024, 1 fund house

  • Appointment of Shri Sagar Jadhav (DIN 09547029) as Director
    1 for0 against
  • Appointment of Shri Sagar Jadhav (DIN 09547029) as Executive Director
    1 for0 against

Mutual fund votes, meeting of 24 Aug 2023, 1 fund house

  • Resolution 1: Adoption of Standalone and Consolidated Financial Statements for the year ended 31st March, 2023 together with the Report of Board of Directors and Auditors thereon
    1 for0 against
  • Resolution 2: To declare Dividend for the financial year ended 31st March, 2023
    1 for0 against
  • Resolution 3: To appoint a Director in place of Shri Nikunj Dhanuka (DIN 00193499) who retires by rotation and being eligible offers himself for re-appointment
    1 for0 against
  • Resolution 4: Payment of remuneration by way of commission to the Non-Executive Director
    1 for0 against
  • Resolution 5: Ratification of the Remuneration of the Cost Auditor
    1 for0 against

Mutual fund votes, meeting of 10 Aug 2022, 2 fund houses

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

  • Resolution 1 : Adoption of Standalone and Consolidated Financial Statements for the year ended 31st March, 2022
    1 for0 against
  • Resolution 2 : To declare Dividend for the financial year ended 31st March, 2022
    1 for0 against
  • Resolution 3 : To appoint a Director in place of Shri J K Saboo
    1 for0 against
  • Resolution 4 : Appointment of Statutory Auditors
    1 for0 against
  • Resolution 5 : Continuation of holding of directorship by Shri M M Dhanuka
    1 for0 against
  • Resolution 6 : Re-appointment of Shri Nikunj Dhanuka as Managing Director & CEO
    1 for0 against
  • Resolution 7 : Re-appointment of Shri J K Saboo as Executive Director
    2 for0 against
  • Resolution 8 : Payment of remuneration by way of commission to the Non-Executive Directors
    2 for0 against
  • Resolution 9 : Ratification of Remuneration of Cost Auditor
    1 for0 against
7 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundThe company seeks approval to pay commission to Non-Executive Directors upto 1.5% of net profits, of which 1.4% of net profits will be paid to M M Dhanuka, promoter and Non-Executive Chairperson. In the last five years, the company paid commission to non-executive directors ranging from Rs. 3.3 mn to 55.4 mn, which is at 1.0% of standalone PBT each year, with the exception being 1.5% of PBT for FY22. We note that in the last five years, ~90% of the aggregate commission has been paid to Non-Executive Promoter Chairperson M M Dhanuka. We do not support payment of remuneration to M M Dhanuka at 1.4% of net profits without an absolute cap: it is high for the size of business. Further, M M Dhanuka is a member of the NRC, which creates a conflict of interest.He was also paid commission of Rs. 49.9 mn in FY22, which is high for the size of business and not in line with peers. The company should have sought shareholder approval for payment to NEDs and for payments in excess of 50% to all NEDs to M M Dhanuka - through separate resolutions.
    0 for1 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 9, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundNikunj Dhanuka, 55, is part of the promoter family. We estimate his FY23 remuneration at Rs. 74.6 mn, which is high for the size of business and not in line with peers. He was paid remuneration of Rs. 68.5 mn in FY22, which was 9.1% of consolidated employee benefit expenses. We do not support the practice of paying commission to Nikunj Dhanuka at 1.5% of net profits, without an absolute cap on the quantum of commission.Further, we note that M M Dhanuka, promoter, is a member of the Nomination & Remuneration Committee. We raise concerns at the delay in seeking reappointment: regulations require companies to seek shareholder approval within three months of reappointment.
    0 for1 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

At most 4 complaints open, quarter to Jun 2026.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.