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India Glycols MD, chairman, board of directors and AGM

NSE: INDIAGLYCOBSE: 500201BeveragesSmall Cap

Last close ₹287.45down ₹8.55 (2.89%)BSE ₹287.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹296.00.

52-week range of traded prices to 23 Oct 2026
₹217.00Low, 2 Sep 2026₹1,222.00High, 20 Nov 2025
Market cap
₹1,927 Cr709th largest listed
P/E
Demergernew accounts awaited
P/B
Demergernew accounts awaited
Dividend yield
0.53%
ROE
Demergernew accounts awaited
ROCE
Demergernew accounts awaited
Debt to equity
Demergernew accounts awaited
Volume, NSE
3,96,43934.6% delivered

India Glycols 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 directorUMA SHANKAR BHARTIARelated to the promoter
  • Company Secretary and Compliance OfficerAnkur Jain

8 directors4 independent3 executive1 non-executive

  • UMA SHANKAR BHARTIA · Chairperson and managing directorExecutive · joined Nov 1996 · reappointed Apr 2026 · 2 listed boards · 6 committee seats, 1 as chair
  • JAYSHREE BHARTIANon-executive · joined May 1999 · 1 listed board · 1 committee seat
  • SHUKLA WASSANIndependent · joined Apr 2020 · reappointed Apr 2025 · 75 months as independent · 3 listed boards · 3 as independent · 5 committee seats, 3 as chair
  • PRAGYA BHARTIA BARWALEExecutive · joined Jun 2020 · reappointed Jun 2025 · 2 listed boards
  • ALOK SINGHALExecutive · joined Dec 2023 · 1 listed board · 1 committee seat
  • RAVI KUMARIndependent · joined Feb 2024 · reappointed Feb 2024 · 29 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
  • SAMRAT BANERJEEIndependent · joined Oct 2024 · reappointed Oct 2024 · 21 months as independent · 1 listed board · 1 as independent · 3 committee seats
  • SUSHIL DUTT SALWANIndependent · joined Oct 2024 · reappointed Oct 2024 · 21 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.

Committees and meetings

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

  • Board

    • 14 May 20268 of 8 present4 independent · 57 days in between
    • 17 Mar 20266 of 8 present4 independent · 34 days in between
    • 10 Feb 20268 of 8 present4 independent

  • Audit Committee

    Chair RAVI KUMAR

    SAMRAT BANERJEE, ALOK SINGHAL

    • 14 May 20263 of 3 present2 independent · 92 days in between
    • 10 Feb 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair RAVI KUMAR

    SHUKLA WASSAN, SUSHIL DUTT SALWAN

    • 14 May 20263 of 3 present3 independent · 92 days in between
    • 10 Feb 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair SHUKLA WASSAN

    SAMRAT BANERJEE, UMA SHANKAR BHARTIA

    • 14 May 20263 of 3 present2 independent
    • 10 Feb 20263 of 3 present2 independent

  • Risk Management Committee

    Chair UMA SHANKAR BHARTIA

    PRAGYA BHARTIA BARWALE, RAVI KUMAR, SHUKLA WASSAN, ALOK SINGHAL, RUPARK SARSWAT, ANAND SINGHAL, ATUL GOVIL

    • 14 May 20265 of 5 present2 independent

  • Corporate Social Responsibility Committee

    Chair UMA SHANKAR BHARTIA

    PRAGYA BHARTIA BARWALE, SAMRAT BANERJEE, ALOK SINGHAL

    • 14 May 20264 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 auditor

Named in the results for the quarter to Mar 2026.

  • K.N. Gutgutia & Co.Peer-review certificate valid to Nov 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.

India Glycols 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.India Glycols dividend history

Annual general meeting, 19 Aug 2026

53,738 shareholders on the register on 12 Aug 2026; present: 7 promoters and 45 others; votes counted by Ashish Saxena / Ashish Saxena & Co..The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026 together with the Auditors’ Report thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 65.64% · promoters 100.00% · institutions 75.07% · other public 0.87%

  2. Confirmation the payment of Interim dividend of Rs. 7.50/- per Equity Share as the final dividend for the financial year ended 31st March, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 65.68% · promoters 100.00% · institutions 75.51% · other public 0.87%

  3. Re-appointment of Shri Alok Singhal (DIN:10359043), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    97.76% for2.24% against

    Against: promoters 0.00% · institutions 25.54% · other public 0.23%

    Turnout: all 65.68% · promoters 100.00% · institutions 75.51% · other public 0.87%

  4. Ratification of the remuneration payable to M/s R. J. Goel & Co., Cost Auditor (Firm Registration No. 000026) for the financial year ending 31st March, 2027.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 65.68% · promoters 100.00% · institutions 75.51% · 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.

Meeting called by the tribunal, 24 Mar 2026, 1 resolution

54,019 shareholders on the register on 17 Mar 2026; present: 5 promoters and 44 others; votes counted by Mr. Sumit Agrawal / M/s Sumit K.B. Agrawal & Co..The company's voting result (opens in a new tab)

  1. To consider and, if thought fit, to approve with or without modification(s) the Scheme of Arrangement amongst India Glycols Limited (“Demerged Company”) and Ennature Bio Pharma Limited (“Resulting Company 1”) and IGL Spirits Limited (“Resulting Company 2”) and their respective shareholders (“Scheme”), under Sections 230 to 232 of the Companies Act, 2013.MoreLess
    Special
    100.00% for0.00% against

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

    Turnout: all 66.02% · promoters 100.00% · institutions 83.56% · other public 1.34%

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

Extraordinary general meeting, 12 Nov 2025, 1 resolution

56,461 shareholders on the register on 5 Nov 2025; present: 6 promoters and 35 others; votes counted by Ashish Saxena / Ashish Saxena & Co..The company's voting result (opens in a new tab)

  1. Issue of Equity Shares on Preferential Basis.
    SpecialPromoters have an interest in it
    99.79% for0.21% against

    Against: promoters 0.00% · institutions 6.97% · other public 0.35%

    Turnout: all 63.23% · promoters 100.00% · institutions 49.22% · other public 0.95%

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, 30 Sep 2025, 5 resolutions

56,260 shareholders on the register on 23 Sep 2025; present: 7 promoters and 46 others; votes counted by Ashish Saxena / Ashish Saxena & Co..The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 together with the Auditors’ Report thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 63.00% · promoters 100.00% · institutions 45.38% · other public 0.51%

  2. Declaration of dividend at the rate of 100% of the face value of each equity share for the financial year ended 31st March 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 63.03% · promoters 100.00% · institutions 46.26% · other public 0.51%

  3. Re-appointment of Smt. Jayshree Bhartia, (DIN: 00063018), who retires by rotation and being eligible, offers herself for re-appointment.
    Ordinary
    97.96% for2.04% against

    Against: promoters 0.00% · institutions 70.07% · other public 0.10%

    Turnout: all 63.03% · promoters 100.00% · institutions 46.26% · other public 0.51%

  4. Ratification of the remuneration payable to M/s R. J. Goel & Co., Cost Auditor (Firm Registration No. 000026) for the financial year ending 31st March, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.24%

    Turnout: all 63.03% · promoters 100.00% · institutions 46.26% · other public 0.51%

  5. Approval of appointment of M/s Mukesh Agarwal & Co., Company Secretaries, (Certificate of practice No.: 3851) as the Secretarial Auditor of the Company, for a term of 5 (five) consecutive years commencing from Financial Year 2025-26.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.38%

    Turnout: all 63.03% · promoters 100.00% · institutions 46.26% · other public 0.51%

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, 22 Jul 2025, 5 resolutions

56,372 shareholders on the register on 13 Jun 2025; votes counted by Ashish Saxena / Ashish Saxena & Co. Company Secretaries.The company's voting result (opens in a new tab)

  1. Sub-division/Spilt of equity shares of the Company.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.89%

    Turnout: all 63.36% · promoters 100.00% · institutions 35.92% · other public 1.62%

  2. Adoption of new set of Memorandum of Association by way of alteration.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.42%

    Turnout: all 63.36% · promoters 100.00% · institutions 35.92% · other public 1.62%

  3. Adoption of new set of Articles of Association of the Company as per Companies Act, 2013.
    Special
    97.48% for2.52% against

    Against: promoters 0.00% · institutions 89.13% · other public 0.42%

    Turnout: all 63.36% · promoters 100.00% · institutions 35.92% · other public 1.62%

  4. Re-appointment of Ms. Pragya Bhartia Barwale (DIN: 02109262) as an Executive Director of the Company for a further period of 5 (Five) years w.e.f. 24th June, 2025 till 23rd June, 2030.
    Special
    97.18% for2.82% against

    Against: promoters 0.00% · institutions 88.51% · other public 36.28%

    Turnout: all 63.36% · promoters 100.00% · institutions 35.92% · other public 1.62%

  5. Re-appointment of of Shri U.S. Bhartia (DIN:00063091) as Chairman and Managing Director of the Company for a further period of 5 (Five) years w.e.f. 1st April, 2026 till 31st March, 2031.
    Special
    97.17% for2.83% against

    Against: promoters 0.00% · institutions 89.13% · other public 36.29%

    Turnout: all 63.36% · promoters 100.00% · institutions 35.92% · other public 1.62%

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

Postal ballot, 26 Nov 2024, 3 resolutions

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

  1. Appointment of Shri Sushil Dutt Salwan (DIN: 10776621) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 1st October, 2024.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.18%

    Turnout: all 64.56% · promoters 100.00% · institutions 69.55% · other public 0.24%

  2. Appointment of Shri Samrat Banerjee (DIN: 06706345) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 1st October, 2024.
    Special
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 2.44% · other public 1.18%

    Turnout: all 64.56% · promoters 100.00% · institutions 69.55% · other public 0.24%

  3. Re-appointment of Smt. Shukla Wassan (DIN: 02770898) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 1st April, 2025.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.81%

    Turnout: all 64.56% · promoters 100.00% · institutions 69.55% · other public 0.24%

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.

Annual general meeting, 28 Aug 2024, 5 resolutions

Present: 14 promoters and 36 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2024, together with the Reports of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 together with the Auditors’ Report thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 64.04% · promoters 100.00% · institutions 66.20% · other public 0.20%

  2. Declaration of dividend of Rs. 8/- per Equity share for the financial year ended 31st March 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 64.09% · promoters 100.00% · institutions 67.38% · other public 0.20%

  3. Re-appointment of Shri. Uma Shankar Bhartia (DIN: 00063091), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    97.41% for2.59% against

    Against: promoters 0.00% · institutions 55.23% · other public 0.00%

    Turnout: all 64.09% · promoters 100.00% · institutions 67.38% · other public 0.20%

  4. Ratification of the remuneration payable to M/s R. J. Goel & Co., Cost Auditor (Firm Registration No.-000026) for the financial year ending 31st March, 2025.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 64.09% · promoters 100.00% · institutions 67.38% · other public 0.20%

  5. Approval for payment of Commission to Non-Executive Directors and Independent Directors for a period of 5 (Five) years commencing from 1st April, 2024.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.02%

    Turnout: all 64.09% · promoters 100.00% · institutions 67.38% · other public 0.20%

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, 25 Mar 2024, 1 resolution

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

  1. Appointment of Shri Ravi Kumar (DIN: 02362615) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 2nd February, 2024.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 10.74%

    Turnout: all 62.27% · promoters 100.00% · institutions 65.80% · other public 0.36%

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.

How mutual funds voted

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

Mutual fund votes, meeting of 19 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026 together with the Auditors’ Report thereon.MoreLess
    1 for0 against
  • Confirmation the payment of Interim dividend of Rs. 7.50/- per Equity Share as the final dividend for the financial year ended 31st March, 2026.
    1 for0 against
  • Re-appointment of Shri Alok Singhal (DIN:10359043), who retires by rotation and being eligible, offers himself for re-appointment.
    1 for0 against
  • Ratification of the remuneration payable to M/s R. J. Goel & Co., Cost Auditor (Firm Registration No. 000026) for the financial year ending 31st March, 2027.
    1 for0 against

Mutual fund votes, meeting of 24 Mar 2026, 7 fund houses

  • To consider and, if thought fit, to approve with or without modification(s) the Scheme of Arrangement amongst India Glycols Limited (“Demerged Company”) and Ennature Bio Pharma Limited (“Resulting Company 1”) and IGL Spirits Limited (“Resulting Company 2”) and their respective shareholders (“Scheme”), under Sections 230 to 232 of the Companies Act, 2013.MoreLess
    7 for0 against
6 earlier meetings

Mutual fund votes, meeting of 12 Nov 2025, 7 fund houses

  • Issue of Equity Shares on Preferential Basis.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: The proposed issuance has a potential to cause significant dilution and there is no justification for not opting rights issue. Transparency Concern: There is also no clarity on the basis of selection of proposed allottees and whether any due diligence was conducted to ascertain the financial capabilities of the allottees to meet their payment obligation under the issue.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: The proposed issuance has a potential to cause significant dilution and there is no justification for not opting rights issue. Transparency Concern: There is also no clarity on the basis of selection of proposed allottees and whether any due diligence was conducted to ascertain the financial capabilities of the allottees to meet their payment obligation under the issue.
    3 for4 against

Mutual fund votes, meeting of 30 Sep 2025, 7 fund houses

  • Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 together with the Auditors’ Report thereon.MoreLess
    7 for0 against
  • Declaration of dividend at the rate of 100% of the face value of each equity share for the financial year ended 31st March 2025.
    7 for0 against
  • Re-appointment of Smt. Jayshree Bhartia, (DIN: 00063018), who retires by rotation and being eligible, offers herself for re-appointment.
    Against Mirae Asset Mutual Fund
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    6 for1 against
  • Ratification of the remuneration payable to M/s R. J. Goel & Co., Cost Auditor (Firm Registration No. 000026) for the financial year ending 31st March, 2026.
    7 for0 against
  • Approval of appointment of M/s Mukesh Agarwal & Co., Company Secretaries, (Certificate of practice No.: 3851) as the Secretarial Auditor of the Company, for a term of 5 (five) consecutive years commencing from Financial Year 2025-26.MoreLess
    7 for0 against

Mutual fund votes, meeting of 22 Jul 2025, 7 fund houses

  • Sub-division/Spilt of equity shares of the Company.
    7 for0 against
  • Adoption of new set of Memorandum of Association by way of alteration.
    7 for0 against
  • Adoption of new set of Articles of Association of the Company as per Companies Act, 2013.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Updated Articles of Association not disclosed / cannot be located.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: Updated AoA not disclosed / cannot be located.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    2 for5 against
  • Re-appointment of Ms. Pragya Bhartia Barwale (DIN: 02109262) as an Executive Director of the Company for a further period of 5 (Five) years w.e.f. 24th June, 2025 till 23rd June, 2030.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance concern: Skewed Remuneration in favour of promoters. No absolute cap on variable pay.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Skewed Remuneration in favour of promoters. No absolute cap on variable pay
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    2 for5 against
  • Re-appointment of of Shri U.S. Bhartia (DIN:00063091) as Chairman and Managing Director of the Company for a further period of 5 (Five) years w.e.f. 1st April, 2026 till 31st March, 2031.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: Skewed Remuneration in favour of promoters. No absolute cap on variable pay & holding position of Chairman and Managing Director may lead to concentration of powers in the hands of single person.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Skewed Remuneration in favour of promoters. No absolute cap on variable pay & holding position of Chairman and Managing Director.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    2 for5 against

Mutual fund votes, meeting of 26 Nov 2024, 4 fund houses

  • Appointment of Shri Sushil Dutt Salwan (DIN: 10776621) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 1st October, 2024.
    4 for0 against
  • Appointment of Shri Samrat Banerjee (DIN: 06706345) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 1st October, 2024.
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law. No concern on the merits of proposed appointee. Governance concern: Proposed term will lead to prolonged association with the Group.
    1 for3 against
  • Re-appointment of Smt. Shukla Wassan (DIN: 02770898) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 1st April, 2025.
    4 for0 against

Mutual fund votes, meeting of 28 Aug 2024, 4 fund houses

  • Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2024, together with the Reports of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 together with the Auditors’ Report thereon.MoreLess
    4 for0 against
  • Declaration of dividend of Rs. 8/- per Equity share for the financial year ended 31st March 2024.
    4 for0 against
  • Re-appointment of Shri. Uma Shankar Bhartia (DIN: 00063091), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Skewed Remuneration & holding position of Chairman and Managing Director.
    0 for4 against
  • Ratification of the remuneration payable to M/s R. J. Goel & Co., Cost Auditor (Firm Registration No.-000026) for the financial year ending 31st March, 2025.
    4 for0 against
  • Approval for payment of Commission to Non-Executive Directors and Independent Directors for a period of 5 (Five) years commencing from 1st April, 2024.
    4 for0 against

Mutual fund votes, meeting of 25 Mar 2024, 2 fund houses

  • Appointment of Shri Ravi Kumar (DIN: 02362615) as an Independent Director of the Company for a term of 5 (Five) consecutive years w.e.f. 2nd February, 2024.
    2 for0 against

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

Fines and tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltyDeputy Commissioner of State Tax, Appeal-4, (Mehsana) Gujarat. (“Appellate Authority”)Since 15 Apr 2026

    The Appellate Authority vide its Order dated 15th April, 2026 had set aside the entire penalty amount of Rs.7,20,570 (IGST) as imposed by State Tax Officer, GST (Amirgadh, (Gujarat) Mobile Squad) and in the same Order imposed a penalty of Rs.10,000 (IGST) due to clerical mistake of not disclosing the tax amount in E-way bill.

    A truck transporting imported Denatured Ethyl Alcohol (DEA) from Mundra Port to the Kashipur Plant of the Company was inspected by the State Tax Officer of the mobile squad in Amirgadh, Gujarat. Although the IGST applicable on the goods being transported in the vehicle was properly paid at the time of clearance of goods and was also reflected in the Bill of Entry, the same was inadvertently missed to be mentioned in the E-Way Bill. The officer considered this as a discrepancy under the provisions of the CGST / IGST Act and imposed the penalty of Rs. 7,20,570/-. Aggrieved by the said Order, the Company preferred an appeal before the Appellate Authority.MoreLess
  • Tax disputeAdditional Commissioner of Customs, Noida Custom CommissionerateSince 7 Jun 2024
    Pending for adjudication.
    At the filing before: A Show Cause notice was issued by Principal Commissioner alleging incorrect availment of Basic Customs Duty @2.5% instead of 5% during 01.07.2017 to 01.02.2021 on Import of DEA. Upon hearing, the Additional Commissioner had vide Order-in-Original dated 23.03.2024 confirmed an amount of Rs. 33.43 crore as duty paid short along with applicable interest, imposing penalty of Rs. 82 crore and redemption fine of Rs. 191.76 crore under the Customs Act, 1962. Subsequently, the Company filed an appeal before Commissioner (Appeals), Noida, Uttar Pradesh ("Appellate Authority") against the Impugned Order-in-Original dated 23.03.2024. The Appellate Authority vide its Order-in-Appeal dated 27.02.2026 has partially allowed the Company's appeal and upheld the Impugned Order with respect to demand of Rs. 33.43 crore as duty short paid along with applicable interest and penalty of Rs. 41 crores.The demand for penalty amount of Rs. 41 crore and redemption fine of Rs. 191.76 crore had been set aside. Consequently, there has been a reduction in the substantial amount of total demand against the Company in this matter. Based on the Company's assessment and advice of the legal counsel, the Company has a strong case on merit and has filed an appeal on 11.06.2026 before CESTAT, Allahabad against Order-in-Appeal dated 27.02.2026.MoreLess
  • Tax disputeCommissioner of CGST & Central Excise, E-Block, Nehru Colony, Haridwar Road, Dehradun, Uttarakhand (Commissioner).Since 9 May 2019
    Pending for adjudication.
    At the filing before: The Commissioner has filed an appeal challenging the order passed by the Customs, Excise & Service Tax Appellate Tribunal, New Delhi ("CESTAT"), New Delhi, setting aside the Commissioner's earlier order dated 9th May 2019. The Company has not yet received a notice from the Hon'ble High Court of Uttarakhand at Nainital but was informed by its consultant after the matter appeared on the Court's website. The matter pertains to the classification of 'RAB' under the Central Excise Tariff for the financial years 2005 to 2009. The CESTAT has already adjudicated in favor of the Company against the order of the Commissioner. Central Excise Duty amounting to Rs.10,39,32,564/- along with applicable interest and penalty. As the Company has already been awarded a favorable order on this matter by CESTAT, hence the Company, post discussions with the experts, believes that the above demand is not maintainable.MoreLess
  • Tax disputeThe New India Assurance Co. Limited (“Insurance Company”).Since 21 May 2026
    Pending for adjudication.
    At the filing before: The Company had taken an Insurance Policy covering property damage, machinery breakdown, and consequential business interruption across its plant locations. In 2020, a claim was filed in respect of damaged machinery/equipment at the Kashipur Plant, which was rejected by the Insurance Company despite subsequent representations and submission of requisite documents/information for re-assessment. The claim was repudiated by the Insurance Company on more than one occasion. Based on internal assessment and legal opinion, the Company has initiated steps to challenge the said repudiation before the Hon’ble Delhi High Court for recovery of a claim of Rs. 79.76 Crore (Rupees Seventy-Nine Crore Seventy Six Lakh) towards material damage and loss of profit, along with interest and therefore, had filed an application on 21st May, 2026 for Pre-Institution Mediation and Settlement under the applicable laws.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
Yes
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Dec 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Preferential IssuesNov 2025, checked by CARE Ratings Limited466.99To augment the fund requirement towards Working Capital of the Company350.25350.25No
Preferential IssuesNov 2025, checked by CARE Ratings Limited466.99General Corporate Purposes116.74116.74No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.