Indian Hume Pipe Company logo

Indian Hume Pipe Company CEO, MD, chairman, board of directors and AGM

NSE: INDIANHUMEBSE: 504741ConstructionSmall Cap

Last close ₹301.00down ₹9.05 (2.92%)BSE ₹301.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹310.05.

52-week range of traded prices to 23 Oct 2026
₹279.80Low, 11 Jun 2026₹432.00High, 15 Jul 2026
Market cap
₹1,586 Cr1,210th largest listed
P/E
11.1
P/E without one-offs
20.2
P/B
1.1
Dividend yield
1.66%
ROE
10.0%
ROE without one-offs
5.5%
ROCE
6.4%
Debt to equity
0.28
Volume, NSE
33,27949.3% delivered

Indian Hume Pipe Company board of directors

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

  • Chairperson and managing director and CEORAJAS RATANCHAND DOSHIRelated to the promoter
  • Company Secretary and Compliance OfficerNIRAJ R. OZA

8 directors4 independent2 executive2 non-executive

  • RAJAS RATANCHAND DOSHI · Chairperson and managing director and CEOExecutive · joined Jun 1988 · reappointed Jul 2023 · 1 listed board · 2 committee seats, 1 as chair
  • MAYUR RAJAS DOSHIExecutive · joined May 2012 · reappointed Jul 2024 · 1 listed board
  • JYOTI RAJAS DOSHINon-executive · joined May 1996 · reappointed Aug 2024 · 1 listed board
  • ANIMA BHUPENDRA KAPADIANon-executive · joined Jul 2001 · reappointed Aug 2026 · 1 listed board · 1 committee seat, 1 as chair
  • SUCHETA NILESH SHAHIndependent · joined Feb 2020 · reappointed Feb 2023 · 79 months as independent · 2 listed boards · 2 as independent · 8 committee seats, 2 as chair
  • NANDAN SURAJRATAN DAMANIIndependent · joined Aug 2023 · reappointed Aug 2023 · 38 months as independent · 2 listed boards · 1 as independent · 2 committee seats, 1 as chair
  • ASHISH GIRDHARILAL VAIDIndependent · joined Jul 2024 · reappointed Jul 2024 · 26 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • ROHIT RAJGOPAL DHOOTIndependent · joined Jul 2024 · reappointed Jul 2024 · 26 months as independent · 5 listed boards · 3 as independent · 6 committee seats, 1 as chair

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

Committees and meetings

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

  • Board

    • 12 Aug 20267 of 8 present3 independent · 57 days in between
    • 15 Jun 20267 of 8 present4 independent · 31 days in between
    • 14 May 20267 of 8 present4 independent

  • Audit Committee

    Chair NANDAN SURAJRATAN DAMANI

    SUCHETA NILESH SHAH, ASHISH GIRDHARILAL VAID, ROHIT RAJGOPAL DHOOT

    • 12 Aug 20263 of 4 present3 independent · 57 days in between
    • 15 Jun 20264 of 4 present4 independent · 31 days in between
    • 14 May 20264 of 4 present4 independent

  • Nomination and remuneration committee

    Chair SUCHETA NILESH SHAH

    ASHISH GIRDHARILAL VAID, RAJAS RATANCHAND DOSHI

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair ANIMA BHUPENDRA KAPADIA

    RAJAS RATANCHAND DOSHI, SUCHETA NILESH SHAH

    No meeting listed in the filing.

  • Risk Management Committee

    Chair RAJAS RATANCHAND DOSHI

    MAYUR RAJAS DOSHI, NANDAN SURAJRATAN DAMANI

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair RAJAS RATANCHAND DOSHI

    JYOTI RAJAS DOSHI, NANDAN SURAJRATAN DAMANI

    No meeting listed in the filing.

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.S. Aiyar & Co.Peer-review certificate valid to May 2028

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Indian Hume Pipe Company 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.Indian Hume Pipe Company dividend history

Annual general meeting, 3 Aug 2026

27,296 shareholders on the register on 27 Jul 2026; present: 9 promoters and 57 others; votes counted by Mr. J. H. Ranade / JHR & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2026 including the Audited Balance sheet as at 31st March, 2026 and the Statement of Profit and Loss Account and the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.68% · promoters 100.00% · institutions 85.29% · other public 8.97%

  2. Declaration of Dividend on Equity Shares of the Company for the financial year ended 31st March, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.68% · promoters 100.00% · institutions 85.29% · other public 8.97%

  3. Appoint Director in place of Ms. Anima B. Kapadia (DIN:00095831), Non-Executive Non-Independent Director of the Company,who retires by rotation at this Annual General Meeting,in terms of Section 152(6) of the Companies Act,2013 and as per Regulation 17(1A) of the SEBI (LODR),2015,who attains the age of seventy five (75) years on 4th July,2026,being eligible,offer herself for re-appointment.MoreLess
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 4.67% · other public 0.16%

    Turnout: all 75.68% · promoters 100.00% · institutions 85.29% · other public 8.97%

  4. Payment of Commission to Non-Executive Directors of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 75.68% · promoters 100.00% · institutions 85.29% · other public 8.97%

  5. Ratification of remuneration to Cost Auditor for the financial year 2026-27.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.68% · promoters 100.00% · institutions 85.29% · other public 8.97%

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, 1 Aug 2025, 6 resolutions

27,797 shareholders on the register on 25 Jul 2025; present: 9 promoters and 57 others; votes counted by Mr. J. H. Ranade / JHR & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2025 including the Audited Balance sheet as at 31st March, 2025 and the Statement of Profit and Loss Account and the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.41% · promoters 100.00% · institutions 90.99% · other public 10.52%

  2. Declaration of Dividend on Equity Shares of the Company 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 77.41% · promoters 100.00% · institutions 90.99% · other public 10.52%

  3. Re-appointment of Mr. Mayur R. Doshi (DIN: 00250358), who retires by rotation and being eligible offers himself for re-appointment.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.41% · promoters 100.00% · institutions 90.99% · other public 10.52%

  4. Approve continuation of Directorship of Ms. Anima B. Kapadia (DIN:00095831) as a Non-Executive Non-Independent Director of the Company on complation of 75 years of age.
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 1.84% · other public 0.19%

    Turnout: all 77.41% · promoters 100.00% · institutions 90.99% · other public 10.52%

  5. Appointment of M/s JHR & Associates, as the Secretarial Auditor of the Company from the financial year 2025-26 to 2029-30.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.41% · promoters 100.00% · institutions 90.99% · other public 10.52%

  6. Ratification of remuneration to Cost Auditor for the Financial Year 2025-26.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 77.41% · promoters 100.00% · institutions 90.99% · other public 10.52%

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, 1 Aug 2024, 7 resolutions

Present: 9 promoters and 49 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2024 including the Audited Balance sheet as at 31st March, 2024 and the Statement of Profit and Loss Account and the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.49% · promoters 100.00% · institutions 78.07% · other public 10.86%

  2. Declaration of Dividend on Equity Shares of the Company 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 77.49% · promoters 100.00% · institutions 78.07% · other public 10.84%

  3. Re-appointment of Ms. Jyoti R. Doshi (DIN: 00095732), who retires by rotation and being eligible offers herself for re-appointment.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.49% · promoters 100.00% · institutions 78.07% · other public 10.84%

  4. Appointment of Mr. Mayur R. Doshi (DIN:00250358) as Vice-Chairman & Joint Managing Director of the Company.
    Special
    96.85% for3.15% against

    Against: promoters 0.00% · institutions 97.74% · other public 0.00%

    Turnout: all 77.49% · promoters 100.00% · institutions 78.07% · other public 10.84%

  5. Appointment of Mr. Ashish Girdharilal Vaid (DIN: 00086718) as an Independent Non-Executive Director of the Company.
    Special
    100.00% for0.00% against

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

    Turnout: all 77.49% · promoters 100.00% · institutions 78.07% · other public 10.84%

  6. Appointment of Mr. Rohit Rajgopal Dhoot (DIN: 00016856) as an Independent Non-Executive Director of the Company.
    Special
    100.00% for0.00% against

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

    Turnout: all 77.49% · promoters 100.00% · institutions 78.07% · other public 10.84%

  7. Ratification of remuneration to Cost Auditor for the financial year 2024-25.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.49% · promoters 100.00% · institutions 78.07% · other public 10.84%

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, 3 Aug 2023, 8 resolutions

Present: 9 promoters and 52 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2023 including the Audited Balance sheet as at 31st March, 2023 and the Statement of Profit and Loss Account and the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

  2. Declaration of Dividend on Equity Shares of the Company for the financial year ended 31st March, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

  3. Re-appointment of Ms. Anima B. Kapadia (DIN: 00095831), who retires by rotation and being eligible offers herself for re-appointment.
    Ordinary
    99.17% for0.83% against

    Against: promoters 0.00% · institutions 52.87% · other public 0.01%

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

  4. Re-appointment of Mr. Rajas R. Doshi (DIN:00050594) as Managing Director designated as Chairman & Managing Director of the Company.
    SpecialPromoters have an interest in it
    98.43% for1.57% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.01%

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

  5. Appointment of Mr. Nandan Damani (DIN: 00058396) as an Independent Non-Executive Director of the Company.
    Special
    100.00% for0.00% against

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

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

  6. Payment of Commission to Non-Executive Directors of the Company.
    SpecialPromoters have an interest in it
    99.17% for0.83% against

    Against: promoters 0.00% · institutions 52.87% · other public 0.02%

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

  7. Ratification of remuneration to Cost Auditor for the financial year 2023-24.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

  8. Appointment of Branch Auditors
    Ordinary
    99.26% for0.74% against

    Against: promoters 0.00% · institutions 47.13% · other public 0.00%

    Turnout: all 76.07% · promoters 99.94% · institutions 61.40% · other public 10.02%

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

Extraordinary general meeting, 12 Jun 2023, 1 resolution

Present: 5 promoters and 49 others.The company's voting result (opens in a new tab)

  1. Issue of Equity Shares of the Company on preferential basis to the persons being Promoters and members of the Promoter Group of the Company
    SpecialPromoters have an interest in it
    99.99% for0.01% against

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

    Turnout: all 73.66% · promoters 100.00% · institutions 80.10% · other public 9.82%

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 2023, 1 resolution

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

  1. Re-appointment of Ms. Sucheta N. Shah as an Independent Woman Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.82%

    Turnout: all 71.68% · promoters 100.00% · institutions 89.01% · other public 1.00%

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 Jul 2022, 7 resolutions

Present: 6 promoters and 52 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2022 including the Audited Balance Sheet as at 31st March, 2022 and the Statement of Profit and Loss Account for the year ended on that date and the Reports of the Board of Directors and Auditors thereon.nnMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.67% · promoters 100.00% · institutions 87.67% · other public 13.31%

  2. Declaration of Dividend on Equity Shares of the Company for the financial year ended 31st March, 2022.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.67% · promoters 100.00% · institutions 87.67% · other public 13.31%

  3. Appointment of Mr. Mayur R. Doshi (DIN 00250358), who retires by rotation and being eligible offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 6.43% · other public 0.02%

    Turnout: all 75.67% · promoters 100.00% · institutions 87.67% · other public 13.31%

  4. Appointment of M/s. K. S. Aiyar & Co. Chartered Accountants, as Statutory Auditors of the Company to hold the office for a term of five (5) consecutive years from the conclusion of 96th Annual General Meeting till the conclusion of 101st Annual General Meeting of the Company to be held in the year 2027.MoreLess
    Ordinary
    97.47% for2.53% against

    Against: promoters 0.00% · institutions 93.37% · other public 0.01%

    Turnout: all 75.67% · promoters 100.00% · institutions 87.67% · other public 13.31%

  5. Re-appointment of Mr. Mayur R. Doshi (DIN 00250358) as the Executive Director of the Company for a further period of 3 yearsfrom 1st July, 2022 to 30th June, 2025.
    SpecialPromoters have an interest in it
    98.40% for1.60% against

    Against: promoters 0.00% · institutions 6.63% · other public 29.06%

    Turnout: all 75.67% · promoters 100.00% · institutions 87.67% · other public 13.31%

  6. Ratification of remuneration to Mr. Subodh C. Mawalankar, CostnnAccountant as Cost Auditor of the Company for the Financial Year 2021-22.nn
    Ordinary
    97.47% for2.53% against

    Against: promoters 0.00% · institutions 93.37% · other public 0.01%

    Turnout: all 75.67% · promoters 100.00% · institutions 87.67% · other public 13.31%

  7. Ratification of remuneration to Mr. Subodh C. Mawalankar, CostnnAccountant as Cost Auditor of the Company for the Financial Year 2022-23.nn
    Ordinary
    97.47% for2.53% against

    Against: promoters 0.00% · institutions 93.37% · other public 0.01%

    Turnout: all 75.67% · promoters 100.00% · institutions 87.67% · other public 13.31%

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 Nov 2021, 2 resolutions

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

  1. Consider and approve entering in to material related party contracts / arrangements / transactions with related party/parties from the financial year 2021-22 and subsequent/succeeding financial years upto the limit of Rs.200 Crores (Rupees Two Hundred Crores Only), per annum.MoreLess
    OrdinaryPromoters have an interest in it
    64.62% for35.38% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.29%

    Turnout: all 5.78% · promoters 0.00% · institutions 85.82% · other public 13.53%

  2. Consider and approve the proposed Related Party Transaction(s) to be entered into for creation of pledge on such number of equity shares of the Company held by IHP Finvest Ltd., (Holding Company) as a collateral security for substitution and release of 2nd charge of Equitable mortgage on the Company’s land at Vadgaon (Budruk), Pune (Vadgaon land) held by the Consortium of Banks (Lenders of the Company) led by State Bank of India for securing working capital facilities advanced to the Company and subsequent release/ revocation of pledge on such equity shares created from time to time.MoreLess
    OrdinaryPromoters have an interest in it
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.20%

    Turnout: all 5.78% · promoters 0.00% · institutions 85.82% · other public 13.50%

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 3 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

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

  • Declaration of Dividend on Equity Shares of the Company for the financial year ended 31st March, 2026.
    1 for0 against
  • Appoint Director in place of Ms. Anima B. Kapadia (DIN:00095831), Non-Executive Non-Independent Director of the Company,who retires by rotation at this Annual General Meeting,in terms of Section 152(6) of the Companies Act,2013 and as per Regulation 17(1A) of the SEBI (LODR),2015,who attains the age of seventy five (75) years on 4th July,2026,being eligible,offer herself for re-appointment.MoreLess
    1 for0 against
  • Payment of Commission to Non-Executive Directors of the Company
    1 for0 against
  • Ratification of remuneration to Cost Auditor for the financial year 2026-27.
    1 for0 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against

Mutual fund votes, meeting of 1 Aug 2025, 2 fund houses

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

  • Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2025 including the Audited Balance sheet as at 31st March, 2025 and the Statement of Profit and Loss Account and the Reports of the Board of Directors and Auditors thereon.MoreLess
    1 for0 against
  • Declaration of Dividend on Equity Shares of the Company for the financial year ended 31st March, 2025.
    2 for0 against
  • Re-appointment of Mr. Mayur R. Doshi (DIN: 00250358), who retires by rotation and being eligible offers himself for re-appointment.
    2 for0 against
  • Approve continuation of Directorship of Ms. Anima B. Kapadia (DIN:00095831) as a Non-Executive Non-Independent Director of the Company on complation of 75 years of age.
    2 for0 against
  • Appointment of M/s JHR & Associates, as the Secretarial Auditor of the Company from the financial year 2025-26 to 2029-30.
    2 for0 against
  • Ratification of remuneration to Cost Auditor for the Financial Year 2025-26.
    2 for0 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against
4 earlier meetings

Mutual fund votes, meeting of 1 Aug 2024, 1 fund house

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

  • Declaration of Dividend on Equity Shares of the Company for the financial year ended 31st March, 2024
    1 for0 against
  • Re-appointment of Ms. Jyoti R. Doshi (DIN: 00095732), who retires by rotation and being eligible offers herself for re-appointment.
    1 for0 against
  • Appointment of Mr. Mayur R. Doshi (DIN:00250358) as Vice-Chairman & Joint Managing Director of the Company.
    Against HSBC Mutual Fund
    • HSBC Mutual FundThere is lack of sufficient justification behind the timing of this proposal to exceed the regulatory thresholds for remuneration.The overall remuneration is deemed to be significantly higher than industry standards and market peers of commensurate scale and operations.Mayur R. Doshi's commission arrangements are open-ended, and the board retains significant discretion in determining his pay outcomes.There are no disclosures on the threshold and target performance that he needs to achieve to determine the variable pay element.
    0 for1 against
  • Appointment of Mr. Ashish Girdharilal Vaid (DIN: 00086718) as an Independent Non-Executive Director of the Company.
    1 for0 against
  • Appointment of Mr. Rohit Rajgopal Dhoot (DIN: 00016856) as an Independent Non-Executive Director of the Company.
    1 for0 against
  • Ratification of remuneration to Cost Auditor for the financial year 2024-25.
    1 for0 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against

Mutual fund votes, meeting of 3 Aug 2023, 1 fund house

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

  • Declaration of Dividend on Equity Shares of the Company for the financial year ended 31st March, 2023.
    1 for0 against
  • Re-appointment of Ms. Anima B. Kapadia (DIN: 00095831), who retires by rotation and being eligible offers herself for re-appointment.
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.We have concerns about the director's attendance at board meetings.
    0 for1 against
  • Re-appointment of Mr. Rajas R. Doshi (DIN:00050594) as Managing Director designated as Chairman & Managing Director of the Company.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration:- There is lack of sufficient justification behind the timing of this proposal to exceed the regulatory thresholds for remuneration.- The overall remuneration is deemed to be significantly higher than industry standards and market peers of commensurate scale and operations.- There is a material conflict of interest inherent in the proposed transaction.
    0 for1 against
  • Appointment of Mr. Nandan Damani (DIN: 00058396) as an Independent Non-Executive Director of the Company.
    1 for0 against
  • Payment of Commission to Non-Executive Directors of the Company.
    Against HSBC Mutual Fund
    • HSBC Mutual FundNon-executive directors participate in performance-based incentive schemes.
    0 for1 against
  • Ratification of remuneration to Cost Auditor for the financial year 2023-24.
    1 for0 against
  • Appointment of Branch Auditors
    1 for0 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against

Mutual fund votes, meeting of 12 Jun 2023, 1 fund house

  • Issue of Equity Shares of the Company on preferential basis to the persons being Promoters and members of the Promoter Group of the Company
    1 for0 against

Mutual fund votes, meeting of 25 Mar 2023, 1 fund house

  • Re-appointment of Ms. Sucheta N. Shah as an Independent Woman Director of the Company
    1 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 Sep 2026.

  • Tax disputeThe Joint Commissioner of Central Goods & Services Act (CGST) & Central excise, Bhopal (Financial Year 2020-2021 & 2021-2022)Since 14 Jan 2025
    The personal hearing in the matter took place on 25th August 2026 and 10th September 2026. The frst appeallate authority considering oral and written representations allowed the appeal in full vide order dated 30th September 2026 granting the entire relif sought for i.e. Interest of Rs. 34,99,182/- and Penalty of Rs. 95,55,255/-.MoreLess
    At the filing before: The appeal filed by the Company before the Commissioner (Appeals), Bhopal is pending adjudication as on 30th June 2026.
  • Tax disputeCommissioner, Commercial Tax, Chhattisgarh. (VAT Financial Year 2016-2017)Since 21 Mar 2025
    The matter was scheduled for hearing on 29th May 2026 with Commissioner (VAT), Chhattisgarh. Company representtaives attended the hearing on that date and made oral and written submissions. The matter is pending adjudication as on 30th September 2026.MoreLess
    At the filing before: The matter was scheduled for hearing on 29th May 2026 with Commissioner (VAT), Chhattisgarh. Company representtaives attended the hearing on that date and made oral and written submissions. The matter is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeCommissioner, Commercial Tax, Chhattisgarh (VAT Financial Year 2017-2018)Since 21 Mar 2025
    The matter was scheduled for hearing on 29th May 2026 with Commissioner (VAT), Chhattisgarh. Company representtaives attended the hearing on that date and made oral and written submissions. The matter is pending adjudication as on 30th September 2026.MoreLess
    At the filing before: The matter was scheduled for hearing on 29th May 2026 with Commissioner (VAT), Chhattisgarh. Company representtaives attended the hearing on that date and made oral and written submissions. The matter is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeExcise & Taxation Authority, Faridabad, Haryana (FY 2014-2015)Since 31 Mar 2018
    The matter is pending adjudication as on 30th September 2026.
    At the filing before: The matter is pending adjudication as on 30th June 2026.
  • Tax disputeExcise & Taxation Authority, Faridabad, Haryana (FY 2015-2016)Since 27 Mar 2019
    The matter is pending adjudication as on 30th September 2026.
    At the filing before: The matter is pending adjudication as on 30th June 2026.
  • Tax disputeExcise & Taxation Authority, Faridabad, Haryana (FY 2016-2017)Since 5 Mar 2020
    The matter is pending adjudication as on 30th September 2026.
    At the filing before: The matter is pending adjudication as on 30th June 2026.
  • Tax disputeThe Income Tax Officer NAFAC, Delhi (Assessment Year 2022-2023)Since 29 Oct 2025
    The order passed by the Commissioner of Income Tax, (Appeals), NAFAC, Delhi, has been challenged by the revenue by filing an appeal before the Hon. Income Tax Appellate Tribunal, Mumbai on 29/10/2025. The appeal proceeding is pending adjudication as on 30th September 2026 and the next date of hearing is scheduled on 8th October 2026.MoreLess
    At the filing before: The order passed by the Commissioner of Income Tax, (Appeals), NAFAC, Delhi, has been challenged by the revenue by filing an appeal before the Hon. Income Tax Appellate Tribunal, Mumbai on 29/10/2025. The appeal proceeding is pending adjudication as on 3oth June 2026 and the next date of hearing is 11th August 2026.MoreLess
  • Tax disputeThe Income Tax Officer NAFAC, Delhi (Assessment Year 2023-2024)Since 29 Oct 2025
    Being aggrived by the order passed by the Commissioner of Income Tax, (Appeals), NAFAC, Delhi, the Income Tax Department, (Revenue) has filed an appeal before the Hon. Income Tax Appellate Tribunal, Mumbai on 29/10/2025 challenging the relief granted to the Company by the Commissioner of Income Tax, Appeals, NAFAC, Delhi in his order dated 30th August 2025. The Company has also filed appeal before Hon. ITAT, Mumbai against the said order of the CIT(A), NAFAC, Delhi challenging the additions / disallowances sustained by the learned CIT(A). Both these appeals are pending adjudication as on September 30th 2026. The next date of hearing is 8th October 2026.MoreLess
    At the filing before: Being aggrived by the order passed by the Commissioner of Income Tax, (Appeals), NAFAC, Delhi, the Income Tax Department, (Revenue) has filed an appeal before the Hon. Income Tax Appellate Tribunal, Mumbai on 29/10/2025 challenging the relief granted to the Company by the Commissioner of Income Tax, Appeals, NAFAC, Delhi in his order dated 30th August 2025. The appeal proceeding is pending adjudication as on 30th June 2026. The appeal filed by the Comapny before the Hon. Income Tax Appellate Tribunal, Mumbai, challenging the additions / disallowances confirmed by learned CIT(A) is also pending adjudication as on 30th June 2026. The matter is pending adjudication and next date of hearing is 11h August 2026.MoreLess
15 more
  • Tax disputeThe Joint Commissioner of Central Goods & Services Act (CGST) & Central excise, Bhopal Madhya Pradesh (2017-2018-2019-2020)Since 30 Nov 2023
    The appeal filed by the Comapny on 24th June 2026 before Hon. GST Appellate Tribunal challenging the entire demand raised in order in original is pending adjudication as on September 30, 2026.
    At the filing before: The company has challenged the order passed by the First Appellate Authority (FAA) confirming demand of tax (Rs. 53.62 Lakhs), interest (Rs. 30.87 Lakhs) and penalty (Rs. 146.86 Lakhs) for the financial years 2017-2018 & 2018-2019 by filing the appeal before the Hon. GST Appellate Tribunal (GSTAT) on 24th June 2026. The Appeal is pending adjudication on 30/06/2026.MoreLess
  • Tax disputeAssistant Commissioner (CT), LTU, Secunderabad Division, Hyderabad, Telanagana (Assessment Period April 2015 to June 2017)Since 24 Jun 2022
    The remand proceeding has not yet initiated by the Assessing Authority and pending as on 30th September 2026.
    At the filing before: The remand proceeding has not yet initiated by the Assessing Authority and pending as on 30th June 2026.
  • Tax disputeAdditional Commissioner (ST)Appellate Authority, Tirupati, Andhra Pradesh (APGST Act 2017) (Assessment Period 2018-2019 & 2019-2020)Since 31 Mar 2023
    The appeals filed by the Comapny on 22nd & 24th June 2026 before Hon. GST Appellate Tribunal challenging the entire demand raised in order in original is pending adjudication as on September 30, 2026.
    At the filing before: The company has challenged the order passed by the First Appellate Authority confirming demand of tax (Rs. 267.88 Lakhs), interest (Rs. 278.48 Lakhs) and penalty (Rs. 269.81 Lakhs) for the financial years 2018-2019 & 2019-2020 by filing the appeal(s) before the Hon. GST Appellate Tribunal (GSTAT) on 22nd & 24th June 2026. These Appeals are pending adjudication on 30/06/2026.MoreLess
  • Tax disputeAssessment Unit, Income Tax Department, NAFAC Delhi (AY 2016-2017)Since 27 Mar 2024
    The Commissioner of Income Tax (Appeals), NAFAC, Delhi, vide his order dated 15th September 2026 rejected the appeal filed by the Company. Though, there is NIL oustanding tax demand arising out of this appeal, company intends to prefer appeal before the Hon. Income Tax Appellate Tribunal (ITAT), Mumbai challenging the denial of benefit to it of deduction under section 80-IA of the Income Tax Act, 1961 for the year. The company is in process of filing appeal before the Hon. ITAT Mumbai as on 30th September 2026.MoreLess
    At the filing before: The matter was scheduled for hearing on 8th June 2026 with Commissioner of Income Tax (Appeals), NAFAC, Delhi. Company representtaives attended the hearing on that date and made detailed written submissions. The matter is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeAssessment Unit, Income Tax Department, NAFAC Delhi (AY 2018-2019)Since 13 Apr 2021
    The Commissioner of Income Tax (Appeals), NAFAC, Delhi, vide his order dated 15th September 2026 rejected the appeal filed by the Company. Though, there is NIL oustanding tax demand arising out of this appeal, company intends to prefer appeal before the Hon. Income Tax Appellate Tribunal (ITAT), Mumbai challenging the denial of benefit to it of deduction under section 80-IA of the Income Tax Act, 1961 for the year. The company is in process of filing appeal before the Hon. ITAT Mumbai as on 30th September 2026.MoreLess
    At the filing before: The matter was scheduled for hearing on 8th June 2026 with Commissioner of Income Tax (Appeals), NAFAC, Delhi. Company representtaives attended the hearing on that date and made detailed written submissions. The matter is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeAssessment Unit, Income Tax Department, NAFAC Delhi (AY 2020-2021)Since 19 Sep 2022
    The Commissioner of Income Tax (Appeals), NAFAC, Delhi, vide his order dated 30th July 2026 allowed the appeal filed by the Company in part. The learned Commissioner of Income Tax Appeals NAFAC Delhi has remanded the matter for verification to the Assessing Officer. The remand proceedings are not yet initiated by the jurisdictional assessing officer and pending adjudication as on 30th September 2026.MoreLess
    At the filing before: The matter was scheduled for hearing on 8th June 2026 with Commissioner of Income Tax (Appeals), NAFAC, Delhi. Company representtaives attended the hearing on that date and made detailed written submissions. The matter is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeAssistant Commissioner, (ST), Anantpur-II, Circle, Andhra Pradesh.Since 11 Dec 2025
    The company's writ petition No 5440 of 2026 dated 20/02/2026 before the Hon. High Court of Andhra Pradesh praying for grant of refund of Rs. 52,86,338/- withheld by the Assistant Commissioner (ST), Anatpur-II, Circle, is pending admission as on 30th September 2026.MoreLess
    At the filing before: The company's writ petition No 5440 of 2026 dated 20/02/2026 before the Hon. High Court of Andhra Pradesh praying for grant of refund of Rs. 52,86,338/- withheld by the Assistant Commissioner (ST), Anatpur-II, Circle, is pending admission as on 30th June 2026.MoreLess
  • Tax disputeCustoms, Excise and Service Tax Appellate Tribunal (CESTAT), Hyderabad (ST/30262/2018-DB)Since 12 Mar 2018
    Company had filed appeal before the Hon. Customs, Excise and Service Tax Appellate Tribunal, Hyderabad, challenging the order of the Commissioner II Hyderabad wherein certain activities of the sub-contractors were held liable in the hands of the Company under reverse charge mechanism resulting in service tax demand of Rs. 15,38,970/- and equal amount of penalty. The matter was listed for hearing before the Hon. Hyderabad CESTAT, on 13th April 2026 and 4th June 2026. However, the matter did not come up for hearing on these dates. The case is pending adjudication as on 30th September 2026. The next date of hearing will be notified separately.MoreLess
    At the filing before: Company had filed appeal before the Hon. Customs, Excise and Service Tax Appellate Tribunal, Hyderabad, challenging the order of the Commissioner II Hyderabad wherein certain activities of the sub-contractors were held liable in the hands of the Company under reverse charge mechanism resulting in service tax demand of Rs. 15,38,970/- and equal amount of penalty. The matter was listed for hearing before the Hon. Hyderabad CESTAT, on 13th April 2026 and 4th June 2026. However, the matter did not come up for hearing on these dates. The case is pending adjudication as on 30th June 2026. The next date of hearing will be notified separately.MoreLess
  • Tax disputeThe Assessment Unit, Income Tax, NAFAC, Delhi (A.Y.2024-2025)Since 27 Mar 2026
    The company is in receipt of order dated 21st September 2026 levying penalty of Rs. 40,39,078/- under section 270A(9) of the Income Tax Act, 1961 in respect of certain addiitons made in the Assessment for AY 2024-2025. The said order is passed ignoring the fact that Tax with interest on such addition was alreday paid within prescribed time and hence comapny was eligible for immunity from penalty as provided expressly udner the Income Tax Act. The comapny is in the process of filing appeal before Hon. ITAT, Mumbai as on 30th September 2026.MoreLess
    At the filing before: The company was in receipt of notice proposing to levy penalty of Rs. 33,15,786/- under section 270A(9) of the Income Tax Act, 1961 in respect of certain addiitons made in the Assessment for AY 2024-2025. Tax with interest on such addition was paid within prescribed time and hence comapny is of the view that it is eligible for immunity from penalty as provided udner the Income Tax Act. Accoridngly, company moved application for immunity from penalty along with its detailed written reply on 20th April 2026. The comapny's application is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeThe Assessment Unit, Income Tax, NAFAC, DelhiSince 31 Mar 2026
    The Company filed appeal (AY 2023-2024) on 10th April 2026 before the Commissioner of Income Tax (Appeals), NAFAC, Delhi challenging the levy of penalty of Rs. 510.20 lakhs. The detailed reply was filed during the frist hearing scheduled on 17th June 2026. The matter is pending adjudication as on 30th September 2026.MoreLess
    At the filing before: The Company filed appeal (AY 2023-2024) on 10th April 2026 before the Commissioner of Income Tax (Appeals), NAFAC, Delhi challenging the levy of penalty of Rs. 510.20 lakhs. The detailed reply was filed during the frist hearing scheduled on 17th June 2026. The matter is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeThe Assessment Unit, Income Tax, NAFAC, DelhiSince 31 Mar 2026
    The Company is in receipt of order dated 14th August 2026 passed by the Commissioner of Income Tax, Appeals, NAFAC, Delhi confirming the action of the Assessing Authority levying penalty of Rs. 63.10 lakhs for AY 2023-2024. The Company is in the process of filing appeal challenging the levy of such penalty before the Hon. ITAT Mumbai as on 30th September 2026.MoreLess
    At the filing before: The Company filed appeal (AY 2023-2024)on 10th April 2026 before the Commissioner of Income Tax (Appeals), NAFAC, Delhi challenging the levy of penalty of Rs. 63.10 lakhs. The detailed reply was filed during the frist hearing scheduled on 17th June 2026. The matter is pending adjudication as on 30th June 2026.MoreLess
  • Tax disputeThe Commissioner of Income Tax, MumbaiSince 24 Jul 2009
    The Revenu's appeal for AY 2003-2004 challenging the order of the ITAT Mumbai, granting 80-IA deduction of Rs. 10.57 Crores to the Company was fixed for hearing but could not be complted on 1st July 2026. The case is not yet listed for next hearing as on September 2026.MoreLess
    At the filing before: The Revenu's appeal for AY 2003-2004 challenging the order of the ITAT Mumbai, granting 80-IA deduction of Rs. 10.57 Crores to the Company was fixed for hearing but could not be complted. The next date of hearing is fixed on 1st July 2026.MoreLess
  • Tax disputeThe Principal Commissioner of Income Tax, Mumbai 1Since 5 Jan 2026
    The revenu's appeal for AY 2020-2021 beofore the Mumbai High Court challenging the order of ITAT Mumbai quashing the order passed under section 263 of the Income Tax Act, by the PCIT, Mumbai 1, dated 31/03/2025, is pending admission on 30th September 2026.MoreLess
    At the filing before: The revenu's appeal for AY 2020-2021 beofore the Mumbai High Court challenging the order of ITAT Mumbai quashing the order passed under section 263 of the Income Tax Act, by the PCIT, Mumbai 1, dated 31/03/2025, is pending admission on 30th June 2026.MoreLess
  • Tax disputeThe Principal Commissioner of Income Tax, Mumbai 1Since 5 Jan 2026
    The revenu's appeal for AY 2021-2022 beofore the Mumbai High Court challenging the order of ITAT Mumbai quashing the order passed under section 263 of the Income Tax Act, by the PCIT, Mumbai 1, dated 31/03/2025, is pending admission on 30th September 2026.MoreLess
    At the filing before: The revenu's appeal for AY 2021-2022 beofore the Mumbai High Court challenging the order of ITAT Mumbai quashing the order passed under section 263 of the Income Tax Act, by the PCIT, Mumbai 1, dated 31/03/2025, is pending admission on 30th June 2026.MoreLess
  • Tax disputeThe Assistant Commissioner of State Tax (Telangana)Since 27 Jan 2023
    The company has challenged the order passed by the First Appellate Authority confirming denial of TRANS1 credit (Rs. 1.41 Lakhs), and penalty (Rs. 3.42 Lakhs) for the financial year 2017-2018, under CGST Act, before the Hon. GST Appellate Tribunal (GSTAT) on 18th June 2026. The Appeal is pending adjudication on 30th September 2026.MoreLess
    At the filing before: The company has challenged the order passed by the First Appellate Authority confirming denial of TRANS1 credit (Rs. 1.41 Lakhs), and penalty (Rs. 3.42 Lakhs) for the financial year 2017-2018, under CGST Act, before the Hon. GST Appellate Tribunal (GSTAT) on 18th June 2026. The Appeal is pending adjudication on 30/06/2026.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.