Indigo Paints logo

Indigo Paints MD, chairman, board of directors and AGM

NSE: INDIGOPNTSBSE: 543258Consumer DurablesSmall Cap

Last close ₹1,013.90down ₹1.30 (0.13%)BSE ₹1,011.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,015.20.

52-week range of traded prices to 23 Oct 2026
₹708.05Low, 30 Mar 2026₹1,345.90High, 18 Nov 2025
Market cap
₹4,840 Cr812th largest listed
P/E
29.8
P/B
4.2
Dividend yield
0.49%
ROE
14.9%
ROCE
18.3%
Debt to equity
0.00
Volume, NSE
79,87150.4% delivered

Indigo Paints 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 directorHemant Kamala Jalan
  • Company Secretary and Compliance OfficerSayalee Yengul

8 directors5 independent2 executive1 non-executive

  • Hemant Kamala Jalan · Chairperson and managing directorExecutive · joined Mar 2000 · 2 listed boards · 1 as independent · 3 committee seats
  • Narayanankutty Kottiedath VenugopalExecutive · joined Feb 2016 · 1 listed board · 1 committee seat
  • Ravi NigamIndependent · joined Mar 2019 · reappointed Mar 2024 · 87 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Sunil GoyalIndependent · joined Nov 2014 · reappointed Jun 2020 · 73 months as independent · 3 listed boards · 2 as independent · 5 committee seats, 3 as chair
  • Praveen Kumar Ramniranjan TripathiIndependent · joined Nov 2014 · reappointed Jun 2020 · 73 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Ashwini DeshpandeIndependent · joined May 2023 · reappointed May 2023 · 37 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • Parag Hemant JalanNon-executive · joined May 2024 · 1 listed board
  • Abhay Kumar PandeyIndependent · joined Nov 2024 · 19 months as independent · 1 listed board · 1 as independent · 1 committee seat

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
  • Sakshi Vijay Chopra, left 8 Nov 2024: Others

Committees and meetings

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

  • Board

    • 22 May 20268 of 8 present5 independent · 97 days in between
    • 13 Feb 20267 of 8 present4 independent

  • Audit Committee

    Chair Sunil Goyal

    Hemant Kamala Jalan, Ravi Nigam, Praveen Kumar Ramniranjan Tripathi, Ashwini Deshpande, Abhay Kumar Pandey

    • 22 May 20266 of 6 present5 independent · 56 days in between
    • 26 Mar 20266 of 6 present5 independent · 40 days in between
    • 13 Feb 20266 of 6 present5 independent

  • Nomination and remuneration committee

    Chair Ravi Nigam

    Sunil Goyal, Praveen Kumar Ramniranjan Tripathi, Ashwini Deshpande, Abhay Kumar Pandey

    • 22 May 20265 of 5 present5 independent

  • Stakeholders Relationship Committee

    Chair Ashwini Deshpande

    Hemant Kamala Jalan, Narayanankutty Kottiedath Venugopal

    • 25 Mar 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Narayanankutty Kottiedath Venugopal

    Hemant Kamala Jalan, Praveen Kumar Ramniranjan Tripathi, Chetan Humane

    • 25 Mar 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Hemant Kamala Jalan

    Praveen Kumar Ramniranjan Tripathi, Parag Hemant Jalan

    • 22 May 20262 of 3 present1 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Price Waterhouse Chartered Accountants LLPPeer-review certificate valid to Nov 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.

Indigo Paints 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.Indigo Paints dividend history

Annual general meeting, 12 Sep 2026

1,38,638 shareholders on the register on 4 Sep 2026; present: 3 promoters and 56 others; votes counted by Ashwini Inamdar / Mehta and Mehta.The company's voting result (opens in a new tab)

  1. Adoption of Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.50% · promoters 100.00% · institutions 90.61% · other public 1.19%

  2. Declaration of final dividend of Rs. 5/- per equity share
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.51% · promoters 100.00% · institutions 90.63% · other public 1.19%

  3. Appointment of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465) as an Executive Director, who retires by rotation.
    Ordinary
    99.51% for0.49% against

    Against: promoters 0.00% · institutions 1.46% · other public 1.01%

    Turnout: all 81.51% · promoters 100.00% · institutions 90.63% · other public 1.19%

  4. Ratification of the remuneration payable to M/s. Harshad S Deshpande & Associates, Cost Accountants (Firm Registration No.: 00378), Cost Auditors of the Company for the financial year 2026-27.
    OrdinaryNot passedRecorded as not passed although most votes were for it; no reason is given
    100.00% for0.00% against

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

    Turnout: all 81.51% · promoters 100.00% · institutions 90.63% · other public 1.19%

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

Annual general meeting, 30 Aug 2025, 6 resolutions

1,57,652 shareholders on the register on 22 Aug 2025; present: 3 promoters and 54 others; votes counted by Ashwini Inamdar / Mehta & Mehta, Company Secretaries.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.51% · other public 0.07%

    Turnout: all 82.83% · promoters 100.00% · institutions 91.54% · other public 0.70%

  2. To declare final dividend of H 3.50/- (Three Rupees Fifty Paisa only) (35%) per equity share of the face value H 10/- (Rupees Ten Only) each for the financial year ended March 31, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.83% · promoters 100.00% · institutions 91.54% · other public 0.70%

  3. To appoint a Director in place of Mr. Parag Jalan (DIN: 10638804), who retires by rotation and being eligible, offers himself for reappointment
    Ordinary
    93.72% for6.28% against

    Against: promoters 0.00% · institutions 18.07% · other public 0.12%

    Turnout: all 82.83% · promoters 100.00% · institutions 91.54% · other public 0.70%

  4. Appointment of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465) as Executive Director of the Company
    Special
    90.80% for9.20% against

    Against: promoters 0.00% · institutions 26.44% · other public 0.17%

    Turnout: all 82.83% · promoters 100.00% · institutions 91.54% · other public 0.70%

  5. Reappointment of M/s. ARKS and Co. LLP, Practicing Company Secretaries as Secretarial Auditor of the Company
    Ordinary
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.51% · other public 0.09%

    Turnout: all 82.83% · promoters 100.00% · institutions 91.54% · other public 0.70%

  6. Ratification of the remuneration payable to Harshad S Deshpande & Associates, Cost Accountants, Cost Auditors of the Company for the financial year 2025-26
    Ordinary
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.51% · other public 0.09%

    Turnout: all 82.83% · promoters 100.00% · institutions 91.54% · other public 0.70%

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

Postal ballot, 1 Feb 2025, 1 resolution

1,59,685 shareholders on the register on 27 Dec 2024; votes counted by Ashwini Inamdar / Mehta & Mehta, Company Secretaries.The company's voting result (opens in a new tab)

  1. Approval for the appointment of Mr. Abhay Kumar Pandey (DIN: 01650845) as Non‐ Executive, Independent Director of the Company and the sitting fees and commission to be paid to him
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.08% · other public 0.19%

    Turnout: all 73.53% · promoters 86.19% · institutions 87.58% · other public 7.25%

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 2024, 9 resolutions

Present: 4 promoters and 41 others.The company's voting result (opens in a new tab)

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

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

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  2. Declaration of final dividend of Rs. 3.50/- (Three Rupees Fifty Paisa only) (35 %) per equity share of the face value Rs. 10/- (Rupees Ten Only) each for the financial year ended March 31, 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  3. Appointment of a Director in place of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465), who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    99.36% for0.64% against

    Against: promoters 0.00% · institutions 10.86% · other public 0.00%

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  4. Appointment of M/s. Price Waterhouse Chartered Accountants LLP, Chartered Accountants as Statutory Auditors of the Company and fixing of their remuneration
    Ordinary
    99.38% for0.62% against

    Against: promoters 0.00% · institutions 10.54% · other public 0.00%

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  5. Appointment of Mr. Parag Jalan (DIN: 10638804) as Non-executive Director of the Company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.32% · other public 0.00%

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  6. Re-appointment of Mr. Sunil Badriprasad Goyal (DIN: 00503570) as an Independent Director of the Company
    Special
    99.04% for0.96% against

    Against: promoters 0.00% · institutions 16.40% · other public 0.00%

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  7. Re-appointment of Mr. Praveen Kumar Ramniranjan Tripathi (DIN: 03154381) as an Independent Director of the Company
    Special
    99.04% for0.96% against

    Against: promoters 0.00% · institutions 16.40% · other public 0.00%

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  8. Approval for the payment of commission to Non-Executive Directors.
    Special
    100.00% for0.00% against

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

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

  9. Approval of Indigo Paints- Employee Stock Option Scheme, 2024 (“ESOS, 2024”)
    Special
    98.36% for1.64% against

    Against: promoters 0.00% · institutions 27.95% · other public 0.00%

    Turnout: all 84.17% · promoters 100.00% · institutions 51.78% · other public 69.23%

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 2023, 5 resolutions

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

  1. To receive, consider and adopt the Standalone Audited Financial Statements of the Company for the financial year ended March 31, 2023 together with the Reports of the Board of Directors (“the Board”) and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.76% · promoters 100.00% · institutions 63.43% · other public 73.93%

  2. To declare final dividend of Rs. 3.50/- (Three Rupees and Fifty Paisa only) per equity share of the face value Rs. 10/- (Rupees Ten Only) each for the financial year ended March 31, 2023
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.76% · promoters 100.00% · institutions 63.43% · other public 73.93%

  3. To appoint a Director in place of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465), who retires by rotation and being eligible, offers himself for reappointment
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.76% · promoters 100.00% · institutions 63.43% · other public 73.93%

  4. To consider and approve the appointment of Ms. Ashwini Deshpande (DIN: 00240443) as an Independent Director of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 86.76% · promoters 100.00% · institutions 63.43% · other public 73.93%

  5. To consider and approve the re-appointment of Mr. Ravi Nigam (DIN: 00024577) as Independent Director of the Company
    Special
    99.98% for0.02% against

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

    Turnout: all 86.76% · promoters 100.00% · institutions 63.43% · other public 73.93%

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, 2 Sep 2022, 6 resolutions

Present: 4 promoters and 40 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Standalone Audited Financial Statements of the Company for the financial year ended 31st March, 2022 together with the Reports of the Board of Directors (“the Board”) and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.30% · promoters 100.00% · institutions 61.95% · other public 85.17%

  2. To declare final dividend of Rs. 3.00/- (Rupees Three only) per equity share of the face value Rs. 10/- (Rupees Ten Only) each 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 90.30% · promoters 100.00% · institutions 61.95% · other public 85.17%

  3. To appoint a Director in place of Mr. Hemant Kamala Jalan (DIN: 00080942), who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 2.67% · other public 0.00%

    Turnout: all 90.30% · promoters 100.00% · institutions 61.95% · other public 85.17%

  4. To approve the payment of Commission to Non-Executive Independent Directors.
    Special
    97.83% for2.17% against

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

    Turnout: all 90.30% · promoters 100.00% · institutions 61.95% · other public 85.17%

  5. To reappoint Mr. Hemant Kamala Jalan as the Managing Director of the Company.
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

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

    Turnout: all 90.30% · promoters 100.00% · institutions 61.95% · other public 85.17%

  6. To amend the Indigo Paints- Employee Stock Option Scheme, 2019 (“ESOS, 2019”)
    Special
    97.43% for2.57% against

    Against: promoters 0.00% · institutions 30.28% · other public 0.00%

    Turnout: all 90.30% · promoters 100.00% · institutions 61.95% · other public 85.17%

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, 2 Sep 2021, 5 resolutions

Present: 3 promoters and 43 others.The company's voting result (opens in a new tab)

  1. Adoption of Financial Statements
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.77% · promoters 100.00% · institutions 70.88% · other public 90.38%

  2. Appointment of Ms. Anita Hemant Jalan as a Director liable to retire by rotation.
    OrdinaryPromoters have an interest in it
    95.14% for4.86% against

    Against: promoters 0.00% · institutions 44.24% · other public 0.00%

    Turnout: all 92.77% · promoters 100.00% · institutions 70.88% · other public 90.38%

  3. Ratification of Indigo Paints- Employee Stock Option Scheme, 2019(“ESOP, 2019”)
    Special
    91.69% for8.31% against

    Against: promoters 0.00% · institutions 75.95% · other public 0.00%

    Turnout: all 92.72% · promoters 100.00% · institutions 70.54% · other public 90.38%

  4. Approval of Fee payable for copies of inspection documents
    Special
    100.00% for0.00% against

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

    Turnout: all 92.77% · promoters 100.00% · institutions 70.88% · other public 90.38%

  5. Approval from members for nomination of one Investor Director as required under clause 18.2 of Articles of Association of the Company
    Special
    94.44% for5.56% against

    Against: promoters 0.00% · institutions 50.78% · other public 0.00%

    Turnout: all 92.72% · promoters 100.00% · institutions 70.54% · other public 90.38%

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

How mutual funds voted

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

Mutual fund votes, meeting of 12 Sep 2026, 5 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Adoption of Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.
    5 for0 against
  • Declaration of final dividend of Rs. 5/- per equity share
    5 for0 against
  • Appointment of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465) as an Executive Director, who retires by rotation.
    5 for0 against
  • Ratification of the remuneration payable to M/s. Harshad S Deshpande & Associates, Cost Accountants (Firm Registration No.: 00378), Cost Auditors of the Company for the financial year 2026-27.
    5 for0 against

Mutual fund votes, meeting of 30 Aug 2025, 10 fund houses

  • To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO Report). Compliant with Indian Accounting Standards. Governance concern: Non-Compliant Audit Committee. Accounts not vetted by duly compliant audit committee.
    9 for1 against
  • To declare final dividend of H 3.50/- (Three Rupees Fifty Paisa only) (35%) per equity share of the face value H 10/- (Rupees Ten Only) each for the financial year ended March 31, 2025.
    10 for0 against
  • To appoint a Director in place of Mr. Parag Jalan (DIN: 10638804), who retires by rotation and being eligible, offers himself for reappointment
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
    9 for1 against
  • Appointment of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465) as Executive Director of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundPrior shareholder approval not obtained for continuation beyond 70 years.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of proposed appointee. Non-Compliant: Prior shareholder approval not obtained for continuation beyond 70 years.
    6 for4 against
  • Reappointment of M/s. ARKS and Co. LLP, Practicing Company Secretaries as Secretarial Auditor of the Company
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director. Delayed approval of shareholders.
    9 for1 against
  • Ratification of the remuneration payable to Harshad S Deshpande & Associates, Cost Accountants, Cost Auditors of the Company for the financial year 2025-26
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
    9 for1 against
5 earlier meetings

Mutual fund votes, meeting of 1 Feb 2025, 9 fund houses

  • Approval for the appointment of Mr. Abhay Kumar Pandey (DIN: 01650845) as Non‐ Executive, Independent Director of the Company and the sitting fees and commission to be paid to him
    9 for0 against

Mutual fund votes, meeting of 10 Aug 2024, 11 fund houses

  • Adoption of the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2024 together with the Reports of the Board of Directors (“the Board”) and Auditors thereon.MoreLess
    11 for0 against
  • Declaration of final dividend of Rs. 3.50/- (Three Rupees Fifty Paisa only) (35 %) per equity share of the face value Rs. 10/- (Rupees Ten Only) each for the financial year ended March 31, 2024.
    11 for0 against
  • Appointment of a Director in place of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465), who retires by rotation and being eligible, offers himself for reappointment.
    Against Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on merit of proposed appointee. Non-Compliant with Section 152 of Companies Act: Longest serving director not being retired. Governance Concern: ED remuneration practice is biased in favor of proposed appointee. Transparency Concern: No clarity on whether special approval already sought for continuation beyond the age of 70 years.
    6 for5 against
  • Appointment of M/s. Price Waterhouse Chartered Accountants LLP, Chartered Accountants as Statutory Auditors of the Company and fixing of their remuneration
    Against Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo issues on merit of the proposed Statutory Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Statutory Auditors not disclosed.
    6 for5 against
  • Appointment of Mr. Parag Jalan (DIN: 10638804) as Non-executive Director of the Company
    11 for0 against
  • Re-appointment of Mr. Sunil Badriprasad Goyal (DIN: 00503570) as an Independent Director of the Company
    Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundSunil Goyal, 57, is a chartered accountant and has three decades of experience in the field of financial and business consultancy. He is Managing Partner at Kreston SGCO Advisors LLP, founder and mentor at SGCO & Co. LLP, and founder and Managing Director of Ladderup Group, which provides investment banking, corporate finance and wealth management services to large and medium-sized companies. He attended all five board meetings held in FY24. He has been on the board of Indigo Paints since 13 November 2014. His aggregate tenure with the company will exceed ten years during the proposed tenure. Therefore, we are unable to support his reappointment as Independent Director. The board must consider appointing him as a Non-Executive Non-Independent Director.
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Proposed term will lead to prolonged association with the Company; 2 Full time positions.
    • Edelweiss Mutual FundNot independent anymore
    • HDFC Mutual FundDirector appointment would not be legally compliant as his association as independent director with the company will exceed 10 years.
    • ICICI Prudential Mutual FundMr. Sunil Goyal is a chartered accountant and has three decades of experience in the field of financial and business consultancy. He attended all five board meetings held in FY2024. He has been on the board of Indigo Paints since 13 November 2014. His aggregate tenure with the company will exceed ten years during the proposed tenure. The AMC do not support his reappointment as Independent Director and hence, has voted against the resolution.
    • SBI Mutual FundSunil Goyal, 57, is a chartered accountant and has three decades of experience in the field of financial and business consultancy. He is Managing Partner at Kreston SGCO Advisors LLP, founder and mentor at SGCO & Co. LLP, and founder and Managing Director of Ladderup Group, which provides investment banking, corporate finance and wealth management services to large and medium-sized companies. He attended all five board meetings held in FY24.He has been on the board of Indigo Paints since 13 November 2014. His aggregate tenure with the company will exceed ten years during the proposed tenure. Therefore, we are unable to support his reappointment as Independent Director. The board must consider appointing him as a Non-Executive Non-Independent Director.
    1 for10 against
  • Re-appointment of Mr. Praveen Kumar Ramniranjan Tripathi (DIN: 03154381) as an Independent Director of the Company
    Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual Fund, SBI Mutual FundPraveen Tripathi, 67, is founder and CEO of Magic9 Media and Consumer Knowledge Pvt. Ltd. He has experience in the areas of media planning, advertising, media and market research, brand consulting, communication planning, data analytics. He has completed his B. Tech in Electrical Engineering from IIT, Kanpur and PGDM from IIM, Ahmedabad. He attended all five board meetings held in FY24. He has been on the board of Indigo Paints since 13 November 2014. His aggregate tenure with the company will exceed ten years during the proposed tenure. Therefore, we are unable to support his reappointment as Independent Director. The board must consider appointing him as a Non-Executive Non-Independent Director.
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Proposed term will lead to prolonged association with the Company.
    • Edelweiss Mutual FundNot independent anymore
    • HDFC Mutual FundDirector appointment would not be legally compliant as his association as independent director with the company will exceed 10 years.
    • ICICI Prudential Mutual FundMr. Praveen Tripathi is founder and CEO of Magic9 Media and Consumer Knowledge Pvt. Ltd. He has been on the board of Indigo Paints since 13 November 2014. His aggregate tenure with the company will exceed ten years during the proposed tenure. The AMC do not support his reappointment as Independent Director and hence, has voted against the resolution.
    1 for10 against
  • Approval for the payment of commission to Non-Executive Directors.
    11 for0 against
  • Approval of Indigo Paints- Employee Stock Option Scheme, 2024 (“ESOS, 2024”)
    Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundAs per the plan, the company proposes to issue 250,000 stock options to employees of the company which will result in a dilution ~0.52% on the expanded capital base. The scheme will be implemented via fresh issuance of shares. The vesting of options is either time based, or performance based (performance metrics have not been disclosed) as decided by the Nomination and Remuneration Committee (NRC). The exercise price will be as provided under the relevant employee stock option agreement or grant letters issued by the Company. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. There is no clarity on the price at which the stock options will be granted. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics.
    • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Non-disclosure of Exercise price.
    • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
    • SBI Mutual FundAs per the plan, the company proposes to issue 250,000 stock options to employees of the company which will result in a dilution ~0.52% on the expanded capital base. The scheme will be implemented via fresh issuance of shares. The vesting of options is either time based, or performance based (performance metrics have not been disclosed) as decided by the Nomination and Remuneration Committee (NRC). The exercise price will be as provided under the relevant employee stock option agreement or grant letters issued by the Company. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. There is no clarity on the price at which the stock options will be granted. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics. We do not support the resolution.
    3 for8 against

Mutual fund votes, meeting of 7 Aug 2023, 7 fund houses

  • To receive, consider and adopt the Standalone Audited Financial Statements of the Company for the financial year ended March 31, 2023 together with the Reports of the Board of Directors (“the Board”) and Auditors thereon.MoreLess
    7 for0 against
  • To declare final dividend of Rs. 3.50/- (Three Rupees and Fifty Paisa only) per equity share of the face value Rs. 10/- (Rupees Ten Only) each for the financial year ended March 31, 2023
    7 for0 against
  • To appoint a Director in place of Mr. Narayanankutty Kottiedath Venugopal (DIN: 00296465), who retires by rotation and being eligible, offers himself for reappointment
    7 for0 against
  • To consider and approve the appointment of Ms. Ashwini Deshpande (DIN: 00240443) as an Independent Director of the Company
    7 for0 against
  • To consider and approve the re-appointment of Mr. Ravi Nigam (DIN: 00024577) as Independent Director of the Company
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundRe-appointment compliant with Law. Governance Concern: Mr. Ravi Nigam is the Chairman of NRC, a committee in charge of remuneration policy that appears to be gender biased.
    6 for1 against

Mutual fund votes, meeting of 2 Sep 2022, 9 fund houses

  • To receive, consider and adopt the Standalone Audited Financial Statements of the Company for the financial year ended 31st March, 2022 together with the Reports of the Board of Directors (“the Board”) and Auditors thereon.MoreLess
    9 for0 against
  • To declare final dividend of Rs. 3.00/- (Rupees Three only) per equity share of the face value Rs. 10/- (Rupees Ten Only) each for the financial year ended 31st March, 2022.
    9 for0 against
  • To appoint a Director in place of Mr. Hemant Kamala Jalan (DIN: 00080942), who retires by rotation and being eligible, offers himself for reappointment.
    9 for0 against
  • To approve the payment of Commission to Non-Executive Independent Directors.
    Against Axis Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundIn the last two years, the company has paid commission of Rs. 0.6 mn, which is at ~0.05% of standalone PBT each year. We note that in FY21 and FY22, commission was paid only to Ms. Nupur Garg as Independent Director - the company must explain the reason for the differential payouts. The company has not defined a tenure for payment of commission and the resolution is effectively valid for perpetuity. We believe shareholders must get a chance to periodically approve such payments and therefore do not support the resolution. While the previous payout has been reasonable, the company must also cap the commission payable in absolute terms.
    • Invesco Mutual FundIn the last two years, the company has paid commission of Rs. 0.6 mn, which is at ~0.05% of standalone PBT each year. We note that in FY21 and FY22, commission was paid only to Ms. Nupur Garg as Independent Director – the company must explain the reason for the differential payouts. The company has not defined a tenure for payment of commission and the resolution is effectively valid for perpetuity. We believe shareholders must get a chance to periodically approve such payments and therefore do not support the resolution. While the previous payout has been reasonable, the company must also cap the commission payable in absolute terms
    • Nippon India Mutual FundPerpetual approval, hence not approved
    • SBI Mutual FundSBI MF's internal guidelines states that we do not favour any company’s resolution issued in perpetuity with regards to the commission being paid to a non-executive director/promoter-director/executive director/independent director. We believe that the minority shareholders should have an opportunity to re-visit the approved proposal after a set period of time. We wish to re-iterate that we don’t have any objection regarding the capabilities of any of the Non-executive directors. Our sole objection is that the resolution is in perpetuity. Hence we are voting againt the resolution.
    5 for4 against
  • To reappoint Mr. Hemant Kamala Jalan as the Managing Director of the Company.
    9 for0 against
  • To amend the Indigo Paints- Employee Stock Option Scheme, 2019 (“ESOS, 2019”)
    Against Axis Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundThe company proposes to amend certain terms of the scheme including an increased exercise period and providing a specific vesting schedule, in addition to making the scheme compliant with existing regulations. The exercise price for options to be granted is not defined and is at the discretion of the Nomination and Remuneration Committee. Notwithstanding, as on 31 March 2022, 70,750 options were granted at face value of Rs. 10.0 each representing a significant discount to market price. We do not support ESOP schemes where the grants are at significant discount to market price or where there is no clarity on the performance criteria for vesting.
    • Edelweiss Mutual FundChanges proposed in tenure of ESOPs excersie period
    • HDFC Mutual FundThere is lack of disclosure or clarity on the pricing formula or exercise price at which the ESOP will be granted
    • Invesco Mutual FundThe company proposes to amend certain terms of the scheme including an increased exercise period and providing a specific vesting schedule, in addition to making the scheme compliant with existing regulations The exercise price for options to be granted is not defined and is at the discretion of the Nomination and Remuneration Committee. Notwithstanding, as on 31 March 2022, 70,750 options were granted at face value of Rs. 10.0 each representing a significant discount to market price. We do not support ESOP schemes where the grants are at significant discount to market price or where there is no clarity on the performance criteria for vesting. Further, the company has only shared key variations and not the amended draft in its entirety
    • Nippon India Mutual FundStock options are granted at a significant discount
    • SBI Mutual FundWe understand that “The Indigo Paints Employee Stock Option Scheme 2019 (ESOS 2019 Scheme)” is a pre-IPO scheme that was approved and adopted by shareholders at the Extraordinary General Meeting held on 28 March 2019 and was further amended on 26 October 2020 to create, offer, and grant 250,000 stock options for the eligible employees of the company in one or more tranches. Notwithstanding, as on 31 March 2022, 70,750 options were granted at face value of Rs. 10.0 each representing a significant discount to market price. SBI MF has an internal guidelines which don’t support ESOS or Pre-IPO scheme (>10% of the options which are yet to allotted) when the grants are made at significant discount to market price and where there is no clarity on the performance criteria’s on how these ESOS will be allotted. Hence we are voting against the resolution.
    3 for6 against

Mutual fund votes, meeting of 2 Sep 2021, 6 fund houses

  • Adoption of Financial Statements
    6 for0 against
  • Appointment of Ms. Anita Hemant Jalan as a Director liable to retire by rotation.
    6 for0 against
  • Ratification of Indigo Paints- Employee Stock Option Scheme, 2019(“ESOP, 2019”)
    Against Axis Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundWe do not favour ESOP schemes where the exercise price could be at significant discount to market price
    • HDFC Mutual FundThere is lack of disclosure or clarity on the pricing formula or exercise price at which the ESOP will be granted
    • Invesco Mutual FundThe ESOS 2019 Scheme is a pre-IPO scheme to grant 250,000 stock options to eligible employees, of which 201.500 options remain to be granted. As per the scheme, exercise price shall be determined by the NRC. This gives the NRC the flexibility to grant options at a significant discount to the CMP of Rs. 2,393.5 and even at the face value of Rs. 10.0. Further, no performance vesting criteria have been disclosed, if any. Stock options were granted at face value of Rs. 10 in the past (pre-listing). We do not favour ESOP schemes where the exercise price could be at significant discount to market price: ESOPs are ‘pay at risk’ options that employees accept at the time of grant. The inherent assumption of an ESOP scheme is that there could be possible downside risks – and that employees may not be rewarded in case of adverse stock price movements. Here the downside risk is protected by issuing options at a significant discount. With no indication on the exercise price range for the remaining options and limited past track record on the company’s ESOP scheme, we do not support the resolution.
    • SBI Mutual FundThe ESOS 2019 Scheme is a pre-IPO scheme to grant 250,000 stock options to eligible employees, of which 201.500 options remain to be granted.As per the scheme, exercise price shall be determined by the NRC. This gives the NRC the flexibility to grant options at a significant discount to the CMP of Rs.2,393.5 and even at the face value of Rs. 10.0. Further, no performance vesting criteria have been disclosed, if any. Stock options were granted at face value of Rs. 10 in the past (pre-listing).We do not favour ESOP schemes where the exercise price could be at significant discount to market price: ESOPs are ‘pay at risk’ options that employees accept at the time of grant. The inherent assumption of an ESOP scheme is that there could be possible downside risks – and that employees may not be rewarded in case of adverse stock price movements. Here the downside risk is protected by issuing options at a significant discount. With no indication on the exercise price range for the remaining options and limited past track record on the company’s ESOP scheme, we do not support the resolution.
    2 for4 against
  • Approval of Fee payable for copies of inspection documents
    6 for0 against
  • Approval from members for nomination of one Investor Director as required under clause 18.2 of Articles of Association of the Company
    Against Axis Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundAs per the RHP filed by the company before listing, the nominee director will not be liable to retire by rotation: there is no clarity on whether the nominee director will be liable to retire by rotation post listing. We believe that shareholders must get a chance to periodically vote on the reappointment of all directors.
    • HDFC Mutual FundThe shareholders would not get a chance to periodically review the appointment of a nominee director as they are not liable to retire by rotation
    • Invesco Mutual FundClause 18.2 in the existing Articles of Association (AoA) allows Sequoia Capital Investments IV and SCI Investments V to jointly nominate a nominee director on the board when their joint shareholding is equal to or exceeds 10% on the extended share capital. Sequoia Capital Investments IV holds 13.73% of the Company’s equity and SCI Investments V holds 14.81% of the company’s capital bringing their joint shareholding at 28.54% on 31 June 2021 Ms. Sakshi Chopra has been representing them on the board since October 2018. As per the RHP filed by the company before listing, the nominee director will not be liable to retire by rotation: there is no clarity on whether the nominee director will be liable to retire by rotation post listing. We believe that shareholders must get a chance to periodically vote on the reappointment of all directors. We believe the above articles provide overriding powers to the investors and may be susceptible to potential misuse
    • SBI Mutual FundClause 18.2 in the existing Articles of Association (AoA) allows Sequoia Capital Investments IV and SCI Investments V to jointly nominate a nominee director on the board when their joint shareholding is equal to or exceeds 10% on the extended share capital. Sequoia Capital Investments IV holds 13.73% of the Company’s equity and SCI Investments V holds 14.81% of the company’s capital bringing their joint shareholding at 28.54% on 31 June 2021. Ms. Sakshi Chopra has been representing them on the board since October 2018. As per the RHP filed by the company before listing, the nominee director will not be liable to retire by rotation: there is no clarity on whether the nominee director will be liable to retire by rotation post listing. We believe that shareholders must get a chance to periodically vote on the reappointment of all directors. We believe the above articles provide overriding powers to the investors and may be susceptible to potential misuse.
    2 for4 against

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

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeGST Deparatment-MaharashtraSince 21 Nov 2025
    Appeal filed with GST Appellate Tribunal.
    At the filing before: Demand Order passed.

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.