Indo Borax & Chemicals CEO, MD, chairman, board of directors and AGM
NSE: INDOBORAXBSE: 524342Chemicals & PetrochemicalsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹424.80.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹1,330 Cr1,543rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 10 Aug 2026
- 23.6
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹10 crore of one-off items, the largest of them in the quarter to Sep 2025.
- 28.8
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 21 May 2026
- 3.4
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 9.65%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 10 Aug 2026
- 15.6%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹10 crore of one-off items, the largest of them in the quarter to Sep 2025.
- 12.8%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 10 Aug 2026
- 12.7%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 21 May 2026
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,10,75761.0% delivered
Indo Borax & Chemicals 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
- Managing director and CEOSURESH KALRA
- ChairpersonPRASAD PARMESWARANPILLAI NAGA
- Company Secretary and Compliance OfficerPravin Chavan
6 directors3 independent2 executive1 non-executive
- SURESH KALRA · Managing director and CEOExecutive · joined Jan 2026 · reappointed Jan 2026 · 1 listed board · 2 committee seats
- SUNIL JUGAL MALHOTRANon-executive · joined Jan 2026 · reappointed Jan 2026 · 1 listed board
- HARSH MALHOTRAExecutive · joined Jan 2026 · reappointed Jan 2026 · 1 listed board · 1 committee seat
- PRASAD PARMESWARANPILLAI NAGA · ChairpersonIndependent · joined Jan 2026 · reappointed Jan 2026 · 5 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 1 as chair
- RAKESH KUMAR SHRIVASTAVAIndependent · joined Jan 2026 · reappointed Jan 2026 · 5 months as independent · 1 listed board · 1 as independent · 1 committee seat
- PRAJNAPARAMITA SARKARIndependent · joined Jan 2026 · reappointed Jan 2026 · 5 months as independent · 1 listed board · 1 as independent · 1 committee seat, 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.
7 directors who left
- SACHIN NAGARMAL GUPTA, left 23 Jan 2026: Others
- SAJAL JAIN, left 23 Jan 2026: Others
- GOVIND RAMLAL PARMAR, left 23 Jan 2026: Others
- MINAKSHI ANKUSH MITTAL, left 23 Jan 2026: Others
- SHAH YATIN N, left 23 Jan 2026: Others
- YOGESH PRATAP PATIL, left 23 Jan 2026: Others
- SREELEKHA SAJAL JAIN, left 9 Dec 2024: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 21 May 20266 of 6 present3 independent · 44 days in between
- 6 Apr 20266 of 6 present3 independent · 39 days in between
- 25 Feb 20266 of 6 present3 independent · 32 days in between
- 23 Jan 20265 of 5 present4 independent · 6 days in between
1 earlier meeting
- 16 Jan 20266 of 6 present4 independent
Audit Committee
Chair PRASAD PARMESWARANPILLAI NAGA
SURESH KALRA, RAKESH KUMAR SHRIVASTAVA
- 21 May 20263 of 3 present2 independent · 44 days in between
- 6 Apr 20263 of 3 present2 independent · 39 days in between
- 25 Feb 20263 of 3 present2 independent · 39 days in between
- 16 Jan 20264 of 4 present3 independent
Nomination and remuneration committee
Chair PRAJNAPARAMITA SARKAR
PRASAD PARMESWARANPILLAI NAGA, SUNIL JUGAL MALHOTRA
- 21 May 20263 of 3 present2 independent · 44 days in between
- 6 Apr 20263 of 3 present2 independent · 39 days in between
- 25 Feb 20263 of 3 present2 independent · 32 days in between
- 23 Jan 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair PRAJNAPARAMITA SARKAR
SURESH KALRA, HARSH MALHOTRA
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair SURESH KALRA
PRAJNAPARAMITA SARKAR, HARSH MALHOTRA, SUNIL JUGAL MALHOTRA
- 21 May 20264 of 4 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Jun 2026.
- Bohara & CoPeer-review certificate valid to Mar 2027
1 earlier auditor
- Bohra & CoNamed in filings from Mar 2025 to Mar 2026
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Indo Borax & Chemicals 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.Indo Borax & Chemicals dividend history
Postal ballot, 10 Sep 2026
25,627 shareholders on the register on 7 Aug 2026; votes counted by CS Sandhya R. Malhotra / M/s. Manish Ghia & Associates.The company's voting result (opens in a new tab)
- TO CONSIDER AND APPROVE THE BORROWING LIMITS OF THE COMPANY AS PER THE PROVISION OF SECTION 180(1)(C) OF THE COMPANIES ACT, 2013 UPTO RS. 400,00,00,000/- (RUPEES FOUR HUNDRED CRORE ONLY)Special98.05% for1.95% against
Against: promoters 0.00% · institutions 0.00% · other public 5.49%
Turnout: all 59.60% · promoters 100.00% · institutions 0.00% · other public 34.45%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 28 Jul 2026, 4 resolutions
25,848 shareholders on the register on 21 Jul 2026; present: 0 promoters and 75 others; votes counted by CS Sandhya R. Malhotra / M/s. Manish Ghia & Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited financial statements ( including consolidated financial statements) of the Company for the financial year ended 31st March ,2026, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary98.07% for1.93% againstAgainst: promoters 0.00% · institutions 0.00% · other public 5.39%
Turnout: all 59.88% · promoters 100.00% · institutions 0.00% · other public 34.89%
To declare dividend of Rs. 40/- per equity share of Re. 1/- each (i.e. 4000%), comprising of Final Dividend of Rs. 10/- per equity share of Re. 1/- each (i.e. 1000%) and Special Dividend of Rs. 30/- per equity share of Re. 1/- each (i.e. 3000%) for the financial year ended March 31, 2026.MoreLess
Ordinary98.07% for1.93% againstAgainst: promoters 0.00% · institutions 0.00% · other public 5.39%
Turnout: all 59.88% · promoters 100.00% · institutions 0.00% · other public 34.89%
To appoint a Director in place of Mr. Sunil Malhotra (DIN: 00361641), who retires by rotation in terms of section 152(6) of the Companies Act, 2013 and, being eligible, offers himself for re-appointment.MoreLess
OrdinaryPromoters have an interest in it98.05% for1.95% againstAgainst: promoters 0.00% · institutions 0.00% · other public 5.43%
Turnout: all 59.88% · promoters 100.00% · institutions 0.00% · other public 34.89%
- Ratification of the remuneration of the Cost Auditors for the financial year ending 31st March,2027.Ordinary98.07% for1.93% against
Against: promoters 0.00% · institutions 0.00% · other public 5.39%
Turnout: all 59.88% · promoters 100.00% · institutions 0.00% · other public 34.89%
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, 8 May 2026, 4 resolutions
20,751 shareholders on the register on 3 Apr 2026; votes counted by CS Sandhya R. Malhotra / M/s. Manish Ghia & Associates.The company's voting result (opens in a new tab)
- To consider and approve the introduction and implementation of “Indo Borax & Chemicals Limited Employees Stock Option Plan – ESOP 2026”Special99.31% for0.69% against
Against: promoters 0.00% · institutions 51.19% · other public 0.01%
Turnout: all 53.27% · promoters 100.00% · institutions 26.58% · other public 3.78%
To consider and approve the grant of Employee Stock Options equal to or exceeding 1% of the issued capital of the Company to the Identified Employees under “Indo Borax & Chemicals Limited Employee Stock Option Plan – ESOP 2026”MoreLess
Special99.31% for0.69% againstAgainst: promoters 0.00% · institutions 51.19% · other public 0.01%
Turnout: all 53.27% · promoters 100.00% · institutions 26.58% · other public 3.78%
- To make investments, give loans, guarantees and security in excess of limits specified under section 186 of the Companies Act, 2013Special99.31% for0.69% against
Against: promoters 0.00% · institutions 51.19% · other public 0.04%
Turnout: all 53.27% · promoters 100.00% · institutions 26.58% · other public 3.78%
- Payment of remuneration by way of commission to Directors other than Managing Director and Whole-Time DirectorOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 53.27% · promoters 100.00% · institutions 26.58% · other public 3.78%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 15 Apr 2026, 8 resolutions
21,047 shareholders on the register on 13 Mar 2026; votes counted by CS Mannish L. Ghia / M/s. Manish Ghia & Associates.The company's voting result (opens in a new tab)
- Appointment of Mr. Suresh Kalra (DIN: 02833715) as Director of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
- Appointment Mr. Suresh Kalra (DIN: 02833715) as Managing Director and Chief Executive Officer of the CompanySpecial99.29% for0.71% against
Against: promoters 0.00% · institutions 60.74% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
- Appointment of Mr. Harsh Malhotra (DIN: 10785742) as Director of the CompanyOrdinary99.29% for0.71% against
Against: promoters 0.00% · institutions 60.74% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
- Appointment of Mr. Harsh Malhotra (DIN: 10785742) as Executive Director of the CompanyOrdinary99.29% for0.71% against
Against: promoters 0.00% · institutions 60.74% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
- Appointment of Mr. Sunil Malhotra (DIN: 00361641) as Director (Non-Executive Non Independent)Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
- Appointment of Ms. Prajnaparamita Sarkar (DIN: 08525955) as Non-Executive Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
- Appointment of Mr. Parameswaranpillai Naga Prasad (DIN: 07430506) as Non-Executive Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
- Appointment of Mr. Rakesh Kumar Shrivastava (DIN: 03423423) as Non-Executive Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 52.24% · promoters 100.00% · institutions 31.53% · other public 1.77%
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, 25 Sep 2025, 5 resolutions
22,913 shareholders on the register on 18 Sep 2025; present: 5 promoters and 49 others; votes counted by SANDHYA MALHOTRA / MANISH GHIA & ASSOCIATES.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited financial statements (including consolidated audited financial statements) of the Company for the financial year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 52.51% · promoters 97.31% · institutions 1.66% · other public 6.32%
- To declare a dividend of Re. 1/- (100.00%) per equity share of Re. 1/- each for the financial year ended 31st March, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 52.51% · promoters 97.31% · institutions 1.66% · other public 6.32%
- To appoint a Director in place of Mr. Sajal Jain (DIN: 00314855), who retires by rotation and, being eligible, offers himself for re-appointment.OrdinaryPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.41%
Turnout: all 52.51% · promoters 97.31% · institutions 1.66% · other public 6.32%
- Ratification of the remuneration of the Cost Auditors for the financial year 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 52.51% · promoters 97.31% · institutions 1.66% · other public 6.32%
- Appointment of M/S. Prasad Parab & Associates, as the Secretarial Auditor of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 52.51% · promoters 97.31% · institutions 1.66% · other public 6.32%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 26 Aug 2025, 4 resolutions
25,793 shareholders on the register on 18 Jul 2025; votes counted by MR. MANNISH L. GHIA / MANISH GHIA & ASSOCIATES.The company's voting result (opens in a new tab)
- Approval for Material Related Party Transactions under section 188 of the Companies Act, 2013 and Regulation 23 of the SEBI (Listing Oligations and Disclosure Requirements) 2015OrdinaryPromoters have an interest in it99.40% for0.60% against
Against: promoters 0.00% · institutions 0.00% · other public 0.60%
Turnout: all 6.41% · promoters 0.00% · institutions 0.00% · other public 13.03%
- Approval for Material Related Party Transactions under section 188 of the Companies Act, 2013 and Regulation 23 of the SEBI (Listing Oligations and Disclosure Requirements) 2015OrdinaryPromoters have an interest in it99.40% for0.60% against
Against: promoters 0.00% · institutions 0.00% · other public 0.60%
Turnout: all 6.41% · promoters 0.00% · institutions 0.00% · other public 13.03%
- Approval for Material Related Party Transactions under section 188 of the Companies Act, 2013 and Regulation 23 of the SEBI (Listing Oligations and Disclosure Requirements) 2015OrdinaryPromoters have an interest in it99.40% for0.60% against
Against: promoters 0.00% · institutions 0.00% · other public 0.60%
Turnout: all 6.41% · promoters 0.00% · institutions 0.00% · other public 13.03%
- Approval under section 180 of the Companies Act, 2013 and Regulation 37A of the SEBI (Listing Obligation and Disclosure Requirements), 2015SpecialPromoters have an interest in it99.93% for0.07% against
Against: promoters 0.00% · institutions 0.00% · other public 0.58%
Turnout: all 56.56% · promoters 98.73% · institutions 0.00% · other public 13.03%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 27 Aug 2024, 6 resolutions
Present: 5 promoters and 51 others.The company's voting result (opens in a new tab)
- 1 - To receive, consider and adopt the audited financial statements (including consolidated audited financial statements) of the Company for the financial year ended 31st March, 2024,Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 53.11% · promoters 100.00% · institutions 0.00% · other public 4.73%
- To declare a dividend of Re 1/- (100%) per equity share of Re.1/- each for the financial year ended 31st March, 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 53.11% · promoters 100.00% · institutions 0.00% · other public 4.73%
- To appoint a Director in place of Mr. Govind Parmar (DIN: 03556411) who retires by rotation in terms of section 152(6) of the Companies Act, 2023 and being, eligibe, offers himself for re-appointmentOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 53.11% · promoters 100.00% · institutions 0.00% · other public 4.73%
- Appointment of Mrs. Minakshi Mittal (DIN:07220741) as an Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 53.11% · promoters 100.00% · institutions 0.00% · other public 4.73%
- Re-appointment of Mr. Govind Parmar, (DIN: 03556411) as Executive Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 53.11% · promoters 100.00% · institutions 0.00% · other public 4.73%
- Ratification of the remuneration of the Cost Auditors for the financial year ending 31st March, 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 53.11% · promoters 100.00% · institutions 0.00% · other public 4.73%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 22 Mar 2024, 2 resolutions
The company's voting result (opens in a new tab)
- Appointment of Mr. Yogesh Patil (DIN: 10464221) as an Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 53.60% · promoters 98.61% · institutions 0.00% · other public 4.71%
- Appointment of Mr. Yatin Shah( DIN:07155634) as on Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 53.60% · promoters 98.61% · institutions 0.00% · other public 4.71%
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 8 May 2026, 1 fund house
- To consider and approve the introduction and implementation of “Indo Borax & Chemicals Limited Employees Stock Option Plan – ESOP 2026”
Against Unifi Mutual Fund
- Unifi Mutual FundThe company proposes to grant upto 1,688,950 options which will result in a dilution of ~5.0% on the expanded capital base. The vesting of options will be subject to continued employment and based on specific performance parameters as may be decided by the NRC from time to time. Based on disclosures, the exercise price shall be determined by the Nomination and Remuneration Committee (NRC) and it shall not be less than face value of the equity shares and shall not exceed the market price of the equity shares. We do not favour schemes where the exercise price is at a significant discount (>20%) to market price. 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. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to detailed performance parameters. We expect companies to provide granular clarity on performance criteria along with the associated targets, or a commitment to disclose such targets in the annual report after vesting. Given the lack of clarity on exercise price and performance parameters, we do not support the resolution.
0 for1 against To consider and approve the grant of Employee Stock Options equal to or exceeding 1% of the issued capital of the Company to the Identified Employees under “Indo Borax & Chemicals Limited Employee Stock Option Plan – ESOP 2026”MoreLess
Against Unifi Mutual Fund
- Unifi Mutual FundThe company seeks to grant employee stock options equal to or exceeding 1% of the issued share capital to identified employees. A quantum greater than 1% of the issued capital of the company is large and we do not encourage such open-ended resolution without a cap on the grant to a specific employee. Further, we do not favour such ESOP schemes where the distribution is skewed towards specific employees. We believe ESOPs should motivate and reward a broad base of employees rather than disproportionately benefiting a small group. Further, our view on resolution #2 is linked to our view on resolution #1. We do not support the resolution.
0 for1 against- To make investments, give loans, guarantees and security in excess of limits specified under section 186 of the Companies Act, 2013
Against Unifi Mutual Fund
- Unifi Mutual FundAs on 31 March 2025 the company had made investments/granted loans of ~Rs. 0.7 bn (including investment/granted loans) under Section 186. However, the company should clearly disclose the extent of limits utilized under Section 186 for FY26 in the meeting notice. Further, this is an enabling approval, and it allows the company to give loans/ guarantees/ provide securities to any body corporate, including promoter-group companies. We believe the company must disclose granular details, including the names of the companies, the nature and size of their operations, and the terms of support, to enable shareholders to make an informed decision. Given the lack of clarity, we do not support the resolution.
0 for1 against - Payment of remuneration by way of commission to Directors other than Managing Director and Whole-Time Director1 for0 against
Mutual fund votes, meeting of 15 Apr 2026, 1 fund house
- Appointment of Mr. Suresh Kalra (DIN: 02833715) as Director of the Company1 for0 against
- Appointment Mr. Suresh Kalra (DIN: 02833715) as Managing Director and Chief Executive Officer of the Company
Against Unifi Mutual Fund
- Unifi Mutual FundSuresh Kalra, 52, is the former CEO and Whole‑time Director of Aquapharm Chemical Limited. He has over two decades of experience in the chemical and allied industries. Based on the proposed terms, we estimate his annual remuneration at Rs. 150.3 mn, including the fair value of ESOPs that may be granted during his tenure. The company currently does not have an ESOP scheme; however, he is eligible to receive ESOPs of up to 5% of the paid‑up share capital. The company should disclose the quantum of stock options proposed to be granted during his tenure. His estimated remuneration is excessive relative to the size of the business and is not aligned with peers. The company should assign absolute cap on his remuneration and disclose the performance metrics linked to variable pay. While we support his appointment, we are unable to support the resolution.
0 for1 against - Appointment of Mr. Harsh Malhotra (DIN: 10785742) as Director of the Company
Against Unifi Mutual Fund
- Unifi Mutual FundHarsh Malhotra, 32, has around a decade of experience in high‑volume operations, supply chain management, and strategic capital allocation. He previously worked with Amazon as Senior Manager (Planning & Supply Chain), where he gained exposure to large‑scale operational systems and supply‑chain processes. He is currently active in the Indian business ecosystem as an investor and operator, focusing on building and supporting ventures. He holds a Master of Science in International Business from Ivey Business School and a Bachelor of Commerce from McGill University. While he is not liable to retire by rotation, we draw comfort from the SEBI LODR amendments, which have built in sufficient governance guardrails. However, while his appointment is in line with statutory requirements, he does not meet the minimum age requirement under our voting guidelines. We do not support the resolution.
0 for1 against - Appointment of Mr. Harsh Malhotra (DIN: 10785742) as Executive Director of the Company
Against Unifi Mutual Fund
- Unifi Mutual FundHarsh Malhotra, 32, has around a decade of experience in high‑volume operations, supply chain management, and strategic capital allocation. He previously worked with Amazon as Senior Manager (Planning & Supply Chain), where he gained exposure to large‑scale operational systems and supply‑chain processes. We estimate Harsh Malhotra’s maximum annual remuneration at Rs. 13.2 million. The company should disclose the specific performance metrics used to determine his variable pay. However, the proposed remuneration is commensurate with the size and complexity of the business and in line with peers. As discussed under Resolution #3, we do not support his appointment as Director, as he does not meet the minimum age requirement under our voting guidelines. We also note that Sunil Malhotra, his father, is a member of the NRC, which presents an inherent conflict of interest. Given our concerns regarding his appointment, we do not support this resolution.
0 for1 against - Appointment of Mr. Sunil Malhotra (DIN: 00361641) as Director (Non-Executive Non Independent)1 for0 against
- Appointment of Ms. Prajnaparamita Sarkar (DIN: 08525955) as Non-Executive Independent Director of the Company1 for0 against
- Appointment of Mr. Parameswaranpillai Naga Prasad (DIN: 07430506) as Non-Executive Independent Director of the Company1 for0 against
- Appointment of Mr. Rakesh Kumar Shrivastava (DIN: 03423423) as Non-Executive Independent Director of the Company1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Jun 2026.
- Tax disputeDepartment of RevenueSince 16 Dec 2020
The Custom Department have ordered for dropping demand notice for diffrential custom duty of Rs. 10.57 Cr, interest and penalty thereon. Also ordered for dropping proceedings initiated against the company.MoreLess
At the filing before: The Company had received demand notice to recover differential custom duty to the tune of Rs. 10.57 Cr. along with interest and penalty for the non-payment of differential custom duty for the year 2015 till 2020. The demand notice has been quashed by Honourable Gujarat High Court, however the department has gone for appeal in Honourable Supreme Court.MoreLess
- Tax disputeDepartment of RevenueSince 30 Mar 2021The department has passed order for part of the differential custom duty demand and order to refund differential duty paid.At the filing before: The Company had received order to recover differential custom duty to the tune of Rs. 1.18 Cr. along with interest for the non-payment of differential custom duty for the year 2020-21.
- Tax disputeRadius Estate Projects Private LimitedSince 19 Oct 2021The company is awaiting the outcome from National Company Law Tribunal (NCLT).
At the filing before: Company had given ICD of Rs. 5.09 Cr to Radius Estate Projects Private Limited. The said company is in the Corporate Insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). Company has filed its claim as a financial creditors as per regulation of IBC Code for the outstanding amount of Rs. 5.09 Cr.MoreLess
- Tax disputeState Trading Corporation of India LtdSince 31 Oct 1991Company had filed writ petition with Honourable Mumbai High Court.At the filing before: State Trading Corporation of India Ltd had claimed for Rs. 0.09 Cr towards price difference and other.
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
- 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
- No
- The chair is related to the managing director
- No
- 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.