Isgec Heavy Engineering logo

Isgec Heavy Engineering MD, chairman, board of directors and AGM

NSE: ISGECBSE: 533033ConstructionSmall Cap

Last close ₹869.95down ₹20.10 (2.26%)BSE ₹869.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹890.05.

52-week range of traded prices to 23 Oct 2026
₹683.95Low, 27 Jan 2026₹1,113.90High, 21 May 2026
Market cap
₹6,397 Cr690th largest listed
P/E
Earlier quarters restated in the year
P/B
2.3
Dividend yield
0.69%
ROCE
11.4%
Debt to equity
0.32
Volume, NSE
52,69248.6% delivered

Isgec Heavy Engineering 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

  • ChairpersonRanjit Puri
  • Managing directorAditya Puri
  • Compliance OfficerKalyan Ghosh

8 directors4 independent3 executive1 non-executive

  • Ranjit Puri · ChairpersonNon-executive · joined Oct 1981 · reappointed Sep 2021 · 2 listed boards · 2 committee seats, 2 as chair
  • Aditya Puri · Managing directorExecutive · joined Apr 1996 · reappointed May 2026 · 2 listed boards · 3 committee seats
  • Arvind SagarIndependent · joined Jun 2021 · reappointed Jun 2026 · 60 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Rashi SikkaIndependent · joined May 2022 · reappointed May 2025 · 49 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Rajiv Roy ChaudhuryIndependent · joined Jul 2025 · reappointed Jul 2025 · 11 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Vivek DhirIndependent · joined Jul 2025 · reappointed Jul 2025 · 11 months as independent · 1 listed board · 1 as independent
  • Kishore ChatnaniExecutive · joined Jun 2021 · reappointed Jun 2026 · 2 listed boards · 1 committee seat
  • Sanjay GulatiExecutive · joined Jun 2021 · reappointed Jun 2026 · 1 listed board

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.

2 directors who left
  • Sidharth Prasad, left 31 Oct 2025: Tenure Completion
  • Vishal Kirti Keshav Marwaha, left 16 Sep 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 27 May 20268 of 8 present4 independent · 25 days in between
    • 1 May 20267 of 8 present4 independent · 80 days in between
    • 9 Feb 20268 of 8 present4 independent

  • Audit Committee

    Chair Rajiv Roy Chaudhury

    Aditya Puri, Arvind Sagar, Rashi Sikka

    • 27 May 20264 of 4 present3 independent · 25 days in between
    • 1 May 20264 of 4 present3 independent · 80 days in between
    • 9 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Arvind Sagar

    Rashi Sikka, Vivek Dhir

    • 6 Feb 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Ranjit Puri

    Arvind Sagar, Rashi Sikka, Kishore Chatnani

    • 17 Mar 20264 of 4 present2 independent

  • Risk Management Committee

    Chair Arvind Sagar

    Aditya Puri, Sanjay Gulati

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Ranjit Puri

    Aditya Puri, Rashi Sikka, Vivek Dhir

    • 27 May 20264 of 4 present2 independent · 25 days in between
    • 1 May 20264 of 4 present2 independent

  • Share Transfer Committee

    Arvind Sagar, Rashi Sikka

    • 17 Mar 20262 of 2 present2 independent

  • Committee of Directors

    Aditya Puri, Kishore Chatnani, Sanjay Gulati, Arvind Sagar, Rashi Sikka, Rajiv Roy Chaudhury

    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 Jun 2026.

  • S C V & Co. LLPPeer-review certificate valid to Feb 2027
1 earlier auditor
  • SCV & Co. LLPNamed in the filing for the quarter to Mar 2025

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.

Isgec Heavy Engineering 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.Isgec Heavy Engineering dividend history

Annual general meeting, 28 Sep 2026

39,332 shareholders on the register on 21 Sep 2026; present: 4 promoters and 87 others; votes counted by Pramod Kothari / Pramod Kothari & Co., Company Secretaries.The company's voting result (opens in a new tab)

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

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

    Turnout: all 80.69% · promoters 100.00% · institutions 91.82% · other public 23.36%

  2. Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.69% · promoters 100.00% · institutions 91.82% · other public 23.36%

  3. Declaration of Dividend of Rs.6/- per equity share of Re. 1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2026
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.83% · promoters 100.00% · institutions 92.85% · other public 23.36%

  4. Appointment of Mr. Sanjay Gulati (DIN: 05201178) as Director, liable to retire by rotation
    Ordinary
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 1.00% · other public 0.00%

    Turnout: all 80.83% · promoters 100.00% · institutions 92.85% · other public 23.36%

  5. Ratification of remuneration payable to the Cost Auditors for the financial year ending on March 31, 2027
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.83% · promoters 100.00% · institutions 92.85% · other public 23.36%

  6. Revision in the remuneration of Ms. Nayna Puri, related party, holding office or place of profit in the Material wholly owned subsidiary, Saraswati Sugar Mills Limited
    OrdinaryPromoters have an interest in it
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.61%

    Turnout: all 18.40% · promoters 0.00% · institutions 92.85% · other public 23.36%

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

Postal ballot, 27 Mar 2026, 4 resolutions

40,222 shareholders on the register on 20 Feb 2026; votes counted by Pramod Kothari / Pramod Kothari & Co..The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Aditya Puri (DIN: 00052534), as Managing Director of the Company for a period of five (05) years, commencing from May 01, 2026 upto and including April 30, 2031
    OrdinaryPromoters have an interest in it
    90.79% for9.21% against

    Against: promoters 0.00% · institutions 56.42% · other public 0.02%

    Turnout: all 80.85% · promoters 100.00% · institutions 94.51% · other public 22.13%

  2. Re-appointment of Mr. Kishore Chatnani (DIN: 07805465), as a Joint Managing Director of the Company for a period of five (05) years, commencing from June 28, 2026 upto and including June 27, 2031
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.19% · other public 0.02%

    Turnout: all 80.85% · promoters 100.00% · institutions 94.51% · other public 22.13%

  3. Re-appointment of Mr. Sanjay Gulati (DIN: 05201178), as a Joint Managing Director of the Company for a period of five (05) years, commencing from June 28, 2026 upto and including June 27, 2031
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.19% · other public 0.02%

    Turnout: all 80.85% · promoters 100.00% · institutions 94.51% · other public 22.13%

  4. Re-appointment of Mr. Arvind Sagar (DIN: 09210612) as an Independent Director of the Company for a second term of five (05) consecutive years commencing from June 28, 2026, and ending on June 27, 2031
    Special
    91.73% for8.27% against

    Against: promoters 0.00% · institutions 50.66% · other public 0.02%

    Turnout: all 80.85% · promoters 100.00% · institutions 94.51% · other public 22.13%

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, 16 Sep 2025, 10 resolutions

38,550 shareholders on the register on 8 Sep 2025; present: 5 promoters and 79 others; votes counted by Pramod Kothari / Pramod Kothari & Co., Company Secretaries.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.83% · promoters 100.00% · institutions 95.40% · other public 21.23%

  2. To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025, together with the Report of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.83% · promoters 100.00% · institutions 95.76% · other public 21.02%

  3. To declare a Dividend of Rs.5/- per equity share of Re.1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

  4. To appoint a Director in place of Mr. Kishore Chatnani (DIN: 07805465), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 1.07% · other public 0.01%

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

  5. To approve appointment of Mr. Rajiv Roy Chaudhury (DIN: 03545734) as an Independent Director
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.17% · other public 0.19%

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

  6. To approve appointment of Mr. Vivek Dhir (DIN: 00774349) as an Independent Director
    Special
    99.99% for0.01% against

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

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

  7. To ratify the remuneration to the Cost Auditors for the financial year ending on March 31, 2026
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

  8. To appoint M/s Pramod Kothari & Co., Pratising Company Secretary as Secretarial Auditor of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

  9. To re-designate Mr. Kishore Chatnani (DIN: 07805465) as Joint Managing Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

  10. To Re-designation of Mr. Sanjay Gulati (DIN: 05201178) as Joint Managing Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.97% · promoters 100.00% · institutions 96.75% · other public 21.02%

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.

Annual general meeting, 28 Aug 2024, 7 resolutions

Present: 5 promoters and 95 others.The company's voting result (opens in a new tab)

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

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

    Turnout: all 82.19% · promoters 100.00% · institutions 0.00% · other public 52.64%

  2. Adoption of Audited Consolidated Financial Statements
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.19% · promoters 100.00% · institutions 0.00% · other public 52.64%

  3. Declaration of Dividend
    Ordinary
    97.88% for2.12% against

    Against: promoters 0.00% · institutions 0.00% · other public 8.78%

    Turnout: all 82.35% · promoters 100.00% · institutions 0.00% · other public 53.05%

  4. Appointment of Mr. Ranjit Puri (DIN No. 00052459) as Director, liable to retire by rotation
    OrdinaryPromoters have an interest in it
    98.98% for1.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.22%

    Turnout: all 82.35% · promoters 100.00% · institutions 0.00% · other public 53.05%

  5. Re-appointment of Mrs. Rashi Sikka (DIN: 00320145) as an Independent Director
    Special
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.47%

    Turnout: all 82.35% · promoters 100.00% · institutions 0.00% · other public 53.05%

  6. Commission to Non-Executive Directors
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 82.35% · promoters 100.00% · institutions 0.00% · other public 53.05%

  7. Ratification of remuneration to the Cost Auditors for the financial year ending on March 31, 2025
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.35% · promoters 100.00% · institutions 0.00% · other public 53.05%

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, 23 Aug 2023, 5 resolutions

Present: 5 promoters and 86 others.The company's voting result (opens in a new tab)

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

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

    Turnout: all 81.40% · promoters 100.00% · institutions 72.69% · other public 40.85%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023, together with the Report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.40% · promoters 100.00% · institutions 72.69% · other public 40.85%

  3. To declare Dividend of 3/- per Equity Share of Re.1/- each, as recommended by the Board of Directors, fornthe 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 81.46% · promoters 100.00% · institutions 72.69% · other public 41.05%

  4. To appoint a Director in place of Mr. Sanjay Gulati (DIN No. 05201178), who retires by rotation and beingneligible, offers himself for re-appointment.
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.16% · other public 0.38%

    Turnout: all 81.45% · promoters 100.00% · institutions 72.69% · other public 41.03%

  5. Ratification of remuneration of the Cost Auditors for the financial year ending March 31, 2024
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.30%

    Turnout: all 81.45% · promoters 100.00% · institutions 72.69% · other public 41.03%

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, 24 Aug 2022, 7 resolutions

Present: 5 promoters and 94 others.The company's voting result (opens in a new tab)

  1. Considered and approved the audited standalone financial statements of the Company for the financial year ended March 31, 2022, together with 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 81.38% · promoters 100.00% · institutions 97.93% · other public 33.86%

  2. Considered and approved the audited consolidated financial statements of the Company for the financial year ended March 31, 2022, together with the Report of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.38% · promoters 100.00% · institutions 97.93% · other public 33.86%

  3. Declared Dividend of Rs. 2/- per Equity Share of Re.1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2022
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.38% · promoters 100.00% · institutions 97.93% · other public 33.87%

  4. Mr. Kishore Chatnani (DIN No. 07805465) appointed as Director, who is liable to retire by rotation
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 81.38% · promoters 100.00% · institutions 97.93% · other public 33.89%

  5. M/s. SCV & Co. LLP, Chartered Accountants as Statutory Auditors of the Company for the second term of five (5) consecutive years, from the conclusion of this 89th Annual General Meeting till the conclusion of the 94th Annual General Meeting to be held in the year 2027.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.38% · promoters 100.00% · institutions 97.93% · other public 33.87%

  6. Mrs. Rashi Sikka (DIN: 00320145) appointed as an Independent Director of the Company to hold the office for a term of 3 years with effect from May 28, 2022 upto and including May 27, 2025.
    Special
    97.50% for2.50% against

    Against: promoters 0.00% · institutions 20.90% · other public 0.52%

    Turnout: all 81.38% · promoters 100.00% · institutions 97.93% · other public 33.89%

  7. Ratification of remuneration of the Cost Auditors for the financial year ending March 31, 2023
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 81.38% · promoters 100.00% · institutions 97.93% · other public 33.89%

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.

Annual general meeting, 17 Sep 2021, 10 resolutions

Present: 5 promoters and 141 others.The company's voting result (opens in a new tab)

  1. Consideration and Adoption of (a) the audited standalone financial statements of the Company for the financial year ended March 31, 2021 together with the Reports of the Board of Directors and Auditors thereon; and Consideration and Adoption of (b) the audited consolidated financial statements of the Company for the financial year ended March 31, 2021, together with the Report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.50% · promoters 100.00% · institutions 76.13% · other public 46.25%

  2. Confirmation of payment of Interim Dividend of Rs. 2/- per Equity Share of Re. 1/- each, already disbursed and to declare Final Dividend of Re. 1/- per Equity Share of Re. 1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2021MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

  3. Appointment of Mr. Arvind Sagar (DIN: 09210612) as an Independent Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

  4. Appointment of Mr. Kishore Chatnani (DIN: 07805465) as a Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

  5. Appointment of Mr. Kishore Chatnani (DIN: 07805465) as a Whole-Time Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

  6. Appointment of Mr. Sanjay Gulati (DIN: 05201178) as a Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

  7. Appointment of Mr. Sanjay Gulati (DIN: 05201178) as a Whole-Time Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

  8. Appointment of Mr. Ranjit Puri (DIN: 00052459) as a Non-Executive Director of the Company
    SpecialPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 20.08% · promoters 0.00% · institutions 76.13% · other public 46.27%

  9. Increase in Borrowing Limits
    Special
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

  10. Ratification of remuneration of the Cost Auditors for the financial year ending March 31, 2022
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.51% · promoters 100.00% · institutions 76.13% · other public 46.27%

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 28 Sep 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon.
    2 for0 against
  • Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon
    2 for0 against
  • Declaration of Dividend of Rs.6/- per equity share of Re. 1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2026
    2 for0 against
  • Appointment of Mr. Sanjay Gulati (DIN: 05201178) as Director, liable to retire by rotation
    2 for0 against
  • Ratification of remuneration payable to the Cost Auditors for the financial year ending on March 31, 2027
    2 for0 against
  • Revision in the remuneration of Ms. Nayna Puri, related party, holding office or place of profit in the Material wholly owned subsidiary, Saraswati Sugar Mills Limited
    2 for0 against

Mutual fund votes, meeting of 27 Mar 2026, 11 fund houses

  • Re-appointment of Mr. Aditya Puri (DIN: 00052534), as Managing Director of the Company for a period of five (05) years, commencing from May 01, 2026 upto and including April 30, 2031
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund
    • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: The remuneration appears to be excessive and skewed in favour of proposed director.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern identified w.r.t. his profile. Governance Concern: The remuneration appears to be excessive and skewed in favour of proposed director.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • UTI Mutual FundAditya Puri, 58, is the Managing Director and has been associated with the company for over three decades. He was appointed as the Managing Director for a period of five years from 1 May 2021. He also serves as MD of the wholly owned subsidiary, Saraswati Sugar Mills Limited, but does not draw any remuneration from it. The company proposes to reappoint him as MD for five years from 1 May 2026. In FY25, Aditya Puri received a remuneration of Rs. 114.7 mn, which was 112x the median employee remuneration. We estimate his proposed remuneration at Rs. 159.5 mn, which is high and not commensurate with the overall size and scale of company’s operations. His commission component is open-ended with no absolute cap. The company should also set performance threshold for commission payouts. Given the open-ended commission component, we do not support the resolution.
    4 for7 against
  • Re-appointment of Mr. Kishore Chatnani (DIN: 07805465), as a Joint Managing Director of the Company for a period of five (05) years, commencing from June 28, 2026 upto and including June 27, 2031
    11 for0 against
  • Re-appointment of Mr. Sanjay Gulati (DIN: 05201178), as a Joint Managing Director of the Company for a period of five (05) years, commencing from June 28, 2026 upto and including June 27, 2031
    11 for0 against
  • Re-appointment of Mr. Arvind Sagar (DIN: 09210612) as an Independent Director of the Company for a second term of five (05) consecutive years commencing from June 28, 2026, and ending on June 27, 2031
    Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance concern: Nomination & Remuneration Committee Chairman and skewed remuneration practice. Nomination & Remuneration Committee members should be held accountable for such unfair remuneration practices in the Company, as it’s the Nomination & Remuneration Committee’s responsibility to ensure the remuneration being paid is in a fair and reasonable manner.
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No governance concern has been identified w.r.t. the profile and time commitments. Governance concern: NRC Chairman and Excessive Remuneration to Promoter ED. NRC members should be held accountable for such unfair remuneration practices in the Company, as it’s the NRC’s responsibility to ensure the remuneration being paid is in a fair and reasonable manner.
    • Nippon India Mutual FundGovernance Concern: NRC Chairman and Excessive Remuneration to Promoter ED.
    7 for4 against
6 earlier meetings

Mutual fund votes, meeting of 16 Sep 2025, 11 fund houses

  • To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereonMoreLess
    11 for0 against
  • To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025, together with the Report of the Auditors thereon
    11 for0 against
  • To declare a Dividend of Rs.5/- per equity share of Re.1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2025.
    11 for0 against
  • To appoint a Director in place of Mr. Kishore Chatnani (DIN: 07805465), who retires by rotation and being eligible, offers himself for re-appointment.
    11 for0 against
  • To approve appointment of Mr. Rajiv Roy Chaudhury (DIN: 03545734) as an Independent Director
    11 for0 against
  • To approve appointment of Mr. Vivek Dhir (DIN: 00774349) as an Independent Director
    11 for0 against
  • To ratify the remuneration to the Cost Auditors for the financial year ending on March 31, 2026
    11 for0 against
  • To appoint M/s Pramod Kothari & Co., Pratising Company Secretary as Secretarial Auditor of the Company
    11 for0 against
  • To re-designate Mr. Kishore Chatnani (DIN: 07805465) as Joint Managing Director
    11 for0 against
  • To Re-designation of Mr. Sanjay Gulati (DIN: 05201178) as Joint Managing Director
    11 for0 against

Mutual fund votes, meeting of 28 Aug 2024, 11 fund houses

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

  • Adoption of Audited Standalone Financial Statements
    11 for0 against
  • Adoption of Audited Consolidated Financial Statements
    11 for0 against
  • Declaration of Dividend
    11 for0 against
  • Appointment of Mr. Ranjit Puri (DIN No. 00052459) as Director, liable to retire by rotation
    Against Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of appointee. Non-compliant with law: Continuation of Director beyond 75 years of age proposed through ordinary resolution as against Special Resolution required under SEBI LODR Regulations. Governance Concern: Chairman related to MD.
    8 for3 against
  • Re-appointment of Mrs. Rashi Sikka (DIN: 00320145) as an Independent Director
    11 for0 against
  • Commission to Non-Executive Directors
    2 for0 against
  • Ratification of remuneration to the Cost Auditors for the financial year ending on March 31, 2025
    11 for0 against
1 proposal not matched to one resolution
  • To pay and distribute to the Directors (other than the Managing Director or Whole-time Directors), for a period of 05 years commencing from April 01, 2024 to March 31, 2029, such sum by way of commission, in addition to sitting fee for attending the meetings of the Board of Directors or Committees thereof, and reimbursement of expenses for participation in the Board and Committee meetings, but not exceeding 1% (one percent) per annum of the net profits of the Company calculated in accordance with the provisions of Section 198 of the Act, provided that none of the directors aforesaid shall receive individually a sum exceeding Rs. 2,50,000/- for each relevant financial year.MoreLess
    9 for0 against

Mutual fund votes, meeting of 23 Aug 2023, 4 fund houses

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2023, together with the Reports of the Board of Directors and Auditors thereonMoreLess
    4 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023, together with the Report of the Auditors thereon.
    4 for0 against
  • To declare Dividend of 3/- per Equity Share of Re.1/- each, as recommended by the Board of Directors, fornthe financial year ended March 31, 2023.
    4 for0 against
  • To appoint a Director in place of Mr. Sanjay Gulati (DIN No. 05201178), who retires by rotation and beingneligible, offers himself for re-appointment.
    4 for0 against
  • Ratification of remuneration of the Cost Auditors for the financial year ending March 31, 2024
    4 for0 against

Mutual fund votes, meeting of 24 Aug 2022, 2 fund houses

  • Considered and approved the audited standalone financial statements of the Company for the financial year ended March 31, 2022, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    2 for0 against
  • Considered and approved the audited consolidated financial statements of the Company for the financial year ended March 31, 2022, together with the Report of the Auditors thereon
    2 for0 against
  • Declared Dividend of Rs. 2/- per Equity Share of Re.1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2022
    2 for0 against
  • Mr. Kishore Chatnani (DIN No. 07805465) appointed as Director, who is liable to retire by rotation
    2 for0 against
  • M/s. SCV & Co. LLP, Chartered Accountants as Statutory Auditors of the Company for the second term of five (5) consecutive years, from the conclusion of this 89th Annual General Meeting till the conclusion of the 94th Annual General Meeting to be held in the year 2027.MoreLess
    2 for0 against
  • Mrs. Rashi Sikka (DIN: 00320145) appointed as an Independent Director of the Company to hold the office for a term of 3 years with effect from May 28, 2022 upto and including May 27, 2025.
    2 for0 against
  • Ratification of remuneration of the Cost Auditors for the financial year ending March 31, 2023
    2 for0 against

Mutual fund votes, meeting of 17 Sep 2021, 2 fund houses

  • Consideration and Adoption of (a) the audited standalone financial statements of the Company for the financial year ended March 31, 2021 together with the Reports of the Board of Directors and Auditors thereon; and Consideration and Adoption of (b) the audited consolidated financial statements of the Company for the financial year ended March 31, 2021, together with the Report of the Auditors thereon.MoreLess
    2 for0 against
  • Confirmation of payment of Interim Dividend of Rs. 2/- per Equity Share of Re. 1/- each, already disbursed and to declare Final Dividend of Re. 1/- per Equity Share of Re. 1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2021MoreLess
    2 for0 against
  • Appointment of Mr. Arvind Sagar (DIN: 09210612) as an Independent Director
    2 for0 against
  • Appointment of Mr. Kishore Chatnani (DIN: 07805465) as a Director
    2 for0 against
  • Appointment of Mr. Kishore Chatnani (DIN: 07805465) as a Whole-Time Director
    2 for0 against
  • Appointment of Mr. Sanjay Gulati (DIN: 05201178) as a Director
    2 for0 against
  • Appointment of Mr. Sanjay Gulati (DIN: 05201178) as a Whole-Time Director
    2 for0 against
  • Appointment of Mr. Ranjit Puri (DIN: 00052459) as a Non-Executive Director of the Company
    2 for0 against
  • Increase in Borrowing Limits
    2 for0 against
  • Ratification of remuneration of the Cost Auditors for the financial year ending March 31, 2022
    2 for0 against

Mutual fund votes, meeting of 18 Sep 2020, 2 fund houses

  • Approval of remuneration of Mr. Aditya Puri, Managing Director in terms of Regulation 17(6) (e) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 for the tenure of his re-appointmentMoreLess
    Against Bandhan Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual FundSkewed remuneration, remuneration practice de-links performance of the Company and performance of the individual.
    • Nippon India Mutual FundRemuneration too high
    0 for2 against
  • Ratification of remuneration of the Cost Auditors for the financial year ended March 31, 2020
    2 for0 against
  • Ratification of remuneration of the Cost Auditors for the financial year ending March 31, 2021
    2 for0 against
  • Re-appointment of Mr. Aditya Puri (DIN: 00052534) as Managing Director
    Against Bandhan Mutual Fund
    • Bandhan Mutual FundSkewed remuneration, remuneration practice de-links performance of the Company and performance of the individual.
    1 for1 against
  • Re-appointment of Mr. Sidharth Prasad (DIN: 00074194) as an Independent Director
    2 for0 against
  • Re-appointment of Mr. Vishal Kirti Keshav Marwaha (DIN: 00164204) as an Independent Director
    2 for0 against
  • To appoint a Director in place of Mr. Ranjit Puri (DIN: 00052459), who retires by rotation and being eligible, offers himself for re-appointment
    2 for0 against
  • To confirm the payment of Interim Dividend @ ? 2/- per Equity Share of ? 1/- each, already paid during the financial year 2019-20
    2 for0 against
  • To receive, consider and adopt: (a) the audited standalone financial statements of the Company for the financial year ended March 31, 2020, together with the Reports of the Board of Directors and Auditors thereon; and (b) the audited consolidated financial statements of the Company for the financial year ended March 31, 2020, together with the Report of the Auditors thereon.MoreLess
    2 for0 against

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

Stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtSFW Isgec Energy Private Limited (formerly known as Isgec SFW Boilers Private Limited)Since 25 Jun 2026

    −25.00% bought in the quarter; holding 26.00%, from 51.00%

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 1 complaint open, quarter to Dec 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.