IL&FS Investment Managers logo

IL&FS Investment Managers CEO, MD, chairman, board of directors and AGM

NSE: IVCBSE: 511208Capital MarketsSmall Cap

Formerly IL & FS Venture Corporation
Last close ₹7.46down ₹0.08 (1.06%)BSE ₹7.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹7.54.

52-week range of traded prices to 23 Oct 2026
₹6.02Low, 23 Mar 2026₹10.99High, 3 Sep 2026
Market cap
₹234 Cr2,284th largest listed
P/E
47.5
P/E without one-offs
96.1
P/B
1.2
Dividend yield
16.09%
ROE
2.5%
ROE without one-offs
1.2%
ROCE
−0.7%
Debt to equity
0.00
Volume, NSE
1,68,26670.9% delivered

IL&FS Investment Managers 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

  • ChairpersonChitranjan Singh Kahlon
  • Chief executiveLubna Ahmad Usman
  • Company Secretary and Compliance OfficerPrasad Chaoji

6 directors2 independent1 executive3 non-executive

  • Chitranjan Singh Kahlon · ChairpersonIndependent · joined Aug 2018 · reappointed May 2023 · 94 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Munish Kumar Saraogi · Shareholder DirectorIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Priya Prempal ShettyNon-executive · joined Nov 2020 · 1 listed board · 1 committee seat
  • Lubna Ahmad Usman · Chief executiveExecutive · joined Feb 2021 · 2 listed boards · 2 committee seats
  • Gaurav KhungarNon-executive · joined Nov 2024 · 1 listed board
  • Jayashree RamaswamyNon-executive · joined Feb 2026 · 2 listed boards · 4 committee seats, 1 as chair

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

1 director who left
  • Kaushik Modak, left 20 Feb 2026: Others

Committees and meetings

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

  • Board

    • 30 May 20266 of 6 present2 independent · no day in between
    • 29 May 20266 of 6 present2 independent · 104 days in between
    • 13 Feb 20267 of 7 present2 independent · 28 days in between
    • 15 Jan 20266 of 6 present2 independent
  • Audit Committee

    Chair Munish Kumar Saraogi

    Chitranjan Singh Kahlon, Jayashree Ramaswamy

    • 30 May 20263 of 3 present2 independent · no day in between
    • 29 May 20263 of 3 present2 independent · 104 days in between
    • 13 Feb 20263 of 3 present2 independent · 28 days in between
  • Nomination and remuneration committee

    Chair Munish Kumar Saraogi

    Chitranjan Singh Kahlon, Jayashree Ramaswamy

    • 29 May 20263 of 3 present2 independent
    • 13 Feb 20263 of 3 present2 independent
    • 15 Jan 20263 of 3 present2 independent
  • Stakeholders Relationship Committee

    Chair Jayashree Ramaswamy

    Chitranjan Singh Kahlon, Munish Kumar Saraogi

    • 13 Feb 20263 of 3 present2 independent
  • Corporate Social Responsibility Committee

    Chair Chitranjan Singh Kahlon

    Munish Kumar Saraogi, Jayashree Ramaswamy

    • 29 May 20263 of 3 present2 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.

  • KKC & Associates LLPPeer-review certificate valid to Jul 2027

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

IL&FS Investment Managers 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.IL&FS Investment Managers dividend history

Annual general meeting, 22 Sep 2026

1,03,717 shareholders on the register on 15 Sep 2026; present: 1 promoter and 36 others; votes counted by KAUSHAL DALAL / KDA & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt a) the Audited Standalone Financial Statements for the financial year ended March 31, 2026, and the Reports of Board of Directors and Auditors thereon and b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 and the report of Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.26%

    Turnout: all 50.62% · promoters 100.00% · institutions 0.00% · other public 0.40%

  2. To declare a final dividend of Rs 0.70 (Rupees Seventy Paise only) per Equity Share for the financial year ended March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.45%

    Turnout: all 50.62% · promoters 100.00% · institutions 0.00% · other public 0.40%

  3. To appoint a Director in place of Mr. Gaurav Khungar (DIN 10802649) who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.70%

    Turnout: all 50.62% · promoters 100.00% · institutions 0.00% · other public 0.40%

  4. To appoint M/s. C N K & Associates LLP, Chartered Accountants, as Statutory Auditors of the Company to fill the casual vacancy caused by the resignation of the previous Statutory Auditors to hold office until the conclusion of the 40th AGM and further to hold office for a term of consecutive five years from the conclusion of the 40th AGM until the conclusion of the 45th AGM of the CompanyMoreLess
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.43%

    Turnout: all 50.62% · promoters 100.00% · institutions 0.00% · other public 0.40%

  5. Appointment of Ms Jayashree Ramaswamy (DIN: 02235205) as Director of the Company in the category of Nominee Director (Non-Executive)
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.48%

    Turnout: all 50.62% · promoters 100.00% · institutions 0.00% · other public 0.40%

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, 18 Feb 2026, 1 resolution

1,06,508 shareholders on the register on 9 Jan 2026; votes counted by KAUSHAL DALAL / KDA & ASSOCIATES, PRACTICING COMPANY SECRETARY.The company's voting result (opens in a new tab)

  1. Continuation of Mr Chitranjan Singh Kahlon (DIN: 02823501) as an Independent Non-Executive Director of the Company beyond the age of 75 years
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 12.96%

    Turnout: all 50.64% · promoters 100.00% · institutions 0.00% · other public 0.45%

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, 26 Sep 2025, 4 resolutions

1,06,547 shareholders on the register on 12 Sep 2025; present: 1 promoter and 22 others; votes counted by KAUSHAL DALAL / KDA & ASSOCIATES.The company's voting result (opens in a new tab)

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

    Against: promoters 0.00% · institutions 0.00% · other public 1.30%

    Turnout: all 50.55% · promoters 100.00% · institutions 0.00% · other public 0.27%

  2. To declare Dividend on Equity Shares 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 50.55% · promoters 100.00% · institutions 0.00% · other public 0.27%

  3. To appoint a Director in place of Ms Priya Prempal Shetty [DIN 08858814] who retires by rotation and being eligible, offers herself for re-appointment
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.34%

    Turnout: all 50.55% · promoters 100.00% · institutions 0.00% · other public 0.26%

  4. Appointment of M/s Mehta & Mehta, Practicing Company Secretaries as the Secretarial Auditors of the Company for the term of five consecutive financial years from April 1, 2025 to March 31, 2030.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.00%

    Turnout: all 50.55% · promoters 100.00% · institutions 0.00% · other public 0.26%

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 Mar 2025, 1 resolution

1,03,415 shareholders on the register on 14 Feb 2025; votes counted by KAUSHAL DALAL / KDA & ASSOCIATES, PRACTICING COMPANY SECRETARY.The company's voting result (opens in a new tab)

  1. Re-designation of Ms Lubna Ahmad Usman (DIN: 08299976) as the Executive Director in the category of Whole-time Director of the Company
    Special
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.00% · other public 10.12%

    Turnout: all 50.85% · promoters 100.00% · institutions 0.00% · other public 0.87%

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

Postal ballot, 23 Dec 2024, 1 resolution

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

  1. Appointment of Mr Gaurav Khungar as a Nominee Director
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.58%

    Turnout: all 50.70% · promoters 100.00% · institutions 0.00% · other public 0.57%

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 2024, 4 resolutions

Present: 1 promoter and 36 others.The company's voting result (opens in a new tab)

  1. Consideration and adoption of the Audited Standalone & Consolidated Financial Statements for the year ended March 31, 2024 along with the Directors Report and Auditors Report
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 50.99% · promoters 100.00% · institutions 0.00% · other public 1.15%

  2. Final Dividend on Equity Shares for the Financial Year ended March 31, 2024
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.03%

    Turnout: all 50.99% · promoters 100.00% · institutions 0.00% · other public 1.15%

  3. Appointment of a Director in place of Mr Kaushik Modak who retires by rotation and being eligible has offered himself for re-appointment
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.30%

    Turnout: all 50.99% · promoters 100.00% · institutions 0.00% · other public 1.15%

  4. Re-appointment of M/s KKC & Associates LLP, Chartered Accountants, Mumbai, as the Statutory Auditors of the Company for a second term of five years
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.27%

    Turnout: all 50.99% · promoters 100.00% · institutions 0.00% · other public 1.15%

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, 24 Jun 2024, 2 resolutions

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

  1. Appointment of Mr Munish Kumar Saraogi [DIN 10422742] as an Independent Non-Executive Director of the Company for a period of five years to hold office from April 1, 2024 up to March 31, 2029
    Special
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.00% · other public 12.53%

    Turnout: all 50.79% · promoters 100.00% · institutions 0.00% · other public 0.74%

  2. Appointment of Mr Chitranjan Singh Kahlon [DIN 02823501] as the Independent Non-Executive Chairman of the Company w.e.f. April 1, 2024 till the end of his balance tenure i.e. August 27, 2028
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.00% · other public 12.90%

    Turnout: all 50.79% · promoters 100.00% · institutions 0.00% · other public 0.74%

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 2023, 4 resolutions

Present: 1 promoter and 30 others.The company's voting result (opens in a new tab)

  1. Consideration and adoption of the Standalone and Consolidated Audited Financial Statements for the Financial Year ended March 31, 2023 together with the Reports of the Auditors and Directors thereon
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.00% · other public 9.94%

    Turnout: all 50.84% · promoters 100.00% · institutions 0.00% · other public 0.85%

  2. Declaration of Final Dividend on Equity Shares for the Financial Year ended March 31, 2023
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.15%

    Turnout: all 50.84% · promoters 100.00% · institutions 0.00% · other public 0.85%

  3. Re-appointment of Mr Nand Kishore, director retiring by rotation
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.00% · other public 10.89%

    Turnout: all 50.84% · promoters 100.00% · institutions 0.00% · other public 0.85%

  4. Re-appointment of Mr Chhitranjan Singh Kahlon as an Independent Non-Executive Director for a second term of five consecutive years
    Special
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.00% · other public 10.22%

    Turnout: all 50.84% · promoters 100.00% · institutions 0.00% · other public 0.85%

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.

Fines and tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltyNational Stock Exchange of India LimitedSince 17 Apr 2026

    Fine Levied of Rs. 4,40,000, paid on 20-04-2026

    delayed submission of consolidated Financial Results for the quarter ended June 30, 2025
  • Fine or penaltyNational Stock Exchange of India LimitedSince 10 Apr 2026

    Fine Levied of Rs. 4,45,000, paid on 20-04-2026

    delayed submission of consolidated Financial Results for the quarter ended September 30, 2025
  • Fine or penaltyAssessing Officer (AO) of Income TaxSince 26 Mar 2026

    The learned AO erred while passing the final assessment order for AY 2023-24:- 1.Short grant of TDS of Rs. 16,61,726. 2.Non-grant of self-assessment tax paid of Rs. 7,20,000 3.Short - grant of Interest under section 244A of the Act

    The Learned AO, has passed the assessment order under section 143(3) dated 26 March 2026 in the case of IL&FS InvestmentManagers Limited for AY 2023-24. The Company filed its return of income on 27 November 2023 declaring NIL income and claiming a refund of TDS of Rs. 2,61,24,580. However,the company had undergone the scheme of amalgamation with IAAL and IAIML vide NCLT order dated 26 July 2024 with effect from 1 April 2022. Pursuant to the said order the company filed updated return under section 170A for the captioned AY on 27 November 2024claiming a refund of Rs. 2,71,29,310. The company has already received a refund of Rs. 2,58,61,220 including interest u/s 244A of Rs. 11,13,668. The Learned AO issued several notices under section 142(1) of which responses were duly served. Also, the Learned AO had issued a show cause notice dated 16 March 2026 of which reply was made on 20 March 2026. The Learned AO has accepted our submissions made in response to SCN and has not made any additions to income except claim made towards asset written-off of Rs 2.03 lacs and assessed the total income at Rs. NIL after allowing set-off of the CY business loss and deduction claimed under section 80M. However, while computing net tax payable, the Learned AO has allowed short credit of TDS by Rs. 16,61,726 and not granted self-assessment tax paid of Rs. 7,20,000,consequently short grant of interest u/s 244A. Asset written off is capital in nature and hence not allowable as expense while computing business income. The Learned AO has also initiated penalty under section 270A of the Act. The company is in the process of filing Appeal before CIT(A).MoreLess
  • Fine or penaltyAssessing Officer (AO) of Income TaxSince 28 Mar 2026

    Penalty proceedings against Order passed for AY 2023-24 dated 26-03-2026 under Section 270A r.w.s. 274

    Penalty proceedings against Order passed for AY 2023-24 dated 26-03-2026
  • Fine or penaltyAssessing Officer (AO) of Income TaxSince 23 Apr 2021

    The learned AO erred while passing the final assessment order for AY 2018-2019:- 1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A Appeal on the said matters filed before the CIT(A)

    The learned AO erred while passing the final assessment order for AY 2018-2019:- 1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A. Appeal on the said matters filed before the CIT(A) and the same is pending for disposal.MoreLess
  • Fine or penaltyAssessing Officer (AO) of Income TaxSince 5 Aug 2021

    Penalty proceedings intiated in relation to AY 2018-2019

  • Fine or penaltyDeputy Commissioner of State TaxSince 18 Nov 2025₹0.23 Cr

    Order dated 18-11-2025 in respect of GST for FY 2021-2022. Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2A or 8A of GSTR 9. IGST Rs. 2077493, CGST Rs. 115861, SGST Rs. 115861, Total GST Rs. 2309215.

    Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2A or 8A of GSTR 9. IGST Rs. 2077493, CGST Rs. 115861, SGST Rs. 115861, Total GST Rs. 2309215. The Company has filed an appeal dated 01-04-2026 before the Appellate AuthorityMoreLess
  • Tax disputeAssessing Officer (AO) of Income TaxSince 26 Mar 2026
    The Learned AO, has passed the assessment order under section 143(3) dated 26 March 2026 in the case of IL&FS InvestmentManagers Limited for AY 2023-24. The Company filed its return of income on 27 November 2023 declaring NIL income and claiming a refund of TDS of Rs. 2,61,24,580. However,the company had undergone the scheme of amalgamation with IAAL and IAIML vide NCLT order dated 26 July 2024 with effect from 1 April 2022. Pursuant to the said order the company filed updated return under section 170A for the captioned AY on 27 November 2024claiming a refund of Rs. 2,71,29,310. The company has already received a refund of Rs. 2,58,61,220 including interest u/s 244A of Rs. 11,13,668. The Learned AO issued several notices under section 142(1) of which responses were duly served. Also, the Learned AO had issued a show cause notice dated 16 March 2026 of which reply was made on 20 March 2026. The Learned AO has accepted our submissions made in response to SCN and has not made any additions to income except claim made towards asset written-off of Rs 2.03 lacs and assessed the total income at Rs. NIL after allowing set-off of the CY business loss and deduction claimed under section 80M. However, while computing net tax payable, the Learned AO has allowed short credit of TDS by Rs. 16,61,726 and not granted self-assessment tax paid of Rs. 7,20,000,consequently short grant of interest u/s 244A. Asset written off is capital in nature and hence not allowable as expense while computing business income. The Learned AO has also initiated penalty under section 270A of the Act. The company is in the process of filing Appeal before CIT(A).MoreLess
4 more
  • Tax disputeAssessing Officer (AO) of Income TaxSince 28 Mar 2026
    Penalty proceedings against Order passed for AY 2023-24 dated 26-03-2026
  • Tax disputeAssessing Officer (AO) of Income TaxSince 23 Apr 2021
    The learned AO erred while passing the final assessment order for AY 2018-2019:- 1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A. Appeal on the said matters filed before the CIT(A) and the same is pending for disposal.MoreLess
  • Tax disputeAssessing Officer (AO) of Income TaxSince 5 Aug 2021
    Penalty proceedings intiated in relation to AY 2018-2019
  • Tax disputeDeputy Commissioner of State TaxSince 18 Nov 2025
    Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2A or 8A of GSTR 9. IGST Rs. 2077493, CGST Rs. 115861, SGST Rs. 115861, Total GST Rs. 2309215. The Company has filed an appeal dated 01-04-2026 before the Appellate AuthorityMoreLess

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
No
The chair is related to the managing director
No
The filing has a part on fines and penalties
Yes
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.