Jindal Stainless logo

Jindal Stainless CEO, MD, chairman, board of directors and AGM

NSE: JSLBSE: 532508Ferrous MetalsMid Cap

Formerly JSL Stainless
Last close ₹687.40down ₹22.25 (3.14%)BSE ₹688.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹709.65.

52-week range of traded prices to 23 Oct 2026
₹652.25Low, 11 Jun 2026₹884.00High, 7 Jan 2026
Market cap
₹56,671 Cr170th largest listed
P/E
17.0
P/B
2.7
Dividend yield
0.58%
ROE
17.0%
ROCE
16.0%
Debt to equity
0.33
Volume, NSE
9,23,28852.6% delivered

Jindal Stainless board of directors

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

  • Chairperson and managing directorRatan JindalRelated to the promoter
  • Managing directorAbhyuday Jindal
  • Chief executiveTarun Kumar Khulbe
  • Company Secretary and Compliance OfficerNavneet Raghuvanshi

8 directors4 independent4 executive

  • Ratan Jindal · Chairperson and managing directorExecutive · joined Jul 2003 · reappointed Apr 2022 · 1 listed board
  • Abhyuday Jindal · Managing directorExecutive · joined Aug 2017 · reappointed May 2023 · 1 listed board · 1 committee seat
  • Tarun Kumar Khulbe · Chief executiveExecutive · joined May 2018 · reappointed Jan 2024 · 1 listed board · 1 committee seat
  • Jagmohan SoodExecutive · joined May 2023 · reappointed May 2023 · 1 listed board
  • Aarti GuptaIndependent · joined Jul 2023 · reappointed Jul 2023 · 35 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • Shruti ShrivastavaIndependent · joined Jan 2023 · reappointed Jan 2026 · 41 months as independent · 2 listed boards · 2 as independent · 5 committee seats
  • Rajeev UberoiIndependent · joined Nov 2022 · reappointed Nov 2025 · 43 months as independent · 6 listed boards · 6 as independent · 8 committee seats, 2 as chair
  • Ajay MankotiaIndependent · joined Jul 2023 · reappointed Jul 2023 · 35 months as independent · 1 listed board · 1 as independent · 2 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.

4 directors who left
  • Arti Luniya, left 25 Nov 2025: Tenure Completion
  • Jayaram Easwaran, left 4 Aug 2025: Tenure Completion
  • Anurag Mantri, left 5 Apr 2025: Others
  • Parveen Kumar Malhotra, left 25 Jan 2025: Others

Committees and meetings

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

  • Board

    • 25 Jun 20268 of 8 present4 independent · 51 days in between
    • 4 May 20268 of 8 present4 independent · 102 days in between
    • 21 Jan 20267 of 8 present3 independent

  • Audit Committee

    Chair Ajay Mankotia

    Rajeev Uberoi, Aarti Gupta, Shruti Shrivastava

    • 4 May 20264 of 4 present4 independent · 102 days in between
    • 21 Jan 20263 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Rajeev Uberoi

    Ratan Jindal, Ajay Mankotia, Aarti Gupta, Shruti Shrivastava

    • 1 May 20264 of 5 present4 independent · 100 days in between
    • 20 Jan 20264 of 5 present4 independent

  • Stakeholders Relationship Committee

    Chair Aarti Gupta

    Abhyuday Jindal, Shruti Shrivastava, Tarun Kumar Khulbe, Ajay Mankotia

    • 30 Apr 20265 of 5 present3 independent · 100 days in between
    • 19 Jan 20265 of 5 present3 independent

  • Risk Management Committee

    Chair Abhyuday Jindal

    Tarun Kumar Khulbe, Rajeev Uberoi, Ajay Mankotia, Shruti Shrivastava, Navneet Raghuvanshi

    • 24 Feb 20266 of 6 present3 independent

  • Corporate Social Responsibility Committee

    Chair Abhyuday Jindal

    Ratan Jindal, Jagmohan Sood, Aarti Gupta, Shruti Shrivastava

    • 30 Apr 20264 of 5 present2 independent · 64 days in between

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 auditors

Named in the results for the quarter to Sep 2026.

  • Walker Chandiok & Co LLP (WCC LLP)Peer-review certificate valid to May 2028
  • M/s Lodha & Co LLPPeer-review certificate valid to Mar 2027
2 earlier auditors
  • Walker Chandiok & Co LLPNamed in filings from Mar 2025 to Jun 2026
  • Lodha & Co LLPNamed in filings from Mar 2025 to Jun 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.

Jindal Stainless 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.Jindal Stainless dividend history

Annual general meeting, 2 Sep 2026

2,24,727 shareholders on the register on 26 Aug 2026; present: 28 promoters and 87 others; votes counted by Kamal Gupta / Kamal Gupta.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, 2026, 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 0.39%

    Turnout: all 86.73% · promoters 99.94% · institutions 87.81% · other public 0.29%

  2. To receive, consider and adopt 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 0.39%

    Turnout: all 86.73% · promoters 99.94% · institutions 87.81% · other public 0.29%

  3. To declare final dividend of Rs 3/- per equity share of face value of Rs 2/- each for the financial year ended March 31, 2026.
    Ordinary
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 1.24% · other public 0.41%

    Turnout: all 86.77% · promoters 99.94% · institutions 87.94% · other public 0.29%

  4. To appoint a Director in place of Mr. Ratan Jindal, Chairman & Managing Director (DIN:00054026), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    Ordinary
    93.40% for6.60% against

    Against: promoters 0.00% · institutions 23.15% · other public 0.39%

    Turnout: all 86.77% · promoters 99.94% · institutions 87.94% · other public 0.29%

  5. To consider and, if thought fit, ratify the remuneration of M/s. Ramanath Iyer & Co., Cost Accountants, as Cost Auditors of the Company, for the financial year 2026-27.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.39%

    Turnout: all 86.77% · promoters 99.94% · institutions 87.94% · other public 0.29%

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

Postal ballot, 25 Mar 2026, 3 resolutions

2,26,249 shareholders on the register on 13 Feb 2026; votes counted by KAMAL GUPTA / KAMAL GUPTA.The company's voting result (opens in a new tab)

  1. Re-appointment of Ms. Shruti Shrivastava (DIN: 08697973) as an Independent Director for a second term of three consecutive years
    Special
    97.75% for2.25% against

    Against: promoters 0.00% · institutions 7.74% · other public 1.63%

    Turnout: all 86.41% · promoters 99.99% · institutions 87.20% · other public 0.21%

  2. Re-appointment of Dr. Aarti Gupta (DIN: 01668171) as an Independent Director for a second term of three consecutive years
    Special
    99.10% for0.90% against

    Against: promoters 0.00% · institutions 3.11% · other public 1.65%

    Turnout: all 86.41% · promoters 99.99% · institutions 87.20% · other public 0.21%

  3. Re-appointment of Mr. Ajay Mankotia (DIN: 03123827) as an Independent Director for a second term of three consecutive years
    Special
    99.34% for0.66% against

    Against: promoters 0.00% · institutions 2.26% · other public 1.59%

    Turnout: all 86.41% · promoters 99.99% · institutions 87.20% · other public 0.21%

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 Jan 2026, 1 resolution

2,27,464 shareholders on the register on 28 Nov 2025; votes counted by SANDEEP GARG / SANDEEP GARG.The company's voting result (opens in a new tab)

  1. TO CONSIDER AND APPROVE RE-APPOINTMENT OF DR. RAJEEV UBEROI (DIN: 01731829) AS AN INDEPENDENT DIRECTOR FOR A SECOND TERM OF THREE CONSECUTIVE YEARS
    Special
    93.86% for6.14% against

    Against: promoters 0.00% · institutions 21.70% · other public 4.58%

    Turnout: all 85.42% · promoters 99.99% · institutions 84.53% · other public 0.21%

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

Annual general meeting, 3 Sep 2025, 6 resolutions

2,28,261 shareholders on the register on 27 Aug 2025; present: 31 promoters and 51 others; votes counted by KAMAL GUPTA / KAMAL GUPTA.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 31st March, 2025, together with the Reports of Board of Directors and Auditors thereonMoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.09%

    Turnout: all 85.68% · promoters 99.91% · institutions 85.93% · other public 0.18%

  2. To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended 31st March, 2025, together with the Report of the Auditors thereon
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.09%

    Turnout: all 85.68% · promoters 99.91% · institutions 85.93% · other public 0.18%

  3. To declare final dividend of INR 2 per equity share of face value of INR 2 each for the financial year ended 31st March, 2025
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.22% · other public 0.09%

    Turnout: all 85.71% · promoters 99.91% · institutions 86.06% · other public 0.18%

  4. To appoint a Director in place of Mr. Jagmohan Sood, Wholetime Director & COO (DIN: 08121814), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.31% · other public 0.14%

    Turnout: all 85.71% · promoters 99.91% · institutions 86.06% · other public 0.18%

  5. Ratification of remuneration of M/s Ramanath Iyer & Co., Cost Accountants, as Cost Auditors of the Company, for the financial year 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 85.71% · promoters 99.91% · institutions 86.04% · other public 0.18%

  6. Appointment of M/s Vinod Kothari & Company, Practicing Company Secretaries, as Secretarial Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 85.71% · promoters 99.91% · institutions 86.05% · other public 0.18%

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, 20 Mar 2025, 5 resolutions

2,22,437 shareholders on the register on 8 Feb 2025; votes counted by SANDEEP GARG / SANDEEP GARG.The company's voting result (opens in a new tab)

  1. Entering into material related party transactions with JSL Global Commodities Pte. Ltd. for the financial year 2025-26.
    OrdinaryPromoters have an interest in it
    58.14% for41.86% against

    Against: promoters 0.00% · institutions 41.89% · other public 0.49%

    Turnout: all 23.89% · promoters 0.00% · institutions 84.10% · other public 0.14%

  2. Entering into material related party transactions with Prime Stainless, DMCC for the financial year 2025-26.
    OrdinaryPromoters have an interest in it
    58.14% for41.86% against

    Against: promoters 0.00% · institutions 41.89% · other public 0.82%

    Turnout: all 23.89% · promoters 0.00% · institutions 84.10% · other public 0.14%

  3. Entering into material related party transactions between Sungai Lestari Investment Pte Ltd, a wholly-owned subsidiary company and PT Cosan Metal Industry, a related party for the financial year 2025-26.MoreLess
    OrdinaryPromoters have an interest in it
    99.60% for0.40% against

    Against: promoters 0.00% · institutions 0.40% · other public 1.80%

    Turnout: all 23.89% · promoters 0.00% · institutions 84.10% · other public 0.14%

  4. Entering into material related party transactions between Jindal Stainless FZE Dubai, a wholly-owned subsidiary companyand PT Cosan Metal Industry, a related party for the financial year 2025-26.
    OrdinaryPromoters have an interest in it
    99.60% for0.40% against

    Against: promoters 0.00% · institutions 0.40% · other public 1.26%

    Turnout: all 23.89% · promoters 0.00% · institutions 84.10% · other public 0.14%

  5. Payment of commission to Independent Directors of the Company.
    Special
    98.85% for1.15% against

    Against: promoters 0.00% · institutions 4.06% · other public 4.23%

    Turnout: all 84.48% · promoters 99.81% · institutions 84.10% · other public 0.14%

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

Annual general meeting, 10 Sep 2024, 5 resolutions

Present: 29 promoters and 27 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 on 31st March, 2024, together with the Reports of Board of Directors and Auditors thereon and the audited consolidated financial statements of the Company for the financial year ended on 31st March, 2024 together with the Report of the Auditors thereonMoreLess
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.22% · other public 0.17%

    Turnout: all 82.74% · promoters 99.84% · institutions 78.23% · other public 0.11%

  2. To declare final dividend of INR 2 per equity share of face value of INR 2 each for the financial year ended 31st March, 2024
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.14% · other public 0.08%

    Turnout: all 82.74% · promoters 99.84% · institutions 78.23% · other public 0.11%

  3. To appoint a Director in place of Mr. Abhyuday Jindal, Managing Director (DIN: 07290474), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    Ordinary
    99.60% for0.40% against

    Against: promoters 0.00% · institutions 1.48% · other public 0.28%

    Turnout: all 82.74% · promoters 99.84% · institutions 78.23% · other public 0.11%

  4. To appoint a Director in place of Mr. Anurag Mantri, Executive Director & Group Chief Financial Officer (DIN: 05326463), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    Ordinary
    99.60% for0.40% against

    Against: promoters 0.00% · institutions 1.49% · other public 0.28%

    Turnout: all 82.74% · promoters 99.84% · institutions 78.23% · other public 0.11%

  5. RATIFICATION OF REMUNERATION TO BE PAID TO M/S RAMANATH IYER & CO., COST ACCOUNTANTS, AS COST AUDITORS OF THE COMPANY, FOR THE FINANCIAL YEAR 2024-25
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.74% · promoters 99.84% · institutions 78.23% · other public 0.11%

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

Extraordinary general meeting, 26 Aug 2024, 1 resolution

Present: 28 promoters and 28 others.The company's voting result (opens in a new tab)

  1. RAISING OF FUNDS THROUGH ISSUE OF ELIGIBLE SECURITIES AND /OR EQUITY SHARES OF RS.2 EACH OF THE COMPANY
    Special
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.34% · other public 0.03%

    Turnout: all 82.65% · promoters 98.60% · institutions 78.14% · other public 7.06%

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 Mar 2024, 3 resolutions

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

  1. Re-appointment of Mr. Tarun Kumar Khulbe (DIN: 07302532) as Wholetime Director (designated as ‘Chief Executive Officer & Wholetime Director’) of the Company
    Ordinary
    95.04% for4.96% against

    Against: promoters 0.00% · institutions 18.15% · other public 3.72%

    Turnout: all 81.30% · promoters 99.84% · institutions 78.94% · other public 0.15%

  2. Entering into material related party transactions with JSL Global Commodities Pte. Ltd. for the financial year 2024-25.
    OrdinaryPromoters have an interest in it
    75.52% for24.48% against

    Against: promoters 0.00% · institutions 24.50% · other public 3.39%

    Turnout: all 22.06% · promoters 0.00% · institutions 78.31% · other public 0.15%

  3. Entering into material related party transactions with Prime Stainless, DMCC for the financial year 2024-25.
    OrdinaryPromoters have an interest in it
    75.52% for24.48% against

    Against: promoters 0.00% · institutions 24.50% · other public 3.45%

    Turnout: all 22.06% · promoters 0.00% · institutions 78.31% · other public 0.15%

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.

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 2 Sep 2026, 10 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2026, together with the Reports of Board of Directors and Auditors thereon.MoreLess
    10 for0 against
  • To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.
    10 for0 against
  • To declare final dividend of Rs 3/- per equity share of face value of Rs 2/- each for the financial year ended March 31, 2026.
    10 for0 against
  • To appoint a Director in place of Mr. Ratan Jindal, Chairman & Managing Director (DIN:00054026), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Low attendance at Nomination & Remuneration Committee Meetings in last 3 FYs; Director is Nomination & Remuneration Committee member and the remuneration practice of the Company is skewed; Holding combined position of Chairman and Managing Director.
    • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern identified on the merit of proposed director. Governance Concern: Low attendance at NRC Meetings in last 3 FYs; Director is NRC member and the remuneration practice of the Company is skewed; Holding combined position of Chairman and Managing Director.
    7 for3 against
  • To consider and, if thought fit, ratify the remuneration of M/s. Ramanath Iyer & Co., Cost Accountants, as Cost Auditors of the Company, for the financial year 2026-27.
    10 for0 against

Mutual fund votes, meeting of 25 Mar 2026, 25 fund houses

  • Re-appointment of Ms. Shruti Shrivastava (DIN: 08697973) as an Independent Director for a second term of three consecutive years
    Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund
    • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual FundMs. Shruti Shrivastava, 40, is the Founding Partner of Sagus Legal. Prior to her current role, she was a partner in the Corporate and M&A Practice at Shardul Amarchand Mangaldas. She is serving on the board of Jindal Stainless since January 2023. She has attended six out of seven (86%) board meetings in FY25 and four out of five (80%) board meetings in FY26 till the date of the meeting notice. We expect directors to attend all board meetings. She is serving on the board of Jindal Stainless Steelway Limited, a subsidiary company since February 2020. We will consider her overall association with the group when calculating her tenure. She leads the Corporate M&A team at Sagus Legal. Public sources indicate that Sagus Legal acted as legal advisor to Jindal Stainless Limited in the scheme of arrangement under which Jindal Stainless (Hisar) Limited and other three group companies merged into Jindal Stainless. Further, Sagus Legal has advised other Jindal group companies as per their official website. Although her reappointment is in line with statutory requirements, given the conflict of interest, we do not support the resolution. Further the company should have sought shareholder approval for her reappointment before the expiry of her first term.
    • Angel One Mutual FundPrior approval of the shareholders has not been obtained for re-appointment as an Independent Director.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Non-Compliance w.r.t Companies Act, 2013: The term of Ms. Shruti Shrivastava has already ended on 22nd January, 2026. The eligibility for re-appointment is approval of shareholders by way of special resolution and eligibility has to be established by the time re-appointment starts. As a result, prior approval of the shareholders has not been obtained for her re-appointment as an Independent Director, rendering the proposed re-appointment non-compliant.
    • LIC Mutual FundConcerns over Non-Compliance w.r.t Companies Act, 2013: The term of Ms. Shruti Shrivastava has already ended on 22nd January, 2026. The eligibility for re-appointment is approval of shareholders by way of special resolution and eligibility has to be established by the time re-appointment starts. As a result, prior approval of the shareholders has not been obtained for her re-appointment as an Independent Director, rendering the proposed re-appointment non-compliant.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundNon-Compliance w.r.t Companies Act, 2013: Prior approval of the shareholders has not been obtained for her re-appointment as an Independent Director, rendering the proposed re-appointment non-compliant.
    • WhiteOak Capital Mutual FundMs. Shruti Shrivastava, 40, is the Founding Partner of Sagus Legal. She is serving on the board of Jindal Stainless Steelway Limited, a subsidiary company since February 2020. Further, Sagus Legal has advised other Jindal group companies. Given her overall association with the group and conflict of interest, we do not support the resolution.
    10 for15 against
  • Re-appointment of Dr. Aarti Gupta (DIN: 01668171) as an Independent Director for a second term of three consecutive years
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Director’s time commitments appear to be excessive as she holds 2 full-time positions in the companies dealing with unrelated businesses.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance concern: Director’s time commitments appear to be excessive as she holds 2 full-time positions in the companies dealing with unrelated businesses.
    • LIC Mutual FundGovernance concern: Director s time commitments appear to be excessive as she holds 2 full-time positions in the companies dealing with unrelated businesses.
    17 for8 against
  • Re-appointment of Mr. Ajay Mankotia (DIN: 03123827) as an Independent Director for a second term of three consecutive years
    25 for0 against
6 earlier meetings

Mutual fund votes, meeting of 8 Jan 2026, 26 fund houses

  • TO CONSIDER AND APPROVE RE-APPOINTMENT OF DR. RAJEEV UBEROI (DIN: 01731829) AS AN INDEPENDENT DIRECTOR FOR A SECOND TERM OF THREE CONSECUTIVE YEARS
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundPrior approval of shareholders not obtained for re-appointment as an Independent Director. Governance Concern: The proposed re-appointment will lead to his prolonged association with the Jindal Group i.e. more than 10 years of association on Group level.
    • Axis Mutual Fund, Jio BlackRock Mutual FundDr. Rajeev Uberoi, 68, is former Senior Group President – Governance & Controls, Yes Bank. Prior to that he was General Counsel & Group Head- Legal & Compliance, IDFC Bank. He has been associated with the company since 2 November 2022. We raise concern that he was on the board of Jindal Stainless (Hisar) Limited, as Independent Director, since July 2018, which merged into Jindal Stainless Ltd w.e.f. April 2023. We will consider his overall association with the Jindal group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. He will complete 10 years of association with the Jindal group in July 2028, while his proposed second term on the board would extend until November 2028. Therefore, we do not support the resolution. Further the company should have sought shareholder approval for his reappointment before the expiry of his first term.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Non-Compliance w.r.t Companies Act, 2013: Prior approval of shareholders not obtained for re-appointment as an ID. Governance Concern: The proposed re-appointment will lead to his prolonged association with the Jindal Group i.e. more than 10 years of association on Group level.
    • Bank of India Mutual FundDr. Rajeev Uberoi, 68, is former Senior Group President – Governance & Controls, Yes Bank. Prior to that he was General Counsel & Group Head- Legal & Compliance, IDFC Bank. He has been associated with the company since 2 November 2022. We raise concern that he was on the board of Jindal Stainless (Hisar) Limited, as Independent Director, since July 2018, which merged into Jindal Stainless Ltd w.e.f. April 2023. We will consider his overall association with the Jindal group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. He will complete 10 years of association with the Jindal group in July 2028, while his proposed second term on the board would extend until November 2028. Therefore, we do not support the resolution.Further the company should have sought shareholder approval for his reappointment before the expiry of his first term.
    • Baroda BNP Paribas Mutual FundWhile we have no concern on the merits of the proposed appointee. we have a governance concern regarding the independence. Proposed re-appointment will lead to his prolonged association with the Jindal Group i.e. more than 10 years of association on Group level. The person may be appointed as a non-Independent Director, for continuity, skills and professional experience.
    • HSBC Mutual FundRajeev Uberoi's association with the company will exceed ten years (after including tenure with Jindal Stainless (Hisar) Ltd., merged entity) during the proposed tenure, and he is proposed to be reappointed as an Independent Director.
    • Invesco Mutual FundDr. Rajeev Uberoi, 68, is former Senior Group President – Governance & Controls, Yes Bank. Prior to that he was General Counsel & Group Head- Legal & Compliance, IDFC Bank. He has been associated with the company since 2 November 2022. We raise concern that he was on the board of Jindal Stainless (Hisar) Limited, as Independent Director, since July 2018, which merged into Jindal Stainless Ltd w.e.f. April 2023. We will consider his overall association with the Jindal group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. He will complete 10 years of association with the Jindal group in July 2028, while his proposed second term on the board would extend until November 2028. Therefore, we do not support the resolution. Further the company should have sought shareholder approval for his reappointment before the expiry of his first term
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Prolonged association with the Group.
    11 for15 against

Mutual fund votes, meeting of 3 Sep 2025, 25 fund houses

  • To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended 31st March, 2025, together with the Reports of Board of Directors and Auditors thereonMoreLess
    25 for0 against
  • To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended 31st March, 2025, together with the Report of the Auditors thereon
    25 for0 against
  • To declare final dividend of INR 2 per equity share of face value of INR 2 each for the financial year ended 31st March, 2025
    25 for0 against
  • To appoint a Director in place of Mr. Jagmohan Sood, Wholetime Director & COO (DIN: 08121814), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    25 for0 against
  • Ratification of remuneration of M/s Ramanath Iyer & Co., Cost Accountants, as Cost Auditors of the Company, for the financial year 2025-26
    25 for0 against
  • Appointment of M/s Vinod Kothari & Company, Practicing Company Secretaries, as Secretarial Auditors of the Company
    25 for0 against

Mutual fund votes, meeting of 20 Mar 2025, 21 fund houses

  • Entering into material related party transactions with JSL Global Commodities Pte. Ltd. for the financial year 2025-26.
    Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund
    • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual FundJSL Global is a commodities trading company based in Singapore. Transactions with JSL Global aggregated to 6.2% of JSl’s consolidated total income in FY24 and to 4.1% of H1FY25 consolidated total income. Jindal Stainless Limited’s (JSL) transactions with JSL Global are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel scrap and slabs, distribution and marketing finished stainless-steel products, sale and purchase of goods, rendering and receiving of services and other business transactions across the global markets. While we understand that there are synergies between the businesses of the group companies, we do not support the transactions with JSL Global: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size, financial profile and ownership of the entity. We do not support the resolution.
    • Edelweiss Mutual FundTransparency Concern
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundComplaint with Law. Transparency Concern: More clarity required on the nature of relationship between the Company and the related parties, financials of the related parties to ascertain whether the related parties have the financial capacity to attend to the RPT obligations and the reasoning behind the Company undertaking sale and purchase of goods related transactions with the said related party if the related party is a trading company. In absence of data, a conclusion on fairness cannot be drawn.
    • HDFC Mutual FundThere is lack of clarity on the size and financial profile of the related party. We do not support the resolution.
    • ICICI Prudential Mutual FundJSL Global Commodities Pte. Ltd. is an entity where key managerial personnel have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size, financial profile and ownership of the entity. Hence the AMC has voted against the resolution.
    • Invesco Mutual FundJSL Global is a commodities trading company based in Singapore. Transactions with JSL Global aggregated to 6.2% of JSl’s consolidated total income in FY24 and to 4.1% of H1FY25 consolidated total income. Jindal Stainless Limited’s (JSL) transactions with JSL Global are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel scrap and slabs, distribution and marketing finished stainless-steel products, sale and purchase of goods, rendering and receiving of services and other business transactions across the global markets. While we understand that there are synergies between the businesses of the group companies, we do not support the transactions with JSL Global: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size, financial profile and ownership of the entity. We do not support the resolution
    • Kotak Mahindra Mutual FundMore clarity required on the nature of relationship between the Company and the related parties, financials of the related parties to ascertain whether the related parties have the financial capacity to attend to the RPT obligations and the reasoning behind the Company undertaking sale and purchase of goods related transactions with the said related party if the related party is a trading company. In absence of data, a conclusion on fairness cannot be drawn.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundLack of Clarity
    • UTI Mutual FundWhile we understand that there are synergies between the businesses of the group companies, we do not support the transactions with JSL Global: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size, financial profile and ownership of the entity.
    6 for15 against
  • Entering into material related party transactions with Prime Stainless, DMCC for the financial year 2025-26.
    Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund
    • Aditya Birla Sun Life Mutual FundPrime Stainless is a wholly owned subsidiary of JSL Global and a trading company based out of the UAE. Transactions with Prime Stainless aggregated to 3.1% of JSl’s consolidated total income in FY24 and to 2.8% of H1FY25 consolidated total income. JSL’s transactions with Prime Stainless are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel Scrap and slabs, distribution & marketing finished stainless-steel products, sale and purchase of goods, rendering and receiving of services and other business transactions across the global markets.While we understand that there are synergies between the businesses of the group companies, we do not support the transactions with Prime Stainless: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size and financial profile of the entity. We do not support the resolution.
    • Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual FundPrime Stainless is a wholly owned subsidiary of JSL Global and a trading company based out of the UAE. Transactions with Prime Stainless aggregated to 3.1% of JSl’s consolidated total income in FY24 and to 2.8% of H1FY25 consolidated total income. JSL’s transactions with Prime Stainless are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel Scrap and slabs, distribution & marketing finished stainless-steel products, sale and purchase of goods, rendering and receiving of services and other business transactions across the global markets. While we understand that there are synergies between the businesses of the group companies, we do not support the transactions with Prime Stainless: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size and financial profile of the entity. We do not support the resolution.
    • Edelweiss Mutual FundTransparency Concern
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundComplaint with Law. Transparency Concern: More clarity required on the nature of relationship between the Company and the related parties, financials of the related parties to ascertain whether the related parties have the financial capacity to attend to the RPT obligations and the reasoning behind the Company undertaking sale and purchase of goods related transactions with the said related party if the related party is a trading company. In absence of data, a conclusion on fairness cannot be drawn.
    • HDFC Mutual FundThere is lack of clarity on the size and financial profile of the related party. We do not support the resolution.
    • ICICI Prudential Mutual FundPrime Stainless, DMCC is an entity where key managerial personnel have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size, financial profile and ownership of the entity. Hence the AMC has voted against the resolution.
    • Invesco Mutual FundPrime Stainless is a wholly owned subsidiary of JSL Global and a trading company based out of the UAE. Transactions with Prime Stainless aggregated to 3.1% of JSl’s consolidated total income in FY24 and to 2.8% of H1FY25 consolidated total income. JSL’s transactions with Prime Stainless are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel Scrap and slabs, distribution & marketing finished stainless-steel products, sale and purchase of goods, rendering and receiving of services and other business transactions across the global markets. While we understand that there are synergies between the businesses of the group companies, we do not support the transactions with Prime Stainless: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size and financial profile of the entity. We do not support the resolution
    • Kotak Mahindra Mutual FundMore clarity required on the nature of relationship between the Company and the related parties, financials of the related parties to ascertain whether the related parties have the financial capacity to attend to the RPT obligations and the reasoning behind the Company undertaking sale and purchase of goods related transactions with the said related party if the related party is a trading company. In absence of data, a conclusion on fairness cannot be drawn.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundLack of Clarity
    • UTI Mutual FundWhile we understand that there are synergies between the businesses of the group companies, we do not support the transactions with Prime Stainless: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size and financial profile of the entity.
    6 for15 against
  • Entering into material related party transactions between Sungai Lestari Investment Pte Ltd, a wholly-owned subsidiary company and PT Cosan Metal Industry, a related party for the financial year 2025-26.MoreLess
    Against Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
    • Edelweiss Mutual FundTransparency Concern
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundComplaint with Law. Transparency Concern: The Company should explain as to how the related party plans to sustain the proposed RPTs despite the identified gap between RPT Consideration and financial strength of both the Companies. In absence of data, a conclusion on fairness cannot be drawn.
    • Kotak Mahindra Mutual FundThe Company should explain as to how the related party plans to sustain the proposed RPTs despite the identified gap between RPT Consideration and financial strength of both the Companies. In absence of data, a conclusion on fairness cannot be drawn.
    16 for5 against
  • Entering into material related party transactions between Jindal Stainless FZE Dubai, a wholly-owned subsidiary companyand PT Cosan Metal Industry, a related party for the financial year 2025-26.
    Against Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
    • Edelweiss Mutual FundTransparency Concern
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundComplaint with Law. Transparency Concern: The Company should explain as to how the related party plans to sustain the proposed RPTs despite the identified gap between RPT Consideration and financial strength of both the Companies. In absence of data, a conclusion on fairness cannot be drawn.
    • Kotak Mahindra Mutual FundThe Company should explain as to how the related party plans to sustain the proposed RPTs despite the identified gap between RPT Consideration and financial strength of both the Companies. In absence of data, a conclusion on fairness cannot be drawn.
    16 for5 against
  • Payment of commission to Independent Directors of the Company.
    Against Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund
    • Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual FundThe company currently only pays sitting fees to its independent directors. It proposes to pay commission to independent directors (over and above sitting fees) upto Rs. 20.0 mn per annum or 1% of net profits, whichever is lower from FY25. The proposed commission to non-executive directors is reasonable. However, the company has not defined a tenure for payment of commission and the resolution is effectively valid for perpetuity. We believe shareholders must get an opportunity to periodically approve such payments and therefore do not support the resolution.
    • Invesco Mutual FundThe company currently only pays sitting fees to its independent directors. It proposes to pay commission to independent directors (over and above sitting fees) upto Rs. 20.0 mn per annum or 1% of net profits, whichever is lower from FY25. The proposed commission to non-executive directors is reasonable. However, the company has not defined a tenure for payment of commission and the resolution is effectively valid for perpetuity. We believe shareholders must get an opportunity to periodically approve such payments and therefore do not support the resolution
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    16 for5 against

Mutual fund votes, meeting of 10 Sep 2024, 22 fund houses

  • To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended on 31st March, 2024, together with the Reports of Board of Directors and Auditors thereon and the audited consolidated financial statements of the Company for the financial year ended on 31st March, 2024 together with the Report of the Auditors thereonMoreLess
    22 for0 against
  • To declare final dividend of INR 2 per equity share of face value of INR 2 each for the financial year ended 31st March, 2024
    22 for0 against
  • To appoint a Director in place of Mr. Abhyuday Jindal, Managing Director (DIN: 07290474), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with Law. No concern on merits of proposed appointee. Governance Concern: Remuneration paid is excessive & skewed in favor of promoter Director.
    18 for4 against
  • To appoint a Director in place of Mr. Anurag Mantri, Executive Director & Group Chief Financial Officer (DIN: 05326463), who retires by rotation in terms of the provisions of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    22 for0 against
  • RATIFICATION OF REMUNERATION TO BE PAID TO M/S RAMANATH IYER & CO., COST ACCOUNTANTS, AS COST AUDITORS OF THE COMPANY, FOR THE FINANCIAL YEAR 2024-25
    22 for0 against

Mutual fund votes, meeting of 26 Aug 2024, 22 fund houses

  • RAISING OF FUNDS THROUGH ISSUE OF ELIGIBLE SECURITIES AND /OR EQUITY SHARES OF RS.2 EACH OF THE COMPANY
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
    • Groww Mutual FundCompliant with law. Governance Concern: Significant dilution. No clarity regarding not opting for Rights Issue.
    • Motilal Oswal Mutual FundExcessive dilution, no clarity regarding not opting for Rights Issue
    • Zerodha Mutual FundGovernance Concern: Significant dilution. No clarity regarding not opting for Rights Issue.
    19 for3 against

Mutual fund votes, meeting of 15 Mar 2024, 18 fund houses

  • Re-appointment of Mr. Tarun Kumar Khulbe (DIN: 07302532) as Wholetime Director (designated as ‘Chief Executive Officer & Wholetime Director’) of the Company
    Against Bank of India Mutual Fund, Mirae Asset Mutual Fund
    • Bank of India Mutual FundTarun Kumar Khulbe, 58, was appointed as Whole-time Director from 15 May 2018. Tarun Khulbe was paid Rs 24.9 mn in FY23. However, we are unable to determine his future compensation on account of the enabling nature of his current remuneration terms (4% of net profits) and lack of clarity on the stock-based compensation. Although, we support his reappointment as whole-time director and redesignation as CEO, we are unable to support his remuneration. His remuneration ranged between Rs. 12.5 mn and Rs. 24.9 mn between FY19 and FY23 which was entirely fixed. We recognise that his past remuneration was reasonable and commensurate with his responsibility. However, it is unclear if variable component will be a part of his remuneration structure from the merged entity after the completion of the composite scheme of arrangement. JSL had introduced a stock option scheme in the 2023 AGM: as per the proposed terms, Tarun Khulbe can be granted stock options during his tenure. However, there is no clarity on his stock-based compensation in absence of any past track record or future guidance. The company must consider capping his commission and overall remuneration in absolute amounts.
    • Mirae Asset Mutual FundIn line with advisor recommendation (passive holding)
    16 for2 against
  • Entering into material related party transactions with JSL Global Commodities Pte. Ltd. for the financial year 2024-25.
    Against Bank of India Mutual Fund, ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, WhiteOak Capital Mutual Fund
    • Bank of India Mutual Fund, Mahindra Manulife Mutual FundJSL Global is a commodities trading company based in Singapore. Transactions with JSL Global aggregated to 7.0% of JSl’s consolidated total income in FY23 and to 6.4% of H1FY24 consolidated total income. JSL’s transactions with JSL Global are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel Scrap and slabs, distribution and marketing finished products, sail and purchase of goods and or on commission bases, rendering and receiving of services and other business transactions across the global markets. While we do understand that there are synergies between the businesses of the group companies, we do not support the transactions with JSL Global: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter- controlled entities for operational transactions is unclear. Further, there is no clarity on the size and ownership of the entity.
    • ICICI Prudential Mutual FundJSL Global is a commodities trading company based in Singapore. While these transactions are in the ordinary course of business, the AMC do not support the transactions with JSL Global as this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entity is unclear.
    • Mirae Asset Mutual FundIn line with advisor recommendation (passive holding)
    • WhiteOak Capital Mutual FundJSL Global is a commodities trading company based in Singapore. Transactions with JSL Global aggregated to 7.0% of JSl’s consolidated total income in FY23 and to 6.4% of H1FY24 consolidated total income. JSL’s transactions with JSL Global are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel Scrap and slabs, distribution and marketing finished products, sail and purchase of goods and or on commission bases, rendering and receiving of services and other business transactions across the global markets. While we do understand that there are synergies between the businesses of the group companies, we do not support the transactions with JSL Global: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter controlled entities for operational transactions is unclear. Further, there is no clarity on the size and ownership of the entity.
    13 for5 against
  • Entering into material related party transactions with Prime Stainless, DMCC for the financial year 2024-25.
    Against Bank of India Mutual Fund, ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, WhiteOak Capital Mutual Fund
    • Bank of India Mutual FundPrime Stainless is a wholly owned subsidiary of JSL Global and a trading company based out of the UAE. Transactions with Prime Stainless aggregated to 3.6% of JSl’s consolidated total income in FY23 and to 3.6% of H1FY24 consolidated total income. JSL’s transactions with Prime Stainless are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel scrap and slabs, distribution & marketing finished products, sail and purchase of goods and or on commission bases, rendering and receiving of services and other business transactions across the global markets. While we do understand that there are synergies between the businesses of the group companies, we do not support the transactions with Prime Stainless: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Further, there is no clarity on the size of the entity.
    • ICICI Prudential Mutual FundPrime Stainless DMCC is a wholly owned subsidiary of JSL Global and a trading company based out of the UAE. While these transactions are in the ordinary course of business, the AMC do not support the transactions with Prime Stainless: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter-controlled entities for operational transactions is unclear. Hence, the AMC has voted against the resolution.
    • Mahindra Manulife Mutual FundPrime Stainless is a wholly owned subsidiary of JSL Global and a trading company based out of the UAE. Transactions with Prime Stainless aggregated to 3.6% of JSl’s consolidated total income in FY23 and to 3.6% of H1FY24 consolidated total income. The company has not provided adeqaute details about the related party in terms of the size (how much does JSL form as a % of the Prime Stainless). The group synergies may help but we do not support the transactions with Prime Stainless as JSL's key managerial personnel (KMP) have a significant influence on it. The rationale to use promoter-controlled entities for operational transactions is unclear.
    • Mirae Asset Mutual FundIn line with advisor recommendation (passive holding)
    • WhiteOak Capital Mutual FundPrime Stainless is a wholly owned subsidiary of JSL Global and a trading company based out of the UAE. Transactions with Prime Stainless aggregated to 3.6% of JSl’s consolidated total income in FY23 and to 3.6% of H1FY24 consolidated total income. JSL’s transactions with Prime Stainless are mostly operational and in the ordinary course of business and mainly include sourcing stainless steel scrap and mild steel scrap and slabs, distribution & marketing finished products, sail and purchase of goods and or on commission bases, rendering and receiving of services and other business transactions across the global markets. While we do understand that there are synergies between the businesses of the group companies, we do not support the transactions with Prime Stainless: this is an entity where key managerial personnel (KMP) have a significant influence. The rationale to use promoter controlled entities for operational transactions is unclear. Further, there is no clarity on the size of the entity.
    13 for5 against

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

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 7 complaints open, quarter to Mar 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.