Jindal Stainless (Hisar) (Delisted) MD, chairman, board of directors and AGM

BSE: 539597Industrial Products

Last traded ₹562.80 on 8 Mar 2023

Delisted on 31 Mar 2023.

Jindal Stainless (Hisar) 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 (Hisar) share news and announcements

Postal ballot, 28 Dec 2022

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

  1. Appointment of Ms. Bhaswati Mukherjee (DIN: 07173244) as an Independent Director of the Company.
    Special
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.07%

    Turnout: all 84.33% · promoters 99.72% · institutions 97.31% · other public 2.05%

  2. Approval to give Corporate Guarantee(s) in favour of Export-Import Bank of India (‘Exim Bank’), for securing the term loan(s) of Rs.800 Crore sanctioned by Exim Bank to Jindal Stainless Limited.
    OrdinaryPromoters have an interest in it
    99.58% for0.42% against

    Against: promoters 0.00% · institutions 0.42% · other public 0.06%

    Turnout: all 27.38% · promoters 0.00% · institutions 97.31% · other public 2.05%

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, 30 Sep 2022, 3 resolutions

Present: 26 promoters and 39 others.The company's voting result (opens in a new tab)

  1. To adopt standalone and consolidated financial statements of the company including report of board of directors and auditors for the financial year ended 30 31st March, 2022
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.40%

    Turnout: all 83.93% · promoters 99.85% · institutions 97.83% · other public 1.42%

  2. To appoint a director in place of Mr. Abhyuday Jindal (DIN: 07290474) who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.54% · other public 1.40%

    Turnout: all 83.96% · promoters 99.85% · institutions 97.95% · other public 1.42%

  3. Ratification of remuneration to be paid to M/s Ramanath Iyer & co, sot accountants as cost auditors of the company, for the financial year 2022-23
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 83.96% · promoters 99.85% · institutions 97.95% · other public 1.40%

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, 29 Jun 2022, 3 resolutions

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

  1. Appointment of Mr. Jayaram Easwaran (DIN: 02241192) as an Independent Director of the Company.
    Special
    100.00% for0.00% against

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

    Turnout: all 83.65% · promoters 99.83% · institutions 97.51% · other public 0.88%

  2. Authority to enter into / continue with material related party contracts / arrangements / transactions for Financial Year 2022-23.
    OrdinaryPromoters have an interest in it
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.65%

    Turnout: all 26.64% · promoters 0.00% · institutions 97.51% · other public 0.88%

  3. Approval for material related party contracts / arrangements / transactions for financial year 2022-23 between Jindal Stainless Steelway Limited (a wholly-owned subsidiary of the Company) with Jindal Stainless Limited (an associate company of the company).MoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.65%

    Turnout: all 26.64% · promoters 0.00% · institutions 97.51% · other public 0.88%

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.

Meeting called by the tribunal, 23 Apr 2022, 1 resolution

Present: 30 promoters and 15 others.The company's voting result (opens in a new tab)

  1. Approval of Composite scheme of arrangments amongest Jindal Stainless Limited, Jindal Stainless (Hisar) Limited, JSL Lifestyle Ltd, JSL Media Ltd, Jindal Stainless Corporate Management Services Pvt. Ltd and Jindal Lifestyle Ltd.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 83.34% · promoters 99.91% · institutions 97.39% · other public 2.43%

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 2022, 1 resolution

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

  1. Authority to enter into/continue with Material Related Party Contract/Arrangements/Transactions for Financial Year 2021-22.
    OrdinaryPromoters have an interest in it
    96.93% for3.07% against

    Against: promoters 0.00% · institutions 5.03% · other public 0.80%

    Turnout: all 42.40% · promoters 28.49% · institutions 96.69% · other public 1.78%

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

Annual general meeting, 16 Sep 2021, 8 resolutions

Present: 27 promoters and 45 others.The company's voting result (opens in a new tab)

  1. Adoption of audited standalone and consolidated financial statements of the Company for the financial year ended on 31 March, 2021, the Reports of Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.92% · promoters 99.86% · institutions 97.36% · other public 0.18%

  2. To appoint a Director in place of Mr. Jagmohan Sood (DIN 08121814), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.50% for0.50% against

    Against: promoters 0.00% · institutions 1.58% · other public 2.26%

    Turnout: all 81.93% · promoters 99.86% · institutions 97.41% · other public 0.18%

  3. Re-appointment of Mr. Abhyuday Jindal as Managing Director of the Company.
    Ordinary
    99.41% for0.59% against

    Against: promoters 0.00% · institutions 1.88% · other public 2.58%

    Turnout: all 81.93% · promoters 99.86% · institutions 97.41% · other public 0.18%

  4. Re-appointment of Mr. Jagmohan Sood as Whole Time Director of the Company
    Ordinary
    99.49% for0.51% against

    Against: promoters 0.00% · institutions 1.60% · other public 2.58%

    Turnout: all 81.93% · promoters 99.86% · institutions 97.41% · other public 0.18%

  5. Appointment of Dr. Rajeev Uberoi as an Independent Director
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.93% · promoters 99.86% · institutions 97.41% · other public 0.18%

  6. Re- appointment of Mrs. Arti Luniya as an Independent Director
    Special
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.28% · other public 2.41%

    Turnout: all 81.93% · promoters 99.86% · institutions 97.41% · other public 0.18%

  7. Ratification of remuneration to be paid to M/s Ramanath Iyer & Co., Cost Accountants as Cost auditors of the company for the financial year 2021-22
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.93% · promoters 99.86% · institutions 97.41% · other public 0.18%

  8. Authority to enter into material related party contracts / arrangements / transactions
    OrdinaryPromoters have an interest in it
    95.94% for4.06% against

    Against: promoters 0.00% · institutions 6.60% · other public 2.27%

    Turnout: all 41.98% · promoters 28.76% · institutions 97.41% · 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.

Annual general meeting, 21 Aug 2020, 7 resolutions

Present: 30 promoters and 46 others.The company's voting result (opens in a new tab)

  1. Adoption of audited standalone and consolidated financial statements of the Company for the financial year ended on 31 March, 2020, the Reports of Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.43%

    Turnout: all 74.84% · promoters 100.00% · institutions 74.02% · other public 0.10%

  2. Appointment of Director in place of Mrs. Deepika Jindal (DIN: 00015188) who retires by rotation and being eligible, offers herself for re-appointment
    Ordinary
    99.32% for0.68% against

    Against: promoters 0.00% · institutions 2.57% · other public 0.43%

    Turnout: all 74.84% · promoters 100.00% · institutions 74.02% · other public 0.10%

  3. Re-appointment of Joint Statutory Auditors and Branch Auditors of the Company and fix their remuneration
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.43%

    Turnout: all 74.84% · promoters 100.00% · institutions 74.02% · other public 0.10%

  4. Ratification of remuneration to be paid to M/s Ramanath Iyer & co, Cost Accountants, as Cost Auditors of the Company, for the financial year 2021-21
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.43%

    Turnout: all 74.84% · promoters 100.00% · institutions 74.02% · other public 0.10%

  5. Authority to enter material related party contracts / arrangements / transactions
    OrdinaryPromoters have an interest in it
    96.50% for3.50% against

    Against: promoters 0.00% · institutions 6.46% · other public 0.43%

    Turnout: all 36.28% · promoters 30.09% · institutions 74.02% · other public 0.10%

  6. Providing Corporate Guarantee(s) in favour of lenders of Jindal Stainless Limited
    OrdinaryPromoters have an interest in it
    95.10% for4.90% against

    Against: promoters 0.00% · institutions 9.04% · other public 7.76%

    Turnout: all 36.28% · promoters 30.09% · institutions 74.02% · other public 0.10%

  7. Approval for payment of Commission to Mr. Ratan Jindal, Chairman (Non -Executive) of the Company
    Special
    97.63% for2.37% against

    Against: promoters 0.00% · institutions 9.04% · other public 0.43%

    Turnout: all 74.84% · promoters 100.00% · institutions 74.02% · other public 0.10%

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, 13 Jan 2020, 1 resolution

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

  1. Alteration in object clause of Memorandum of Association of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.37%

    Turnout: all 72.61% · promoters 100.00% · institutions 65.39% · other public 0.23%

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

How mutual funds voted

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

Mutual fund votes, meeting of 28 Dec 2022, 2 fund houses

  • Appointment of Ms. Bhaswati Mukherjee (DIN: 07173244) as an Independent Director of the Company.
    2 for0 against
  • Approval to give Corporate Guarantee(s) in favour of Export-Import Bank of India (‘Exim Bank’), for securing the term loan(s) of Rs.800 Crore sanctioned by Exim Bank to Jindal Stainless Limited.
    2 for0 against

Mutual fund votes, meeting of 30 Sep 2022, 2 fund houses

  • To adopt standalone and consolidated financial statements of the company including report of board of directors and auditors for the financial year ended 30 31st March, 2022
    2 for0 against
  • To appoint a director in place of Mr. Abhyuday Jindal (DIN: 07290474) who retires by rotation and being eligible, offers himself for re-appointment
    2 for0 against
  • Ratification of remuneration to be paid to M/s Ramanath Iyer & co, sot accountants as cost auditors of the company, for the financial year 2022-23
    2 for0 against
6 earlier meetings

Mutual fund votes, meeting of 29 Jun 2022, 4 fund houses

  • Appointment of Mr. Jayaram Easwaran (DIN: 02241192) as an Independent Director of the Company.
    4 for0 against
  • Authority to enter into / continue with material related party contracts / arrangements / transactions for Financial Year 2022-23.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundInadequate disclosure
    3 for1 against
  • Approval for material related party contracts / arrangements / transactions for financial year 2022-23 between Jindal Stainless Steelway Limited (a wholly-owned subsidiary of the Company) with Jindal Stainless Limited (an associate company of the company).MoreLess
    4 for0 against

Mutual fund votes, meeting of 23 Apr 2022, 4 fund houses

  • Approval of Composite scheme of arrangments amongest Jindal Stainless Limited, Jindal Stainless (Hisar) Limited, JSL Lifestyle Ltd, JSL Media Ltd, Jindal Stainless Corporate Management Services Pvt. Ltd and Jindal Lifestyle Ltd.MoreLess
    4 for0 against

Mutual fund votes, meeting of 20 Mar 2022, 4 fund houses

  • Authority to enter into/continue with Material Related Party Contract/Arrangements/Transactions for Financial Year 2021-22.
    Against ICICI Prudential Mutual Fund, Nippon India Mutual Fund
    • ICICI Prudential Mutual FundThis resolution includes Jindal Stainless (Hisar) Limited providing corporate guarantee on behalf of JSL, within the aforesaid limits. Providing corporate guarantee will increase risk to Jindal Stainless (Hisar) Limited. The company seeks to provide a corporate guarantee for loans of ₹12.15 billion taken by JSL from various entities. Hence, the AMC has voted against the said resolution.
    • Nippon India Mutual FundInadequate disclosure
    2 for2 against

Mutual fund votes, meeting of 16 Sep 2021, 3 fund houses

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

  • Adoption of audited standalone and consolidated financial statements of the Company for the financial year ended on 31 March, 2021, the Reports of Board of Directors and Auditors thereon.
    3 for0 against
  • To appoint a Director in place of Mr. Jagmohan Sood (DIN 08121814), who retires by rotation and being eligible, offers himself for re-appointment
    3 for0 against
  • Re-appointment of Mr. Abhyuday Jindal as Managing Director of the Company.
    1 for0 against
  • Re-appointment of Mr. Jagmohan Sood as Whole Time Director of the Company
    2 for0 against
  • Appointment of Dr. Rajeev Uberoi as an Independent Director
    3 for0 against
  • Re- appointment of Mrs. Arti Luniya as an Independent Director
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundShareholder's approval not obtained on time for reappointment of director
    2 for1 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 2021-22
    3 for0 against
  • Authority to enter into material related party contracts / arrangements / transactions
    Against ICICI Prudential Mutual Fund, Nippon India Mutual Fund
    • ICICI Prudential Mutual FundThis resolution also includes Jindal stainless Hisar providing corporate guarantee on behalf of JSL, within the aforesaid limits. Providing corporate guarantee will increase risk to Jindal Stainless Hisar. Due to the above reason, the AMC has voted against the resolution.
    • Nippon India Mutual FundInsufficient Information
    1 for2 against
2 proposals not matched to one resolution
  • Re-Appointment of Mr. Abhyudayjindalas Managing Director of the Company
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundRemuneration is high
    1 for1 against
  • To re-appoint Mr. Jagmohan Sood (DIN: 08121814) as Wholetime Director of the Company, for a period of three years with effect from m 15th May, 2021 till 14th May, 2024 & to fix the remuneration
    1 for0 against

Mutual fund votes, meeting of 21 Aug 2020, 3 fund houses

  • Adoption of audited standalone and consolidated financial statements of the Company for the financial year ended on 31 March, 2020, the Reports of Board of Directors and Auditors thereon.
    1 for0 against

    2 abstained

  • Appointment of Director in place of Mrs. Deepika Jindal (DIN: 00015188) who retires by rotation and being eligible, offers herself for re-appointment
    1 for0 against

    2 abstained

  • Re-appointment of Joint Statutory Auditors and Branch Auditors of the Company and fix their remuneration
    1 for0 against

    2 abstained

  • Ratification of remuneration to be paid to M/s Ramanath Iyer & co, Cost Accountants, as Cost Auditors of the Company, for the financial year 2021-21
    1 for0 against

    2 abstained

  • Authority to enter material related party contracts / arrangements / transactions
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundThe rationale to use KMP controlled entities for operational transactions is unclear. Further, there is no clarity on the size, ownership and previous track record of these KMP controlled entities
    0 for1 against

    2 abstained

  • Providing Corporate Guarantee(s) in favour of lenders of Jindal Stainless Limited
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundAmount of corporate guarantee provided exceeds the proportionate shareholding in JSL. This is detrimental for the minority shareholders of JSHL
    0 for1 against

    2 abstained

  • Approval for payment of Commission to Mr. Ratan Jindal, Chairman (Non -Executive) of the Company
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundSkewed remuneration to promoter director
    0 for1 against

    2 abstained

Mutual fund votes, meeting of 13 Jan 2020, 3 fund houses

  • Alteration in object clause of Memorandum of Association of the Company
    1 for0 against

    2 abstained

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