Jupiter Wagons CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Sep 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt the Financial Statements (including the Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2026 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess

  7 for0 against
• To appoint a director in place of Mr. Abhishek Jaiswal (DIN: 07936627), who retires by rotation in terms of section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.MoreLess

  7 for0 against
• To appoint a director in place of Mr. Swapan Kumar Chaudhury (DIN: 10694552), who retires by rotation in terms of section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance and Transparency Concern: Attendance performance has not been satisfactory in the previous period.
  • DSP Mutual Fund, Jio BlackRock Mutual FundSwapan Kumar Chaudhury, 67 is Whole-time director. He has been on the board since 13 July 2024. For FY26, he attended four of seven (57.1%) board meetings and eight of fourteen (57.1%) board meetings over a two-year period. We expect directors to attend a minimum of 75% of the board meetings held in the year and also the three years preceding reappointment. He retires by rotation and while his reappointment is in line with statutory requirements, given the lack of attendance, we are unable to support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. Governance and Transparency Concern: Attendance performance has not been satisfactory in the previous period.

  2 for5 against
• Re-appointment of Mrs. Madhuchhanda Chatterjee (DIN: 02510507) as Independent Director of the Company

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Prolonged Association at Group stands at approx. 17 years; no cooling-off period served in the past between ceasing to be a Non-Executive Non-Independent Director on the Board of the Company and later, when appointed as Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundMs. Madhuchhanda Chatterjee, 74, is Executive Director of Anamika Kala Sangam and has worked as Consultant in the Ministry of Culture, Govt. of India. She has been on the board since 30 May 2022. She attended six of seven (85.7%) board meetings in FY26. While her appointment is in line with statutory requirements, we note that she has been on the board of Karisma Goods Private Limited, the promoter of Jupiter Wagons Limited, from June 2009 to September 2025. We will consider her overall association with the group while computing her tenure. Given the long-standing association with the company and its promoters, we do not support her reappointment as Independent Director. The company must consider appointing her as Non-executive Non-Independent Director. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. Governance Concern: Prolonged Association at Group stands at approx. 17 years; no cooling-off period served in the past between ceasing to be a NonExecutive Non-Independent Director on the Board of the Company and later, when appointed as Independent Director.
  • ICICI Prudential Mutual FundMadhuchhanda Chatterjee, 74, as Independent Director, has been on the board since 30 May 2022 and attended six of seven (85.7%) board meetings in FY26. While her appointment is in line with statutory requirements, she has been on the board of Karisma Goods Private Limited, the promoter of Jupiter Wagons Limited, from June 2009 to September 2025. Her overall association with the group stands at approximately 17 years and no cooling-off period was served between her non-independent and independent roles. Given the long-standing association with the company and its promoters, the AMC has voted against the resolution.

  1 for6 against
• Re-appointment of Mr. Avinash Gupta (DIN: 02783217) as Independent Director of the Company

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Prolonged association with the Group exceeds 10 years; no cooling-off period served in the past between ceasing as non-executive non-independent director and being appointed as Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundAvinash Gupta, 60, is former Managing Director & CEO - India, Dun & Bradstreet. He has been on the board of the company since December 2018 and was appointed as Independent Director on 30 May 2022 following the reverse merger with CEBBCO. He attended six of seven (85.7%) board meetings in FY26. Further, he served on the board of Jupiter Alloys and Steel (India) Limited, a promoter group company from August 2016 to August 2018, until its amalgamation into Jupiter Wagons Limited. We will consider his overall association with the group while computing his tenure. While his reappointment is in line with statutory requirements, his overall association with the company and its promoter group will exceed 10 years during the tenure. Given the long-standing association with the company and the promoter group, we do not support his reappointment as Independent Director. The company must consider appointing him as Non-executive Non-Independent Director. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. Governance Concern: Prolonged association with the Group exceeds 10 years; no cooling-off period served in the past between ceasing as non-executive nonindependent director and being appointed as Independent Director.
  • ICICI Prudential Mutual FundAvinash Gupta, 60, as Independent Director has been on the board of the company since December 2018 and was appointed as Independent Director on 30 May 2022 following the reverse merger with CEBBCO. He attended six of seven (85.7%) board meetings in FY26. Further, he served on the board of Jupiter Alloys and Steel (India) Limited, a promoter group company, from August 2016 to August 2018 until its amalgamation into Jupiter Wagons Limited. His overall association with the company and its promoter group will exceed 10 years during the proposed tenure. Further, no adequate cooling-off period was served before his appointment as Independent Director. Given the long-standing association with the company and promoter group, the AMC has voted against the resolution.

  1 for6 against
• Re-appointment of Mr. Vivek Lohia (DIN: 00574035) as the Managing Director of the Company for a period of five (5) years

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, SBI Mutual Fund

  • Angel One Mutual FundGovernance and Transparency Concern: Remuneration distribution has been skewed in favour of the Director as compared to remuneration of other professional directors despite the professional directors having more years of experience and reason for the disparity in remuneration is not addressed by the Company.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundVivek Lohia, 52, is promoter and Managing Director. He has been on the board since 25 March 2021. For FY26, he attended five of seven (71.4%) board meetings and 18 of 25 (72.0%) board meetings over a three-year period. We expect directors to attend a minimum of 75% of the board meetings held in the year and also the three years preceding reappointment. The company proposes to reappoint him as Managing Director for five years from 30 May 2027. His FY26 compensation aggregated Rs. 60.6 mn. We estimate his FY27 pay at Rs. 72.7 mn and FY28 pay at Rs. 87.2 mn. The proposed remuneration is not aligned with the company’s decline in performance in the last year. While we support his reappointment, we raise concern on the increase in proposed remuneration terms. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. Governance and Transparency Concern: Remuneration distribution has been skewed in favour of the Director as compared to remuneration of other professional directors despite the professional directors having more years of experience and reason for the disparity in remuneration is not addressed by the Company.
  • ICICI Prudential Mutual FundThe AMC supports the reappointment but not the remuneration of Vivek Lohia, 52, promoter and Managing Director. He has been on the board since 25 March 2021. For FY26, he attended five of seven (71.4%) board meetings and 18 of 25 (72.0%) board meetings over a three-year period. His FY26 compensation aggregated Rs. 60.6 mn. His remuneration is estimated at Rs. 72.7 mn for FY27 and Rs. 87.2 mn for FY28. The proposed remuneration is not aligned with the company’s decline in performance in the last year. Consolidated total income declined from Rs. 40.1 bn in FY25 to Rs. 29.6 bn in FY26, PBT declined from Rs. 5.0 bn to Rs. 2.5 bn and PAT declined from Rs. 3.8 bn to Rs. 1.7 bn. Further, remuneration distribution is skewed in favour of the promoter director compared with professional directors despite their greater experience, and the basis for the significant disparity in remuneration has not been adequately addressed. Given the increase in proposed remuneration despite the decline in company performance and concerns regarding remuneration distribution, the AMC has voted against the resolution.

  0 for7 against
• Re-appointment of Mr. Vikash Lohia (DIN: 00572725) as the Deputy Managing Director of the Company for a period of five (5) years

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, SBI Mutual Fund

  • Angel One Mutual FundGovernance and Transparency Concern: Attendance performance has not been satisfactory in the previous period. Remuneration distribution has been skewed in favour of the Director as compared to remuneration of other professional directors despite the professional directors having more years of experience and reason for the disparity in remuneration is not addressed by the Company.
  • DSP Mutual Fund, Jio BlackRock Mutual FundVikash Lohia, 50, is part of the promoter family and Deputy Managing Director. For FY26, he attended four of seven (57.1%) board meetings and 16 of 25 (64.0%) board meetings over a three-year period. We expect directors to attend a minimum of 75% of the board meetings held in the year and also the three years preceding reappointment. The company proposes to reappoint him as Deputy Managing Director for five years from 30 May 2027. His FY26 compensation aggregated Rs. 23.6 mn. We estimate his FY27 pay at Rs 28.3 mn and FY28 pay at Rs. 34.0 mn. The proposed remuneration is not aligned with the company’s decline in performance in the last year. Further, due to lack of attendance; we do not support the resolution. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. Governance and Transparency Concern: Attendance performance has not been satisfactory in the previous period. Remuneration distribution has been skewed in favour of the Director as compared to remuneration of other professional directors despite the professional directors having more years of experience and reason for the disparity in remuneration is not addressed by the Company.
  • ICICI Prudential Mutual FundThe AMC supports the reappointment but not the remuneration of Vikash Lohia, 50, part of the promoter family and Deputy Managing Director. For FY26, he attended four of seven (57.1%) board meetings and 16 of 25 (64.0%) board meetings over a three-year period. His FY26 compensation aggregated Rs. 23.6 mn. His remuneration is estimated at Rs. 28.3 mn for FY27 and Rs. 34.0 mn for FY28. The proposed remuneration is not aligned with the company’s decline in performance in the last year. Further, remuneration distribution is skewed in favour of the promoter director compared with professional directors despite their greater experience, and the basis for the significant disparity in remuneration has not been adequately addressed. Given the lack of attendance, increase in proposed remuneration despite the decline in company performance and concerns regarding remuneration distribution, the AMC has voted against the resolution.
  • SBI Mutual FundVikash Lohia, 50, is part of the promoter family and Deputy Managing Director. For FY26, he attended four of seven (57.1%) board meetings and 16 of 25 (64.0%) board meetings over a three-year period. We expect directors to attend a minimum of 75% of the board meetings held in the year and also the three years preceding reappointment. The company proposes to reappoint him as Deputy Managing Director for five years from 30 May 2027. His FY26 compensation aggregated Rs. 23.6 mn. We estimate his FY27 pay at Rs 28.3 mn and FY28 pay at Rs. 34.0 mn. The proposed remuneration is not aligned with the company’s decline in performance in the last year. Further, due to lack of attendance; we do not support the resolution.

  0 for7 against
• Appointment of Ms. Ranjini Roy (DIN: 11774372) as Non-Executive Independent Director

  7 for0 against
• Appointment of Ms. Siddhi Singhania (DIN: 07144036) as a Non-Executive Independent Director

  7 for0 against
• To approve Payment of Remuneration to Mr. Mark Damian Stevenson (DIN:11089244), Non-Executive, Non Independent Director

  7 for0 against
• Ratification of Remuneration of Cost Auditors for the Financial Year 2026-2027

  7 for0 against
• Alteration of Object Clause and adoption of new set of Memorandum of Association (MOA) of the Company as per Companies Act, 2013

  7 for0 against
• Adoption of new set of Articles of Association (AOA) of the Company as per Companies Act, 2013

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, SBI Mutual Fund

  • Angel One Mutual FundTransparency Concern: Updated Articles of Association cannot be found on the website of the Company, although the Company has stated that the document is uploaded on the website.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundThe existing set of AoA is based on the Companies Act, 1956. The company seeks to adopt a new set of AoA in place and substitution of the existing, to align with the Companies Act, 2013. While the existing AoA is available on the company website, the new set of AoA is not available on the company’s website (even though it is mentioned in the AGM notice). Given that the AoA is not accessible, it is not possible to ascertain the impact for shareholders. Further, we also raise concerns at the delay in making the AoA compliant with the Companies Act 2013: the alignment to the new regulation is being done after more than a decade after the Companies Act 2013 was notified. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliance of the resolution cannot be ascertained. Transparency Concern: Updated Articles of Association cannot be found on the website of the Company, although the Company has stated that the document is uploaded on the website.
  • ICICI Prudential Mutual FundThe existing AoA is based on the Companies Act, 1956 and the company seeks to adopt a new set of AoA in place and substitution of the existing AoA to align it with the Companies Act, 2013. While the existing AoA is available on the company website, the new set of AoA is not available on the company’s website despite the AGM notice stating that it has been uploaded. Given that the proposed AoA is not accessible, it is not possible to ascertain its impact on shareholders or analyse the provisions being proposed. Further, the alignment with the Companies Act, 2013 is being undertaken more than a decade after the Act was notified. Given the lack of adequate disclosure and inability to ascertain the impact of the proposed Articles of Association on shareholders, the AMC has voted against the resolution.

  0 for7 against
• Modification to the object clause for utilization of funds raised by way of issuance of equity shares and/or equity linked securities by way of Qualified Institutions Placement (QIP) in December,2023

  7 for0 against

Mutual fund votes, meeting of 21 Feb 2026, 16 fund houses

• Appointment of Mr. Mark Damian Stevenson as Non-Executive Director of the Company.

  16 for0 against

The board is made up as the listing rules require

Yes

The board has a regular chairperson

No

The company has a risk management committee

Yes

The chair is related to the managing director

No

The filing has a part on fines and penalties

No

The filing has a part on tax disputes

No

There was a cyber security incident in the quarter

No

The company's own answers in its filing.