Maharashtra Seamless logo

Maharashtra Seamless MD, chairman, board of directors and AGM

NSE: MAHSEAMLESBSE: 500265Industrial ProductsSmall Cap

Last close ₹532.70down ₹6.60 (1.22%)BSE ₹533.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹539.30.

52-week range of traded prices to 23 Oct 2026
₹500.70Low, 27 Jan 2026₹768.00High, 30 Sep 2026
Market cap
₹7,138 Cr633rd largest listed
P/E
9.7
P/B
1.0
Dividend yield
1.88%
ROE
11.2%
ROCE
8.4%
Debt to equity
0.00
Volume, NSE
1,82,08445.0% delivered

Maharashtra Seamless 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

  • ChairpersonDharam Pal Jindal
  • Managing directorSaket Jindal
  • Managing directorRaghav Jindal
  • Company Secretary and Compliance OfficerRam Ji Nigam

8 directors4 independent3 executive1 non-executive

  • Dharam Pal Jindal · ChairpersonNon-executive · joined May 1988 · reappointed Apr 2015 · 2 listed boards · 3 committee seats, 1 as chair
  • Saket Jindal · Managing directorExecutive · joined Sep 2001 · 2 listed boards · 1 committee seat
  • Raghav Jindal · Managing directorExecutive · joined Jul 2022 · 2 listed boards · 2 committee seats
  • Ashok BhandariIndependent · joined Feb 2019 · reappointed Feb 2024 · 89 months as independent · 6 listed boards · 5 as independent · 8 committee seats, 2 as chair
  • Kamal Kishore BhartiaIndependent · joined Sep 2024 · 21 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Mohan GuptaIndependent · joined Sep 2024 · 21 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Pithelis Raj Santhana MarianExecutive · joined Oct 2005 · reappointed Mar 2026 · 1 listed board
  • Dipika AgarwalIndependent · joined Sep 2025 · 9 months as independent · 1 listed board · 1 as independent · 1 committee seat

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

1 director who left
  • Roma Kumar, left 27 Sep 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 22 May 20267 of 8 present4 independent · 113 days in between
    • 28 Jan 20267 of 8 present4 independent

  • Audit Committee

    Chair Ashok Bhandari

    Dharam Pal Jindal, Kamal Kishore Bhartia, Mohan Gupta

    • 22 May 20264 of 4 present3 independent · 113 days in between
    • 28 Jan 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Ashok Bhandari

    Mohan Gupta, Dipika Agarwal

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair Dharam Pal Jindal

    Saket Jindal, Dipika Agarwal

    • 12 Jun 20263 of 3 present1 independent · 30 days in between
    • 12 May 20263 of 3 present1 independent · 76 days in between
    • 24 Feb 20263 of 3 present1 independent
    • 9 Jan 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Saket Jindal

    Mohan Gupta, Sanjiv Gupta

    • 22 May 20262 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Dharam Pal Jindal

    Pithelis Raj Santhana Marian, Dipika Agarwal

    • 22 May 20263 of 3 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Kanodia Sanyal & AssociatesPeer-review certificate valid to Apr 2029

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.

Maharashtra Seamless 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.Maharashtra Seamless dividend history

Annual general meeting, 15 Sep 2026

83,688 shareholders on the register on 8 Sep 2026; present: 16 promoters and 22 others; votes counted by ARUNESH KUMAR DUBEY / ARUNESH DUBEY & CO..The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited 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 and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026 together with the Report of the Auditors thereonMoreLess
    Ordinary
    97.54% for2.46% against

    Against: promoters 0.00% · institutions 18.14% · other public 0.00%

    Turnout: all 80.31% · promoters 96.41% · institutions 79.09% · other public 10.44%

  2. Declaration of dividend of Rs. 10.00 per Equity Share of Rs. 5/- for the financial year ended 31st March, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.56% · promoters 96.41% · institutions 80.95% · other public 10.44%

  3. Appointment of Director in place of, Mr. Pithelis Raj Santhana Marian who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    96.43% for3.57% against

    Against: promoters 0.00% · institutions 25.83% · other public 0.03%

    Turnout: all 80.56% · promoters 96.41% · institutions 80.95% · other public 10.43%

  4. Appointment of Mr. Shiv Kumar Singhal as Director of the Company
    Ordinary
    97.70% for2.30% against

    Against: promoters 0.00% · institutions 16.65% · other public 0.02%

    Turnout: all 80.56% · promoters 96.41% · institutions 80.95% · other public 10.43%

  5. To approve appointment and payment of remuneration to Mr. Shiv Kumar Singhal as a Whole-time Director for a period of 3 (three) years with effect from 7th August, 2026
    Ordinary
    97.07% for2.93% against

    Against: promoters 0.00% · institutions 21.28% · other public 0.02%

    Turnout: all 80.55% · promoters 96.41% · institutions 80.84% · other public 10.43%

  6. Appointment of Dr. Raj Kamal Agarwal as an Independent Director for a period of five years with effect from 7th August, 2026.
    Special
    96.81% for3.19% against

    Against: promoters 0.00% · institutions 23.07% · other public 0.02%

    Turnout: all 80.56% · promoters 96.41% · institutions 80.95% · other public 10.43%

  7. Ratification of remuneration of Cost Auditors for financial year ending 31st March, 2027.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.56% · promoters 96.41% · institutions 80.95% · other public 10.43%

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, 24 Jun 2026, 1 resolution

87,489 shareholders on the register on 15 May 2026; votes counted by ARUNESH KUMAR DUBEY / ARUNESH DUBEY & CO..The company's voting result (opens in a new tab)

  1. To shift registered office of the Company from the “State of Maharashtra” to the “State of Haryana” and consequential amendment in Clause II of the Memorandum of Association of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 79.34% · promoters 94.10% · institutions 84.62% · other public 11.97%

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, 12 Mar 2026, 1 resolution

93,598 shareholders on the register on 30 Jan 2026; votes counted by ARUNESH KUMAR DUBEY / ARUNESH DUBEY & CO..The company's voting result (opens in a new tab)

  1. To appoint and approve payment of remuneration to Mr. Pithelis Raj Santhana Marian (DIN-00520481) as Whole-time Director
    Special
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 1.25% · other public 0.92%

    Turnout: all 77.94% · promoters 93.47% · institutions 83.81% · other public 12.52%

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

Annual general meeting, 28 Aug 2025, 6 resolutions

94,935 shareholders on the register on 21 Aug 2025; present: 17 promoters and 29 others; votes counted by ARUNESH KUMAR DUBEY / ARUNESH DUBEY & CO..The company's voting result (opens in a new tab)

  1. To consider and adopt (a) the Audited Financial Statements of the Company for the financial year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon (b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 together with Report of Auditors’ thereon.MoreLess
    Ordinary
    88.62% for11.38% against

    Against: promoters 0.00% · institutions 76.46% · other public 0.03%

    Turnout: all 78.87% · promoters 94.14% · institutions 84.03% · other public 12.59%

  2. Declaration of dividend of Rs. 10.00 per Equity Share of Rs. 5/- for the financial year ended 31st March, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 79.20% · promoters 94.14% · institutions 86.40% · other public 12.59%

  3. Appointment of Director in place of, Mr. Dharam Pal Jindal (DIN: 00405579) who retires by rotation and being eligible, offers himself for re-appointment.
    Special
    88.80% for11.20% against

    Against: promoters 0.00% · institutions 73.52% · other public 0.04%

    Turnout: all 79.20% · promoters 94.14% · institutions 86.40% · other public 12.59%

  4. Appointment of Mrs. Dipika Agarwal as an Independent Director for a period of five years with effect from 28th September, 2025.
    Special
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.03%

    Turnout: all 79.20% · promoters 94.14% · institutions 86.40% · other public 12.59%

  5. Ratification of remuneration of Cost Auditors for financial year ending 31st March, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 79.20% · promoters 94.14% · institutions 86.40% · other public 12.59%

  6. Ordinary Resolution for appointment of M/s Ajit Mishra & Associates, Company Secretaries as Secretarial Auditors of the Company
    Ordinary
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 1.80% · other public 0.04%

    Turnout: all 79.20% · promoters 94.14% · institutions 86.36% · other public 12.59%

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, 11 Mar 2025, 1 resolution

1,34,193 shareholders on the register on 31 Jan 2025; votes counted by POOJA JAIN / POOJA JAIN.The company's voting result (opens in a new tab)

  1. To appoint and approve payment of remuneration to Mr. Saket JIndal (DIN: 00405736) as Managing Director
    Ordinary
    96.98% for3.03% against

    Against: promoters 0.00% · institutions 20.63% · other public 0.87%

    Turnout: all 76.58% · promoters 93.50% · institutions 85.90% · other public 9.44%

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

Annual general meeting, 28 Aug 2024, 7 resolutions

Present: 16 promoters and 29 others.The company's voting result (opens in a new tab)

  1. To consider and adopt (a) the Audited Financial Statements of the Company for the financial year ended 31st March, 2024, together with the Reports of the Board of Directors and Auditors thereon (b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 together with Report of Auditors’ thereonMoreLess
    Ordinary
    89.65% for10.35% against

    Against: promoters 0.00% · institutions 74.76% · other public 0.06%

    Turnout: all 76.84% · promoters 94.81% · institutions 85.29% · other public 8.71%

  2. Declaration of dividend of Rs. 10.00 (200 %) per Equity Share of Rs. 5/- for the financial year ended 31st March, 2024.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 77.27% · promoters 94.81% · institutions 88.71% · other public 8.71%

  3. Appointment of Director in place of, Mr. Raghav Jindal who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    93.87% for6.13% against

    Against: promoters 0.00% · institutions 42.80% · other public 0.15%

    Turnout: all 77.27% · promoters 94.81% · institutions 88.71% · other public 8.71%

  4. Continuation of Mr. Dharam Pal Jindal as Non –Executive Director of the Company on attaining the age of 75 years.
    Special
    91.50% for8.50% against

    Against: promoters 0.00% · institutions 59.36% · other public 0.13%

    Turnout: all 77.27% · promoters 94.81% · institutions 88.71% · other public 8.71%

  5. Appointment of Mr. Kamal Kishore Bhartia as an Independent Director for a period of five years with effect from 26th September, 2024.
    Special
    97.18% for2.82% against

    Against: promoters 0.00% · institutions 19.65% · other public 0.16%

    Turnout: all 77.27% · promoters 94.81% · institutions 88.71% · other public 8.71%

  6. Appointment of Mr. Mohan Gupta as an Independent Director for a period of five years with effect from 26th September, 2024.
    Special
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.29% · other public 0.16%

    Turnout: all 77.27% · promoters 94.81% · institutions 88.71% · other public 8.71%

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

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

    Turnout: all 77.27% · promoters 94.81% · institutions 88.71% · other public 8.71%

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

Annual general meeting, 28 Aug 2023, 5 resolutions

Present: 16 promoters and 29 others.The company's voting result (opens in a new tab)

  1. To consider and adopt n(a) the Audited Financial Statements of the Company for the financial year ended 31st March, 2023, together with the Reports of the Board of Directors and Auditors thereon (b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023 together with Report of Auditors’ thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.58% · promoters 94.32% · institutions 69.14% · other public 17.80%

  2. Declaration of dividend of Rs. 5.00 (100 %) per Equity Share of Rs. 5/- for the financial year ended 31st March, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.01% · promoters 94.32% · institutions 72.89% · other public 17.80%

  3. Appointment of a Director in place of, Mr. S. P. Raj who retires by rotation and being eligible, offers himself fornre-appointment.
    Ordinary
    90.80% for9.20% against

    Against: promoters 0.00% · institutions 83.49% · other public 0.01%

    Turnout: all 76.01% · promoters 94.32% · institutions 72.89% · other public 17.80%

  4. Reappointment of Mr. Ashok Bhandari as an Independent Director of the Company for a term of 5 years with effect from 11th February, 2024
    Special
    98.17% for1.83% against

    Against: promoters 0.00% · institutions 16.58% · other public 0.02%

    Turnout: all 76.01% · promoters 94.32% · institutions 72.89% · other public 17.80%

  5. Ratification of remuneration of Cost Auditors for financial year ending 31st March, 2024
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.01% · promoters 94.32% · institutions 72.89% · other public 17.80%

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

Postal ballot, 26 Jun 2023, 1 resolution

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

  1. Appontment and approval of payment of remuneration to Mr. S.P. Raj (DIN: 00520481) as Whole-time Director
    Special
    93.60% for6.40% against

    Against: promoters 0.00% · institutions 69.96% · other public 0.04%

    Turnout: all 75.43% · promoters 94.90% · institutions 77.03% · other public 18.02%

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

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

  • To consider and adopt the Audited 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 and the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026 together with the Report of the Auditors thereonMoreLess
    2 for0 against
  • Declaration of dividend of Rs. 10.00 per Equity Share of Rs. 5/- for the financial year ended 31st March, 2026.
    2 for0 against
  • Appointment of Director in place of, Mr. Pithelis Raj Santhana Marian who retires by rotation and being eligible, offers himself for re-appointment
    2 for0 against
  • Appointment of Mr. Shiv Kumar Singhal as Director of the Company
    2 for0 against
  • To approve appointment and payment of remuneration to Mr. Shiv Kumar Singhal as a Whole-time Director for a period of 3 (three) years with effect from 7th August, 2026
    2 for0 against
  • Appointment of Dr. Raj Kamal Agarwal as an Independent Director for a period of five years with effect from 7th August, 2026.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Proposed tenure will lead to Prolonged association at the group level.
    1 for1 against
  • Ratification of remuneration of Cost Auditors for financial year ending 31st March, 2027.
    2 for0 against

Mutual fund votes, meeting of 24 Jun 2026, 10 fund houses

  • To shift registered office of the Company from the “State of Maharashtra” to the “State of Haryana” and consequential amendment in Clause II of the Memorandum of Association of the Company
    10 for0 against
6 earlier meetings

Mutual fund votes, meeting of 12 Mar 2026, 16 fund houses

  • To appoint and approve payment of remuneration to Mr. Pithelis Raj Santhana Marian (DIN-00520481) as Whole-time Director
    16 for0 against

Mutual fund votes, meeting of 28 Aug 2025, 20 fund houses

  • To consider and adopt (a) the Audited Financial Statements of the Company for the financial year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon (b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 together with Report of Auditors’ thereon.MoreLess
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund
    • Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on standalone accounts. However, Qualified opinion by the Auditors on Consolidated financial statements.
    • Axis Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has raised a qualified opinion on the consolidated financial statement based on the qualification issued by the auditors of Gondkari Coal Mining Limited, a joint venture of the company. Gondkari Coal Mining has accumulated losses, and its net worth has been fully eroded, hence, the auditors find a material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern. Further, we also raise concern over auditor independence and objectivity because of the continued association of Kanodia Sanyal & Associates as statutory auditors of MSL and its subsidiaries. Kanodia Sanyal & Associates were MSL’s auditors for 28 years till the FY17 AGM. We note that subsidiaries of MSL have been audited by Kanodia Sanyal & Associates in between FY18 to FY22 and they were reappointed statutory auditors of MSL from 2022 AGM. Also, the company must disclose the reasons for having undisputed payables overdue by more than two years.
    • HSBC Mutual FundThere are concerns about the accounts presented or audit procedures used.
    • Kotak Mahindra Mutual FundWe have relied upon the auditors report, which has raised a qualified opinion on the consolidated financial statement based on the qualification issued by the auditors of Gondkari Coal Mining Limited, a joint venture of the company. Gondkari Coal Mining has accumulated losses, and its net worth has been fully eroded, hence, the auditors find a material uncertainty that may cast significant doubt about the company s ability to continue as a going concern. Also, the company must disclose the reasons for having undisputed payables overdue by more than two years. Due to the above reasons, we do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundQualified opinion by the Auditors on Consolidated financial statements.
    • UTI Mutual FundWe have relied upon the auditors’ report, which has raised a qualified opinion on the consolidated financial statement based on the qualification issued by the auditors of Gondkari Coal Mining Limited, a joint venture of the company.
    7 for13 against
  • Declaration of dividend of Rs. 10.00 per Equity Share of Rs. 5/- for the financial year ended 31st March, 2025.
    Against Kotak Mahindra Mutual Fund
    • Kotak Mahindra Mutual FundTotal dividend outflow will aggregate to Rs. 1.34 bn. The payout ratio is low at 16.9% of the standalone PAT. Since this resolution is interlinked with resolution #1. We do not support the resolution.
    19 for1 against
  • Appointment of Director in place of, Mr. Dharam Pal Jindal (DIN: 00405579) who retires by rotation and being eligible, offers himself for re-appointment.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Chairman related to Executive Director, may lead to concentration of power.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed Director. Governance concern: Chairman related to Executive Director, may lead to concentration of power.
    • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation. Dharam Pal Jindal serves on the audit committee and there are significant concerns regarding the company's financial statements.
    12 for8 against
  • Appointment of Mrs. Dipika Agarwal as an Independent Director for a period of five years with effect from 28th September, 2025.
    Against Axis Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund
    • Axis Mutual Fund, Jio BlackRock Mutual FundMs. Dipika Agarwal, 39, has completed MBA from the Institute of Chartered Financial Analysts of India (ICFAI). She has knowledge of financial analysis, strategic management, and business development. She has experience in managing enterprises in manufacturing sector. We believe the company should disclose granular details about her profile and work experience in the meeting notice. We do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    17 for3 against
  • Ratification of remuneration of Cost Auditors for financial year ending 31st March, 2026.
    20 for0 against
  • Ordinary Resolution for appointment of M/s Ajit Mishra & Associates, Company Secretaries as Secretarial Auditors of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundTransparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
    • Nippon India Mutual FundTransparency Concern: Previous Auditor’s remuneration has not been disclosed; the Company has not addressed if there is any Material Change in the Audit Fee.
    13 for7 against

Mutual fund votes, meeting of 11 Mar 2025, 15 fund houses

  • To appoint and approve payment of remuneration to Mr. Saket JIndal (DIN: 00405736) as Managing Director
    Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Axis Mutual FundSaket Jindal, 51, is promoter and Managing Director of Maharashtra Seamless Limited. He has been on the board since September 2001. Saket Jindal was paid Rs. 57.6 mn in FY24. We estimate Saket Jindal’s FY25 and FY26 remuneration at Rs. 57.6 mn and Rs. 74.1 mn respectively. The resolution caps his salary at Rs. 90.0 mn plus perquisites during the five year tenure which is entirely fixed in nature. While his remuneration is commensurate with the size and scale of the business, we believe the remuneration structure must have a variable component to ensure alignment of remuneration and company performance. While we support his reappointment and quantum of remuneration, the resolution allows the company to reimburse travelling and other incidental expenses incurred by the MD’s wife while on business trips. We believe these expenses are personal in nature and must be borne by the director in his personal capacity. Therefore, we are unable to support the resolution.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Excessive Remuneration to Promoter Director.
    • Edelweiss Mutual FundRemuneration excessive in favour of Promoter Directors
    • HDFC Mutual FundMr. Saket Jindal, 51, is promoter and Managing Director of Maharashtra Seamless Limited. While we support his reappointment and quantum of remuneration, the resolution allows the company to reimburse travelling and other incidental expenses incurred by the MD’s wife while on business trips. We believe these expenses are personal in nature and must be borne by the director in his personal capacity. Therefore, we are unable to support the resolution.
    • ICICI Prudential Mutual FundWhile we support the reappointment and quantum of remuneration, the resolution allows the company to reimburse certain expenses which appear to be personal in nature and must be borne by the director in his personal capacity. Hence the AMC has voted against the resolution.
    • Kotak Mahindra Mutual FundNo concern has been identified with the profile and time commitment of the director. However, considering the remuneration structure of the director, it lacks a variable component which is necessary to ensure alignment of remuneration and company performance. Moreover, the resolution allows the company to reimburse travelling and other incidental expenses incurred by the MD s wife while on business trips. We believe these expenses are personal in nature and must be borne by the director in his personal capacity. Therefore, we are unable to support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundProfile of the Candidate
    • quant Mutual FundRelated to the re-appointment and approval of payment of remuneration to Mr Saket Jindal as Managing Director of the Company. Compliant with the law. Governance concern: Excessive remuneration to Promoter Director relative to other board members. Remuneration does not have any variable component. We have no concerns w.r.t. the profile, time commitments and attendance of Mr Saket Jindal.
    4 for11 against

Mutual fund votes, meeting of 28 Aug 2024, 12 fund houses

  • To consider and adopt (a) the Audited Financial Statements of the Company for the financial year ended 31st March, 2024, together with the Reports of the Board of Directors and Auditors thereon (b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 together with Report of Auditors’ thereonMoreLess
    Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual Fund, DSP Mutual FundWe have relied upon the auditors’ report, which has raised a qualified opinion on the consolidated financial statement based on the qualification issued by the auditors of Gondkari Coal Mining Limited, a joint venture of the company. Gondkari Coal Mining has accumulated losses, and its net worth has been fully eroded, hence, the auditors find a material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern. The auditor has raised emphasis of matter based on the audit reports of various subsidiaries. One of the emphasis is with respect to material uncertainty related to going concern for one subsidiary and the second emphasis is with respect to diminution in value of investment made by a subsidiary in its associate company. Further, we also raise concern over auditor independence and objectivity because of the continued association of Kanodia Sanyal & Associates as statutory auditors of MSL and its subsidiaries. Kanodia Sanyal & Associates were MSL’s auditors for 28 years till the FY17 AGM. We note that subsidiaries of MSL have been audited by Kanodia Sanyal & Associates in between FY18 to FY22 and they were reappointed statutory auditors of MSL from 2022 AGM.
    • Bandhan Mutual Fund"We have relied upon the auditors’ report, which has raised a qualified opinion on the consolidated financial statement based on the qualification issued by the auditors of Gondkari Coal Mining Limited, a joint venture of the company. Gondkari Coal Mining has accumulated losses, and its net worth has been fully eroded, hence, the auditors find a material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern. The auditor has raised emphasis of matter based on the audit reports of various subsidiaries. One of the emphasis is with respect to material uncertainty related to going concern for one subsidiary and the second emphasis is with respect to diminution in value of investment made by a subsidiary in its associate company. Further, we also raise concern over auditor independence and objectivity because of the continued association of Kanodia Sanyal & Associates as statutory auditors of MSL and its subsidiaries. Kanodia Sanyal & Associates were MSL’s auditors for 28 years till the FY17 AGM. We note that subsidiaries of MSL have been audited by Kanodia Sanyal & Associates in between FY18 to FY22 and they were reappointed statutory auditors of MSL from 2022 AGM."
    • Groww Mutual FundThe statutory auditors have expressed qualified opinion along with Issues relating to going concern on which appropriate response from the management has not been received. Hence, we vote against the resolution.
    • HSBC Mutual FundA vote AGAINST this resolution is warranted given the auditors' qualified opinion that raises concerns over the accuracy and integrity of the company's financial statements.
    • Nippon India Mutual FundThe Consolidated financial statements have not been prepared in accordance with the Indian Accounting Standards
    6 for6 against
  • Declaration of dividend of Rs. 10.00 (200 %) per Equity Share of Rs. 5/- for the financial year ended 31st March, 2024.
    12 for0 against
  • Appointment of Director in place of, Mr. Raghav Jindal who retires by rotation and being eligible, offers himself for re-appointment.
    Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, LIC Mutual FundCompliant with Law. Governance concern: Holding 2 full time positions.
    • Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliance: Holding three full-time positions.
    • HSBC Mutual FundWe have concerns about insufficient independence of the board.
    • Nippon India Mutual FundHolding 2 full time positions.
    6 for6 against
  • Continuation of Mr. Dharam Pal Jindal as Non –Executive Director of the Company on attaining the age of 75 years.
    Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Chairman related to Managing Director.
    • HSBC Mutual FundWe have concerns about insufficient independence of the board.
    • Nippon India Mutual FundChairman related to Managing Director.
    7 for5 against
  • Appointment of Mr. Kamal Kishore Bhartia as an Independent Director for a period of five years with effect from 26th September, 2024.
    Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual Fund, DSP Mutual FundKamal Kishore Bhartia, 71, is a businessman with more than four decades of industry experience. Public sources indicate that he is the Managing Director of Raigarh Inon Industries Limited since 1984. Through this resolution, the company also seeks approval for his continuation on board after attaining 75 years of age. Amendments in SEBI’s LODR require directors having attained the age of seventy-five to be appointed by shareholders through a special resolution. We do not consider age to be a criterion for board memberships. Kamal Kishore Bhartia has been on the board of Haryana Capfin Limited, a promoter group company since March 2011 and we consider his overall association with the group – which is already in excess of 10 years - 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. We believe the company should disclose granular details about his profile and work experience in the meeting notice. We do not support the resolution.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of appointee. Governance concern: Prolonged association with the Group.
    • Edelweiss Mutual FundCandidate has multiple directorships; Age above 75 years. Ability to do justice to the role is limited
    • ICICI Prudential Mutual FundWhile there is no concern on qualification & profile of the individual, the overall association with the group is long. Hence the AMC has voted against the resolution
    • Nippon India Mutual FundTime commitments
    4 for8 against
  • Appointment of Mr. Mohan Gupta as an Independent Director for a period of five years with effect from 26th September, 2024.
    Against Axis Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund
    • Axis Mutual Fund, DSP Mutual FundMohan Gupta, 72, is an industrialist having more than four decades of experience in manufacturing industries. Public sources indicate that he is the Managing Director of Gupta Machine Tools Private Limited. Amendments in SEBI’s LODR require directors having attained the age of seventy-five to be appointed by shareholders through a special resolution. We do not consider age to be a criterion for board memberships. However, details of his work experience and the basis of his expertise have not been provided. In the absence of clarity regarding his experience and background, we are unable to make an informed decision. Hence, we do not support the resolution.
    • Edelweiss Mutual FundCandidate has multiple directorships; Age above 75 years. Ability to do justice to the role is limited
    9 for3 against
  • Ratification of remuneration of Cost Auditors for financial year ending 31st March, 2025.
    12 for0 against

Mutual fund votes, meeting of 28 Aug 2023, 2 fund houses

  • To consider and adopt n(a) the Audited Financial Statements of the Company for the financial year ended 31st March, 2023, together with the Reports of the Board of Directors and Auditors thereon (b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023 together with Report of Auditors’ thereonMoreLess
    2 for0 against
  • Declaration of dividend of Rs. 5.00 (100 %) per Equity Share of Rs. 5/- for the financial year ended 31st March, 2023.
    2 for0 against
  • Appointment of a Director in place of, Mr. S. P. Raj who retires by rotation and being eligible, offers himself fornre-appointment.
    Against HSBC Mutual Fund
    • HSBC Mutual FundThe board independence norms are not met (as per ISS reclassification) and Santhana Marian Pithelis Raj is a non-independent director nominee.
    1 for1 against
  • Reappointment of Mr. Ashok Bhandari as an Independent Director of the Company for a term of 5 years with effect from 11th February, 2024
    2 for0 against
  • Ratification of remuneration of Cost Auditors for financial year ending 31st March, 2024
    2 for0 against

Mutual fund votes, meeting of 26 Jun 2023, 1 fund house

  • Appontment and approval of payment of remuneration to Mr. S.P. Raj (DIN: 00520481) as Whole-time Director
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted because the company's board does not meet the required independence norms and S. P. Raj is a non-independent director nominee
    0 for1 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

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
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.