Manorama Industries MD, chairman, board of directors and AGM
NSE: MANORAMABSE: 541974Food ProductsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹1,746.20.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹11,145 Cr615th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 13 Aug 2026
- 43.4
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet.
- Shares changed
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.05%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 13 Aug 2026
- 45.0%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 13 Aug 2026
- 35.6%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 11 May 2026
- 0.52
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 2,07,93436.8% delivered
Manorama Industries 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 directorASHISH RAMESH SARAFRelated to the promoter
- Company Secretary and Compliance OfficerDeepak Sharma
10 directors5 independent5 executive
- ASHISH RAMESH SARAF · Chairperson and managing directorExecutive · joined Oct 2024 · 1 listed board · 1 committee seat
- VINITA ASHISH SARAFExecutive · joined Mar 2006 · reappointed Jul 2024 · 1 listed board
- GAUTAM KUMAR PALExecutive · joined Jan 2018 · reappointed Nov 2022 · 1 listed board
- ASHOK JAINExecutive · joined Nov 2022 · reappointed Nov 2025 · 1 listed board · 1 committee seat
- SHREY ASHISH SARAFExecutive · joined Aug 2019 · reappointed Apr 2022 · 1 listed board
- JOSE VAILAPPALLIL JOSEPHIndependent · joined Aug 2019 · reappointed Jun 2024 · 82 months as independent · 1 listed board · 1 as independent · 2 committee seats, 2 as chair
- NIPUN SUMANLAL MEHTAIndependent · joined Mar 2021 · reappointed Mar 2026 · 63 months as independent · 1 listed board · 1 as independent · 2 committee seats
- MUDIT KUMAR SINGHIndependent · joined Sep 2021 · 57 months as independent · 1 listed board · 1 as independent · 2 committee seats
- VENI MOCHERLAIndependent · joined Dec 2021 · reappointed Dec 2023 · 54 months as independent · 1 listed board · 1 as independent
- SUBHAPRADA NISHTALAIndependent · joined Apr 2025 · 14 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
- ASHISH BAKLIWAL, left 30 Apr 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 29 Jun 202610 of 10 present5 independent · 48 days in between
- 11 May 202610 of 10 present5 independent · 59 days in between
- 12 Mar 202610 of 10 present5 independent · 42 days in between
- 28 Jan 202610 of 10 present5 independent
Audit Committee
Chair JOSE VAILAPPALLIL JOSEPH
MUDIT KUMAR SINGH, NIPUN SUMANLAL MEHTA, ASHOK JAIN
- 11 May 20264 of 4 present3 independent · 102 days in between
- 28 Jan 20264 of 4 present3 independent
Nomination and remuneration committee
Chair NIPUN SUMANLAL MEHTA
JOSE VAILAPPALLIL JOSEPH, MUDIT KUMAR SINGH, SUBHAPRADA NISHTALA
- 12 Mar 20264 of 4 present4 independent · 42 days in between
- 28 Jan 20264 of 4 present4 independent
Stakeholders Relationship Committee
Chair JOSE VAILAPPALLIL JOSEPH
NIPUN SUMANLAL MEHTA, MUDIT KUMAR SINGH, ASHISH RAMESH SARAF, SUBHAPRADA NISHTALA
- 28 Jan 20265 of 5 present4 independent
Risk Management Committee
Chair NIPUN SUMANLAL MEHTA
JOSE VAILAPPALLIL JOSEPH, MUDIT KUMAR SINGH, GAUTAM KUMAR PAL, ASHOK JAIN, ASHISH RAMESH SARAF
- 11 May 20266 of 6 present3 independent · 102 days in between
- 28 Jan 20266 of 6 present3 independent
Corporate Social Responsibility Committee
Chair MUDIT KUMAR SINGH
JOSE VAILAPPALLIL JOSEPH, ASHISH RAMESH SARAF, VINITA ASHISH SARAF
- 11 May 20264 of 4 present2 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Jun 2026.
- Singhi & Co.Peer-review certificate valid to Aug 2028
1 earlier auditor
- Singhi and Co.Named in filings from Jun 2025 to Sep 2025
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.
Manorama Industries 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.Manorama Industries dividend history
Postal ballot, 18 Oct 2026
41,033 shareholders on the register on 11 Sep 2026; votes counted by Ms. Namrata Tatiya / Ms Mehta and Mehta, Company Secretaries.The company's voting result (opens in a new tab)
- To Consider and approve appointment of Dr. Rohini Tiwari (DIN: 11924749) as a Non-Executive Independent Director of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 67.79% · promoters 99.99% · institutions 77.47% · other public 21.12%
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 Sep 2026, 5 resolutions
41,033 shareholders on the register on 14 Sep 2026; present: 2 promoters and 52 others; votes counted by Ms. Alifya Sapatwala / M/s. Mehta & Mehta, Company Secretaries.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, together with the Report of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 68.15% · promoters 99.99% · institutions 59.29% · other public 27.32%
- To appoint a Director in place of Mr. Gautam Kumar Pal (DIN: 07645652) Whole-Time Director, who retires by rotation and being eligible, offers himself for re-appointment.Ordinary99.92% for0.08% against
Against: promoters 0.00% · institutions 0.88% · other public 0.00%
Turnout: all 68.15% · promoters 99.99% · institutions 59.29% · other public 27.32%
- To declare a Final Dividend @ 40% [Rs. 0.80 (Rupees Eighty paisa only)] per equity share on face value of Rs. 2/- (Rupees Two only) each per Equity share for the Financial year ended March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 68.15% · promoters 99.99% · institutions 59.29% · other public 27.32%
- To ratify the remuneration payable to M/s. S N & Co, Cost Accountants, appointed as Cost Auditors of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 68.15% · promoters 99.99% · institutions 59.29% · other public 27.32%
- To consider and approve Material Related Party Transaction.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 68.15% · promoters 99.99% · institutions 59.29% · other public 27.32%
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, 19 Apr 2026, 1 resolution
36,353 shareholders on the register on 13 Mar 2026; votes counted by Alifya Sapatwala / Mehta & Mehta, Company Secretaries.The company's voting result (opens in a new tab)
To approve raising of funds through qualified institutions placement or through any other permissible modes by issuance of securities for an aggregate amount of up to INR 500 crores (Indian Rupees Five Hundred Crore) in one or more tranches and/or by way of one or more issuances.MoreLess
Special99.82% for0.18% againstAgainst: promoters 0.00% · institutions 3.06% · other public 0.01%
Turnout: all 69.09% · promoters 99.99% · institutions 65.24% · other public 27.28%
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, 1 Mar 2026, 2 resolutions
34,980 shareholders on the register on 28 Jan 2026; votes counted by Alifya Sapatwala / Mehta & Mehta, Company Secretaries.The company's voting result (opens in a new tab)
- To approve the Re-appointment of Mr. Nipun Sumanlal Mehta (DIN: 00255831) as an Independent Director of the Company for his second term of 5 (five) years.Special99.98% for0.02% against
Against: promoters 0.00% · institutions 0.33% · other public 0.00%
Turnout: all 68.92% · promoters 99.99% · institutions 64.85% · other public 26.92%
- To approve increase in the remuneration of Mr. Deep Saraf, Deputy Chief Executive Officer - Chief Coordinator, holding office or place of profit.Ordinary96.88% for3.12% against
Against: promoters 0.00% · institutions 54.58% · other public 0.00%
Turnout: all 68.92% · promoters 99.99% · institutions 64.85% · other public 26.92%
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, 7 resolutions
31,200 shareholders on the register on 21 Aug 2025; present: 1 promoter and 48 others; votes counted by Alifya Sapatwala / M/s. Mehta and Mehta, Practicing Company Secretaries.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, together with the Report of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 70.63% · promoters 100.00% · institutions 68.63% · other public 29.39%
- To appoint a Director in place of Mrs. Vinita Ashish Saraf (DIN: 00208621) Whole-Time Director, who retires by rotation and being eligible, offers herself for reappointment.OrdinaryPromoters have an interest in it99.94% for0.06% against
Against: promoters 0.00% · institutions 0.87% · other public 0.00%
Turnout: all 70.63% · promoters 100.00% · institutions 68.63% · other public 29.39%
- To declare a Final Dividend @ 30% [Rs. 0.60 (Sixty paisa only)] per equity share on face value of Rs. 2/- (Rupees Two only) per share the Company for the Financial year ended March 31, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 70.63% · promoters 100.00% · institutions 68.63% · other public 29.39%
- To ratify the remuneration payable to M/s. S N & Co, Cost Accountants, appointed as Cost Auditors of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 70.63% · promoters 100.00% · institutions 68.63% · other public 29.39%
- To consider and approve reappointment of Mr. Ashok Jain (DIN: 09791163), Whole-Time Director of the CompanyOrdinary99.05% for0.95% against
Against: promoters 0.00% · institutions 13.66% · other public 0.00%
Turnout: all 70.63% · promoters 100.00% · institutions 68.63% · other public 29.39%
To consider and approve the appointment of M/s. B. R. Agrawal & Associates, Practicing Company Secretaries as Secretarial Auditors of the Company for a term of five consecutive years for the financial year 2025-26 to financial year 2029-30 and to fix their Remuneration.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 70.63% · promoters 100.00% · institutions 68.63% · other public 29.39%
- To consider and approve Material Related Party TransactionOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 70.63% · promoters 100.00% · institutions 68.63% · other public 29.39%
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 Jun 2025, 1 resolution
22,474 shareholders on the register on 2 May 2025; votes counted by Alifya Sapatwala / Mehta & Mehta, Company Secretaries.The company's voting result (opens in a new tab)
- To consider and approve appointment of Ms. Subhaprada Nishtala (DIN: 08124635) as a Non- Executive Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 65.94% · promoters 100.00% · institutions 53.75% · other public 19.03%
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 Dec 2024, 3 resolutions
The company's voting result (opens in a new tab)
- To approve appointment of Mr. Ashish Ramesh Saraf (DIN: 00183357) as Chairman and Executive Director in the category of Whole Time Director of the CompanyOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 10.42% · promoters 0.00% · institutions 23.62% · other public 24.45%
- To consider and approve appointment of Mr. Ashish Ramesh Saraf (DIN: 00183357) as Managing Director of the Company.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 10.42% · promoters 0.00% · institutions 23.62% · other public 24.45%
- To consider and approve Material Related Party TransactionsOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 10.42% · promoters 0.00% · institutions 23.62% · other public 24.45%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 3 Sep 2024, 9 resolutions
Present: 2 promoters and 45 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the report of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.70% · promoters 100.00% · institutions 85.38% · other public 30.78%
- To appoint a Director in place of Mr. Ashok Jain (DIN: 09791163), Whole-Time Director, who retires by rotation and being eligible, offers himself for re-appointment.Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.48% · other public 0.00%
Turnout: all 72.70% · promoters 100.00% · institutions 85.38% · other public 30.78%
- To declare Final Dividend @ 20% [Rs. 0.40 (Forty paisa only)] per Equity Share face value of Rs.2/- (Rupees Two only) each of the Company for the Financial year ended March 31, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.70% · promoters 100.00% · institutions 85.38% · other public 30.78%
- To appoint M/s. Singhi & Co., Chartered Accountants (Firm Registration No: 302049E) as Statutory Auditors of the Company for a first term of 5 (Five) years.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.70% · promoters 100.00% · institutions 85.38% · other public 30.78%
- To ratify the remuneration payable to M/s. S N & Co, Cost Accountants, appointed as Cost Auditors of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.70% · promoters 100.00% · institutions 85.38% · other public 30.78%
- To consider and approve increase in the remuneration of Mr. Ashish Saraf, President of the Company, holding an office or place of profit in the Company.OrdinaryPromoters have an interest in it94.27% for5.73% against
Against: promoters 0.00% · institutions 24.72% · other public 0.00%
Turnout: all 15.45% · promoters 0.00% · institutions 85.38% · other public 30.78%
- To consider and approve for increase in the remuneration of Mr. Deep Saraf, Vice-President of the Company, holding an office or place of profit in the CompanyOrdinary98.64% for1.36% against
Against: promoters 0.00% · institutions 24.72% · other public 0.00%
Turnout: all 65.09% · promoters 100.00% · institutions 85.38% · other public 11.04%
- To consider and approve the re-designation of Mrs. Vinita Ashish Saraf (DIN: 00208621) as Chairperson & Executive Director in the category of Whole Time Director.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.70% · promoters 100.00% · institutions 85.38% · other public 30.78%
- To consider and approve Material Related Party TransactionOrdinaryPromoters have an interest in it94.38% for5.62% against
Against: promoters 0.00% · institutions 24.24% · other public 0.00%
Turnout: all 15.45% · promoters 0.00% · institutions 85.38% · other public 30.78%
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.
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 21 Sep 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, together with the Report of the Board of Directors and the Auditors thereon.MoreLess
2 for0 against- To appoint a Director in place of Mr. Gautam Kumar Pal (DIN: 07645652) Whole-Time Director, who retires by rotation and being eligible, offers himself for re-appointment.2 for0 against
- To declare a Final Dividend @ 40% [Rs. 0.80 (Rupees Eighty paisa only)] per equity share on face value of Rs. 2/- (Rupees Two only) each per Equity share for the Financial year ended March 31, 2026.2 for0 against
- To ratify the remuneration payable to M/s. S N & Co, Cost Accountants, appointed as Cost Auditors of the Company.2 for0 against
- To consider and approve Material Related Party Transaction.2 for0 against
Mutual fund votes, meeting of 19 Apr 2026, 8 fund houses
To approve raising of funds through qualified institutions placement or through any other permissible modes by issuance of securities for an aggregate amount of up to INR 500 crores (Indian Rupees Five Hundred Crore) in one or more tranches and/or by way of one or more issuances.MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Significant dilution without compelling reason. Additionally, the Company has not provided a rationale for not opting for Rights Issue as a mode of fund-raising.
- Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance Concern: Significant dilution without compelling reason. Additionally, the Company has not provided a rationale for not opting for Rights Issue as a mode of fund-raising.
- Motilal Oswal Mutual FundSignificant Dilution; no urgency of fund. No reason provided as to why Rights Issue is not being opted for fund-raising.
3 for5 against
5 earlier meetings
Mutual fund votes, meeting of 1 Mar 2026, 7 fund houses
- To approve the Re-appointment of Mr. Nipun Sumanlal Mehta (DIN: 00255831) as an Independent Director of the Company for his second term of 5 (five) years.7 for0 against
- To approve increase in the remuneration of Mr. Deep Saraf, Deputy Chief Executive Officer - Chief Coordinator, holding office or place of profit.
Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Aditya Birla Sun Life Mutual FundDeep Saraf, 52, is the brother of Ashish Saraf, who is currently the company’s Chairperson and Managing Director. He is currently designated as Deputy Chief Executive Officer- Chief Coordinator.Deep Saraf was paid a remuneration of Rs. 10.2 mn in FY25. The company proposes to increase his fixed remuneration to Rs. 8.2 mn, along with a performance incentive at 0.7% of net profits from 1 January 2026 onwards. Based on his remuneration terms, we estimate his annual remuneration at Rs. 28.5 mn. The company has not provided any justification for proposing ~180% increase in his overall remuneration. Further it is unclear how the company has benchmarked his remuneration, which exceeds the remuneration paid to Ms. Vinita Saraf, an executive director on the board, in FY25. Deep Saraf’s remuneration is structured such that his pay will continuously grow with growth in profits, without requiring periodic shareholder approval. We do not support such structures and believe shareholders must have a periodic opportunity to vote on remuneration of those holding office of profit positions.
- Angel One Mutual FundPrior approval not sought. Governance and Transparency concern: Proposed remuneration appears excessive when compared with other senior employees and the Company has not disclosed adequate disclosures with regards to basis of determining the revised remuneration. Additionally, the Company has not provided an absolute cap on Variable pay.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Companies Act, 2013: Prior approval of shareholders not sought. Governance and Transparency concern: Proposed remuneration appears excessive when compared with other senior employees and the Company has not disclosed adequate disclosures w.r.t basis of determining the revised remuneration. Additionally, the Company has not provided an absolute cap on Variable pay.
- LIC Mutual FundConcerns over Non-Compliance with Companies Act, 2013: Prior approval of shareholders not sought. Governance and Transparency concern: Proposed remuneration appears excessive when compared with other senior employees and the Company has not disclosed adequate disclosures w.r.t basis of determining the revised remuneration. Additionally, the Company has not provided an absolute cap on Variable pay.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
0 for7 against
Mutual fund votes, meeting of 28 Aug 2025, 4 fund houses
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, together with the Report of the Board of Directors and the Auditors thereon.MoreLess
4 for0 against- To appoint a Director in place of Mrs. Vinita Ashish Saraf (DIN: 00208621) Whole-Time Director, who retires by rotation and being eligible, offers herself for reappointment.4 for0 against
- To declare a Final Dividend @ 30% [Rs. 0.60 (Sixty paisa only)] per equity share on face value of Rs. 2/- (Rupees Two only) per share the Company for the Financial year ended March 31, 2025.4 for0 against
- To ratify the remuneration payable to M/s. S N & Co, Cost Accountants, appointed as Cost Auditors of the Company4 for0 against
- To consider and approve reappointment of Mr. Ashok Jain (DIN: 09791163), Whole-Time Director of the Company4 for0 against
To consider and approve the appointment of M/s. B. R. Agrawal & Associates, Practicing Company Secretaries as Secretarial Auditors of the Company for a term of five consecutive years for the financial year 2025-26 to financial year 2029-30 and to fix their Remuneration.MoreLess
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with Law. Transparency concern: The Company has neither disclosed the Audit Fee paid to the outgoing Secretarial Auditors nor has addressed whether there is any material change in the proposed audit fee as against the fee paid to the outgoing Secretarial Auditor.
3 for1 against- To consider and approve Material Related Party Transaction4 for0 against
Mutual fund votes, meeting of 11 Jun 2025, 3 fund houses
- To consider and approve appointment of Ms. Subhaprada Nishtala (DIN: 08124635) as a Non- Executive Independent Director of the Company3 for0 against
Mutual fund votes, meeting of 11 Dec 2024, 3 fund houses
- To approve appointment of Mr. Ashish Ramesh Saraf (DIN: 00183357) as Chairman and Executive Director in the category of Whole Time Director of the Company3 for0 against
- To consider and approve appointment of Mr. Ashish Ramesh Saraf (DIN: 00183357) as Managing Director of the Company.3 for0 against
- To consider and approve Material Related Party Transactions3 for0 against
Mutual fund votes, meeting of 3 Sep 2024, 2 fund houses
To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the report of the Board of Directors and the Auditors thereon.MoreLess
2 for0 against- To appoint a Director in place of Mr. Ashok Jain (DIN: 09791163), Whole-Time Director, who retires by rotation and being eligible, offers himself for re-appointment.2 for0 against
- To declare Final Dividend @ 20% [Rs. 0.40 (Forty paisa only)] per Equity Share face value of Rs.2/- (Rupees Two only) each of the Company for the Financial year ended March 31, 2024.2 for0 against
- To appoint M/s. Singhi & Co., Chartered Accountants (Firm Registration No: 302049E) as Statutory Auditors of the Company for a first term of 5 (Five) years.2 for0 against
- To ratify the remuneration payable to M/s. S N & Co, Cost Accountants, appointed as Cost Auditors of the Company.2 for0 against
- To consider and approve increase in the remuneration of Mr. Ashish Saraf, President of the Company, holding an office or place of profit in the Company.
Against Bank of India Mutual Fund, Invesco Mutual Fund
- Bank of India Mutual FundAshish Saraf, 54, is part of the promoter family and is the President, Manorama Industries Limited. He has over 33 years of experience. His FY24 remuneration was Rs. 12.0 mn. In the December 2022 Postal Ballot, the company received shareholder approval for revision in remuneration to Rs. 12.0 mn. The company proposes to increase his fixed remuneration to Rs. 18.0 mn, along with a performance incentive at 1.25% of net profits from FY25 onwards. Based on his remuneration terms, we estimate his FY25 remuneration at Rs. 25.3 mn. It is unclear how the company has benchmarked his remuneration as even at its present level it is significantly higher than remuneration paid to Gautam Kumar Pal, the Managing Director (and not part of the promoter group). Further, his proposed remuneration is also significantly higher than proposed remuneration for Vinita Saraf, who is the Executive Chairperson and part of the promoter group. The rationale for increasing his proposed remuneration to almost 2.1x is unclear. The remuneration has been structured in a manner where Ashish Saraf’s remuneration will continuously grow with growth in profits – and the increasing remuneration will not need periodic shareholder approval. We do not support such structures and believe shareholders must have a periodic opportunity to vote on remuneration of those holding office of profit positions.
- Invesco Mutual FundAshish Saraf, 54, is part of the promoter family and is the President, Manorama Industries Limited. He has over 33 years of experience. His FY24 remuneration was Rs. 12.0 mn. In the December 2022 Postal Ballot, the company received shareholder approval for revision in remuneration to Rs. 12.0 mn. The company proposes to increase his fixed remuneration to Rs. 18.0 mn, along with a performance incentive at 1.25% of net profits from FY25 onwards. Based on his remuneration terms, we estimate his FY25 remuneration at Rs. 25.3 mn. It is unclear how the company has benchmarked his remuneration as even at its present level it is significantly higher than remuneration paid to Gautam Kumar Pal, the Managing Director (and not part of the promoter group). Further, his proposed remuneration is also significantly higher than proposed remuneration for Vinita Saraf, who is the Executive Chairperson and part of the promoter group. The rationale for increasing his proposed remuneration to almost 2.1x is unclear. The remuneration has been structured in a manner where Ashish Saraf’s remuneration will continuously grow with growth in profits – and the increasing remuneration will not need periodic shareholder approval. We do not support such structures and believe shareholders must have a periodic opportunity to vote on remuneration of those holding office of profit positions This is in line with our ESG framework
0 for2 against - To consider and approve for increase in the remuneration of Mr. Deep Saraf, Vice-President of the Company, holding an office or place of profit in the Company
Against Bank of India Mutual Fund, Invesco Mutual Fund
- Bank of India Mutual FundDeep Saraf, 51, is part of the promoter family and is the Vice President, Manorama Industries Limited. He heads the company’s Birkoni’s plant operations and has over 21 years of experience. His FY23 remuneration was Rs. 4.2 mn. The company proposes to increase his fixed remuneration to Rs. 6.3 mn, along with a performance incentive at 0.35% of net profits from FY25 onwards. Based on his remuneration terms, we estimate his FY25 remuneration at Rs. 8.3 mn. It is unclear how the company has benchmarked his remuneration as even at its present level it is significantly higher than remuneration paid to Gautam Kumar Pal, the Managing Director (who is not a part of the promore group). The rationale for increasing his proposed remuneration to almost 2.0x is unclear. The remuneration has been structured in a manner where Deep Saraf’s remuneration will continuously grow with growth in profits – and the increasing remuneration will not need periodic shareholder approval. We do not support such structures and believe shareholders must have a periodic opportunity to vote on remuneration of those holding office of profit positions.
- Invesco Mutual FundDeep Saraf, 51, is part of the promoter family and is the Vice President, Manorama Industries Limited. He heads the company’s Birkoni’s plant operations and has over 21 years of experience. His FY23 remuneration was Rs. 4.2 mn. The company proposes to increase his fixed remuneration to Rs. 6.3 mn, along with a performance incentive at 0.35% of net profits from FY25 onwards. Based on his remuneration terms, we estimate his FY25 remuneration at Rs. 8.3 mn. It is unclear how the company has benchmarked his remuneration as even at its present level it is significantly higher than remuneration paid to Gautam Kumar Pal, the Managing Director (who is not a part of the promore group). The rationale for increasing his proposed remuneration to almost 2.0x is unclear. The remuneration has been structured in a manner where Deep Saraf’s remuneration will continuously grow with growth in profits – and the increasing remuneration will not need periodic shareholder approval. We do not support such structures and believe shareholders must have a periodic opportunity to vote on remuneration of those holding office of profit positions This is in line with our ESG framework
0 for2 against - To consider and approve the re-designation of Mrs. Vinita Ashish Saraf (DIN: 00208621) as Chairperson & Executive Director in the category of Whole Time Director.2 for0 against
- To consider and approve Material Related Party Transaction
Against Bank of India Mutual Fund, Invesco Mutual Fund
- Bank of India Mutual FundThe company purchases Shea Nuts (goods) from MAL registered in Ghana and Manorama Savanna Limited registered in Nigeria. The company sells the goods to Manorama Mena Trading LLC registered in UAE directly through appointment of agent, clearing, forwarding and shipping of Raw Material purchase/sale by Manorama Industries Limited. The total value of transactions is estimated upto Rs. 8.25 bn from 2024 AGM to 2025 AGM. According to the 2023 AGM notice, the Audit Committee and Board of MIL have approved 100% acquisition of Manorama Africa Limited for a consideration of Rs. 100.0 mn. Post acquisition, MAL would become a wholly owned subsidiary of MIL and Manorama Benin Sarl, Manorama Savanna IVC Sarl and Manorama Savanna Sarl (Burkina Faso) would become the company’s step-down subsidiaries. However, there is no clarity about when or if this transaction will be completed. Further, the proposed limit is significantly higher than the value of transactions in previous years: there is no rationale disclosed. We do not support related party transactions with promoter companies having businesses adjacent to the listed entity. We note that Ritu Saraf, who is listed as a relative of a KMP in the FY24 annual report, is classified as a public shareholder. She holds 7.61% of the total paid-up share capital of the company and will be eligible to vote on this resolution.
- Invesco Mutual FundThe company purchases Shea Nuts (goods) from MAL registered in Ghana and Manorama Savanna Limited registered in Nigeria. The company sells the goods to Manorama Mena Trading LLC registered in UAE directly through appointment of agent, clearing, forwarding and shipping of Raw Material purchase/sale by Manorama Industries Limited. The total value of transactions is estimated upto Rs. 8.25 bn from 2024 AGM to 2025 AGM. According to the 2023 AGM notice, the Audit Committee and Board of MIL have approved 100% acquisition of Manorama Africa Limited for a consideration of Rs. 100.0 mn. Post acquisition, MAL would become a wholly owned subsidiary of MIL and Manorama Benin Sarl, Manorama Savanna IVC Sarl and Manorama Savanna Sarl (Burkina Faso) would become the company’s step-down subsidiaries. However, there is no clarity about when or if this transaction will be completed. Further, the proposed limit is significantly higher than the value of transactions in previous years: there is no rationale disclosed. We do not support related party transactions with promoter companies having businesses adjacent to the listed entity. We note that Ritu Saraf, who is listed as a relative of a KMP in the FY24 annual report, is classified as a public shareholder. She holds 7.61% of the total paid-up share capital of the company and will be eligible to vote on this resolution This is in line with our ESG framework
0 for2 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
- 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.