Share price at the NSE close on 23 Oct 2026. Previous close ₹254.95.
- Next results date: the board meets on 28 Oct 2026 to consider: financial results and other business matters.
- 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.
- ₹4,489 Cr740th 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 29 Jul 2026
- 11.4
- 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. The filing of 29 Apr 2026
- 1.5
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.81%
- 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 29 Jul 2026
- 14.1%
- NIMNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 6.51%
- Cost of fundsCost of funds. Interest paid ÷ the average of what the company pays interest on × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 9.31%
- Credit costCredit cost. What was set aside for loans that may not be repaid ÷ average loans given × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 1.77%
- ROAReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. For the year to Mar 2026.
- 2.90%
- LeverageAssets per rupee of net worth. Average total assets ÷ average net worth: rupees of assets for each rupee of net worth; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 4.56times net worth
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,84,63051.4% delivered
MAS Financial Services 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 directorKAMLESH CHIMANLAL GANDHI
- Chief executiveDARSHANA SAUMIL PANDYA
- Company Secretary and Compliance OfficerRiddhi Bhayani
7 directors4 independent3 executive
- KAMLESH CHIMANLAL GANDHI · Chairperson and managing directorExecutive · joined May 1995 · reappointed Apr 2024 · 1 listed board
- DARSHANA SAUMIL PANDYA · Chief executiveExecutive · joined Sep 2016 · reappointed Jul 2024 · 1 listed board · 3 committee seats
- DHVANIL KAMLESH GANDHIExecutive · joined Aug 2024 · reappointed Aug 2024 · 1 listed board
- UMESH RAJANIKANT SHAHIndependent · joined Dec 2016 · reappointed Dec 2021 · 115 months as independent · 1 listed board · 1 as independent · 3 committee seats, 2 as chair
- NARAYANAN SADANANDANIndependent · joined Jun 2023 · reappointed Jun 2023 · 37 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 2 as chair
- VISHAL NAGENDRA VASUIndependent · joined Apr 2024 · reappointed Apr 2024 · 26 months as independent · 2 listed boards · 1 as independent
- BARNALI CHAKLADERIndependent · joined Mar 2025 · reappointed Mar 2026 · 16 months as independent · 1 listed board · 1 as independent
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
- DAKSHA NIRANJAN SHAH, left 13 Mar 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 29 Apr 20267 of 7 present4 independent · 90 days in between
- 28 Jan 20267 of 7 present4 independent
Audit Committee
Chair UMESH RAJANIKANT SHAH
DARSHANA SAUMIL PANDYA, NARAYANAN SADANANDAN
- 19 May 20263 of 3 present2 independent · 19 days in between
- 29 Apr 20263 of 3 present2 independent · 63 days in between
- 24 Feb 20263 of 3 present2 independent · 26 days in between
- 28 Jan 20263 of 3 present2 independent
Nomination and remuneration committee
Chair UMESH RAJANIKANT SHAH
NARAYANAN SADANANDAN, VISHAL NAGENDRA VASU
- 29 Apr 20263 of 3 present3 independent · 90 days in between
- 28 Jan 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair NARAYANAN SADANANDAN
DARSHANA SAUMIL PANDYA, UMESH RAJANIKANT SHAH
- 29 Apr 20263 of 3 present2 independent · 90 days in between
- 28 Jan 20263 of 3 present2 independent
Risk Management Committee
Chair NARAYANAN SADANANDAN
DARSHANA SAUMIL PANDYA, DHVANIL KAMLESH GANDHI, UMESH RAJANIKANT SHAH
- 19 May 20264 of 4 present2 independent · 83 days in between
- 24 Feb 20264 of 4 present2 independent
Corporate Social Responsibility Committee
Chair NARAYANAN SADANANDAN
DARSHANA SAUMIL PANDYA, UMESH RAJANIKANT SHAH
- 31 Mar 20263 of 3 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 Mar 2026.
- Sorab S. Engineer & Co.Peer-review certificate valid to Dec 2028
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.
MAS Financial Services 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.MAS Financial Services dividend history
Annual general meeting, 2 Sep 2026
40,539 shareholders on the register on 26 Aug 2026; present: 7 promoters and 104 others; votes counted by Mr. Ashish Shah / Ashish Shah & Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt audited Standalone and Consolidated Financial Statements of the Company for the year ended on March 31, 2026 and the Reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.39%
Turnout: all 86.73% · promoters 100.00% · institutions 86.77% · other public 1.18%
- To declare Final Dividend of ₹ 0.75/- per Equity Share i.e. 7.5% on face value of ₹ 10/- each for the financial year ended on March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 86.78% · promoters 100.00% · institutions 86.97% · other public 1.18%
To appoint a Director in place of Mrs. Darshana Pandya (DIN: 07610402), liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers herself for re-appointment.MoreLess
Ordinary99.42% for0.58% againstAgainst: promoters 0.00% · institutions 2.52% · other public 0.57%
Turnout: all 86.78% · promoters 100.00% · institutions 86.97% · other public 1.18%
- Approval for increasing the Borrowing Powers under Section 180(1)(c) of the Companies Act, 2013 upto ₹ 15,000,00,00,000 (Indian Rupees Fifteen Thousand Crore).Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.39%
Turnout: all 86.78% · promoters 100.00% · institutions 86.97% · other public 1.18%
- Approval for enhancing the limit for creation of charges, mortgages, hypothecation on the immovable and/or movable properties of the Company under section 180(1)(a) of the Companies Act, 2013Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.39%
Turnout: all 86.78% · promoters 100.00% · institutions 86.97% · other public 1.18%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 28 Feb 2026, 1 resolution
42,744 shareholders on the register on 23 Jan 2026; votes counted by Ashish Shah / Ashish Shah & Associates.The company's voting result (opens in a new tab)
- Re-appointment of Dr. Barnali Chaklader (DIN: 10970760) as a Woman Independent Director of the Company for a second term of 5 consecutive years.Special99.98% for0.02% against
Against: promoters 0.00% · institutions 0.08% · other public 1.14%
Turnout: all 87.35% · promoters 100.00% · institutions 88.53% · other public 0.91%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 3 Sep 2025, 6 resolutions
45,796 shareholders on the register on 27 Aug 2025; present: 6 promoters and 68 others; votes counted by Mr. Ashish Shah / Ashish Shah & Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt audited Standalone and Consolidated Financial Statements of the Company for the year ended on March 31, 2025 and the Reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 87.51% · promoters 100.00% · institutions 89.61% · other public 0.95%
- To declare Final Dividend of ₹ 0.70/- per Equity Share of ₹ 10/- each for the financial year ended on March 31, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 87.52% · promoters 100.00% · institutions 89.64% · other public 0.95%
To appoint a Director in place of Mr. Dhvanil Kamlesh Gandhi (DIN: 10562922), liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.MoreLess
Ordinary99.93% for0.07% againstAgainst: promoters 0.00% · institutions 0.30% · other public 0.25%
Turnout: all 87.52% · promoters 100.00% · institutions 89.64% · other public 0.95%
- To approve the appointment of Secretarial Auditor of the Company and to fix their Remuneration.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 87.52% · promoters 100.00% · institutions 89.64% · other public 0.95%
- Approval for increasing the Borrowing Powers under Section 180(1)(c) of the Companies Act, 2013 upto Rs. ₹ 13,500 CroresSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.35%
Turnout: all 87.52% · promoters 100.00% · institutions 89.64% · other public 0.95%
- Approval for enhancing the limit for creation of charges, mortgages, hypothecation on the immovable and movable properties of the Company under section 180(1)(a) of the Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.37%
Turnout: all 87.52% · promoters 100.00% · institutions 89.64% · other public 0.95%
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, 5 Apr 2025, 1 resolution
50,882 shareholders on the register on 28 Feb 2025; votes counted by Mr. Ravi Kapoor / Ravi Kapoor & Associates.The company's voting result (opens in a new tab)
- Appointment of Dr. Barnali Chaklader (DIN: 10970760) as an Independent Woman Director of the Company for a term of one yearSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.47%
Turnout: all 87.57% · promoters 100.00% · institutions 89.83% · other public 0.79%
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, 11 Sep 2024, 6 resolutions
Present: 6 promoters and 97 others.The company's voting result (opens in a new tab)
To receive, consider and adopt audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2024 and the Reports of the Board of Directors and the Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 1.39%
Turnout: all 88.09% · promoters 100.00% · institutions 92.49% · other public 1.00%
- To declare Final Dividend of Rs.0.51/- per Equity Share of Rs.10/- each for the financial year ended on March 31, 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.53%
Turnout: all 88.10% · promoters 100.00% · institutions 92.52% · other public 1.00%
To appoint a Director in place of Mrs. Darshana Pandya (DIN: 07610402), liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and, being eligible, offers herself for re-appointmentMoreLess
Ordinary99.40% for0.60% againstAgainst: promoters 0.00% · institutions 2.48% · other public 1.47%
Turnout: all 88.10% · promoters 100.00% · institutions 92.52% · other public 1.00%
- To appoint Auditor and fix their remunerationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.39%
Turnout: all 88.10% · promoters 100.00% · institutions 92.52% · other public 1.00%
- To regularize the appointment of Mr. Dhvanil Gandhi (DIN: 10562922) as the Director of the CompanyOrdinaryPromoters have an interest in it99.92% for0.08% against
Against: promoters 0.00% · institutions 0.31% · other public 2.26%
Turnout: all 88.10% · promoters 100.00% · institutions 92.52% · other public 1.00%
- To appoint Mr. Dhvanil Gandhi (DIN: 10562922) as the Whole-Time Director of the CompanyOrdinaryPromoters have an interest in it94.27% for5.73% against
Against: promoters 0.00% · institutions 23.61% · other public 2.29%
Turnout: all 88.10% · promoters 100.00% · institutions 92.52% · other public 1.00%
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 Jul 2024, 1 resolution
The company's voting result (opens in a new tab)
- Appointment of Mr. Vishal Nagendra Vasu (DIN: 02460597) as an Independent Director of the Company for a term of five consecutive years.Special99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.93%
Turnout: all 89.96% · promoters 100.00% · institutions 95.74% · other public 7.15%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 9 Feb 2024, 6 resolutions
Present: 4 promoters and 44 others.The company's voting result (opens in a new tab)
- Reclassification of Authorised Share Capital of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.88% · promoters 100.00% · institutions 95.49% · other public 1.08%
- Increase in Authorised Share Capital of the Company and Alteration of Capital Clause of Memorandum of Association of the CompanyOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.06% · other public 0.00%
Turnout: all 89.88% · promoters 100.00% · institutions 95.49% · other public 1.08%
- Amendment of the Object Clause of the Memorandum of Association of the Company by deleting the Other Objects as mentioned in Clause III(C).Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 89.88% · promoters 100.00% · institutions 95.49% · other public 1.08%
- Approval of issue of Bonus Shares to the Shareholders of the CompanyOrdinary99.68% for0.32% against
Against: promoters 0.00% · institutions 1.78% · other public 0.00%
Turnout: all 89.88% · promoters 100.00% · institutions 95.49% · other public 1.08%
Approval to raise capital by way of a qualified institutions placement to eligible investors through an issuance of equity shares or other eligible securities for an amount aggregating upto Rs. 700 Crore:MoreLess
Special99.95% for0.05% againstAgainst: promoters 0.00% · institutions 0.27% · other public 0.00%
Turnout: all 89.88% · promoters 100.00% · institutions 95.49% · other public 1.08%
- Re-appointment of Mrs. Darshana Pandya (DIN: 07610402) as the Whole-time Director of the Company for a period of 5 years.nOrdinary95.38% for4.62% against
Against: promoters 0.00% · institutions 25.85% · other public 0.03%
Turnout: all 89.88% · promoters 100.00% · institutions 95.49% · other public 1.08%
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, 26 Jul 2023, 6 resolutions
Present: 6 promoters and 38 others.The company's voting result (opens in a new tab)
To receive, consider and adopt audited Standalone andn Consolidated Financial Statements of the Companyn for the Financial year ended on March 31, 2023 andn the Reports of the Board of Directors and the Auditorsn thereonn.MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.08% · other public 0.00%
Turnout: all 93.66% · promoters 100.00% · institutions 92.80% · other public 61.35%
- To declare Final Dividend of 1.85/- per Equity Sharen of 10/- each for the financial year ended on March 31,n 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.67% · promoters 100.00% · institutions 92.90% · other public 61.35%
To appoint a Director in place of Mr. Kamlesh C. Gandhin (DIN: 00044852), liable to retire by rotation in terms ofn Section 152(6) of the Companies Act, 2013 and, beingn eligible, offers himself for re-appointmentn.MoreLess
Ordinary98.06% for1.94% againstAgainst: promoters 0.00% · institutions 16.16% · other public 0.01%
Turnout: all 93.67% · promoters 100.00% · institutions 92.90% · other public 61.35%
- Alteration of Articles of Association of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 93.67% · promoters 100.00% · institutions 92.90% · other public 61.35%
- Appointment of Mr. Narayanan Sadanandan (DIN:n 07263104) as an Independent Director of the Companyn.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 93.67% · promoters 100.00% · institutions 92.90% · other public 61.35%
- Re-appointment of Mr. Kamlesh C. Gandhi (DIN:n 00044852) as the Managing Director of the Companyn.Special97.71% for2.29% against
Against: promoters 0.00% · institutions 19.05% · other public 0.01%
Turnout: all 93.67% · promoters 100.00% · institutions 92.90% · other public 61.35%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 2 Sep 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt audited Standalone and Consolidated Financial Statements of the Company for the year ended on March 31, 2026 and the Reports of the Board of Directors and the Auditors thereon.MoreLess
2 for0 against- To declare Final Dividend of ₹ 0.75/- per Equity Share i.e. 7.5% on face value of ₹ 10/- each for the financial year ended on March 31, 2026.2 for0 against
To appoint a Director in place of Mrs. Darshana Pandya (DIN: 07610402), liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers herself for re-appointment.MoreLess
2 for0 against- Approval for increasing the Borrowing Powers under Section 180(1)(c) of the Companies Act, 2013 upto ₹ 15,000,00,00,000 (Indian Rupees Fifteen Thousand Crore).2 for0 against
- Approval for enhancing the limit for creation of charges, mortgages, hypothecation on the immovable and/or movable properties of the Company under section 180(1)(a) of the Companies Act, 20132 for0 against
Mutual fund votes, meeting of 28 Feb 2026, 7 fund houses
- Re-appointment of Dr. Barnali Chaklader (DIN: 10970760) as a Woman Independent Director of the Company for a second term of 5 consecutive years.7 for0 against
6 earlier meetings
Mutual fund votes, meeting of 3 Sep 2025, 6 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt audited Standalone and Consolidated Financial Statements of the Company for the year ended on March 31, 2025 and the Reports of the Board of Directors and the Auditors thereon.MoreLess
6 for0 against- To declare Final Dividend of ₹ 0.70/- per Equity Share of ₹ 10/- each for the financial year ended on March 31, 2025.6 for0 against
To appoint a Director in place of Mr. Dhvanil Kamlesh Gandhi (DIN: 10562922), liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment.MoreLess
6 for0 against- To approve the appointment of Secretarial Auditor of the Company and to fix their Remuneration.1 for0 against
- Approval for increasing the Borrowing Powers under Section 180(1)(c) of the Companies Act, 2013 upto Rs. ₹ 13,500 Crores1 for0 against
- Approval for enhancing the limit for creation of charges, mortgages, hypothecation on the immovable and movable properties of the Company under section 180(1)(a) of the Companies Act, 2013.6 for0 against
2 proposals not matched to one resolution
Appointment of M/s. Ashish Shah and Associates, Practising Company Secretaries, a peer reviewed firm (COP Number: 4178) as the Secretarial Auditor of the Company, to conduct Secretarial Audit of the Company and to furnish the Secretarial Audit Report, for a period of five (5) consecutive years, commencing from the Financial Year 2025- 2026 till Financial Year 2029-2030, at such remuneration including applicable taxes and out-of-pocket expenses, payable to them during their tenure as the Secretarial Auditors of the Company, as may be mutually agreed between the Board of Directors and the Secretarial Auditors from time-to-time.MoreLess
5 for0 againstTo borrow from time to time such sums of money, in any currency and in such form/manner and upon such terms and conditions as may be deemed necessary and prudent by the Board for the purpose of the business of the Company, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company's bankers in the ordinary course of business) and remaining outstanding at any point of may exceed the aggregate of the Company's paid-up share capital, free reserves (i.e., reserves not set apart for any specific purpose) and securities premium, provided that the total principal amount up to which monies may be borrowed by the Board and which shall remain outstanding at any given point of time shall not exceed the sum of Rs. 13,500,00,00,000.MoreLess
5 for0 against
Mutual fund votes, meeting of 5 Apr 2025, 6 fund houses
- Appointment of Dr. Barnali Chaklader (DIN: 10970760) as an Independent Woman Director of the Company for a term of one year6 for0 against
Mutual fund votes, meeting of 11 Sep 2024, 9 fund houses
To receive, consider and adopt audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2024 and the Reports of the Board of Directors and the Auditors thereonMoreLess
9 for0 against- To declare Final Dividend of Rs.0.51/- per Equity Share of Rs.10/- each for the financial year ended on March 31, 20249 for0 against
To appoint a Director in place of Mrs. Darshana Pandya (DIN: 07610402), liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and, being eligible, offers herself for re-appointmentMoreLess
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Companies Act, 2013 & Governance Concern: More than two full-time positions.
7 for2 against- To appoint Auditor and fix their remuneration9 for0 against
- To regularize the appointment of Mr. Dhvanil Gandhi (DIN: 10562922) as the Director of the Company9 for0 against
- To appoint Mr. Dhvanil Gandhi (DIN: 10562922) as the Whole-Time Director of the Company
Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNon-Compliant with Companies Act, 2013 & Governance Concern: Terms of remuneration not disclosed.
6 for3 against
Mutual fund votes, meeting of 19 Jul 2024, 7 fund houses
- Appointment of Mr. Vishal Nagendra Vasu (DIN: 02460597) as an Independent Director of the Company for a term of five consecutive years.7 for0 against
Mutual fund votes, meeting of 9 Feb 2024, 7 fund houses
- Reclassification of Authorised Share Capital of the Company7 for0 against
- Increase in Authorised Share Capital of the Company and Alteration of Capital Clause of Memorandum of Association of the Company7 for0 against
- Amendment of the Object Clause of the Memorandum of Association of the Company by deleting the Other Objects as mentioned in Clause III(C).7 for0 against
- Approval of issue of Bonus Shares to the Shareholders of the Company7 for0 against
Approval to raise capital by way of a qualified institutions placement to eligible investors through an issuance of equity shares or other eligible securities for an amount aggregating upto Rs. 700 Crore:MoreLess
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Significant dilution. No clarity regarding rationale for not opting Rights Issue.
5 for2 against- Re-appointment of Mrs. Darshana Pandya (DIN: 07610402) as the Whole-time Director of the Company for a period of 5 years.n
Against Bandhan Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Companies Act, 2013 & Governance Concern: More than two full-time positions. Terms of remuneration not disclosed.
- ICICI Prudential Mutual FundMs. Darshana Pandya, 51, has been with the company since 1996 and was appointed Executive Director on the board on September 23, 2016. The company has not provided details on the structure of the proposed remuneration and stated that “the aggregate amounts of Managerial Remuneration to be paid to Mrs. Darshana Pandya individually which shall be within the overall ceiling limit as laid down in Section 197 and other applicable provisions of the Companies Act, 2013 and any amendment thereof.” This creates uncertainty with regard to the expected remuneration to be paid. Hence, the AMC has voted against the resolution.
3 for4 against
Mutual fund votes, meeting of 26 Jul 2023, 7 fund houses
To receive, consider and adopt audited Standalone andn Consolidated Financial Statements of the Companyn for the Financial year ended on March 31, 2023 andn the Reports of the Board of Directors and the Auditorsn thereonn.MoreLess
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundUnqualified Financial Statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries for FY 2022-23.
6 for1 against- To declare Final Dividend of 1.85/- per Equity Sharen of 10/- each for the financial year ended on March 31,n 2023.7 for0 against
To appoint a Director in place of Mr. Kamlesh C. Gandhin (DIN: 00044852), liable to retire by rotation in terms ofn Section 152(6) of the Companies Act, 2013 and, beingn eligible, offers himself for re-appointmentn.MoreLess
Against Motilal Oswal Mutual Fund, PGIM India Mutual Fund
- Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Combined position of Chairman and Managing Director; Skewed remuneration in favour of Promoter Director.
5 for2 against- Alteration of Articles of Association of the Company.7 for0 against
- Appointment of Mr. Narayanan Sadanandan (DIN:n 07263104) as an Independent Director of the Companyn.7 for0 against
- Re-appointment of Mr. Kamlesh C. Gandhi (DIN:n 00044852) as the Managing Director of the Companyn.
Against Motilal Oswal Mutual Fund, PGIM India Mutual Fund
- Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Combined position of Chairman and Managing Director; Skewed remuneration in favour of Promoter Director.
5 for2 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Jun 2026.
- Tax disputeState Tax Officer, GSTSince 26 Dec 2023Appeal pending before the appellate authority, Gujarat
- Tax disputeThe Deputy Commissioner of Income Tax Circle 2(1)(2), AhmedabadSince 23 Dec 2019Appeal filed pending before appellate authority (Commissioner of Income Tax (Appeals))
- Tax disputeAssessment unit, Income Tax DepartmentSince 19 Apr 2024Appeal filed pending before appellate authority (Commissioner of Income Tax (Appeals))
- Tax disputeAssessment unit, Income Tax DepartmentSince 21 Oct 2022Appeal filed pending before appellate authority (Commissioner of Income Tax (Appeals))
In the company's own words, from its latest governance filing.
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
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.