Mastek logo

Mastek CEO, MD, chairman, board of directors and AGM

NSE: MASTEKBSE: 523704IT - SoftwareSmall Cap

Last close ₹1,761.60down ₹73.00 (3.98%)BSE ₹1,763.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,834.60.

52-week range of traded prices to 23 Oct 2026
₹1,334.20Low, 30 Mar 2026₹2,369.00High, 17 Nov 2025
Market cap
₹5,462 Cr757th largest listed
P/E
13.1
P/B
1.8
Dividend yield
1.36%
ROE
15.3%
ROCE
15.3%
Debt to equity
0.14
Volume, NSE
1,05,75733.1% delivered

Mastek 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

  • ChairpersonASHANK DATTA DESAIRelated to the promoter
  • Chief executiveUMANG TEJKARAN NAHATA
  • Company Secretary and Compliance OfficerReena Raje

6 directors3 independent1 executive2 non-executive

  • ASHANK DATTA DESAI · ChairpersonNon-executive · joined Jun 1982 · reappointed Sep 2025 · 1 listed board · 1 committee seat
  • KETAN MEHTANon-executive · joined Dec 2020 · reappointed Sep 2024 · 1 listed board · 1 committee seat, 1 as chair
  • RAJEEV KUMAR GROVERIndependent · joined Jan 2020 · reappointed Jan 2025 · 77 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • SURESH CHOITHRAM VASWANIIndependent · joined Dec 2022 · reappointed Sep 2025 · 42 months as independent · 3 listed boards · 3 as independent · 4 committee seats
  • UMANG TEJKARAN NAHATA · Chief executiveExecutive · joined Aug 2024 · reappointed Jan 2025 · 1 listed board · 1 committee seat
  • MARILYN FRANCES JONESIndependent · joined Sep 2023 · reappointed Sep 2023 · 33 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.

Committees and meetings

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

  • Board

    • 17 Apr 20266 of 6 present3 independent · 16 days in between
    • 31 Mar 20265 of 6 present2 independent · 69 days in between
    • 20 Jan 20266 of 6 present3 independent

  • Audit Committee

    Chair RAJEEV KUMAR GROVER

    SURESH CHOITHRAM VASWANI, ASHANK DATTA DESAI, MARILYN FRANCES JONES

    • 17 Apr 20264 of 4 present3 independent · 16 days in between
    • 31 Mar 20263 of 4 present2 independent · 12 days in between
    • 18 Mar 20263 of 4 present2 independent · 56 days in between
    • 20 Jan 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair SURESH CHOITHRAM VASWANI

    KETAN MEHTA, RAJEEV KUMAR GROVER

    • 21 May 20263 of 3 present2 independent · 34 days in between
    • 16 Apr 20263 of 3 present2 independent · 15 days in between
    • 31 Mar 20263 of 3 present2 independent · 69 days in between
    • 20 Jan 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair KETAN MEHTA

    SURESH CHOITHRAM VASWANI, UMANG TEJKARAN NAHATA

    • 9 Apr 20263 of 3 present1 independent · 82 days in between
    • 16 Jan 20263 of 3 present1 independent

  • Risk Management Committee

    Chair ASHANK DATTA DESAI

    RAJEEV KUMAR GROVER, UMANG TEJKARAN NAHATA, MARILYN FRANCES JONES

    • 10 Apr 20264 of 4 present2 independent · 84 days in between
    • 15 Jan 20264 of 4 present2 independent

  • Corporate Social Responsibility Committee

    Chair RAJEEV KUMAR GROVER

    ASHANK DATTA DESAI, UMANG TEJKARAN NAHATA

    • 9 Apr 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.

  • Walker Chandiok & Co LLPPeer-review certificate valid to May 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.

Mastek 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.Mastek dividend history

Annual general meeting, 7 Sep 2026

89,237 shareholders on the register on 31 Aug 2026; present: 18 promoters and 24 others; votes counted by Prashant Mehta / P Mehta & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, including the Audited Balance Sheet as of March 31, 2026, the Statement of Profit and Loss, the Cash Flow Statement of the Company for the year ended on that date and notes related thereto together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.07%

    Turnout: all 60.48% · promoters 100.00% · institutions 86.41% · other public 0.38%

  2. Confirmation of the payment on Interim Dividend of Rs. 8.00 per equity share and declaration of Final Dividend of Rs. 16.00 per equity share for Financial Year 2025-26.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.07%

    Turnout: all 60.51% · promoters 100.00% · institutions 86.48% · other public 0.38%

  3. Re-appointment of Mr. Umang Nahata (DIN: 00323145), as a Director liable to retire by rotation.
    Ordinary
    98.35% for1.65% against

    Against: promoters 0.00% · institutions 4.06% · other public 0.23%

    Turnout: all 60.51% · promoters 100.00% · institutions 86.48% · other public 0.38%

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, 23 Sep 2025, 6 resolutions

1,01,202 shareholders on the register on 16 Sep 2025; present: 17 promoters and 25 others; votes counted by Prashant Mehta / P Mehta & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2025, including the Audited Balance Sheet as of March 31, 2025, the Statement of Profit and Loss, the Cash Flow Statement of the Company for the year ended on that date and notes related thereto together with the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 60.95% · promoters 100.00% · institutions 87.03% · other public 13.41%

  2. Confirmation of the payment on Interim Dividend of Rs. 7.00 per equity share and also Declaration of Final Dividend of Rs. 16.00 per equity share for Financial Year 2024-25
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 61.02% · promoters 100.00% · institutions 87.30% · other public 13.41%

  3. Re-appointment of Mr. Ashank Desai, Non-Executive / Non-Independent Director of the Company, who is liable to retire by rotation
    Ordinary
    95.37% for4.63% against

    Against: promoters 0.00% · institutions 9.63% · other public 0.02%

    Turnout: all 40.84% · promoters 43.63% · institutions 87.30% · other public 13.41%

  4. Approval for Continuation Mr. Ashank Desai (DIN: 00017767) as a Non-executive Director of the Company even after attaining the age of seventy-five years
    Special
    99.18% for0.82% against

    Against: promoters 0.00% · institutions 1.70% · other public 0.02%

    Turnout: all 40.84% · promoters 43.63% · institutions 87.30% · other public 13.41%

  5. Re-appointment of Mr. Suresh Choithram Vaswani (DIN: 02176528) as an Independent Director of the Company for a second term
    Special
    83.48% for16.52% against

    Against: promoters 0.00% · institutions 43.58% · other public 0.03%

    Turnout: all 51.80% · promoters 74.24% · institutions 87.30% · other public 13.41%

  6. Appointment of M/s. P. Mehta & Associates, Practicing Company Secretaries as the Secretarial Auditors for a term of 5 (five) consecutive years and fix their remuneration
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.21% · other public 0.02%

    Turnout: all 60.98% · promoters 100.00% · institutions 87.14% · other public 13.41%

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, 15 Mar 2025, 2 resolutions

1,09,123 shareholders on the register on 7 Feb 2025; votes counted by Prashant Mehta / P Mehta & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Umang Nahata (DIN: 00323145) as a Whole Time Director and in the designation of Chief Executive Officer for a fresh tenure of three (3) years with effect from January 16, 2025.
    Ordinary
    89.71% for10.29% against

    Against: promoters 0.00% · institutions 37.12% · other public 0.09%

    Turnout: all 55.65% · promoters 100.00% · institutions 80.22% · other public 9.23%

  2. Payment of remuneration to Mr. Umang Nahata (DIN: 00323145) as a Wholetime Director and Chief Executive Officer of the Company for a fresh tenure of three (3) years with effect from January 16, 2025
    Special
    89.32% for10.68% against

    Against: promoters 0.00% · institutions 38.52% · other public 0.11%

    Turnout: all 55.65% · promoters 100.00% · institutions 80.22% · other public 9.23%

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

Postal ballot, 28 Nov 2024, 1 resolution

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

  1. Appointment of Mr. Umang Nahata (DIN: 00323145) as a Whole Time Director designated as Global CEO - Mastek Group, up to 12 months with effect from August 10 , 2024
    Ordinary
    99.09% for0.91% against

    Against: promoters 0.00% · institutions 3.22% · other public 1.48%

    Turnout: all 50.62% · promoters 100.00% · institutions 79.58% · other public 0.32%

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.

Annual general meeting, 20 Sep 2024, 5 resolutions

Present: 17 promoters and 24 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Reports of the Board of Directors and the Statutory Auditors thereon and the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Report of the Statutory Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 62.69% · promoters 100.00% · institutions 87.22% · other public 22.56%

  2. confirmation of the payment of Interim Dividend of Rs. 7 per equity share and also to declare a Final Dividend of Rs.12 per equity share (on Face Value of Rs. 5.00 each)for the Financial Year 2023–24.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 62.73% · promoters 100.00% · institutions 87.39% · other public 22.55%

  3. Re-appointment of Mr. Ketan Mehta (DIN: 00129188) Non-Executive / Non-Independent Director of the Company, who is retiring by rotation
    Ordinary
    99.66% for0.34% against

    Against: promoters 0.00% · institutions 1.27% · other public 0.04%

    Turnout: all 62.73% · promoters 100.00% · institutions 87.39% · other public 22.56%

  4. Re-appointment of Mr. Rajeev Kumar Grover (DIN: 00058165) as an Independent Director of the Company for a second term of 3 years effective January 28, 2025
    Special
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.60% · other public 0.02%

    Turnout: all 62.34% · promoters 100.00% · institutions 87.39% · other public 21.71%

  5. Approval for loans/ investments/ corporate guarantees by the Company in excess of the limits prescribed under the Companies Act, 2013
    Special
    90.09% for9.91% against

    Against: promoters 0.00% · institutions 38.08% · other public 0.02%

    Turnout: all 62.73% · promoters 100.00% · institutions 87.39% · other public 22.56%

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

Postal ballot, 13 Jan 2024, 1 resolution

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

  1. TO OFFER, ISSUE, AND ALLOT EQUITY SHARES ON A PRIVATE PLACEMENT BASIS
    Special
    99.16% for0.84% against

    Against: promoters 0.00% · institutions 2.81% · other public 0.17%

    Turnout: all 64.78% · promoters 100.00% · institutions 92.35% · other public 22.16%

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, 30 Nov 2023, 1 resolution

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

  1. Appointment of Ms. Marilyn Frances Jones (DIN:10301799) as an Independent Director of the Company
    Special
    97.20% for2.80% against

    Against: promoters 0.00% · institutions 7.64% · other public 37.92%

    Turnout: all 53.72% · promoters 95.70% · institutions 92.86% · other public 0.52%

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, 21 Sep 2023, 5 resolutions

Present: 6 promoters and 34 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2023, including the Audited Balance Sheet as of March 31, 2023, the Statement of Profit and Loss, the Cash Flow Statement of the Company for the year ended on that date and notes related thereto together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 64.88% · promoters 100.00% · institutions 92.78% · other public 22.83%

  2. Confirmation of the payment of Interim Dividend of Rs. 7.00 per equity share and also Declaration of Final Dividend of Rs. 12.00 per equity share for Financial Year 2022-23
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 64.89% · promoters 100.00% · institutions 92.85% · other public 22.83%

  3. Re-appointment of Mr. Ashank Desai (DIN: 00017767) Non-Executive / Non-Independent Director of the Company, who is retiring by rotation
    Ordinary
    96.01% for3.99% against

    Against: promoters 0.00% · institutions 14.07% · other public 0.01%

    Turnout: all 64.89% · promoters 100.00% · institutions 92.85% · other public 22.83%

  4. Approval for payment of Profit related Commission to Non-Executive Directors (including Independent Directors) of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.04% · other public 0.02%

    Turnout: all 64.89% · promoters 100.00% · institutions 92.85% · other public 22.83%

  5. Approval for appointment of Mr. Umang Nahata (DIN: 00323145) as Non-Executive, Non-Independent, New Shareholders’ Nominee Director of the Company
    Ordinary
    93.42% for6.58% against

    Against: promoters 0.00% · institutions 22.23% · other public 1.84%

    Turnout: all 64.89% · promoters 100.00% · institutions 92.85% · other public 22.83%

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 7 Sep 2026, 4 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, including the Audited Balance Sheet as of March 31, 2026, the Statement of Profit and Loss, the Cash Flow Statement of the Company for the year ended on that date and notes related thereto together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    4 for0 against
  • Confirmation of the payment on Interim Dividend of Rs. 8.00 per equity share and declaration of Final Dividend of Rs. 16.00 per equity share for Financial Year 2025-26.
    4 for0 against
  • Re-appointment of Mr. Umang Nahata (DIN: 00323145), as a Director liable to retire by rotation.
    4 for0 against

Mutual fund votes, meeting of 23 Sep 2025, 17 fund houses

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

  • Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2025, including the Audited Balance Sheet as of March 31, 2025, the Statement of Profit and Loss, the Cash Flow Statement of the Company for the year ended on that date and notes related thereto together with the Reports of the Board of Directors and Auditors thereonMoreLess
    17 for0 against
  • Confirmation of the payment on Interim Dividend of Rs. 7.00 per equity share and also Declaration of Final Dividend of Rs. 16.00 per equity share for Financial Year 2024-25
    17 for0 against
  • Re-appointment of Mr. Ashank Desai, Non-Executive / Non-Independent Director of the Company, who is liable to retire by rotation
    17 for0 against
  • Re-appointment of Mr. Suresh Choithram Vaswani (DIN: 02176528) as an Independent Director of the Company for a second term
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC 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, Quantum Mutual Fund, SBI Mutual Fund, WhiteOak Capital Mutual Fund
    • Angel One Mutual FundGovernance Concern: Pecuniary relationship with the Step-down Subsidiary of the Company.
    • Axis Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundSuresh Vaswani, 65, is an Operating Partner and Senior Director at Everstone Capital. He is also the Founder Chairperson of Alphatron Capital. He has over thirty years of experience in IT Companies such as Dell, IBM, and Wipro. He has been on the board since 11 December 2022. He attended all seven (100%) board meetings held in FY25. His reappointment as Independent Director is in line with statutory requirements. However, Suresh Vaswani provides professional services to Mastek Inc., a USA-based step-down subsidiary of the company, for which he will receive professional fees of USD 60,000 per annum (or such other amount during his tenure). As per filings, he was paid Rs. 2.5 mn as professional fees for H1FY25. Given the existing business relationships, we do not consider him to be an Independent Director. Therefore, we do not support the resolution. The company must consider appointing him as Non-Executive Non-Independent Director.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with the law. Governance Concern: Pecuniary Relationship with the Step-down Subsidiary of the Company.
    • HDFC Mutual FundMr. Suresh Vaswani, 65, is an Operating Partner and Senior Director at Everstone Capital. He has over thirty years of experience in IT Companies such as Dell, IBM, and Wipro. Mr. Suresh Vaswani provides professional services to Mastek Inc., a USA-based step-down subsidiary of the company, for which he will receive professional fees. Given the existing business relationships, we do not consider him to be an Independent Director. We do not support the resolution.
    • Kotak Mahindra Mutual FundThe appointee has received USD 60,000 pa for providing professional services to Mastek Inc., a USA-based stepdown subsidiary of the company. As there is existing business relationships, Mr. Vaswani can not be consider as an Independent director. We do not favour the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Pecuniary Relationship with the Step-down Subsidiary of the Company.
    • Quantum Mutual FundWe do not have any concern on the profile, time commitments of Suresh Vaswani. As per the company’s notice, Mr. Vaswani will receive an annual professional fee of USD 60,000 (or as revised) from a USA-based step-down subsidiary for services rendered to its business. We are of the view that his pecuniary relationship with the company might vitiate his independence. Therefore, we do not favour the resolution.
    • WhiteOak Capital Mutual FundSuresh Vaswani, 65, is an Operating Partner and Senior Director at Everstone Capital. Suresh Vaswani provides professional services to Mastek Inc., a USA-based step-down subsidiary of the company, for which he will receive professional fees of USD 60,000 per annum (or such other amount during his tenure). Given the existing business relationships, we do not consider him to be an Independent Director. Therefore, we do not support the resolution.
    2 for15 against
  • Appointment of M/s. P. Mehta & Associates, Practicing Company Secretaries as the Secretarial Auditors for a term of 5 (five) consecutive years and fix their remuneration
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Failure to highlight previous non-compliance by the Secretarial Auditors in their Report or Compliance Report.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Failure to highlight previous non-compliance by the Secretarial Auditors in their Report or Compliance Report.
    11 for5 against
3 proposals not matched to one resolution
  • 4) Approve continuation of Ashank Desai (DIN: 00017767) as Non-Executive Non-Independent Director, liable to retire by rotation, upon attaining 75 years of age on 16 May 2026.
    1 for0 against
  • Approve continuation of Ashank Desai (DIN: 00017767) as Non-Executive Non-Independent Director, liable to retire by rotation, upon attaining 75 years of age on 16 May 2026
    1 for0 against
  • Continuation of Mr. Ashank Desai (DIN: 00017767), who will attain the age of seventy five (75) years on May 16, 2026, as a Non-executive Director of the Company, liable to retire by rotation.
    15 for0 against
6 earlier meetings

Mutual fund votes, meeting of 15 Mar 2025, 16 fund houses

  • Appointment of Mr. Umang Nahata (DIN: 00323145) as a Whole Time Director and in the designation of Chief Executive Officer for a fresh tenure of three (3) years with effect from January 16, 2025.
    16 for0 against
  • Payment of remuneration to Mr. Umang Nahata (DIN: 00323145) as a Wholetime Director and Chief Executive Officer of the Company for a fresh tenure of three (3) years with effect from January 16, 2025
    16 for0 against

Mutual fund votes, meeting of 28 Nov 2024, 17 fund houses

  • Appointment of Mr. Umang Nahata (DIN: 00323145) as a Whole Time Director designated as Global CEO - Mastek Group, up to 12 months with effect from August 10 , 2024
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of proposed appointee. Non-Compliant with the SEBI LODR, 2015: Delayed shareholders’ approval as approval not sought within 3 months/next general meeting. Appointment is non-compliant with Companies Act, 2013: Delayed shareholders’ approval as approval not sought within next general meeting. Appointment sought from a retrospective date.
    • Edelweiss Mutual FundDelayed shareholders’ approval as approval not sought within next general meeting. Appointment sought from a retrospective date.
    • Nippon India Mutual FundDelayed shareholders’ approval
    12 for5 against

Mutual fund votes, meeting of 20 Sep 2024, 14 fund houses

  • Adoption of Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Reports of the Board of Directors and the Statutory Auditors thereon and the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Report of the Statutory Auditors thereon.MoreLess
    14 for0 against
  • confirmation of the payment of Interim Dividend of Rs. 7 per equity share and also to declare a Final Dividend of Rs.12 per equity share (on Face Value of Rs. 5.00 each)for the Financial Year 2023–24.
    14 for0 against
  • Re-appointment of Mr. Ketan Mehta (DIN: 00129188) Non-Executive / Non-Independent Director of the Company, who is retiring by rotation
    14 for0 against
  • Re-appointment of Mr. Rajeev Kumar Grover (DIN: 00058165) as an Independent Director of the Company for a second term of 3 years effective January 28, 2025
    14 for0 against
  • Approval for loans/ investments/ corporate guarantees by the Company in excess of the limits prescribed under the Companies Act, 2013
    Against Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundThe company seeks to support its subsidiaries and joint ventures for their principal business activities by means of issuing financial guarantees and offering securities for repayment of the financial assistance or facilities availed by subsidiaries and joint ventures. In the FY20 AGM, shareholders had approved a limit of Rs. 10.0 bn under Section 186 of the Companies Act, 2013. As per the FY24 annual report, the company had outstanding guarantees of Rs. 4.8 bn as of 31 March 2024. We note that during FY24, the company made initial investments and issued corporate guarantees aggregating to Rs. 9.3 bn to its wholly owned subsidiaries. While the company has primarily supported wholly owned subsidiaries in the past, this is an enabling approval, and it allows the company to provide financial support to promoter entities and companies with common directorships. We believe the company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to justify the transaction limit sought and to enable shareholders to make an informed decision.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Omnibus approval, inadequate disclosure
    • Bank of India Mutual Fund, DSP Mutual Fund, SBI Mutual FundThe company seeks to support its subsidiaries and joint ventures for their principal business activities by means of issuing financial guarantees and offering securities for repayment of the financial assistance or facilities availed by subsidiaries and joint ventures. In the FY20 AGM, shareholders had approved a limit of Rs. 10.0 bn under Section 186 of the Companies Act, 2013. As per the FY24 annual report, the company had outstanding guarantees of Rs. 4.8 bn as of 31 March 2024. We note that during FY24, the company made initial investments and issued corporate guarantees aggregating to Rs. 9.3 bn to its wholly owned subsidiaries. While the company has primarily supported wholly owned subsidiaries in the past, this is an enabling approval, and it allows the company to provide financial support to promoter entities and companies with common directorships. We believe the company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to justify the transaction limit sought and to enable shareholders to make an informed decision. In the absence of these disclosures, we are unable to support this resolution.
    • Edelweiss Mutual FundOmnibus approval, inadequate disclosure
    • HDFC Mutual FundLack of clarity with regard to rationale for extending financial support to these entities
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    3 for11 against

Mutual fund votes, meeting of 13 Jan 2024, 9 fund houses

  • TO OFFER, ISSUE, AND ALLOT EQUITY SHARES ON A PRIVATE PLACEMENT BASIS
    Against Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance & Transparency concern: The Company has not disclosed the Valuation Report obtained for the purpose of valuation of CCPS of MESPL
    • Nippon India Mutual FundInadequate Disclosure
    5 for4 against

Mutual fund votes, meeting of 30 Nov 2023, 7 fund houses

  • Appointment of Ms. Marilyn Frances Jones (DIN:10301799) as an Independent Director of the Company
    Against HDFC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • HDFC Mutual FundGiven the business linkage between the company and Ms Marilyn Jones, we do not consider her independent
    • JM Financial Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law. No concern identified with respect to merit of proposed appointee. Governance Concern: Pecuniary relationship.
    • Nippon India Mutual FundPecuniary relationship
    • SBI Mutual FundMs. Marilyn Jones, 68, served as Senior Vice President, Technology for Intuit Inc. In the past, she has worked for Dun & Bradstreet/Hoovers, and Travelocity.com. She has a Master of Science degree in Education from Portland State University in Oregon. She will be paid professional fees of USD 30,000 per annum from a USA based step-down subsidiary for rendering professional services to the subsidiary. Given the business linkage between Mastek Limited and Ms. Marilyn Jones, we consider her to be Non-Independent. The company must consider appointing her as a Non-Executive Non-Independent Director This is why we do not support the resolution.
    2 for5 against

Mutual fund votes, meeting of 21 Sep 2023, 7 fund houses

  • Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2023, including the Audited Balance Sheet as of March 31, 2023, the Statement of Profit and Loss, the Cash Flow Statement of the Company for the year ended on that date and notes related thereto together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    7 for0 against
  • Confirmation of the payment of Interim Dividend of Rs. 7.00 per equity share and also Declaration of Final Dividend of Rs. 12.00 per equity share for Financial Year 2022-23
    7 for0 against
  • Re-appointment of Mr. Ashank Desai (DIN: 00017767) Non-Executive / Non-Independent Director of the Company, who is retiring by rotation
    Against JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • JM Financial Mutual Fund, Motilal Oswal Mutual FundAppointment Compliant with law. Transparency Concern: Inadequate Disclosure by the company w.r.t. Independent Directors resignations. Governance Concern w.r.t. Potential Non-compliance of the board composition
    • Nippon India Mutual FundInadequate disclosure
    4 for3 against
  • Approval for payment of Profit related Commission to Non-Executive Directors (including Independent Directors) of the Company
    7 for0 against
  • Approval for appointment of Mr. Umang Nahata (DIN: 00323145) as Non-Executive, Non-Independent, New Shareholders’ Nominee Director of the Company
    Against JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • JM Financial Mutual Fund, Motilal Oswal Mutual FundAppointment Compliant with law. Governance Concern w.r.t. Potential Non-compliance of the board composition
    • Nippon India Mutual FundHalf of the board of directors may not remain Independent
    4 for3 against

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

Fines

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltyGeneral Tax Authority (GTA)Since 7 Apr 2026

    Penalty levied on disallowance of expenses (provision)

    GTA disallowed certain expenses being in nature of provision on which penalty was levied.

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

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
No
The filing has a part on fines and penalties
Yes
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.