Mahindra Holidays & Resorts India CEO, MD, chairman, board of directors and AGM
NSE: MHRILBSE: 533088Leisure ServicesSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹191.60.
- 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.
- ₹3,748 Cr762nd 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 21 Oct 2026
- 68.0
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: 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, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹11 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 56.7
- 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 21 Oct 2026
- 4.7
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- 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 21 Oct 2026
- 7.2%
- ROE without one-offsReturn on equity without one-off items. Core profit, 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 less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹11 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 8.7%
- 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 21 Oct 2026
- 8.7%
- 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 Sep 2026. The filing of 21 Oct 2026
- 1.67
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 2,74,59047.5% delivered
Mahindra Holidays & Resorts India 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
- ChairpersonC.P. Gurnani
- Managing director and CEOManoj Bhat
- Company Secretary and Compliance OfficerMansi Laheri
7 directors3 independent1 executive3 non-executive
- C.P. Gurnani · ChairpersonNon-executive · joined Apr 2023 · 1 listed board · 1 committee seat, 1 as chair
- Sangeeta TalwarIndependent · joined Feb 2020 · reappointed Feb 2025 · 77 months as independent · 2 listed boards · 2 as independent · 4 committee seats
- Diwakar GuptaIndependent · joined Dec 2020 · reappointed Dec 2025 · 67 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 4 as chair
- Rajat Kumar JainIndependent · joined Nov 2022 · reappointed Nov 2022 · 43 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 1 as chair
- Anish ShahNon-executive · joined May 2020 · 6 listed boards
- Ruzbeh IraniNon-executive · joined Jan 2021 · 1 listed board · 1 committee seat
- Manoj Bhat · Managing director and CEOExecutive · joined May 2024 · 1 listed board · 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
- 5 May 20266 of 7 present3 independent · 7 days in between
- 27 Apr 20267 of 7 present3 independent · 87 days in between
- 29 Jan 20267 of 7 present3 independent
Audit Committee
Chair Diwakar Gupta
Sangeeta Talwar, Ruzbeh Irani, Rajat Kumar Jain
- 5 May 20264 of 4 present3 independent · 7 days in between
- 27 Apr 20263 of 4 present3 independent · 87 days in between
- 29 Jan 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Diwakar Gupta
Anish Shah, Rajat Kumar Jain
- 5 May 20262 of 3 present2 independent · 7 days in between
- 27 Apr 20262 of 3 present2 independent · 87 days in between
- 29 Jan 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair C.P. Gurnani
Manoj Bhat, Sangeeta Talwar
- 24 Apr 20263 of 3 present1 independent
Risk Management Committee
Chair Manoj Bhat
C.P. Gurnani, Diwakar Gupta, Sangeeta Talwar
- 18 Mar 20264 of 4 present2 independent
Corporate Social Responsibility Committee
Chair Sangeeta Talwar
C.P. Gurnani, Manoj Bhat
- 24 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 Sep 2026.
- B S R & Co. LLPPeer-review certificate valid to Jul 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.
Mahindra Holidays & Resorts India 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.Mahindra Holidays & Resorts India dividend history
Annual general meeting, 22 Jul 2026
1,00,761 shareholders on the register on 15 Jul 2026; present: 3 promoters and 79 others; votes counted by Mukesh Siroya / M Siroya and Company.The company's voting result (opens in a new tab)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2026 and the reports of the Board of Directors and Statutory Auditors thereonMoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.76%
Turnout: all 81.76% · promoters 100.00% · institutions 95.36% · other public 4.61%
- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2026 and the report of the Statutory Auditors thereonOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.76%
Turnout: all 81.76% · promoters 100.00% · institutions 95.36% · other public 4.61%
- Re-appointment of Mr. C.P. Gurnani (DIN: 00018234), as a Director liable to retire by rotationOrdinary99.56% for0.44% against
Against: promoters 0.00% · institutions 2.47% · other public 0.77%
Turnout: all 81.76% · promoters 100.00% · institutions 95.36% · other public 4.61%
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 Jul 2025, 5 resolutions
91,902 shareholders on the register on 16 Jul 2025; present: 3 promoters and 57 others; votes counted by Mukesh Siroya / M Siroya and Company.The company's voting result (opens in a new tab)
- Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors and Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 81.54% · promoters 100.00% · institutions 88.85% · other public 5.25%
- Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025 and Report of the Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 81.54% · promoters 100.00% · institutions 88.85% · other public 5.25%
- Re-appointment of Dr. Anish Shah (DIN: 02719429), as a Director liable to retire by rotation.Ordinary99.15% for0.85% against
Against: promoters 0.00% · institutions 5.00% · other public 0.08%
Turnout: all 81.54% · promoters 100.00% · institutions 88.85% · other public 5.25%
- Re-appointment of Mr. Diwakar Gupta (DIN: 01274552) as an Independent Director of the Company.Special99.21% for0.79% against
Against: promoters 0.00% · institutions 4.62% · other public 0.07%
Turnout: all 81.54% · promoters 100.00% · institutions 88.85% · other public 5.25%
- Appointment of M/s. Siroya and BA Associates, Company Secretaries, as the Secretarial Auditor of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 81.54% · promoters 100.00% · institutions 88.85% · other public 5.25%
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, 18 Dec 2024, 1 resolution
The company's voting result (opens in a new tab)
- Re-appointment of Ms. Sangeeta Talwar (DIN: 00062478) as an Independent Director of the CompanySpecial91.58% for8.42% against
Against: promoters 0.00% · institutions 49.61% · other public 0.30%
Turnout: all 81.49% · promoters 100.00% · institutions 88.80% · other public 5.17%
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, 25 Jul 2024, 5 resolutions
Present: 3 promoters and 58 others.The company's voting result (opens in a new tab)
- Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024 and the Reports of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 81.76% · promoters 100.00% · institutions 88.82% · other public 5.53%
- Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024 and Report of the Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 81.76% · promoters 100.00% · institutions 88.82% · other public 5.53%
- Re-appointment of Mr. Ruzbeh Irani, as a Director liable to retire by rotationOrdinary98.52% for1.48% against
Against: promoters 0.00% · institutions 8.62% · other public 0.04%
Turnout: all 81.76% · promoters 100.00% · institutions 88.82% · other public 5.53%
- Appointment of Mr. Manoj Bhat as a Director of the CompanyOrdinary99.94% for0.06% against
Against: promoters 0.00% · institutions 0.35% · other public 0.04%
Turnout: all 81.76% · promoters 100.00% · institutions 88.82% · other public 5.53%
- Appointment of Mr. Manoj Bhat as the Managing Director of the Company designated as “Managing Director and Chief Executive Officer” with effect from May 17, 2024 to May 16, 2029Special99.95% for0.05% against
Against: promoters 0.00% · institutions 0.29% · other public 0.04%
Turnout: all 81.76% · promoters 100.00% · institutions 88.82% · other public 5.53%
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, 25 Jul 2023, 4 resolutions
Present: 3 promoters and 60 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, 2023, and the Reports of the Board of Directors and Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 80.18% · promoters 100.00% · institutions 87.83% · other public 8.46%
- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023 and Report of the Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 80.18% · promoters 100.00% · institutions 87.83% · other public 8.46%
To note that Mr. Arun Nanda (DIN: 00010029), Non-Executive and Non-Independent Director, who is due to retire by rotation at this Annual General Meeting, has expressed his desire not to be re-appointed.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.01% · other public 0.04%
Turnout: all 79.46% · promoters 100.00% · institutions 88.06% · other public 4.67%
- Appointment of Mr. C.P. Gurnani as a Non-Executive Non- Independent Director.Ordinary99.13% for0.87% against
Against: promoters 0.00% · institutions 5.99% · other public 0.02%
Turnout: all 80.23% · promoters 100.00% · institutions 88.17% · other public 8.46%
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, 31 Dec 2022, 2 resolutions
Present: 0 promoters and 0 others.The company's voting result (opens in a new tab)
- Shifting of Registered Office of the Company from the “State of Tamil Nadu” to the “State of Maharashtra”.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 79.80% · promoters 100.00% · institutions 87.72% · other public 6.73%
- Appointment of Mr. Rajat Kumar Jain (DIN: 00046053) as an Independent Director of the Company for a term of 5 (five) consecutive years.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 79.80% · promoters 100.00% · institutions 87.72% · other public 6.73%
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, 30 Jul 2022, 4 resolutions
Present: 3 promoters and 43 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, 2022, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary0.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.00% · promoters 0.00% · institutions 0.00% · other public 0.00%
- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022 together with the Report of the Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 80.86% · promoters 100.00% · institutions 85.14% · other public 7.35%
- To appoint a Director in place of Dr. Anish Shah (DIN 02719429), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary0.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.00% · promoters 0.00% · institutions 0.00% · other public 0.00%
- Re-appointment of B S R Co. LLP, Chartered Accountants, (ICAI Firm Registration Number 101248W/W-100022) as the Statutory Auditors of the Company for a second term of 5 (five) consecutive years.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.05% · other public 0.02%
Turnout: all 80.86% · promoters 100.00% · institutions 85.14% · other public 7.35%
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.
Annual general meeting, 1 Sep 2021, 7 resolutions
Present: 2 promoters and 59 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, 2021, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 82.38% · promoters 100.00% · institutions 85.74% · other public 5.99%
- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2021 together with the Report of the Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 82.38% · promoters 100.00% · institutions 85.74% · other public 5.99%
- To appoint a Director in place of Mr. Arun Nanda (DIN 00010029), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary99.16% for0.84% against
Against: promoters 0.00% · institutions 4.84% · other public 0.24%
Turnout: all 81.42% · promoters 100.00% · institutions 85.74% · other public 0.10%
- Appointment of Mr. Diwakar Gupta (DIN 01274552), as an Independent Director of the Company.Ordinary99.19% for0.81% against
Against: promoters 0.00% · institutions 4.74% · other public 0.01%
Turnout: all 82.38% · promoters 100.00% · institutions 85.74% · other public 5.99%
- Appointment of Mr. Ruzbeh Irani (DIN 01831944), as a Non-Executive Non- Independent Director of the Company.Ordinary98.86% for1.14% against
Against: promoters 0.00% · institutions 6.66% · other public 0.01%
Turnout: all 82.38% · promoters 100.00% · institutions 85.74% · other public 5.99%
- Increase in Authorized Share Capital and consequent alteration to Memorandum of Association of the Company.Ordinary99.19% for0.81% against
Against: promoters 0.00% · institutions 4.74% · other public 0.01%
Turnout: all 82.38% · promoters 100.00% · institutions 85.74% · other public 5.99%
- Issue of Bonus Shares.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 82.38% · promoters 100.00% · institutions 85.74% · other public 5.99%
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.
Mutual fund votes, meeting of 22 Jul 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2026 and the reports of the Board of Directors and Statutory Auditors thereonMoreLess
1 for0 against- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2026 and the report of the Statutory Auditors thereon1 for0 against
- Re-appointment of Mr. C.P. Gurnani (DIN: 00018234), as a Director liable to retire by rotation1 for0 against
Mutual fund votes, meeting of 23 Jul 2025, 5 fund houses
- Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors and Auditors thereon.5 for0 against
- Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025 and Report of the Auditors thereon.5 for0 against
- Re-appointment of Dr. Anish Shah (DIN: 02719429), as a Director liable to retire by rotation.5 for0 against
- Re-appointment of Mr. Diwakar Gupta (DIN: 01274552) as an Independent Director of the Company.
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundRe-appointment compliant with law. No concern on the merits & profile of the proposed appointee. Governance Concern: Combined position as the AC & NRC Chairperson. Holding such position as Chairman of both the key committees may not be in the best interest of Corporate governance since it might lead to concentration of power in the hands of a single individual, as the Audit and NRC are pillars of the Company ensuring corporate democracy.
- quant Mutual FundRegarding the re-appointment of Mr Diwakar Gupta as Independent Director of the company. Compliant with the law. No concern on the profile of the appointee. Governance concern: Combined position as the AC & NRC Chairperson. Heading two sensitive committees of the Board is not good corporate governance as it leads to concentration of power in the hands of a single individual
3 for2 against - Appointment of M/s. Siroya and BA Associates, Company Secretaries, as the Secretarial Auditor of the Company.5 for0 against
6 earlier meetings
Mutual fund votes, meeting of 18 Dec 2024, 6 fund houses
- Re-appointment of Ms. Sangeeta Talwar (DIN: 00062478) as an Independent Director of the Company
Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundRe-appointment Compliant with law. No issues on merit of appointee. Governance Concern: The proposed term will lead to prolonged association.
- HDFC Mutual FundWith the proposed tenure, Ms. Sangeeta Talwar's association with the group will cross 10 years. We believe that this is not in line with the spirit of the regulations.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
1 for5 against
Mutual fund votes, meeting of 25 Jul 2024, 10 fund houses
- Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024 and the Reports of the Board of Directors and Auditors thereon10 for0 against
- Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024 and Report of the Auditors thereon10 for0 against
- Re-appointment of Mr. Ruzbeh Irani, as a Director liable to retire by rotation
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST the following nominees is warranted because: • The board independence is less than adequate (as per our reclassification) and Ruzbeh Irani is a non-independent director nominee.
9 for1 against - Appointment of Mr. Manoj Bhat as a Director of the Company10 for0 against
- Appointment of Mr. Manoj Bhat as the Managing Director of the Company designated as “Managing Director and Chief Executive Officer” with effect from May 17, 2024 to May 16, 2029
Against Axis Mutual Fund, Edelweiss Mutual Fund, Nippon India Mutual Fund
- Axis Mutual FundWe estimate Manoj Bhat’s remuneration at Rs. 129.4 mn (including stock options at face value) which is high for the size of the business. The previous Managing Director, Kavinder Singh, drew a remuneration of Rs. 78.3 mn in FY24 (including fair value of stock options granted). We recognize that Manoj Bhat’s remuneration from Mahindra and Mahindra Limited as Group CFO aggregated Rs. 73.9 mn in FY24 – and therefore, his remuneration will likely be higher in FY25 as Managing Director of Mahindra Holidays. Even so, we believe his remuneration should have been structured based on achievement of milestones, rather than have most of it as assured or fixed pay. Manoj Bhat’s fixed or assured pay is estimated at Rs.101.9 mn, which is high – and his estimated remuneration structure effectively encompasses less than 25% of variable pay. The NRC must disclose how it has benchmarked Manoj Bhat’s remuneration against peers. We raise concern that the proposed resolution allows for a wide range of remuneration – at the maximum, Manoj Bhat’s remuneration could aggregate over Rs. 222.3 mn. Therefore, we are unable to support the remuneration.
- Edelweiss Mutual FundMultiple resolutions clubbed in one
- Nippon India Mutual FundProfile of the candidate
7 for3 against
Mutual fund votes, meeting of 25 Jul 2023, 5 fund houses
- To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2023, and the Reports of the Board of Directors and Auditors thereon.5 for0 against
- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023 and Report of the Auditors thereon.5 for0 against
To note that Mr. Arun Nanda (DIN: 00010029), Non-Executive and Non-Independent Director, who is due to retire by rotation at this Annual General Meeting, has expressed his desire not to be re-appointed.MoreLess
5 for0 against- Appointment of Mr. C.P. Gurnani as a Non-Executive Non- Independent Director.5 for0 against
Mutual fund votes, meeting of 31 Dec 2022, 4 fund houses
- Shifting of Registered Office of the Company from the “State of Tamil Nadu” to the “State of Maharashtra”.4 for0 against
- Appointment of Mr. Rajat Kumar Jain (DIN: 00046053) as an Independent Director of the Company for a term of 5 (five) consecutive years.4 for0 against
Mutual fund votes, meeting of 30 Jul 2022, 4 fund houses
To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2022, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
4 for0 against- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022 together with the Report of the Auditors thereon.4 for0 against
- To appoint a Director in place of Dr. Anish Shah (DIN 02719429), who retires by rotation and being eligible, offers himself for re-appointment.4 for0 against
- Re-appointment of B S R Co. LLP, Chartered Accountants, (ICAI Firm Registration Number 101248W/W-100022) as the Statutory Auditors of the Company for a second term of 5 (five) consecutive years.4 for0 against
Mutual fund votes, meeting of 1 Sep 2021, 3 fund houses
To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2021, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
3 for0 against- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2021 together with the Report of the Auditors thereon.3 for0 against
- To appoint a Director in place of Mr. Arun Nanda (DIN 00010029), who retires by rotation and being eligible, offers himself for re-appointment.3 for0 against
- Appointment of Mr. Diwakar Gupta (DIN 01274552), as an Independent Director of the Company.3 for0 against
- Appointment of Mr. Ruzbeh Irani (DIN 01831944), as a Non-Executive Non- Independent Director of the Company.3 for0 against
- Increase in Authorized Share Capital and consequent alteration to Memorandum of Association of the Company.3 for0 against
- Issue of Bonus Shares.3 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines, tax disputes and stakes in unlisted companies
Reported in the filing for the quarter to Jun 2026.
- Unlisted stake boughtAditatva Estates Private LimitedSince 15 Jun 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Fine or penaltyOffice of the Commissioner, Central GST Audit, RajkotSince 11 Jun 2026
In terms of Final Audit Report received for Gujarat State; demand and penalty inter-alia was raised for FY 2020-21 to 2023-24 pertaining to short payment of GST, non reversal of ITC, non payment of GST under Reverse Charge Mechanism (RCM) , non payment of interest and wrong availment of ITC.
In terms of the Final Audit Report received for Gujarat State, amongst various observations and demand raised; penalty was imposed for FY 2020-21 to 2023-24 pertaining to non reversal of ITC and non payment of GST under Reverse Charge Mechanism (RCM)MoreLess
- Fine or penaltyFederal Tax Authority (UAE)Since 10 Apr 2026
Administrative penalty imposed for late filing of Corporate Tax Return of the UAE Branch for Tax Year 2024, in Dec 2025.
Delay in filing the Corporate Tax Return of the UAE Branch for Tax Year 2024 within the prescribed timeline - Penalty accepted and paid in April 2026. - Fine or penaltyGovernment of Himachal PradeshSince 23 May 2026
Administrative penalty imposed towards shortfall in procuring the agreed quantity of liquor.
Penalty of Rs. 25,250 imposed on account of shortfall in procuring the agreed quantity of liquor. - Tax disputeAssistant Commissioner, Annasalai Assessment Circle, ChennaiSince 19 Sep 2025Demand of Rs. 2.58 crores including penalty of Rs. 1.29 crores dropped by way of Order dated 26th May 2026At the filing before: The Company had received a SCN for FY 2020-21 on account of applicability of GST on Corporate Guarantee.
- Tax disputeCommissioner of Income Tax - LTU ChennaiSince 4 Oct 2010
The Hon'ble Madras High Court vide its order dated 28.04.2026 for AY 1998-99 to AY 2003-04 and AY 2005-06 accepted the method of accounting followed by the Company, deferring portion of the receipts spread over to the period of contract.MoreLess
At the filing before: With respect to the revenue recognition matter, the Income Tax Appellate Tribunal, Chennai- Special Bench had recognised and accepted the method of accounting followed by the Company of deferring portion of receipts spread over to the period of contract, post which IT department had filed appeal with Madras High Court. AY 1998-99 to AY 2002-03 - 04.10.2010 AY 2003-04 - 13.12.2010 AY 2005-06 - 12.07.2012MoreLess
- Tax disputeCommissioner of Income Tax - LTU ChennaiSince 5 Jun 2013
The Hon'ble Madras High Court vide its Order dated 28.04.2026 for AY 1998-99 to AY 2003-04 and AY 2005-06 accepted the method of accounting followed by the Company, deferring portion of the receipts spread over to the period of contract. Implication of the aforesaid order has by de-facto been extended to AY 2009-10, AY 2011-12 to AY 2014-15 and AY 2016-17. Contingent liability reduced by ~ Rs. 359 crores as no appeal was filed by the IT department.MoreLess
At the filing before: With respect to the revenue recognition matter, the Income Tax Appellate Tribunal, Chennai- Special Bench had recognised and accepted the method of accounting followed by the Company of deferring portion of receipts spread over to the period of contract. AY 2009-10 - 05.06.2013 AY 2011-12 to 2014-15 - 14.03.2018MoreLess
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
- No
- The filing has a part on fines and penalties
- Yes
- 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.