Minda Corporation logo

Minda Corporation CEO, MD, chairman, board of directors and AGM

NSE: MINDACORPBSE: 538962Auto ComponentsSmall Cap

Last close ₹600.65down ₹12.30 (2.01%)BSE ₹598.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹612.95.

52-week range of traded prices to 23 Oct 2026
₹468.50Low, 12 Mar 2026₹769.00High, 14 Aug 2026
Market cap
₹14,360 Cr468th largest listed
P/E
28.7
P/E without one-offs
37.9
P/B
5.4
Dividend yield
0.23%
ROE
20.7%
ROE without one-offs
15.6%
ROCE
13.8%
Debt to equity
0.46
Volume, NSE
3,48,77246.6% delivered

Minda Corporation 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 chief executiveAshok Minda
  • Company Secretary and Compliance OfficerPardeep Mann

7 directors4 independent3 executive

  • Ashok Minda · Chairperson and chief executiveExecutive · joined Aug 2011 · reappointed Aug 2025 · 1 listed board
  • Pratima RamIndependent · joined Nov 2016 · reappointed Nov 2021 · 115 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 1 as chair
  • Aakash MindaExecutive · joined Nov 2020 · reappointed Nov 2020 · 1 listed board
  • Naresh Kumar ModiExecutive · joined Dec 2020 · reappointed Dec 2020 · 1 listed board
  • Gajanan Vithal GandheIndependent · joined Aug 2023 · reappointed Aug 2023 · 35 months as independent · 2 listed boards · 2 as independent · 1 committee seat
  • Ravi SudIndependent · joined Feb 2024 · reappointed Feb 2024 · 29 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Laxman RamnarayanIndependent · joined May 2024 · reappointed May 2024 · 25 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair

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

    • 22 May 20267 of 7 present4 independent · 56 days in between
    • 26 Mar 20267 of 7 present4 independent · 48 days in between
    • 5 Feb 20267 of 7 present4 independent

  • Audit Committee

    Chair Pratima Ram

    Ravi Sud, Laxman Ramnarayan

    • 22 May 20263 of 3 present3 independent · no day in between
    • 21 May 20263 of 3 present3 independent · 55 days in between
    • 26 Mar 20263 of 3 present3 independent · 48 days in between
    • 5 Feb 20263 of 3 present3 independent · no day in between
    1 earlier meeting
    • 4 Feb 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Gajanan Vithal Gandhe

    Ravi Sud, Pratima Ram

    • 18 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Laxman Ramnarayan

    Pratima Ram, Gajanan Vithal Gandhe

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Ravi Sud

    Aakash Minda, Laxman Ramnarayan

    • 4 Feb 20262 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair Pratima Ram

    Gajanan Vithal Gandhe, Ashok Minda

    • 17 Mar 20263 of 3 present2 independent · 40 days in between

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

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • S.R. BATLIBOI & Co. LLPPeer-review certificate valid to Jul 2027

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.

Minda Corporation 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.Minda Corporation dividend history

Annual general meeting, 21 Aug 2026

1,03,897 shareholders on the register on 14 Aug 2026; present: 1 promoter and 356 others; votes counted by CS Biswajit Ghosh / BMP & CO. LLP.The company's voting result (opens in a new tab)

  1. CONSIDERATION AND ADOPTION OF AUDITED FINANCIAL STATEMENTS, DIRECTORS AND AUDITOR S REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.58% · promoters 94.65% · institutions 91.70% · other public 84.11%

  2. CONFIRMATION OF PAYMENT OF INTERIM DIVIDEND AND DECLARATION OF FINAL DIVIDEND ON EQUITY SHARES FOR THE YEAR 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.58% · promoters 94.65% · institutions 91.71% · other public 84.11%

  3. RE APPOINTMENT OF MR. ASHOK MINDA (DIN 00054727) AS DIRECTOR LIABLE TO RETIRE BY ROTATION AND BEING ELIGIBLE OFFERS HIMSELF FOR RE APPOINTMENT
    OrdinaryPromoters have an interest in it
    98.52% for1.48% against

    Against: promoters 0.00% · institutions 5.32% · other public 0.02%

    Turnout: all 89.58% · promoters 94.65% · institutions 91.71% · other public 84.11%

  4. RE APPOINTMENT OF M S S.R. BATLIBOI AND CO. LLP AS STATUTORY AUDITORS OF THE COMPANY FROM THE CONCLUSION OF 41st ANNUAL GENERAL MEETING UNTIL THE CONCLUSION OF THE 46th ANNUAL GENERAL MEETING AND TO FIX THEIR REMUNERATIONMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.58% · promoters 94.65% · institutions 91.71% · other public 84.11%

  5. RATIFICATION OF REMUNERATION OF CHANDRA WADHWA AND CO. COST ACCOUNTANTS AS COST AUDITORS OF THE COMPANY
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.58% · promoters 94.65% · institutions 91.71% · other public 84.11%

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 2026, 4 resolutions

92,223 shareholders on the register on 6 Feb 2026; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. Approve amendment in 'Employee Stock Option Scheme 2017' and transfer of unallocated equity shares to 'Minda- Employee Stock Option Scheme 2025'
    Special
    97.66% for2.34% against

    Against: promoters 0.00% · institutions 8.28% · other public 15.66%

    Turnout: all 90.38% · promoters 100.00% · institutions 92.51% · other public 0.26%

  2. Consier and approve 'Minda- Employee Stock Option Scheme 2025'
    Special
    93.74% for6.26% against

    Against: promoters 0.00% · institutions 22.12% · other public 46.26%

    Turnout: all 90.38% · promoters 100.00% · institutions 92.51% · other public 0.26%

  3. Consider and approve grant of employee stock options to the employees of Subsidiary Company(ies) of the Company under 'Minda Employee Stock Option Scheme 2025'
    Special
    93.74% for6.26% against

    Against: promoters 0.00% · institutions 22.12% · other public 48.13%

    Turnout: all 90.38% · promoters 100.00% · institutions 92.51% · other public 0.26%

  4. Consider and approve grant of employee stock options to the employees of Group Companies including Associate Company(ies) of the company under 'Minda- Employee Stock Option Scheme 2025'
    Special
    82.99% for17.01% against

    Against: promoters 0.00% · institutions 60.20% · other public 48.13%

    Turnout: all 90.38% · promoters 100.00% · institutions 92.51% · other public 0.26%

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, 22 Aug 2025, 9 resolutions

96,273 shareholders on the register on 16 Aug 2025; present: 1 promoter and 338 others; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. CONSIDERATION AND ADOPTION OF AUDITED FINANCIAL STATEMENTS, DIRECTORS’ AND AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.70%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.65% · other public 0.21%

  2. CONFIRMATION OF PAYMENT OF INTERIM DIVIDEND AND DECLARATION OF FINAL DIVIDEND ON EQUITY SHARES
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.69%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.67% · other public 0.21%

  3. RE-APPOINTMENT OF MR. NARESH KUMAR MODI (DIN: 00089536) AS DIRECTOR LIABLE TO RETIRE BY ROTATION AND BEING ELIGIBLE OFFERS HIMSELF FOR RE-APPOINTMENT
    Ordinary
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 0.84% · other public 5.90%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.67% · other public 0.21%

  4. RATIFICATION OF REMUNERATION OF CHANDRA WADHWA & CO. COST ACCOUNTANTS AS COST AUDITORS OF THE COMPANY
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.95%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.67% · other public 0.21%

  5. TO APPOINT M/S BMP & CO. LLP, COMPANY SECRETARIES AS SECRETARIAL AUDITORS FOR A TERM OF UP TO 5 (FIVE) CONSECUTIVE YEARS AND APPROVAL OF REMUNERATION
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.94%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.66% · other public 0.21%

  6. RE-APPOINTMENT OF MR. ASHOK MINDA (DIN:00054727) AS CHAIRMAN & GROUP CEO (WHOLE-TIME DIRECTOR) OF THE COMPANY AND APPROVAL OF REMUNERATION
    SpecialPromoters have an interest in it
    96.91% for3.09% against

    Against: promoters 0.00% · institutions 11.17% · other public 46.64%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.67% · other public 0.21%

  7. RE-APPOINTMENT OF MR. AAKASH MINDA (DIN: 06870774) AS EXECUTIVE DIRECTOR OF THE COMPANY AND APPROVAL OF REMUNERATION
    SpecialPromoters have an interest in it
    98.77% for1.23% against

    Against: promoters 0.00% · institutions 4.44% · other public 47.87%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.67% · other public 0.21%

  8. RE-APPOINTMENT OF MR. NARESH KUMAR MODI (DIN: 00089536) AS EXECUTIVE DIRECTOR OF THE COMPANY AND APPROVAL OF REMUNERATION
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.06% · other public 6.37%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.67% · other public 0.21%

  9. TO APPROVE ADVANCEMENT OF ANY LOAN, FINANCIAL ASSISTANCE, GIVE GUARANTEE, PROVIDE SECURITY, LETTER OF COMFORT AND LETTER OF SUPPORT UNDER SECTION 185 OF THE COMPANIES ACT, 2013 TO THE ENTITIES IN WHICH DIRECTORS ARE INTERESTEDMoreLess
    Special
    90.19% for9.81% against

    Against: promoters 0.00% · institutions 35.57% · other public 50.67%

    Turnout: all 89.35% · promoters 99.70% · institutions 92.67% · other public 0.21%

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, 27 Apr 2025, 1 resolution

93,780 shareholders on the register on 21 Mar 2025; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. ISSUANCE OF 76,50,000 SHARE WARRANTS ON PREFERENTIAL BASIS TO MINDA CAPITAL PRIVATE LIMITED, A PROMOTER OF THE COMPANY
    Special
    95.15% for4.85% against

    Against: promoters 0.00% · institutions 17.94% · other public 10.13%

    Turnout: all 88.71% · promoters 99.70% · institutions 89.30% · other public 0.29%

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, 14 Aug 2024, 5 resolutions

Present: 1 promoter and 295 others.The company's voting result (opens in a new tab)

  1. Consideration and adoption of audited financial statements, Directors’ and Auditor’s report for the financial year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.25%

    Turnout: all 86.32% · promoters 99.70% · institutions 78.79% · other public 0.25%

  2. Confirmation of payment of interim dividend and declaration of final dividend on equity shares.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.33% · promoters 99.70% · institutions 78.81% · other public 0.25%

  3. Re-appointment of Mr. Aakash Minda (DIN: 06870774) as director, liable to retire by rotation and being eligible offers himself for re-appointment.
    Ordinary
    98.03% for1.97% against

    Against: promoters 0.00% · institutions 7.88% · other public 5.51%

    Turnout: all 86.33% · promoters 99.70% · institutions 78.81% · other public 0.25%

  4. Ratification of Remuneration of Chandra Wadhwa & Co, Cost Accountants as Cost Auditors of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.57%

    Turnout: all 86.33% · promoters 99.70% · institutions 78.81% · other public 0.25%

  5. nAppointment of Mr. Laxman Ramnarayan (DIN: 03033960) as an Independent Director of the company.
    Special
    95.90% for4.10% against

    Against: promoters 0.00% · institutions 16.39% · other public 4.61%

    Turnout: all 86.33% · promoters 99.70% · institutions 78.81% · other public 0.25%

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, 12 Mar 2024, 1 resolution

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

  1. Appointment of Mr. Ravi Sud (DIN: 00074720) as an Independent Director of the Company for a period of 5 (five) years
    Special
    96.32% for3.68% against

    Against: promoters 0.00% · institutions 16.78% · other public 4.48%

    Turnout: all 82.94% · promoters 99.82% · institutions 88.03% · other public 0.20%

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, 22 Sep 2023, 1 resolution

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

  1. APPOINTMENT OF MR. GAJANAN VITHAL GANDHE (DIN: 02023395) AS AN INDEPENDENT DIRECTOR OF THE COMPANY FOR A PERIOD OF 5 (FIVE) YEARS
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.30%

    Turnout: all 76.25% · promoters 99.85% · institutions 64.57% · other public 0.22%

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, 27 Jul 2023, 6 resolutions

Present: 4 promoters and 271 others.The company's voting result (opens in a new tab)

  1. Adoption of Financial Statements, Director’s and Auditor’s report
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 72.84% · promoters 99.85% · institutions 60.10% · other public 0.06%

  2. Confirmation of payment of interim dividend and declaration of final dividend on equity shares
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 72.86% · promoters 99.85% · institutions 60.20% · other public 0.06%

  3. Appointment of Mr. Ashok Minda (Din: 00054727) as director, liable to retire by rotation.
    OrdinaryPromoters have an interest in it
    98.17% for1.83% against

    Against: promoters 0.00% · institutions 16.46% · other public 0.43%

    Turnout: all 72.86% · promoters 99.85% · institutions 60.20% · other public 0.06%

  4. Ratification of Remuneration of Chandra Wadhwa & Co, Cost Accountants as Cost Auditors of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.74%

    Turnout: all 72.86% · promoters 99.85% · institutions 60.20% · other public 0.06%

  5. Approval of remuneration of Mr. Aakash Minda (DIN: 06870774) as an Executive Director of the company.
    SpecialPromoters have an interest in it
    94.10% for5.90% against

    Against: promoters 0.00% · institutions 52.95% · other public 8.25%

    Turnout: all 72.86% · promoters 99.85% · institutions 60.20% · other public 0.06%

  6. Approval of remuneration of Mr. Naresh Kumar Modi (DIN:0089536) as an Executive Director of the company.
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.27% · other public 3.49%

    Turnout: all 72.86% · promoters 99.85% · institutions 60.20% · other public 0.06%

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

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 21 Aug 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)

  • CONSIDERATION AND ADOPTION OF AUDITED FINANCIAL STATEMENTS, DIRECTORS AND AUDITOR S REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026
    9 for0 against
  • CONFIRMATION OF PAYMENT OF INTERIM DIVIDEND AND DECLARATION OF FINAL DIVIDEND ON EQUITY SHARES FOR THE YEAR 2025-26
    9 for0 against
  • RE APPOINTMENT OF MR. ASHOK MINDA (DIN 00054727) AS DIRECTOR LIABLE TO RETIRE BY ROTATION AND BEING ELIGIBLE OFFERS HIMSELF FOR RE APPOINTMENT
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance concern: Skewed remuneration practice in favour of Promoter Executive Directors; Holding combined position as Chairman and Executive director.
    • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual FundCompliant with law. No concern on merit of the proposed appointee Governance concern: Skewed remuneration practice in favour of Promoter Executive Directors; Holding combined position as Chairman and Executive director.
    5 for4 against
  • RE APPOINTMENT OF M S S.R. BATLIBOI AND CO. LLP AS STATUTORY AUDITORS OF THE COMPANY FROM THE CONCLUSION OF 41st ANNUAL GENERAL MEETING UNTIL THE CONCLUSION OF THE 46th ANNUAL GENERAL MEETING AND TO FIX THEIR REMUNERATIONMoreLess
    9 for0 against
  • RATIFICATION OF REMUNERATION OF CHANDRA WADHWA AND CO. COST ACCOUNTANTS AS COST AUDITORS OF THE COMPANY
    9 for0 against

Mutual fund votes, meeting of 15 Mar 2026, 18 fund houses

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

  • Approve amendment in 'Employee Stock Option Scheme 2017' and transfer of unallocated equity shares to 'Minda- Employee Stock Option Scheme 2025'
    Against HDFC Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund
    • HDFC Mutual FundLack of clarity on the pricing of ESOPs. We do not support the resolution.
    • Jio BlackRock Mutual FundThe company seeks approval to transfer 3,218,517 unallocated equity shares held by MCL ESOS Trust under ESOP 2017 to the proposed ESOP 2025. ESOP 2017 is being amended to reduce the maximum number of options available for grant from 5,341,840 options to 2,123,323 options. While we support the transfer of shares and proposed amendment, our recommendation is linked to resolution #2. Since we do not support the contours of ESOP 2025, we do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    15 for3 against
  • Consier and approve 'Minda- Employee Stock Option Scheme 2025'
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundThe Company has not disclosed the Exercise Price/ Pricing Formula. The intent behind SEBI mandating disclosure of exercise price in the Notice, is that the shareholders could estimate the economic benefit proposed to be transferred to its employees during the course of time. Nondisclosure or authorizing Nomination & Remuneration Committee to decide such price defeats the purpose of SEBI requiring Companies to disclose such information.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: The Company has not disclosed the Exercise Price/ Pricing Formula. The intent behind SEBI mandating disclosure of exercise price in the Notice, is that the shareholders could estimate the economic benefit proposed to be transferred to its employees during the course of time. Nondisclosure or authorizing NRC to decide such price defeats the purpose of SEBI requiring Companies to disclose such information.
    • HDFC Mutual FundLack of clarity on the pricing of ESOPs. We do not support the resolution.
    • ICICI Prudential Mutual FundDue to inadequate disclosures, the AMC has voted against the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations, 2021: The Company has not disclosed the Exercise Price/ Pricing Formula.
    6 for10 against
  • Consider and approve grant of employee stock options to the employees of Subsidiary Company(ies) of the Company under 'Minda Employee Stock Option Scheme 2025'
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundThe Company has not disclosed the Exercise Price/ Pricing Formula. The intent behind SEBI mandating disclosure of exercise price in the Notice, is that the shareholders could estimate the economic benefit proposed to be transferred to its employees during the course of time. Nondisclosure or authorizing Nomination & Remuneration Committee to decide such price defeats the purpose of SEBI requiring Companies to disclose such information.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundInterlinked with Resolution #2.
    • HDFC Mutual FundLack of clarity on the pricing of ESOPs. We do not support the resolution.
    • ICICI Prudential Mutual FundDue to inadequate disclosures, the AMC has voted against the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Benefit extended to Associate Companies without justification & without cost reimbursement provision.
    6 for10 against
  • Consider and approve grant of employee stock options to the employees of Group Companies including Associate Company(ies) of the company under 'Minda- Employee Stock Option Scheme 2025'
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Helios Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Angel One Mutual FundGovernance concern: Benefit extended to Associate Companies without justification & without cost reimbursement provision. While extending such benefits to subsidiaries may be acceptable due to the Company’s control and consolidation of their performance, the same rationale does not apply to associates or group entities. The Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundInterlinked with Resolution #2. Governance concern: Benefit extended to Associate Companies without justification & without cost reimbursement provision. While extending such benefits to subsidiaries may be acceptable due to the Company’s control and consolidation of their performance, the same rationale does not apply to associates or group entities. The Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company.
    • HDFC Mutual FundLack of clarity on the pricing of ESOPs. We do not support the resolution.
    • Helios Mutual FundThe Company should disclose a clear justification and intended rationale for such grants to group companies, as the associated costs would be borne by the Company.
    • ICICI Prudential Mutual FundDue to inadequate disclosures, the AMC has voted against the resolution.
    • Jio BlackRock Mutual FundThe company seeks shareholder approval for extending the benefits of ESOP 2025 to employees of group companies, including associate companies. We do not support the extension of ESOP schemes to group companies, including associates and listed holding companies. Further, our view is linked to resolution #2. We do not support the resolution.
    • Kotak Mahindra Mutual FundThe company seeks shareholder approval for extending the benefits of ESOP 2025 to employees of group companies, including associate companies. We do not support the extension of ESOP schemes to associates and listed holding companies. Hence, we do not support the resolution.
    • Mahindra Manulife Mutual FundWe do not support the extension of ESOP schemes to group companies, including associates and listed holding companies.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Benefit extended to Associate Companies without justification & without cost reimbursement provision.
    • quant Mutual FundBenefit of ESOPs are being extended to associate companies (Two companies owned 25% and one company 49%) without clear justification and without a cost reimbursement provision.
    3 for15 against
2 proposals not matched to one resolution
  • Approve the Minda – Employee Stock Option Scheme 2025 under which upto 3.2 mn options can be granted (ESOP 2025)
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundThe company seeks approval for ESOP 2025 under which upto 3.2 mn options will be granted. The scheme will be implemented through the trust route and will be sourced from the existing shares held by the trust under ESOP 2017, comprising 3,218,517 equity shares. Since ESOP 2025 does not entail any fresh issuance of shares, it will not result in any dilution on the expanded capital base. The vesting of options is time-based. There is no clarity on the exercise price since it is at the discretion of the NRC and will not be less than the face value of the equity shares of the company. We do not favour ESOP schemes where options can be granted at a deep discount of more than 20% to the market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees.
    1 for1 against
  • company(ies) under Minda – Employee Stock Option Scheme 2025 (ESOP 2025)
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundThe company proposes to extend ESOP 2025 to the employees of subsidiary company(ies). While we generally support the extension of schemes to unlisted subsidiary companies, our recommendation is linked to resolution #2. Since we do not support the contours of ESOP 2025, we do not support the resolution.
    1 for1 against
6 earlier meetings

Mutual fund votes, meeting of 22 Aug 2025, 16 fund houses

  • CONSIDERATION AND ADOPTION OF AUDITED FINANCIAL STATEMENTS, DIRECTORS’ AND AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2025
    16 for0 against
  • CONFIRMATION OF PAYMENT OF INTERIM DIVIDEND AND DECLARATION OF FINAL DIVIDEND ON EQUITY SHARES
    16 for0 against
  • RE-APPOINTMENT OF MR. NARESH KUMAR MODI (DIN: 00089536) AS DIRECTOR LIABLE TO RETIRE BY ROTATION AND BEING ELIGIBLE OFFERS HIMSELF FOR RE-APPOINTMENT
    16 for0 against
  • RATIFICATION OF REMUNERATION OF CHANDRA WADHWA & CO. COST ACCOUNTANTS AS COST AUDITORS OF THE COMPANY
    16 for0 against
  • TO APPOINT M/S BMP & CO. LLP, COMPANY SECRETARIES AS SECRETARIAL AUDITORS FOR A TERM OF UP TO 5 (FIVE) CONSECUTIVE YEARS AND APPROVAL OF REMUNERATION
    16 for0 against
  • RE-APPOINTMENT OF MR. ASHOK MINDA (DIN:00054727) AS CHAIRMAN & GROUP CEO (WHOLE-TIME DIRECTOR) OF THE COMPANY AND APPROVAL OF REMUNERATION
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Skewed remuneration in favor of Promoter Directors; No absolute cap on variable pay or total remuneration; Holds position of Executive director and Chairman.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Skewed remuneration in favor of Promoter Directors; No absolute cap on variable pay or total remuneration; Holds position of Executive director and Chairman.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    8 for8 against
  • RE-APPOINTMENT OF MR. AAKASH MINDA (DIN: 06870774) AS EXECUTIVE DIRECTOR OF THE COMPANY AND APPROVAL OF REMUNERATION
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Skewed remuneration in favor of Promoter Directors.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Skewed remuneration in favor of Promoter Directors.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    8 for8 against
  • RE-APPOINTMENT OF MR. NARESH KUMAR MODI (DIN: 00089536) AS EXECUTIVE DIRECTOR OF THE COMPANY AND APPROVAL OF REMUNERATION
    16 for0 against
  • TO APPROVE ADVANCEMENT OF ANY LOAN, FINANCIAL ASSISTANCE, GIVE GUARANTEE, PROVIDE SECURITY, LETTER OF COMFORT AND LETTER OF SUPPORT UNDER SECTION 185 OF THE COMPANIES ACT, 2013 TO THE ENTITIES IN WHICH DIRECTORS ARE INTERESTEDMoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Angel One Mutual FundGovernance concern: Inadequate disclosures with regards to justification and recipients of the investments, loans, guarantees and security.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-compliance concern: Inadequate disclosures regarding the particulars mandated u/s 185 of Companies Act, 2013; Governance Concern: Inadequate disclosures w.r.t justification and recipients of the investments, loans, guarantees and security.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundNon-compliance concern: Inadequate disclosures regarding the particulars mandated u/s 185 of Companies Act, 2013;
    • quant Mutual FundRelated to the approval to advance any loan, financial assistance, give guarantee, provide security, letter of comfort and letter of support. Inadequate disclosures regarding the particulars mandated under section 185 of Companies Act, 2013. Governance concern: Inadequate disclosures w.r.t justification and recipients of the investments, loans, guarantees and security
    6 for10 against

Mutual fund votes, meeting of 27 Apr 2025, 16 fund houses

  • ISSUANCE OF 76,50,000 SHARE WARRANTS ON PREFERENTIAL BASIS TO MINDA CAPITAL PRIVATE LIMITED, A PROMOTER OF THE COMPANY
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Angel One Mutual FundGovernance concern: No adequate justification for urgent need of Funds. Warrants being priced based on formula to price equity shares as per SEBI ICDR despite both being different instruments.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with the law. Governance concern: No adequate justification for urgent need of Funds. Warrants being priced based on formula to price equity shares as per SEBI ICDR despite both being different instruments.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Inadequate disclosure
    • quant Mutual FundCompliant with the law. Governance concern: Inadequate justification for urgent need of funds worth INR 420.75cr. Hence, we are voting against the resolution.
    7 for9 against

Mutual fund votes, meeting of 14 Aug 2024, 14 fund houses

  • Consideration and adoption of audited financial statements, Directors’ and Auditor’s report for the financial year ended March 31, 2024
    14 for0 against
  • Confirmation of payment of interim dividend and declaration of final dividend on equity shares.
    14 for0 against
  • Re-appointment of Mr. Aakash Minda (DIN: 06870774) as director, liable to retire by rotation and being eligible offers himself for re-appointment.
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Skewed remuneration in favor of proposed appointee.
    11 for3 against
  • Ratification of Remuneration of Chandra Wadhwa & Co, Cost Accountants as Cost Auditors of the Company.
    14 for0 against
  • nAppointment of Mr. Laxman Ramnarayan (DIN: 03033960) as an Independent Director of the company.
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on merits of the proposed appointee. Governance concern: Ex-employee/ executive position in the Company.
    • Edelweiss Mutual FundNo relevant experiencce
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    8 for6 against

Mutual fund votes, meeting of 12 Mar 2024, 13 fund houses

  • Appointment of Mr. Ravi Sud (DIN: 00074720) as an Independent Director of the Company for a period of 5 (five) years
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Ex-Nominee Director being appointed as an ID and no cooling off period served.
    • Nippon India Mutual FundNo cooling off period
    9 for4 against

Mutual fund votes, meeting of 22 Sep 2023, 7 fund houses

  • APPOINTMENT OF MR. GAJANAN VITHAL GANDHE (DIN: 02023395) AS AN INDEPENDENT DIRECTOR OF THE COMPANY FOR A PERIOD OF 5 (FIVE) YEARS
    7 for0 against

Mutual fund votes, meeting of 3 Sep 2023, 1 fund house

  • 1. APPOINTMENT OF MR. GAJANAN VITHAL GANDHE (DIN: 02023395) AS AN INDEPENDENT DIRECTOR OF THE COMPANY FOR A PERIOD OF 5 (FIVE) YEARS.
    1 for0 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 disputeIncome Tax Department, Office of the Assistant Commissioner of Income Tax, Central Circle-13, DelhiSince 28 Mar 2026
    The Company filed the appeal before the Appellate Authority.
    At the filing before: The Company intends to file an appeal before the Appellate Authority within time limit prescribed under the Income Tax Act 1961.
  • Tax disputeJoint Commissioner of GST & Central Excise, Chennai-Outer, Tamil NaduSince 30 Mar 2026
    The Company filed the appeal before the Appellate Authority.
    At the filing before: The Company intends to file an appeal before the Appellate Authrity within the time prescribed under the GST Law.

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
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.