MRF MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 6 Aug 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)

• Adoption of the audited financial statements of the Company for the financial year ended 31st March, 2026 and the Reports of the Board of Directors and Auditors thereon and the audited consolidated financial statements of the Company for the financial year ended 31st March, 2026 and the Reports of the Auditors thereon.MoreLess

  9 for0 against
• Declaration of a final dividend of Rs. 229/- (2290%) per equity share of Rs. 10 each of the Company for the financial year ended 31st March, 2026.

  9 for0 against
• Re-appointment of Mr. Varun Mammen (DIN: 07804025), as director of the Company, liable to retire by rotation.

  ›Against DSP Mutual Fund, Jio BlackRock Mutual Fund

  • DSP Mutual Fund, Jio BlackRock Mutual FundVarun Mammen, 43, is a Whole-time Director and part of the promoter family. He attended all four (100%) board meetings in FY26. We do not support his reappointment since there are excessive number of family members on the board: five Executive Directors and two Non-Executive Directors. This practice deters the company from attracting the right professional talent. We do not support the resolution.

  7 for2 against
• Re-appointment of Dr. (Mrs) Cibi Mammen (DIN: 00287146), as director of the Company, liable to retire by rotation.

  ›Against DSP Mutual Fund, Jio BlackRock Mutual Fund

  • DSP Mutual Fund, Jio BlackRock Mutual FundDr. Cibi Mammen, 55, is a Non-Executive Non-Independent Director and part of the promoter family. She attended all four board meetings held in FY26. We do not support her reappointment since there are excessive number of family members on the board: five Executive Directors and two Non-Executive Directors. This practice deters the company from attracting the right professional talent. We do not support the resolution.

  7 for2 against
• Reappointment of Messrs. M M Nissim & Co LLP, Chartered Accountants as Joint Statutory Auditors of the Company for a period of 5 (Five) consecutive financial years from the conclusion of the 65th Annual General Meeting of the Company until the conclusion of the 70th Annual General Meeting of the Company.MoreLess

  9 for0 against
• Ratification of the remuneration payable to Mr. J. Karthikeyan of M/s. J. Karthikeyan & Associates, Cost Auditor of the Company for the financial year ending 31st March, 2027.

  9 for0 against

Mutual fund votes, meeting of 28 Mar 2026, 25 fund houses

• Revision in the terms of Remuneration of Mr. K M Mammen (DIN: 00020202), Chairman and Managing Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Combined position of Chairman and Managing Director, may lead to concentration of power in the hands of single person.
  • Axis Mutual FundK M Mammen, 77, is the promoter, Chairperson & MD of MRF Limited. He has served on the board since 1981. He was reappointed as Chairperson and Managing Director for five years from 8 February 2024. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 7 February 2029. Since he is over 70 years old, approval is being sought via special resolution. He received Rs. 320.9 mn as remuneration in FY25 which was 440x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of K. M. Mammen’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.75% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. We estimate K M Mammen’s FY26 remuneration at Rs. 419.3 mn. While we recognize that as Chairperson & MD, he is responsible for setting overall strategic direction, we believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure. Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. We also raise concern over K M Mammen being a member of the Nomination and Remuneration Committee. Given the above concerns, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits and proposed revision in remuneration of Director. Governance concern: Holding position of Chairman and Managing Director, may lead to concentration of power in the hands of single person.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundK M Mammen, 77, is the promoter, Chairperson & MD of MRF Limited. He has served on the board since 1981. He was reappointed as Chairperson and Managing Director for five years from 8 February 2024. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 7 February 2029. Since he is over 70 years old, approval is being sought via special resolution. He received Rs. 320.9 mn as remuneration in FY25 which was 440x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of K. M. Mammen’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.75% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure.We estimate K M Mammen’s FY26 remuneration at Rs. 419.3 mn. While we recognize that as Chairperson & MD, he is responsible for setting overall strategic direction, we believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure.Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. We also raise concern over K M Mammen being a member of the Nomination and Remuneration Committee. Given the above concerns, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • There is lack of an absolute monetary cap on the commission element in the proposed structure, making it difficult to determine the future payouts. • There are no disclosures on the threshold and target performance that they need to achieve based on which payouts under commission element will be made. • The FY2025 pay of the executives compared to the median remuneration is deemed high.
  • HDFC Mutual FundK M Mammen, 77, is the promoter, Chairperson & MD of MRF Limited. He has served on the board since 1981. He was reappointed as Chairperson and Managing Director for five years from 8 February 2024. The proposed remuneration is high considering the size and scale of the business. We do not support the resolution.
  • Nippon India Mutual FundGovernance Concern: Holding position of Chairman and Managing Director, may lead to concentration of power in the hands of single person.

  11 for14 against
• Revision in the terms of Remuneration of Mr. Arun Mammen (DIN: 00018558), Vice Chairman and Managing Director of the Company

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund

  • Axis Mutual FundArun Mammen, 61, is the promoter, Managing Director and Vice Chairperson of MRF Limited. He has served on the board since 29 March 1990. He was reappointed as Vice Chairperson and Managing Director for five years from 1 April 2023. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 31 March 2028. He received Rs. 269.7 mn as remuneration in FY25 which was 370x times the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Arun Mammen’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.75% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. We estimate Arun Mammen’s FY26 remuneration at Rs. 419.3 mn. While we recognize that as Vice Chairperson & MD, he is responsible for setting overall strategic direction, we believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure. Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundArun Mammen, 61, is the promoter, Managing Director and Vice Chairperson of MRF Limited. He has served on the board since 29 March 1990. He was reappointed as Vice Chairperson and Managing Director for five years from 1 April 2023. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 31 March 2028.He received Rs. 269.7 mn as remuneration in FY25 which was 370x times the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Arun Mammen’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.75% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure.We estimate Arun Mammen’s FY26 remuneration at Rs. 419.3 mn. While we recognize that as Vice Chairperson & MD, he is responsible for setting overall strategic direction, we believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure.Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • There is lack of an absolute monetary cap on the commission element in the proposed structure, making it difficult to determine the future payouts. • There are no disclosures on the threshold and target performance that they need to achieve based on which payouts under commission element will be made. • The FY2025 pay of the executives compared to the median remuneration is deemed high.
  • HDFC Mutual FundArun Mammen, 61, is the promoter, Managing Director and Vice Chairperson of MRF Limited. He has served on the board since 29 March 1990. He was reappointed as Vice Chairperson and Managing Director for five years from 1 April 2023. The proposed remuneration is high considering the size and scale of the business. We do not support the resolution.

  20 for5 against
• Revision in the terms of Remuneration of Mr. Rahul Mammen Mappillai (DIN: 03325290), Managing Director of the Company

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, UTI Mutual Fund

  • Axis Mutual FundRahul Mammen Mappillai, 47, promoter, joined the company as Corporate Manager Planning and Development in 2003 and was subsequently appointed Vice President - Planning and Development. In 2010, he was appointed as Whole- time Director and in 2017 he was appointed as Managing Director. He was reappointed as Managing Director for five years from 4 May 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 May 2027. He received Rs. 237.7 mn as remuneration in FY25 which was 326x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Rahul Mammen Mappillai’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.65% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. We estimate Rahul Mammen Mappillai FY26 remuneration at Rs 328.9 mn. While we recognize that as MD, he is responsible for setting overall strategic direction, we believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure. Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundRahul Mammen Mappillai, 47, promoter, joined the company as Corporate Manager Planning and Development in 2003 and was subsequently appointed Vice President - Planning and Development. In 2010, he was appointed as Whole- time Director and in 2017 he was appointed as Managing Director. He was reappointed as Managing Director for five years from 4 May 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 May 2027. He received Rs. 237.7 mn as remuneration in FY25 which was 326x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Rahul Mammen Mappillai’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.65% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure.We estimate Rahul Mammen Mappillai FY26 remuneration at Rs 328.9 mn. While we recognize that as MD, he is responsible for setting overall strategic direction, we believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure.Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • There is lack of an absolute monetary cap on the commission element in the proposed structure, making it difficult to determine the future payouts. • There are no disclosures on the threshold and target performance that they need to achieve based on which payouts under commission element will be made. • The FY2025 pay of the executives compared to the median remuneration is deemed high.
  • HDFC Mutual FundRahul Mammen Mappillai, 47, promoter, joined the company as Corporate Manager Planning and Development in 2003 and was subsequently appointed Vice President - Planning and Development. In 2010, he was appointed as Whole- time Director and in 2017 he was appointed as Managing Director. He was reappointed as Managing Director for five years from 4 May 2022. The proposed remuneration is high considering the size and scale of the business. We do not support the resolution.
  • UTI Mutual FundRahul Mammen Mappillai, 47, promoter, joined the company as Corporate Manager Planning and Development in 2003 and was subsequently appointed Vice President - Planning and Development. In 2010, he was appointed as Whole- time Director and in 2017 he was appointed as Managing Director. He was reappointed as Managing Director for five years from 4 May 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 May 2027. He received Rs. 237.7 mn as remuneration in FY25 which was 326x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Rahul Mammen Mappillai’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.65% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. While we recognize that as MD, he is responsible for setting overall strategic direction, we believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure. Further, there are excessive number of promoter family members on the board: five executive promoter directors and two non-executive promoter directors. This practice deters from attracting the right talent to the company. We do not support the resolution.

  19 for6 against
• Revision in the terms of Remuneration of Mr. Samir Thariyan Mappillai (DIN:07803982), Whole-time Director of the Company

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, UTI Mutual Fund

  • Axis Mutual FundSamir Thariyan Mappillai, 43, promoter, joined the company as Corporate Manager in the Marketing department in 2010 and was later promoted as Deputy General Manager Marketing in 2011 and General Manager – Marketing in 2014. In 2017, he was appointed as Whole- time Director and was reappointed as Whole-time Director for five years from 4 August 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 August 2027. He received Rs. 118.6 mn as remuneration in FY25 which was 163x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Samir Thariyan Mappillai’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.45% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. We estimate Samir Thariyan Mappillai’s FY26 remuneration at Rs. 225.0 mn. We believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure. Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundSamir Thariyan Mappillai, 43, promoter, joined the company as Corporate Manager in the Marketing department in 2010 and was later promoted as Deputy General Manager Marketing in 2011 and General Manager – Marketing in 2014. In 2017, he was appointed as Whole- time Director and was reappointed as Whole-time Director for five years from 4 August 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 August 2027. He received Rs. 118.6 mn as remuneration in FY25 which was 163x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Samir Thariyan Mappillai’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.45% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. We estimate Samir Thariyan Mappillai’s FY26 remuneration at Rs. 225.0 mn. We believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure.Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • There is lack of an absolute monetary cap on the commission element in the proposed structure, making it difficult to determine the future payouts. • There are no disclosures on the threshold and target performance that they need to achieve based on which payouts under commission element will be made. • The FY2025 pay of the executives compared to the median remuneration is deemed high.
  • HDFC Mutual FundSamir Thariyan Mappillai, 43, promoter, joined the company as Corporate Manager in the Marketing department in 2010 and was later promoted as Deputy General Manager Marketing in 2011 and General Manager – Marketing in 2014. In 2017, he was appointed as Whole- time Director and was reappointed as Whole-time Director for five years from 4 August 2022. The proposed remuneration is high considering the size and scale of the business. We do not support the resolution.
  • UTI Mutual FundSamir Thariyan Mappillai, 43, promoter, joined the company as Corporate Manager in the Marketing department in 2010 and was later promoted as Deputy General Manager Marketing in 2011 and General Manager – Marketing in 2014. In 2017, he was appointed as Whole- time Director and was reappointed as Whole-time Director for five years from 4 August 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 August 2027. He received Rs. 118.6 mn as remuneration in FY25 which was 163x the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Samir Thariyan Mappillai’s remuneration, while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.45% of profits, but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. We estimate Samir Thariyan Mappillai’s FY26 remuneration at Rs. 225.0 mn. Further, there are excessive number of promoter family members on the board: five executive promoter directors and two non-executive promoter directors. This practice deters from attracting the right talent to the company. We do not support the resolution.

  19 for6 against
• Revision in the terms of Remuneration of Mr. Varun Mammen (DIN: 07804025), Whole-time Director of the Company

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, UTI Mutual Fund

  • Axis Mutual FundVarun Mammen, 43, promoter, joined MRF Limited as Deputy General Manager in the Manufacturing Division in 2011 and was later promoted as General Manager-Manufacturing in 2014. He was appointed as Whole-time Director effective 4 August 2017 and was reappointed as Whole-time Director for five years from 4 August 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 August 2027. Varun Mammen received Rs. 119.1 mn in FY25 which was 163.0 times the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Varun Mammen’s remuneration while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.45% of profits , but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. We estimate Varun Mammen’s FY26 remuneration at Rs. 226.0 mn. We believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure. Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundVarun Mammen, 43, promoter, joined MRF Limited as Deputy General Manager in the Manufacturing Division in 2011 and was later promoted as General Manager-Manufacturing in 2014. He was appointed as Whole-time Director effective 4 August 2017 and was reappointed as Whole-time Director for five years from 4 August 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 August 2027.Varun Mammen received Rs. 119.1 mn in FY25 which was 163.0 times the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Varun Mammen’s remuneration while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.45% of profits , but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure.We estimate Varun Mammen’s FY26 remuneration at Rs. 226.0 mn. We believe removing an absolute cap on commission is a deteriorating practice. Since the commission is uncapped, we raise concerns that, as profitability increases, his remuneration may rise significantly during his tenure.Further, his base salary can also increase by Rs. 1.2 mn each year, irrespective of the company’s performance: this, in turn, raises the cap on the other remuneration components. Given the above concerns, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • There is lack of an absolute monetary cap on the commission element in the proposed structure, making it difficult to determine the future payouts. • There are no disclosures on the threshold and target performance that they need to achieve based on which payouts under commission element will be made. • The FY2025 pay of the executives compared to the median remuneration is deemed high.
  • HDFC Mutual FundVarun Mammen, 43, promoter, joined MRF Limited as Deputy General Manager in the Manufacturing Division in 2011 and was later promoted as General Manager-Manufacturing in 2014. He was appointed as Whole-time Director effective 4 August 2017 and was reappointed as Whole-time Director for five years from 4 August 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 August 2027.The proposed remuneration is high considering the size and scale of the business. We do not support the resolution.
  • UTI Mutual FundVarun Mammen, 43, promoter, joined MRF Limited as Deputy General Manager in the Manufacturing Division in 2011 and was later promoted as General Manager-Manufacturing in 2014. He was appointed as Whole-time Director effective 4 August 2017 and was reappointed as Whole-time Director for five years from 4 August 2022. The company is seeking approval to revise his remuneration from 1 April 2025 until the end of his term on 3 August 2027.Varun Mammen received Rs. 119.1 mn in FY25 which was 163.0 times the median employee remuneration. Through this resolution, the company seeks approval to revise only the commission component of Varun Mammen’s remuneration while all other components remain unchanged. The resolution proposes to reduce the commission rate from 1% to 0.45% of profits , but also to remove the existing absolute cap of 36 months’ salary, resulting in an uncapped commission structure. Further, there are excessive number of promoter family members on the board: five executive promoter directors and two non-executive promoter directors. This practice deters from attracting the right talent to the company. We do not support the resolution.

  19 for6 against

• Fine or penaltyCJM Court, RanipetSince 2 Apr 2026

  Monetary penalty in respect of some procedural non-compliances under the Factories Act, 1948 and the Tamil Nadu Factories Rules, 1950 reported by Joint Director of Industrial Safety and Health.

  Procedural non-compliances under the Factories Act, 1948 and the Tamil Nadu Factories Rules, 1950 relating to Photo ID and Working hours.
• Tax disputeDeputy Commissioner of State Tax, KottayamSince 25 Mar 2021
  Rectification Application was filed on 29.04.2021 before the adjudicating authority. Matter is still pending before the Deputy Commissioner, Commercial Taxes, Kottayam.
  At the filing before: Pending before the Deputy Commissioner, Commercial Taxes, Kottayam relating to exports clearances and declaration Forms under sales tax. Amount involved is Rs. 91.53 crores.
• Tax disputeCommissioner, GST & Central Excise, Chennai outer CommissionerateSince 31 May 2023
  Our Appeal No. E/40512/2023 listed for pronouncement of Order before Hon'ble CESTAT chennai on 16.03.2026. As per the Hon'ble CESTAT's Chennai Final Order No. 40364/2026 dated 16.03.2026 (uploaded on CESTAT Portal in afternoon on 16.03.2026), our Appeal stands allowed with consequential relief. The same was reported to Stock Exchange on 17.03.2026 under SEBI (LODR) Regulation. Certified copy of the Order received on 23.03.2026.MoreLess
  At the filing before: The Dispute is relating levy of Excise duty basis valuation of goods. Amount involved in the matter is Tax amounting to Rs. 221.31 crores. Appeal bearing Ref. No. E/40512/2023 filed on 01.09.2023 challenging the Order-in-Original No. 26/2023 (Commr) dated 31.05.2023 before CESTAT. Matter was listed for hearing before the CESTAT, Chennai on 03.07.2025. However, the same got adjourned to 19.08.2025 on the request of Dept's Counsel. The matter has been finally heard by the Hon'ble CESTAT, Chennai on 29.09.2025. Order reserved.MoreLess
• Tax disputeCommissioner of Customs, Customs House, ChennaiSince 31 Jan 2002
  MRF has filed Civil Misc. Application (CMA) bearing Ref. No. 2384 of 2006 on 09.08.2006 before Honourable Madras High Court challenging the CESTAT Order No. 212 of 2006 dated 29.03.2006. Department has also filed CMA bearing No. 3070 of 2006 on 11.10.2006 mainly against the relaxation given to MRF by the Tribunal on limitation. Both the CMAs were heard by Honourable Madras High Court on 23.08.2024, 30.08.2024 & 02.09.2024. Matter was listed on 30.04.2025 for pronouncement of the Order. The Details Order (Web Copy) was uploaded in High Court's web site on 04.07.2025. As per the Web Copy of the Order, C.M.A.No.2384 of 2006 filed by MRF is allowed and C.M.A.No.3070 of 2006 filed by Dept. is dismissed. The same has been reported to Stock Exchange on 05.07.2025 under SEBI (LODR) Regulation. Certified copy of the Order recevied on 05.11.2025.MoreLess
  At the filing before: Pending before the Madras, High Court relating to eligibility of Modvat credit taken on import under Value Based Advance License Scheme (VABAL Scheme) under Customs law. Amount involved is Rs. 74.70 crores.MoreLess
• Tax disputeIncome Tax Authority (Deputy Commissioner of Income-tax, Central Circle 3(3), Chennai)Since 15 Mar 2024
  Income Tax Appellate Tribunal Order dated 04 May 2026 received on 09 May 2026 allowing company's appeal on major appeal grounds and setting aside the remaining matters back to the AO for fresh verification. Following the Tribunal's decision, the tax/duty demand has been set aside/reduced to NIL. The same has been reported to Stock Exchange on 11.05.2026 under SEBI (LODR) Regulation.MoreLess
  At the filing before: For Assessment Year 2015-16, appeal Filed with the Income Tax Appellate Tribunal relating to disallowance of claims. Amount involved Rs. 89.62 crores.
• Tax disputeIncome Tax Authority (Deputy Commissioner of Income-tax, Central Circle 3(3), Chennai)Since 26 Mar 2024
  Income Tax Appellate Tribunal Order dated 04 May 2026 received on 09 May 2026 allowing company's appeal on major appeal grounds and setting aside the remaining matters back to the AO for fresh verification. Following the Tribunal's decision, the tax/duty demand has been set aside/reduced to NIL. The same has been reported to Stock Exchange on 11.05.2026 under SEBI (LODR) Regulation.MoreLess
  At the filing before: For Assessment Year 2016-17, appeal Filed with the Income Tax Appellate Tribunal relating to disallowance of claims. Amount involved Rs. 92.46 crores.

In the company's own words, from its latest governance filing.

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

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.