Mangalore Refinery and Petrochemicals CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 24 Aug 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

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

• To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended on 31st March 2026, together with the Reports of Board of Directors, the Auditor’s Report thereon and comments of the Comptroller and Auditor General of India.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. The secretarial auditors have stated that the board is not in compliance with regulatory norms on board independence and breach in DPE Guidelines on account of nominee directors exceeding the prescribed cap of two and the absence of an optimum nominee-independent director mix on board. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee at the time of finalising and signing the accounts. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundUnqualified Financial Statements (Except certain non-material CARO observations). Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  2 for5 against
• To appoint a Director in place of Shri Arun Kumar Sinha (DIN: 06646894), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director on the Board.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director on the Board.

  4 for3 against
• To declare dividend for the financial year ended March 31st, 2026

  4 for0 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors to be appointed by the Comptroller and Auditor General of India for the financial year 2026-27.

  7 for0 against
• To appoint Dr. Seema (DIN: 11780592) as a Director of the Company.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director on the Board.
  • DSP Mutual FundDr. (Ms.) Seema, 54, is currently Economic Advisor (Development), Ministry of Petroleum and Natural Gas (MoPNG). She is an officer of Indian Economic Service (IES). She holds graduation in Economics and post-graduation from Kurukshetra University and doctorate from IIT, Delhi. She is appointed as a Government Nominee Director by the MoPNG, Government of India.While her appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on appointment of Independent Directors. Given that only 30% of board comprises of Independent Directors as against the regulatory threshold of 50%, the Ministry of Petroleum and Natural Gas (MoP&NG) must first address the board composition before appointing its nominees to the board. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director on the Board.
  • Jio BlackRock Mutual FundDr. (Ms.) Seema, 54, is currently Economic Advisor (Development), Ministry of Petroleum and Natural Gas (MoPNG). She is an officer of Indian Economic Service (IES). She holds graduation in Economics and post-graduation from Kurukshetra University and doctorate from IIT, Delhi. She is appointed as a Government Nominee Director by the MoPNG, Government of India. While her appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on appointment of Independent Directors. Given that only 30% of board comprises of Independent Directors as against the regulatory threshold of 50%, the Ministry of Petroleum and Natural Gas (MoP&NG) must first address the board composition before appointing its nominees to the board. We do not support the resolution.

  2 for5 against
• To appoint Shri Satyan Kumar (DIN: 10181958) as a Director of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director on the Board.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director on the Board.

  4 for3 against
• Ratification of Remuneration payable to Cost Auditors for the Financial Year 2026-27.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.

  4 for3 against
• Appointment of Secretarial Auditor

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: No justification for the material change in proposed Audit fee in case of appointment as proposed audit fee is ~36% lower comparative to the fees paid to outgoing Auditors previously.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of Secretary Auditors. Governance concern: No justification for the material change in proposed Audit fee in case of appointment as proposed audit fee is ~36% lower comparative to the fees paid to outgoing Auditors previously.

  4 for3 against
• Approval of Material Related Party Transaction(s) with Shell MRPL Aviation Fuels and Services Limited for the Financial Year 2027-28.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, is non- compliant. Considering the absence of Independent Directors and, consequently, the lack of a compliant Audit Committee, Concerned that the proposed transaction has not undergone the requisite independent review and oversight. This may weaken the governance safeguards intended to protect the interests of minority shareholders.
  • Edelweiss Mutual FundGovernance concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, is non- compliant. Considering the absence of Independent Directors and, consequently, the lack of a compliant Audit Committee, the proposed transaction has not undergone the requisite independent review and oversight. This may weaken the governance safeguards intended to protect the interests of minority shareholders.
  • Navi Mutual FundGovernance concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, is non- compliant. Considering the absence of Independent Directors and, consequently, the lack of a compliant Audit Committee, SES is concerned that the proposed transaction has not undergone the requisite independent review and oversight. This may weaken the governance safeguards intended to protect the interests of minority shareholders.

  4 for3 against
• Amendment in Object clause and Adoption of Memorandum of Association & Articles of Association in line with Companies Act, 2013

  ›Against DSP Mutual Fund, Jio BlackRock Mutual Fund

  • DSP Mutual FundThe company proposes to alter its Objects clause in Memorandum of association to include sale of Active Pharma Intermediates (API’s), Biofuels, Renewable, Green Energy and other sustainable technologies. The proposed new businesses may pose execution and other business risks. However, business diversification is the prerogative of the board and the management. The company further proposes to change heading of Clause III B to align it with the provisions of The Companies Act, 2013. The company has stated the amendment is in the nature of formatting language and does not change the underlying objects of the company.The proposed new set of AoA, as stated by company, are intended to provide better clarity, reflect updated statutory requirements, and ensure a more efficient and modern governance structure. The proposed AoA has been disclosed on the company’s website.Under proposed Article 3, the company is bound by a Shareholders' Agreement dated 3 March 2003 between HPCL and ONGC. Under proposed Article 55, ONGC, HPCL and the Lenders have a right of first offer on inter-se share sales; notably, this right is not symmetric — Lenders cannot exercise a first-purchase right against an ONGC or HPCL sale, while ONGC holds an exclusive first right of purchase over any shares the Lenders wish to sell.Proposed Article 126B gives ONGC the right to nominate six directors and the Chairperson (non-executive, without a casting vote), and gives HPCL the right to nominate two non-executive directors for as long as it remains a shareholder, with no minimum shareholding threshold. We do not support entrenched board nomination rights, which persist regardless of how small its shareholding becomes. Proposed Article 127 contains an enabling provision for nominee directors on the board, not liable to retire by rotation. Proposed Article 157 provides special notice rights to ONGC and HPCL for board meetings. Under proposed Article 158, quorum for a board meeting shall be one-third of the board's total strength, and shall not be validly constituted unless at least two ONGC-nominated directors are present. For certain matters, the AoA additionally requires at least one nominee director each from ONGC and HPCL to be present for quorum. Article 164 extends similar benefits to ONGC and HPCL in respect of committee meetings. We generally do not support quorum rights for board or committee meetings: such rights allow control over governance structures and interrupt the smooth functioning of the company.Proposed Article 162 provides affirmative-vote rights to ONGC (at least two nominee directors) and HPCL (at least one nominee director) in respect of the company entering into specified transactions.Proposed Article 165 provides similar special consent rights to ONGC and HPCL for resolutions passed by circulation.We further raise concern at the delay in making the AoA compliant with the Companies Act 2013: the alignment to the new regulation is being done more than a decade after the Companies Act 2013 was notified. While we support the amendment to MoA, we do not support the adoption of new set of AoA. Hence, we do not support the resolution.
  • Jio BlackRock Mutual FundThe company proposes to alter its Objects clause in Memorandum of association to include sale of Active Pharma Intermediates (API’s), Biofuels, Renewable, Green Energy and other sustainable technologies. The proposed new businesses may pose execution and other business risks. However, business diversification is the prerogative of the board and the management. The company further proposes to change heading of Clause III B to align it with the provisions of The Companies Act, 2013. The company has stated the amendment is in the nature of formatting language and does not change the underlying objects of the company. The proposed new set of AoA, as stated by company, are intended to provide better clarity, reflect updated statutory requirements, and ensure a more efficient and modern governance structure. The proposed AoA has been disclosed on the company’s website. Under proposed Article 3, the company is bound by a Shareholders' Agreement dated 3 March 2003 between HPCL and ONGC. Under proposed Article 55, ONGC, HPCL and the Lenders have a right of first offer on inter-se share sales; notably, this right is not symmetric — Lenders cannot exercise a first-purchase right against an ONGC or HPCL sale, while ONGC holds an exclusive first right of purchase over any shares the Lenders wish to sell. Proposed Article 126B gives ONGC the right to nominate six directors and the Chairperson (non-executive, without a casting vote), and gives HPCL the right to nominate two non-executive directors for as long as it remains a shareholder, with no minimum shareholding threshold. We do not support entrenched board nomination rights, which persist regardless of how small its shareholding becomes. Proposed Article 127 contains an enabling provision for nominee directors on the board, not liable to retire by rotation. Proposed Article 157 provides special notice rights to ONGC and HPCL for board meetings. Under proposed Article 158, quorum for a board meeting shall be one-third of the board's total strength, and shall not be validly constituted unless at least two ONGC-nominated directors are present. For certain matters, the AoA additionally requires at least one nominee director each from ONGC and HPCL to be present for quorum. Article 164 extends similar benefits to ONGC and HPCL in respect of committee meetings. We generally do not support quorum rights for board or committee meetings: such rights allow control over governance structures and interrupt the smooth functioning of the company. Proposed Article 162 provides affirmative-vote rights to ONGC (at least two nominee directors) and HPCL (at least one nominee director) in respect of the company entering into specified transactions. Proposed Article 165 provides similar special consent rights to ONGC and HPCL for resolutions passed by circulation. We further raise concern at the delay in making the AoA compliant with the Companies Act 2013: the alignment to the new regulation is being done more than a decade after the Companies Act 2013 was notified. While we support the amendment to MoA, we do not support the adoption of new set of AoA. Hence, we do not support the resolution.

  5 for2 against

Mutual fund votes, meeting of 22 Aug 2025, 18 fund houses

• To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended on 31st March, 2025, together with the Reports of Board of Directors, the Auditor's Report thereon and comments of the Comptroller and Auditor General of India.MoreLess

  18 for0 against
• To appoint a Director in place of Shri Dheeraj Kumar Ojha (DIN: 09639759), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Axis Mutual FundDheeraj Kumar Ojha, 54, is Deputy Director General in the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India. He has over 10 years of experience in infrastructure projects. He has been on the board of the company since May 2023. He attended four out of seven (57%) board meetings in FY25 and nine out of fourteen (64%) board meetings held since his appointment. We expect directors to attend all board meetings and, at a minimum, 75% board meetings over the course of their tenure. The board composition is not compliant with regulations – it does not comprise the requisite number of Independent Directors as prescribed under the SEBI Guidelines. We believe the government must first address the board independence before nominating a director on the board. Further, given his low board meeting attendance, we are unable to support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors
  • UTI Mutual FundDheeraj Kumar Ojha, 54, is Deputy Director General in the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India. He has over 10 years of experience in infrastructure projects. He has been on the board of the company since May 2023. He attended four out of seven (57%) board meetings in FY25 and nine out of fourteen (64%) board meetings held since his appointment. We expect directors to attend all board meetings and, at a minimum, 75% board meetings over the course of their tenure.

  8 for10 against
• To authorize the Board of Directors for fixing the remuneration of the Statutory Auditors for the Financial Year 2025-26.

  18 for0 against
• Ratification of Remuneration payable to Cost Auditors for the Financial Year 2025-26.

  18 for0 against
• Appointment of Secretarial Auditors.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundProposed Term of appointment is not for 5 years. Credentials of the Secretarial Auditors not disclosed by the Company. Governance concern: Failure to highlight previous non-compliance by the Secretarial Auditors in their Report or Compliance Report.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-compliant with SEBI LODR: Proposed Term of appointment is not for 5 years. Credentials of the Secretarial Auditors not disclosed by the Company. Governance concern: Failure to highlight previous non-compliance by the Secretarial Auditors in their Report or Compliance Report.

  11 for7 against
• Approval of Material Related Party Transaction(s) with Shell MRPL Aviation Fuels and Services Limited for the Financial Year 2026-27.

  18 for0 against
• Appointment of Shri Devendra Kumar (DIN: 11000531) as Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors. Delayed shareholders’ approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors. Delayed shareholders’ approval.

  11 for7 against
• Re-appointment of Shri Rajkumar Sharma (DIN: 01681944) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Axis 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, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Axis Mutual FundRajkumar Sharma, 55, is a practicing Company secretary. He has expertise in income tax matters, appeal matters and company law matters including mergers, demergers and restructuring of companies. He has previously served as Chairperson of North-East chapter of Institute of Company Secretaries of India. He served on the board as an Independent Director from 8 November 2021 till 8 November 2024. He attended three out of five (60%) board meetings held during his tenure in FY25 and seventeen out of twenty-four (71%) board meetings held in the past three years. We expect directors to attend all board meetings and, at a minimum, 75% board meetings over a three-year period prior to their reappointment. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. We raise concern at the delay in seeking appointment: regulations require companies to seek shareholder approval within three months of appointment. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  7 for11 against
• Re-appointment of Shri Manohar Singh Verma (DIN: 09393215) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.

  11 for7 against
• Re-appointment of Shri Pankaj Gupta (DIN: 09393633) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Axis 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, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous the law.
  • Axis Mutual FundPankaj Gupta, 60, is a lawyer practicing civil and revenue matters in Etah, Uttar Pradesh. He is involved in social services. He was on the board of MRPL as an Independent Director from 8 November 2021 till 8 November 2024. He attended all five board meetings (100%) held in during his tenure in FY25. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. We raise concern at the delay in seeking appointment: regulations require companies to seek shareholder approval within three months of appointment. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  7 for11 against
• Re-appointment of Smt. Cheruvally Nivedida Subramanian (DIN: 08646502) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Axis 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, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Axis Mutual FundMs. Cheruvally Nivedida Subramanian, 54, is an advocate and Supreme Court accredited mediator since 2015. She holds an MBA from ICFAI Business School and a Master’s in Law from Annamalai University. She served as an Independent Director on the board of the company from 8 November 2021 to 25 March 2024. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. We raise concern at the delay in seeking appointment: regulations require companies to seek shareholder approval within three months of appointment. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest she is politically affiliated.

  7 for11 against
• Amendment of Memorandum of Association (MoA) of the Company.

  18 for0 against

• Tax disputeCentral Excise Department - Mangalore (Appeal filed by Excise Dept Mangalore)Since 21 Mar 2016
  Appeal disposed off by the Karnataka High Court on 17.09.2026.
  At the filing before: Appeal pending before Karnataka High Court
• Tax disputeCustom Department - MangaloreSince 3 Aug 2026
  Appeal pending before Commissioner of Custom (Appeals).

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

The board is made up as the listing rules require

No

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

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.