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

NSE: MSTCLTDBSE: 542597Commercial Services & SuppliesSmall Cap

Last close ₹573.20down ₹24.50 (4.10%)BSE ₹571.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹597.70.

52-week range of traded prices to 23 Oct 2026
₹362.15Low, 30 Mar 2026₹805.00High, 8 Sep 2026
Market cap
₹4,035 Cr935th largest listed
P/E
17.2
P/B
4.5
Dividend yield
2.74%
ROE
28.5%
ROCE
21.5%
Debt to equity
0.16
Volume, NSE
4,23,41350.2% delivered

Mstc board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.

  • Chairperson and managing director and CEOMANOBENDRA GHOSHAL
  • Company Secretary and Compliance OfficerAjay Kumar Rai

8 directors4 independent3 executive1 non-executive

  • MANOBENDRA GHOSHAL · Chairperson and managing director and CEOExecutive · joined Jan 2024 · reappointed Jan 2024 · 1 listed board
  • BHANU KUMARExecutive · joined Oct 2017 · reappointed Oct 2017 · 1 listed board · 1 committee seat
  • SUBRATA SARKARExecutive · joined Dec 2018 · reappointed Dec 2018 · 1 listed board · 1 committee seat
  • SantoshNominee, non-executive · joined Aug 2026 · reappointed Aug 2026 · 1 listed board · 1 committee seat
  • Alka ChandrakarIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • Chandra Shekhar BaghelIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Siraiong SingphoIndependent · joined Jul 2026 · reappointed Jul 2026 · 2 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Niwas MandalIndependent · joined Jul 2026 · reappointed Jul 2026 · 2 months as independent · 1 listed board · 1 as independent

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.

6 directors who left
  • Sudershan Mendiratta, left 6 Aug 2026: Others
  • Ramesh Kumar Soni, left 15 Apr 2026: Tenure Completion
  • VINOD KUMAR TRIPATHI, left 11 Jun 2025: Others
  • ASHWINI KUMAR, left 11 Jun 2025: Others
  • ADYA PRASAD PANDEY, left 1 Nov 2024: Tenure Completion
  • VASANT ASHOK PATIL, left 1 Nov 2024: Tenure Completion

Committees and meetings

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

  • Board

    • 13 Aug 20268 of 8 present4 independent · 33 days in between
    • 10 Jul 20266 of 6 present2 independent · 41 days in between
    • 29 May 20266 of 6 present2 independent

  • Audit Committee

    Chair Chandra Shekhar Baghel

    Santosh, Alka Chandrakar, Siraiong Singpho

    • 13 Aug 20264 of 4 present3 independent · 75 days in between
    • 29 May 20263 of 3 present2 independent · 10 days in between
    • 18 May 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Niwas Mandal

    Chandra Shekhar Baghel, Santosh, Alka Chandrakar

    • 13 Aug 20264 of 4 present3 independent · 75 days in between
    • 29 May 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Alka Chandrakar

    BHANU KUMAR, SUBRATA SARKAR

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Chandra Shekhar Baghel

    Santosh, BHANU KUMAR, SUBRATA SARKAR

    • 10 Jul 20264 of 4 present1 independent

  • Corporate Social Responsibility Committee

    Chair Chandra Shekhar Baghel

    Santosh, Alka Chandrakar, Siraiong Singpho, Niwas Mandal, SUBRATA SARKAR

    • 13 Aug 20266 of 6 present4 independent · 75 days in between
    • 29 May 20264 of 4 present2 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • S Guha & AssociatesPeer-review certificate valid to Mar 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.

Mstc 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.Mstc dividend history

Annual general meeting, 24 Sep 2026

82,042 shareholders on the register on 17 Sep 2026; present: 1 promoter and 83 others; votes counted by Mrs. Priti Todi / M/s Bajaj Todi & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.76%

    Turnout: all 69.10% · promoters 100.00% · institutions 67.16% · other public 0.29%

  2. To confirm Interim dividend paid @ Rs. 7.60 per share on equity shares for the Financial Year 2025-26 and to declare final dividend @ Rs. 8.10 per share (81 %) on equity shares for the financial year 2025-26.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.93%

    Turnout: all 69.10% · promoters 100.00% · institutions 67.16% · other public 0.29%

  3. To appoint a Director in place of Shri Manobendra Ghoshal (DIN 09762368), who retires by rotation and being eligible, offer himself for re-appointment.
    Ordinary
    99.66% for0.34% against

    Against: promoters 0.00% · institutions 5.38% · other public 3.18%

    Turnout: all 69.10% · promoters 100.00% · institutions 67.16% · other public 0.29%

  4. To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2026-27.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.93%

    Turnout: all 69.10% · promoters 100.00% · institutions 67.16% · other public 0.29%

  5. Appointment of Shri Siraiong Singpho (DIN: 11835817) as an Independent Director.
    Special
    93.83% for6.17% against

    Against: promoters 0.00% · institutions 99.93% · other public 2.44%

    Turnout: all 69.10% · promoters 100.00% · institutions 67.16% · other public 0.29%

  6. Appointment of Shri Niwas Mandal (DIN: 11837616) as an Independent Director.
    Special
    93.83% for6.17% against

    Against: promoters 0.00% · institutions 99.93% · other public 2.45%

    Turnout: all 69.10% · promoters 100.00% · institutions 67.16% · other public 0.29%

  7. To appoint Smt. Santosh (DIN: 09519383), as Govt. Nominee Director.
    Ordinary
    93.96% for6.04% against

    Against: promoters 0.00% · institutions 97.80% · other public 2.18%

    Turnout: all 69.10% · promoters 100.00% · institutions 67.16% · 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.

Postal ballot, 27 Aug 2026, 1 resolution

89,416 shareholders on the register on 24 Jul 2026; votes counted by Mrs. Priti Todi / M/s Bajaj Todi & Associates.The company's voting result (opens in a new tab)

  1. Alteration in Objects Clause of the Memorandum of Association of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.04%

    Turnout: all 68.80% · promoters 100.00% · institutions 62.98% · other public 1.05%

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, 24 Sep 2025, 9 resolutions

87,535 shareholders on the register on 17 Sep 2025; present: 1 promoter and 70 others; votes counted by Raveena Dugar Agarwal / Mehta and Mehta.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 4.42% · other public 0.12%

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  2. To confirm 1st, 2nd and 3rd Interim dividends paid @ ₹ 4.00 per share, ₹ 32.00 per share and ₹ 4.50 per share respectively on equity shares for the Financial Year 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.25%

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  3. To appoint a Director in place of Shri Subrata Sarkar (DIN: 08290021), who retires by rotation and being eligible, offer himself for re-appointment.
    Ordinary
    99.27% for0.73% against

    Against: promoters 0.00% · institutions 17.55% · other public 1.14%

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  4. To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2025-26.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  5. To appoint Secretarial Auditor of the Company.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  6. To appoint Smt. Sudershan Mendiratta (DIN:11152018), as Govt. Nominee Director.
    Ordinary
    99.27% for0.73% against

    Against: promoters 0.00% · institutions 17.45% · other public 1.49%

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  7. Appointment of Shri Ramesh Kumar Soni (DIN: 09399355) as an Independent Director.
    Special
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 4.42% · other public 1.54%

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  8. Appointment of Smt. Alka Chandrakar (DIN:11111923) as an Independent Director.
    Special
    99.31% for0.69% against

    Against: promoters 0.00% · institutions 16.63% · other public 1.15%

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

  9. Appointment of Shri Chandra Shekhar Baghel (DIN: 11111187) as an Independent Director.
    Special
    99.31% for0.69% against

    Against: promoters 0.00% · institutions 16.63% · other public 1.21%

    Turnout: all 67.64% · promoters 100.00% · institutions 52.85% · other public 0.28%

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, 18 Sep 2024, 6 resolutions

Present: 1 promoter and 81 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2024 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.81% · promoters 100.00% · institutions 64.53% · other public 0.33%

  2. To confirm 1st and 2nd interim dividends paid @ Rs. 5.50 per share and Rs. 5.00 per share respectively on equity shares for the Financial Year 2023-24 and to declare final dividend @ Rs. 5.00 per share (50%) on equity shares for the financial year 2023-24.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.40%

    Turnout: all 69.81% · promoters 100.00% · institutions 64.53% · other public 0.33%

  3. To appoint a Director in place of Smt. Bhanu Kumar (DIN: 07982360), who retires by rotation and being eligible, offer herself for re-appointment.
    Ordinary
    98.12% for1.88% against

    Against: promoters 0.00% · institutions 26.46% · other public 0.92%

    Turnout: all 69.81% · promoters 100.00% · institutions 64.53% · other public 0.33%

  4. To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2024-25.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.81% · promoters 100.00% · institutions 64.53% · other public 0.33%

  5. To appoint Shri Manobendra Ghosal (DIN: 09762368), as Chairman and Managing Director.
    Ordinary
    99.42% for0.58% against

    Against: promoters 0.00% · institutions 8.12% · other public 0.35%

    Turnout: all 69.81% · promoters 100.00% · institutions 64.53% · other public 0.33%

  6. To appoint Shri Vinod Kumar Tripathi (DIN: 10711675), as Govt. Nominee Director.
    Ordinary
    95.01% for4.99% against

    Against: promoters 0.00% · institutions 70.02% · other public 0.24%

    Turnout: all 69.81% · promoters 100.00% · institutions 64.53% · other public 0.33%

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, 3 May 2024, 1 resolution

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

  1. Alteration in Objects Clause of the Memorandum of Association of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.30%

    Turnout: all 69.02% · promoters 100.00% · institutions 61.43% · other public 0.24%

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

Annual general meeting, 20 Sep 2023, 5 resolutions

Present: 1 promoter and 85 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 67.12% · promoters 100.00% · institutions 48.88% · other public 0.76%

  2. To confirm 1st and 2nd Interim dividends paid @ Rs. 5.50 per share and Rs. 6.30 per share respectively on equity shares for the Financial Year 2022-23 and to declare final dividend @ Rs. 3.20 per share (32%) on equity shares for the financial year 2022-23.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 67.43% · promoters 100.00% · institutions 55.99% · other public 0.76%

  3. To appoint a Director in place of Shri Surinder Kumar Gupta (DIN: 08643406), who retires by rotation and being eligible, offer himself for re-appointment.
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 2.55% · other public 0.12%

    Turnout: all 67.43% · promoters 100.00% · institutions 55.99% · other public 0.75%

  4. To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2023-24.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 67.43% · promoters 100.00% · institutions 55.99% · other public 0.76%

  5. To appoint Shri Ashwini Kumar (DIN: 07598593), as Govt. Nominee Director
    Ordinary
    96.38% for3.62% against

    Against: promoters 0.00% · institutions 99.73% · other public 0.09%

    Turnout: all 67.43% · promoters 100.00% · institutions 55.99% · other public 0.75%

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 Sep 2022, 4 resolutions

Present: 6 promoters and 82 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statement of the Company for the financial year ended March 31, 2022 together with the Reports of the Board and the Auditors thereon and comments of Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.95%

    Turnout: all 65.23% · promoters 100.00% · institutions 15.66% · other public 0.49%

  2. To confirm 1st and 2nd Interim dividends paid @ Rs. 2.00 per share and Rs. 6.50 per share respectively on equity shares for the Financial Year 2021-22 and to declare final dividend @ Rs. 4.40 per share (44%) on equity shares for the financial year 2021-22.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.18%

    Turnout: all 65.21% · promoters 100.00% · institutions 15.66% · other public 0.43%

  3. To appoint a Director in place of Shri Subrata Sarkar (DIN: 08290021), who retires by rotation and being eligible, offer himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 56.90% · other public 5.62%

    Turnout: all 65.21% · promoters 100.00% · institutions 15.66% · other public 0.43%

  4. To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2022-23.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.40%

    Turnout: all 65.21% · promoters 100.00% · institutions 15.66% · other public 0.43%

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.

Extraordinary general meeting, 22 Dec 2021, 3 resolutions

Present: 6 promoters and 55 others.The company's voting result (opens in a new tab)

  1. To approve disinvestment of the entire equity shares held by MSTC in Ferro Scrap Nigam Limited (“FSNL”), a wholly owned subsidiary of MSTC Limited, along with transfer of management and control.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.07%

    Turnout: all 64.91% · promoters 100.00% · institutions 3.26% · other public 0.26%

  2. Appointment of Dr. Vasant Ashok Patil (DIN: 09352913) as an Independent Director.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.95%

    Turnout: all 64.90% · promoters 100.00% · institutions 3.26% · other public 0.21%

  3. Appointment of Shri Adya Prasad Pandey (DIN: 09347851) as an Independent Director.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.14%

    Turnout: all 64.90% · promoters 100.00% · institutions 3.26% · 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.

How mutual funds voted

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

Mutual fund votes, meeting of 24 Sep 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    1 for0 against
  • To confirm Interim dividend paid @ Rs. 7.60 per share on equity shares for the Financial Year 2025-26 and to declare final dividend @ Rs. 8.10 per share (81 %) on equity shares for the financial year 2025-26.MoreLess
    1 for0 against
  • To appoint a Director in place of Shri Manobendra Ghoshal (DIN 09762368), who retires by rotation and being eligible, offer himself for re-appointment.
    1 for0 against
  • To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2026-27.
    1 for0 against
  • Appointment of Shri Siraiong Singpho (DIN: 11835817) as an Independent Director.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
    0 for1 against
  • Appointment of Shri Niwas Mandal (DIN: 11837616) as an Independent Director.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
    0 for1 against
  • To appoint Smt. Santosh (DIN: 09519383), as Govt. Nominee Director.
    1 for0 against

Mutual fund votes, meeting of 27 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • Alteration in Objects Clause of the Memorandum of Association of the Company
    1 for0 against
4 earlier meetings

Mutual fund votes, meeting of 24 Sep 2025, 5 fund houses

  • To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundNon-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements (except certain qualified/adverse non-material remarks identified in CARO report). Compliant with Indian Accounting Standard. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    0 for5 against
  • To confirm 1st, 2nd and 3rd Interim dividends paid @ ₹ 4.00 per share, ₹ 32.00 per share and ₹ 4.50 per share respectively on equity shares for the Financial Year 2024-25.
    5 for0 against
  • To appoint a Director in place of Shri Subrata Sarkar (DIN: 08290021), who retires by rotation and being eligible, offer himself for re-appointment.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal 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.
    1 for4 against
  • To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2025-26.
    5 for0 against
  • To appoint Secretarial Auditor of the Company.
    5 for0 against
  • To appoint Smt. Sudershan Mendiratta (DIN:11152018), as Govt. Nominee Director.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal 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; Delayed shareholder’s approval.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    0 for5 against
  • Appointment of Shri Ramesh Kumar Soni (DIN: 09399355) as an Independent Director.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundDelayed Shareholders’ approval. Term of appointment is ambiguous; Appointment for a period of only one year.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on the merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
    1 for4 against
  • Appointment of Smt. Alka Chandrakar (DIN:11111923) as an Independent Director.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundDelayed Shareholders’ approval. Term of appointment is ambiguous.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on the merit of Directors. 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)
    0 for5 against
  • Appointment of Shri Chandra Shekhar Baghel (DIN: 11111187) as an Independent Director.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundDelayed Shareholders’ approval. Term of appointment is ambiguous.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on the merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
    1 for4 against

Mutual fund votes, meeting of 18 Sep 2024, 4 fund houses

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

  • To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2024 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    3 for0 against
  • To confirm 1st and 2nd interim dividends paid @ Rs. 5.50 per share and Rs. 5.00 per share respectively on equity shares for the Financial Year 2023-24 and to declare final dividend @ Rs. 5.00 per share (50%) on equity shares for the financial year 2023-24.MoreLess
    3 for0 against
  • To appoint a Director in place of Smt. Bhanu Kumar (DIN: 07982360), who retires by rotation and being eligible, offer herself for re-appointment.
    Against Bandhan Mutual Fund, Groww Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors.
    1 for2 against
  • To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2024-25.
    3 for0 against
  • To appoint Shri Manobendra Ghosal (DIN: 09762368), as Chairman and Managing Director.
    Against Bandhan Mutual Fund, Groww Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors. No woman Independent Director on the Board. Delayed Shareholders’ approval. Holding combined position of Chairman and Manging Director position.
    1 for2 against
  • To appoint Shri Vinod Kumar Tripathi (DIN: 10711675), as Govt. Nominee Director.
    Against Bandhan Mutual Fund, Groww Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, no woman Independent Director on the Board.
    1 for2 against
6 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundVinod Kumar Tripathi, 56, is an officer of the Indian Railway Service of Engineers (IRSE-1995). He is presently the Joint Secretary in the Ministry of Steel, Government of India. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing its nominees to the board.
    0 for1 against
  • Item 6, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 3 May 2024, 3 fund houses

  • Alteration in Objects Clause of the Memorandum of Association of the Company
    3 for0 against

Mutual fund votes, meeting of 20 Sep 2023, 2 fund houses

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

  • To receive, consider and adopt the Audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 together with the Reports of the Board and the Auditors thereon and comments of the Comptroller and Auditor General of India.MoreLess
    1 for0 against
  • To confirm 1st and 2nd Interim dividends paid @ Rs. 5.50 per share and Rs. 6.30 per share respectively on equity shares for the Financial Year 2022-23 and to declare final dividend @ Rs. 3.20 per share (32%) on equity shares for the financial year 2022-23.MoreLess
    1 for0 against
  • To appoint a Director in place of Shri Surinder Kumar Gupta (DIN: 08643406), who retires by rotation and being eligible, offer himself for re-appointment.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundRe-appointment compliant with law. No concern on the merits of the proposed appointee. Governance Concern: Holding combined position of Chairman and Managing Director. The Board is non-compliant with requisite number of IDs & Woman ID.
    1 for1 against
  • To authorize Board of Directors of the Company to fix remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2023-24.
    2 for0 against
  • To appoint Shri Ashwini Kumar (DIN: 07598593), as Govt. Nominee Director
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with Law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors & Woman ID. Delayed approval of shareholders.
    0 for1 against
3 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundAshwini Kumar, 46, is an officer of the Indian Economics Service (IES). He is presently Economic Advisor in the Ministry of Steel, Government of India. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing its nominees to the board. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for Ashwini Kumar’s appointment within three months.
    0 for1 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 Sep 2026.

  • Tax disputeStandard Chartered BankSince 14 Mar 2012
    There is no material change since last disclosure and matter is pending before DRT.
    At the filing before: In the last disclosure made to stock exchanges, wherein MSTC Limited had disclosed update about the dispute pending between MSTC Limited and Standard Chartered Bank ("SCB") with respect to the receivable purchase agreement dated August 29, 2008 ("RPA") entered into by our Company with SCB. The subsequent order of the Recovery Officer to auction the attached properties of MSTC Limited as well as steps taken by MSTC Limited to protect its interest including appeal filed against the underlying interim order before the Debt Recovery Appellate Tribunal (DRAT), Mumbai, and the deposit of Rs. 90 crore before the DRAT. It was further informed that the Appeal filed by MSTC has been allowed by the Hon'ble DRAT, Mumbai vide order dated 07.08.2023 thereby setting aside the DRT's interim order directing MSTC to pay Rs. 222.51 crores to SCB.MoreLess
  • Tax disputeClaim by Income Tax Authority (TDS), BhubaneswarSince 22 Aug 2023
    Order u/s 201 for AY 2023-24 has been received by MSTC Ltd for demand of Rs. 105,26,26,306/- on 29.09.2026 vide DIN & Order No. ITBA/COM/F/17/2026-27/1094049338(1), earlier it was Rs.79,09,66,307/-. MSTC Ltd. intends to file an appeal to NFAC(Appeals) within 30 days of the Order. FY 2022-23MoreLess
    At the filing before: Commisioner of Income Tax (Appeals) has reminded back the case to Assessing Officer vide its Order dated 24.12.2025.
  • Tax disputeClaim by Commissioner of Service Tax Department, KolkataSince 14 Feb 2025
    Case pending with Calcutta High Court
  • Tax disputeClaim by Income Tax Authority (TDS), BhubaneswarSince 15 Apr 2025
    Order u/s 201 for AY 2024-25 has been received by MSTC Ltd for demand of Rs. 204,01,74,579/- on 29.09.2026 vide DIN & Order No. ITBA/COM/F/17/2026-27/1094055434(1), earlier it was Rs.178,40,39,972/-. MSTC Ltd. intends to file an appeal to NFAC(Appeals) within 30 days of the Order. FY 2023-24MoreLess
    At the filing before: Commisioner of Income Tax (Appeals) has reminded back the case to Assessing Officer vide its Order dated 24.12.2025.
  • Tax disputeClaim by Deputy Commissioner of Central Tax GST Division, Daryaganj: CGST, Delhi NorthSince 24 Dec 2025
    Case pending with Commisioner of GST (Appeals). Total demand is Rs.4,83,473/- including penalty of Rs.43,952/-. FY 2021-22
    At the filing before: Case pending with Commisioner of GST (Appeals). Total demand is Rs.4,83,473/- including penalty of Rs.43,952/-.
  • Tax disputeClaim by Additional Commissioner Grade II Appeal, GST, LucknowSince 23 Feb 2026
    Appeal has filed before GST Appellate Tribuanl on 21.05.2026 against Demand Order of Additional Commissioner Grade-II Appeal having No. ZD090226169113G dated 23.02.2026. Hearing are in progress before GST Appellate Tribunal, Lucknow Penalty is Rs.40,000/- (Part of total demand of Rs.50,830/-). FY 2021-22MoreLess
    At the filing before: Case pending with Addittional Commissioner Grade-II (Appeal). Penalty is Rs.40,000/- (Part of total demand of Rs.50,830/-). We are going to file an appeal within due date (i.e. 22.05.2026) with GSTAT, Lucknow.MoreLess

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

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
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.