Orient Cement logo

Orient Cement CEO, MD, chairman, board of directors and AGM

NSE: ORIENTCEMBSE: 535754Cement & Cement ProductsSmall Cap

Last close ₹115.98down ₹0.91 (0.78%)BSE ₹116.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹116.89.

52-week range of traded prices to 23 Oct 2026
₹109.29Low, 9 Oct 2026₹224.73High, 3 Nov 2025
Market cap
₹2,383 Cr971st largest listed
P/E
12.4
P/B
1.1
Dividend yield
0.43%
ROE
8.9%
ROCE
10.4%
Debt to equity
0.02
Volume, NSE
12,74,45222.4% delivered

Orient Cement board of directors

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

  • ChairpersonVinod Bahety
  • Chief executiveVaibhav Dixit
  • Company Secretary and Compliance OfficerPranjali Dubey

6 directors3 independent1 executive2 non-executive

  • Shruti ShahIndependent · joined Apr 2025 · 14 months as independent · 6 listed boards · 6 as independent · 7 committee seats, 2 as chair
  • Vinod Bahety · ChairpersonNon-executive · joined Apr 2025 · 14 months as independent · 3 listed boards · 2 committee seats
  • Vaibhav Dixit · Chief executiveExecutive · joined Apr 2025 · 14 months as independent · 1 listed board · 1 committee seat
  • Ravi KapoorIndependent · joined Apr 2025 · 14 months as independent · 2 listed boards · 2 as independent · 7 committee seats
  • Rohit SoniNon-executive · joined Nov 2025 · 7 months as independent · 1 listed board · 1 committee seat
  • Sudhir NanavatiIndependent · joined Apr 2025 · 14 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

8 directors who left
  • Rakesh Kumar Tiwary, left 21 Nov 2025: Others
  • Kartick Maheshwari, left 22 Apr 2025: Others
  • Swapan Dasgupta, left 22 Apr 2025: Others
  • Varsha Vasant Purandare, left 22 Apr 2025: Others
  • Yasodhara Rama Krishna Rao Ippagunta, left 22 Apr 2025: Others
  • Chandrakant Birla, left 22 Apr 2025: Others
  • Amita Birla, left 22 Apr 2025: Others
  • Desh Deepak Khetrapal, left 22 Apr 2025: Others

Committees and meetings

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

  • Board

    • 28 Apr 20265 of 6 present2 independent · 33 days in between
    • 25 Mar 20265 of 6 present2 independent · 54 days in between
    • 29 Jan 20265 of 6 present2 independent

  • Audit Committee

    Chair Shruti Shah

    Ravi Kapoor, Sudhir Nanavati

    • 28 Apr 20262 of 3 present2 independent · 33 days in between
    • 25 Mar 20262 of 3 present2 independent · 54 days in between
    • 29 Jan 20262 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Ravi Kapoor

    Sudhir Nanavati, Shruti Shah

    • 28 Apr 20262 of 3 present2 independent · 33 days in between
    • 25 Mar 20262 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Sudhir Nanavati

    Ravi Kapoor, Vaibhav Dixit, Rohit Soni

    • 28 Apr 20263 of 4 present1 independent · 88 days in between
    • 29 Jan 20264 of 4 present2 independent

  • Risk Management Committee

    Chair Shruti Shah

    Ravi Kapoor, Sudhir Nanavati

    • 28 Apr 20262 of 3 present2 independent · 88 days in between
    • 29 Jan 20263 of 3 present3 independent

  • Corporate Social Responsibility Committee

    Chair Ravi Kapoor

    Sudhir Nanavati, Shruti Shah, Vinod Bahety

    • 28 Apr 20263 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.

  • M/s G. K. Choksi and Co.Peer-review certificate valid to Jan 2029
1 earlier auditor
  • B S R and Associates LLPNamed in the filing for the quarter to Mar 2025

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.

Orient Cement 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.Orient Cement dividend history

Meeting called by the tribunal, 28 Sep 2026

96,624 shareholders on the register on 21 Sep 2026; present: 1 promoter and 48 others; votes counted by Yousuf Khan / M/s Khan & Khan.The company's voting result (opens in a new tab)

  1. To consider and approve the Scheme of Amalgamation of Orient Cement Limited with Ambuja Cements Limited under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013
    OrdinaryPromoters have an interest in it
    78.85% for21.15% against

    Against: promoters 0.00% · institutions 35.81% · other public 3.66%

    Turnout: all 8.31% · promoters 0.00% · institutions 71.76% · other public 18.01%

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, 26 Jun 2026, 4 resolutions

98,611 shareholders on the register on 19 Jun 2026; present: 1 promoter and 45 others; votes counted by Raimeen Maradiya / Chirag Shah & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 9.31%

    Turnout: all 76.01% · promoters 100.00% · institutions 52.01% · other public 0.18%

  2. To declare a dividend on equity shares for the financial year 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.07%

    Turnout: all 76.04% · promoters 100.00% · institutions 52.54% · other public 0.18%

  3. To appoint a Director in place of Mr. Vinod Bahety (DIN:09192400), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 2.07% · other public 14.72%

    Turnout: all 76.04% · promoters 100.00% · institutions 52.54% · other public 0.18%

  4. To consider and,if thought fit, approve the remuneration payable to M/s. P.M. Nanabhoy & Co., Cost Accountants, Cost Auditors of the Company, for the financial year 2026-27
    Ordinary
    100.00% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 10.20%

    Turnout: all 76.04% · promoters 100.00% · institutions 52.54% · other public 0.18%

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, 1 Apr 2026, 2 resolutions

1,00,492 shareholders on the register on 27 Feb 2026; votes counted by Chirag Shah / Chirag shah and Associates.The company's voting result (opens in a new tab)

  1. Approval of material related party transactions with Ambuja Cements Limited for financial year 2026-27
    OrdinaryPromoters have an interest in it
    61.73% for38.27% against

    Against: promoters 0.00% · institutions 56.76% · other public 0.45%

    Turnout: all 7.62% · promoters 0.00% · institutions 73.23% · other public 12.29%

  2. Approval of Material Related Party transactions with ACC Limited for Financial Year 2026-27.
    OrdinaryPromoters have an interest in it
    61.73% for38.27% against

    Against: promoters 0.00% · institutions 56.76% · other public 0.45%

    Turnout: all 7.62% · promoters 0.00% · institutions 73.23% · other public 12.29%

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, 17 Feb 2026, 1 resolution

1,03,407 shareholders on the register on 9 Jan 2026; votes counted by Chirag Shah / Chirag shah and Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Rohit Soni (DIN: 0009336186) as Director (Non-Executive, Non-Independent) of the Company
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 2.21% · other public 21.68%

    Turnout: all 77.09% · promoters 100.00% · institutions 67.44% · other public 0.25%

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

Annual general meeting, 7 Aug 2025, 6 resolutions

91,336 shareholders on the register on 31 Jul 2025; present: 1 promoter and 51 others; votes counted by Raimeen Maradiya / Chirag Shah and Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 8.68%

    Turnout: all 79.37% · promoters 100.00% · institutions 74.41% · other public 0.11%

  2. To declare a dividend on equity shares for the Financial Year 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 8.64%

    Turnout: all 79.49% · promoters 100.00% · institutions 75.74% · other public 0.11%

  3. To consider and if thought fit, approve the appointment of M/s G. K. Choksi & Co., Chartered Accountants as Statutory Auditors of the Company for a first term of five (5) years.
    Ordinary
    98.84% for1.16% against

    Against: promoters 0.00% · institutions 13.64% · other public 10.06%

    Turnout: all 79.40% · promoters 100.00% · institutions 74.79% · other public 0.11%

  4. To consider and if thought fit, approve the appointment of M/s Parikh Dave & Associates, Ahmedabad, Practicing Company Secretary as Secretarial Auditor of the Company for a first term of five (5) years.MoreLess
    Ordinary
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 2.73% · other public 9.00%

    Turnout: all 79.40% · promoters 100.00% · institutions 74.79% · other public 0.11%

  5. To consider and if thought fit, ratify and approve the waiver of recovery of excess remuneration paid to Mr. Desh Deepak Khetrapal (DIN: 02362633), then Managing Director & Chief Executive Officer of the Company for the Financial Year 2024-25.MoreLess
    Special
    95.20% for4.80% against

    Against: promoters 0.00% · institutions 56.70% · other public 13.46%

    Turnout: all 79.40% · promoters 100.00% · institutions 74.79% · other public 0.11%

  6. To consider and if thought fit, approve the material related party transaction(s) with Adani Global PTE, a subsidiary of Adani Enterprises Limited.
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 19.83%

    Turnout: all 6.74% · promoters 0.00% · institutions 74.79% · other public 0.11%

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

Postal ballot, 28 Jun 2025, 13 resolutions

74,047 shareholders on the register on 23 May 2025; votes counted by Raimeen Maradiya / Chirag Shah and Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Vinod Bahety (DIN: 09192400) as Director (Non-Executive, Non-Independent) of the Company.
    Ordinary
    99.53% for0.47% against

    Against: promoters 0.00% · institutions 1.91% · other public 0.05%

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  2. Appointment of Mr. Rakesh Kumar Tiwary (DIN: 06895533) as Director (Non-Executive, Non-Independent) of the Company.
    Ordinary
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 1.16% · other public 0.04%

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  3. Appointment of Mr. Vaibhav Dixit (DIN: 09085118) as Director of the Company.
    Ordinary
    99.73% for0.27% against

    Against: promoters 0.00% · institutions 1.08% · other public 0.03%

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  4. Appointment of Mr. Vaibhav Dixit (DIN: 09085118) as Wholetime Director and Chief Executive Officer of the Company.
    Ordinary
    96.29% for3.71% against

    Against: promoters 0.00% · institutions 15.22% · other public 0.03%

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  5. Appointment of Mr. Sudhir Nanavati (DIN: 00050236) as an Independent Director of the Company.
    Special
    91.24% for8.76% against

    Against: promoters 0.00% · institutions 35.94% · other public 0.03%

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  6. Appointment of Mr. Ravi Kapoor (DIN: 00003847) as an Independent Director of the Company.
    Special
    94.74% for5.26% against

    Against: promoters 0.00% · institutions 21.58% · other public 0.04%

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  7. Appointment of Ms. Shruti Shah (DIN: 08337714) as an Independent Director of the Company.
    Special
    93.62% for6.38% against

    Against: promoters 0.00% · institutions 26.17% · other public 0.05%

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  8. Approval of Material Related Party Transactions with Ambuja Cements Limited for Financial Year 2025-26.
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.20%

    Turnout: all 20.22% · promoters 0.00% · institutions 70.65% · other public 12.95%

  9. Approval of Material Related Party Transactions with ACC Limited for Financial Year 2025-26.
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.20%

    Turnout: all 20.22% · promoters 0.00% · institutions 70.65% · other public 12.95%

  10. Approval of Material Related Party Transactions with Adani Enterprises Limited for Financial Year 2025-26.
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 20.22% · promoters 0.00% · institutions 70.65% · other public 12.95%

  11. Appointment of M/s G. K. Choksi & Co., Chartered Accountants as Statutory Auditors of the Company and to fix their remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  12. Ratification of remuneration payable to M/s. P.M. Nanabhoy & Co., Cost Auditors, for the financial year 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.93%

  13. Shifting of registered office of the Company from the State of Orissa to the State of Gujarat
    Special
    99.99% for0.01% against

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

    Turnout: all 66.88% · promoters 100.00% · institutions 70.65% · other public 12.95%

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

Postal ballot, 12 Sep 2024, 1 resolution

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

  1. Appointment of Mr. Kartick Maheshwari (DIN: 07969734) as an Independent Director of the Company.
    Special
    82.55% for17.45% against

    Against: promoters 0.00% · institutions 70.66% · other public 0.72%

    Turnout: all 66.99% · promoters 100.00% · institutions 67.23% · other public 33.63%

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, 5 Aug 2024, 4 resolutions

Present: 17 promoters and 31 others.The company's voting result (opens in a new tab)

  1. To consider and adopt the Financial Statements of the Company for the financial year ended March 31, 2024, including the audited Balance Sheet as at March 31, 2024, the Statement of Profit & Loss and Cash Flow Statement for the financial year ended on that date and the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.65% · promoters 100.00% · institutions 67.04% · other public 33.22%

  2. To declare a final dividend of Rs 1.50/- (150%) per equity share for the financial year ended March 31, 2024 and to confirm the interim dividend of Rs 0.75/- (75%) per equity share paid during the financial year 2023-24.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.70% · promoters 100.00% · institutions 67.26% · other public 33.22%

  3. To appoint a Director in place of Mrs. Amita Birla (DIN: 00837718), who retires by rotation under the provisions of the Companies Act, 2013 and being eligible, offers herself for re-appointment.
    Ordinary
    99.94% for0.06% against

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

    Turnout: all 66.70% · promoters 100.00% · institutions 67.26% · other public 33.22%

  4. To ratify the remuneration payable to Mr. Somnath Mukherjee, Cost Auditor of the Company for the financial year 2024-25.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.70% · promoters 100.00% · institutions 67.26% · other public 33.22%

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

How mutual funds voted

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

Mutual fund votes, meeting of 28 Sep 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • To consider and approve the Scheme of Amalgamation of Orient Cement Limited with Ambuja Cements Limited under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013
    1 for0 against

Mutual fund votes, meeting of 26 Jun 2026, 6 fund houses

  • To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon.
    6 for0 against
  • To declare a dividend on equity shares for the financial year 2025-26.
    6 for0 against
  • To appoint a Director in place of Mr. Vinod Bahety (DIN:09192400), who retires by rotation and being eligible, offers himself for re-appointment
    6 for0 against
  • To consider and,if thought fit, approve the remuneration payable to M/s. P.M. Nanabhoy & Co., Cost Accountants, Cost Auditors of the Company, for the financial year 2026-27
    6 for0 against
6 earlier meetings

Mutual fund votes, meeting of 1 Apr 2026, 6 fund houses

  • Approval of material related party transactions with Ambuja Cements Limited for financial year 2026-27
    6 for0 against
  • Approval of Material Related Party transactions with ACC Limited for Financial Year 2026-27.
    6 for0 against

Mutual fund votes, meeting of 17 Feb 2026, 5 fund houses

  • Appointment of Mr. Rohit Soni (DIN: 0009336186) as Director (Non-Executive, Non-Independent) of the Company
    5 for0 against

Mutual fund votes, meeting of 7 Aug 2025, 7 fund houses

  • To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon.
    7 for0 against
  • To declare a dividend on equity shares for the Financial Year 2024-25.
    7 for0 against
  • To consider and if thought fit, approve the appointment of M/s G. K. Choksi & Co., Chartered Accountants as Statutory Auditors of the Company for a first term of five (5) years.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: The Company has stated that it wishes to align its Auditors on a “Group-Wide Basis”. However, none of the Group Companies changed their Auditors as of yet; Reason for Change in Auditors does not seem to be cohesive with the current stance of Group Companies Transparency Concern: Non-Disclosure of Audit Fee; the proposed Auditor was appointed to fill the Casual Vacancy of the Outgoing Auditor, with a proposed Audit Fee of ₹ 37.50 lakhs. However, the Fee appears to be a yearly Fee, and not for a short duration of 3-months. Thus, there is an ambiguity if the Company is intending to continue the same fee for FY 2026.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundGovernance Concern: The Company has stated that it wishes to align its Auditors on a “Group-Wide Basis”. However, none of the Group Companies changed their Auditors as of yet; Reason for Change in Auditors does not seem to be cohesive with the current stance of Group Companies Transparency Concern: Non-Disclosure of Audit Fee; the proposed Auditor was appointed to fill the Casual Vacancy of the Outgoing Auditor, with a proposed Audit Fee of ? 37.50 lakhs. However, the Fee appears to be a yearly Fee, and not for a short duration of 3-months. Thus, there is an ambiguity if the Company is intending to continue the same fee for FY 2026.
    • HDFC Mutual FundThe company proposes to appoint G. K. Choksi & Co. as statutory auditors. G. K. Choksi & Co. have served as statutory auditors for multiple subsidiaries of Adani Ports and Special Economic Zone Limited, a promoter group entity. Due to their audit association with the Adani group would extend beyond 10 years during the proposed tenure. We do not support the resolution.
    2 for5 against
  • To consider and if thought fit, approve the appointment of M/s Parikh Dave & Associates, Ahmedabad, Practicing Company Secretary as Secretarial Auditor of the Company for a first term of five (5) years.MoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundTransparency Concern: Previous Auditor’s remuneration has not been disclosed, and the Company has not addressed if there is any Material Change in the Audit Fee.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency Concern: Previous Auditor’s remuneration has not been disclosed, and the Company has not addressed if there is any Material Change in the Audit Fee.
    3 for4 against
  • To consider and if thought fit, ratify and approve the waiver of recovery of excess remuneration paid to Mr. Desh Deepak Khetrapal (DIN: 02362633), then Managing Director & Chief Executive Officer of the Company for the Financial Year 2024-25.MoreLess
    7 for0 against
  • To consider and if thought fit, approve the material related party transaction(s) with Adani Global PTE, a subsidiary of Adani Enterprises Limited.
    7 for0 against

Mutual fund votes, meeting of 28 Jun 2025, 13 fund houses

  • Appointment of Mr. Vinod Bahety (DIN: 09192400) as Director (Non-Executive, Non-Independent) of the Company.
    13 for0 against
  • Appointment of Mr. Rakesh Kumar Tiwary (DIN: 06895533) as Director (Non-Executive, Non-Independent) of the Company.
    13 for0 against
  • Appointment of Mr. Vaibhav Dixit (DIN: 09085118) as Director of the Company.
    13 for0 against
  • Appointment of Mr. Vaibhav Dixit (DIN: 09085118) as Wholetime Director and Chief Executive Officer of the Company.
    Against Mirae Asset Mutual Fund
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    12 for1 against
  • Appointment of Mr. Sudhir Nanavati (DIN: 00050236) as an Independent Director of the Company.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundNo prior approval obtained for appointment of director above 75 years of age.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of Director. Non-Compliance with Regulation 17(1A) of SEBI LODR, 2015: No prior approval for appointment of director above 75 years of age.
    • Kotak Mahindra Mutual FundSudhir Nanavati, 77, is the President of GLS University. He serves as a Senior Advocate at Gujarat High Court and the Supreme Court and has more than 50 years of legal experience. He has been on the board of Sanghi Industries Limited, an Adani group company, since June 2022. Since the resolution is non-compliant under law as his age is above 75years, we are voting against.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundNon-compliant with SEBI LODR
    5 for8 against
  • Appointment of Mr. Ravi Kapoor (DIN: 00003847) as an Independent Director of the Company.
    Against HDFC Mutual Fund, Mirae Asset Mutual Fund, WhiteOak Capital Mutual Fund
    • HDFC Mutual FundMr. Ravi Kapoor, 61, is a Company Secretary and Proprietor, Ravi Kapoor & Associates. He has served on the boards of various Adani group companies from March 2015 to September 2017, and again from July 2019 till date. His aggregate tenure on Adani group boards will exceed ten years. We do not support the appointment of independent directors whose cumulative tenure with the group crosses ten years. We do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • WhiteOak Capital Mutual FundRavi Kapoor, 61, is a Company Secretary and Proprietor of Ravi Kapoor & Associates. He has served on the boards of various Adani Group companies and has acted as a scrutinizer for several of their shareholder meetings over the past three years. These roles may raise concerns regarding potential conflicts of interest. Hence, we do not support the resolution.
    10 for3 against
  • Appointment of Ms. Shruti Shah (DIN: 08337714) 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
    • Angel One Mutual FundThe proposed appointee holds directorships in seven listed entities including seven committee memberships and two committee chairmanships. With such time commitments, she may not be able to devote sufficient time towards the affairs of the Company.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Excessive time commitments.
    8 for5 against
  • Approval of Material Related Party Transactions with Ambuja Cements Limited for Financial Year 2025-26.
    13 for0 against
  • Approval of Material Related Party Transactions with ACC Limited for Financial Year 2025-26.
    13 for0 against
  • Approval of Material Related Party Transactions with Adani Enterprises Limited for Financial Year 2025-26.
    13 for0 against
  • Appointment of M/s G. K. Choksi & Co., Chartered Accountants as Statutory Auditors of the Company and to fix their remuneration.
    13 for0 against
  • Ratification of remuneration payable to M/s. P.M. Nanabhoy & Co., Cost Auditors, for the financial year 2025-26
    13 for0 against
  • Shifting of registered office of the Company from the State of Orissa to the State of Gujarat
    13 for0 against

Mutual fund votes, meeting of 12 Sep 2024, 10 fund houses

  • Appointment of Mr. Kartick Maheshwari (DIN: 07969734) as an Independent Director of the Company.
    Against Bandhan Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundComplaint with Law. Governance Concern: Pecuniary Relationship with a Firm wherein the appointee is a Partner; cessation of an Independent Director and appointment of an Independent Director, both from the same firm, in close proximity with each other.
    • Kotak Mahindra Mutual FundKartick Maheshwari, 43, is Senior Partner, Khaitan & Co. He represents family offices, financial sponsors and corporate clients in a range of transactions in the healthcare, real estate, financial services, manufacturing, ecommerce and renewables sectors. He holds an LLM from University of Pennsylvania Law School and BA LLB from National Law School of India University, Bangalore. Khaitan & Co have a business relationship with the company and have been paid legal fees since FY15. Given the potential conflict of interest we do not support the resolution.
    • quant Mutual FundRes 1 Vote: AGAINST Explanation: Complaint with Law. Governance Concern: Pecuniary Relationship with a Firm wherein the appointee is a Partner; cessation of an Independent Director and appointment of an Independent Director, both from the same firm, in close proximity with each other.
    4 for6 against

Mutual fund votes, meeting of 5 Aug 2024, 10 fund houses

  • To consider and adopt the Financial Statements of the Company for the financial year ended March 31, 2024, including the audited Balance Sheet as at March 31, 2024, the Statement of Profit & Loss and Cash Flow Statement for the financial year ended on that date and the reports of the Board of Directors and Auditors thereon.MoreLess
    10 for0 against
  • To declare a final dividend of Rs 1.50/- (150%) per equity share for the financial year ended March 31, 2024 and to confirm the interim dividend of Rs 0.75/- (75%) per equity share paid during the financial year 2023-24.MoreLess
    10 for0 against
  • To appoint a Director in place of Mrs. Amita Birla (DIN: 00837718), who retires by rotation under the provisions of the Companies Act, 2013 and being eligible, offers herself for re-appointment.
    10 for0 against
  • To ratify the remuneration payable to Mr. Somnath Mukherjee, Cost Auditor of the Company for the financial year 2024-25.
    10 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeGovernment of State of Andhra Pradesh The Chief Electrical Inspector, Government of State of Andhra Pradesh Government of Telangana The Chief Electrical Inspector, Government of TelanganaSince 5 Jul 2016
    The matter was last listed on 06.11.2024. The matter is to be listed for final arguments in due course.
    At the filing before: OCL has filed an SLP before the Hon’ble Supreme Court against the common order dated 19.05.2016 of the Hon’ble High Court of Telangana in W.P. (C) No. 6095/2004, which upheld levy of electricity duty @ INR 0.25 per unit on power generated and consumed by consumers. Pursuant to the order, the Chief Electrical Inspector issued demand notices to OCL for INR 16.91 Crores for the period 17.07.2003 to 23.05.2013. The Hon’ble Supreme Court, as an interim measure, directed payment of duty @ INR 0.15 per unit and stayed the balance INR 0.10 per unit, subject to the SLP outcome, and OCL has paid INR 10.05 Crores (duty @ 15 paise per unit) as per Hon’ble Supreme Court’s direction.MoreLess
  • Tax disputeCommissioner (Appeals), BelgaumSince 30 Dec 2024
    No change
    At the filing before: The Company has been accused of wrongful availment of Input Tax Credit of Rs 6.46 Crores taken on Construction of Private Railway Siding treating it as "Immovable Property" and not falling under "Plant and Machinary" which are generally used in the course of furtherance of its cement business. Also 100 % Penalty of Rs 6.46 Crores was levied. The Company filed an appeal in March 2025 before Commissioner (Appeals) for which hearing was held on 12.08.2025.MoreLess
  • Tax disputeIncome Tax AuthoritySince 22 Jan 2025
    No change
    At the filing before: The Company has received an order under Section 92CA(3) of the Income Tax Act, 1961, wherein the DC/ACIT TP 2 Kolkata has recomputed the transfer pricing adjustments related to the transfer of power from the Captive Unit to the Manufacturing Unit. As a result, the DC/ACIT TP 2 Kolkata has ordered that the Assessing Officer increase the Company's income by Rs. 41.22 crore for the AY 2022-23. The Company's original claim was Rs. 11.33 crore, whereas the DC/ACIT TP 2 Kolkata has proposed an addition of Rs. 41.22 crore, which is considered an erroneous adjustment. The final tax demand, including any applicable penalties, will be determined as part of the assessment order. The Company received an Order on June 14, 2025 u/s 154 r.w.s. 143(3) of the Income Tax Act, 1961 wherein the Income tax department has rectified the earlier issued assessment order under section 143(3) read with section 144C(3) the assessment for the AY 2022-23. The Income tax department has rectified Transfer Pricing adjustment of Rs. 412247344 in relation to the transaction of transfer of power from Captive Unit to Manufacturing Unit and accordingly reduce the income of the Company for the AY 2022-23 by Rs. 412247344 and allowance of deduction u/s 80IA of the Act Rs. 113277984 as claimed by the Company. Accordingly, the demand raised in the earlier order dated April 30, 2025 for Rs. 196152736 has been revised to Rs. 491707 as per the order received on 14.06.2025. The Company has a strong case on merit and hence filed an appeal before the Income tax Appellate Authorities within the prescribed timelines.MoreLess
  • Tax disputeIncome Tax AuthoritySince 30 Mar 2026
    No change
    At the filing before: The Company has received an Order u/s 143(3) r.w.s. 144C(3) of the Income Tax Act, 1961 for the assessment for the AY 2022-23 wherein the Income tax department has raised a demand of Rs. 52,40,34,900. The said demand is mainly on account of Transfer Pricing Adjustment of Rs. 54,33,14,302 in relation to the transaction of transfer of power from Captive Unit to Manufacturing Unit. The said order is erroneous on various grounds and subject to rectification. On rectification the disallowance of deduction claimed u/s 80IA of the Act shall be restricted to Rs. 9,15,22,051 as claimed in the return of income by the company. Accordingly, on rectification, the tax demand shall be reduced to Rs. 3,19,81,466. The Company has a strong case on merit and hence filed an appeal before the Income tax Appellate Authorities within the prescribed timelines.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

At most 1 complaint open, quarter to Jun 2026.
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.