Piramal Enterprises (Delisted) MD, chairman, board of directors and AGM

BSE: 500302Finance

Formerly Piramal Healthcare

Last traded ₹1,124.20 on 22 Sep 2025

Delisted on 16 Jan 2026.

Piramal Enterprises board of directors

At the end of the quarter to Jun 2025, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonAjay PiramalRelated to the promoter
  • Company Secretary and Compliance OfficerMr. Bipin Singh

14 directors8 independent2 executive4 non-executive

  • Ajay Piramal · ChairpersonExecutive · joined Mar 1988 · reappointed Apr 2022 · 2 listed boards
  • Swati Ajay PiramalExecutive · joined Nov 1997 · reappointed Nov 2022 · 2 listed boards
  • Nandini Ajay PiramalNon-executive · joined Apr 2009 · reappointed Aug 2022 · 2 listed boards · 2 committee seats
  • Anand A PiramalNon-executive · joined May 2017 · 2 listed boards
  • Vijay K ShahNon-executive · joined Jan 2012 · reappointed May 2020 · 1 listed board · 1 committee seat
  • Kunal BahlIndependent · joined Oct 2020 · reappointed Oct 2020 · 57 months as independent · 3 listed boards · 2 as independent · 1 committee seat
  • Suhail Amin NathaniIndependent · joined Oct 2020 · reappointed Oct 2020 · 57 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 2 as chair
  • Anjali BansalIndependent · joined Nov 2020 · reappointed Nov 2020 · 56 months as independent · 4 listed boards · 4 as independent · 5 committee seats
  • Puneet Yadu DalmiaIndependent · joined Oct 2021 · reappointed Oct 2021 · 45 months as independent · 4 listed boards · 3 as independent · 2 committee seats
  • Anita Marangoly GeorgeIndependent · joined Feb 2022 · reappointed Feb 2022 · 41 months as independent · 1 listed board · 1 as independent
  • Shikha Sanjaya SharmaNon-executive · joined Mar 2022 · 5 listed boards · 4 as independent · 4 committee seats
  • Rajiv MehrishiIndependent · joined May 2022 · reappointed May 2022 · 37 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 2 as chair
  • Gautam Bhailal DoshiIndependent · joined Oct 2022 · reappointed Oct 2022 · 32 months as independent · 4 listed boards · 4 as independent · 8 committee seats, 4 as chair
  • Asheet MehtaIndependent · joined Jun 2024 · reappointed Jun 2024 · 12 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.

Committees and meetings

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

  • Board

    • 6 May 202514 of 14 present8 independent · 38 days in between
    • 28 Mar 202514 of 14 present8 independent · 59 days in between
    • 27 Jan 202512 of 14 present7 independent

  • Audit Committee

    Chair Rajiv Mehrishi

    Gautam Bhailal Doshi, Puneet Yadu Dalmia

    • 6 May 20253 of 3 present3 independent · 48 days in between
    • 18 Mar 20253 of 3 present3 independent · 49 days in between
    • 27 Jan 20253 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Suhail Amin Nathani

    Ajay Piramal, Anjali Bansal, Kunal Bahl

    • 5 May 20254 of 4 present3 independent · 47 days in between
    • 18 Mar 20254 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Suhail Amin Nathani

    Nandini Ajay Piramal, Vijay K Shah

    • 18 Mar 20252 of 3 present1 independent

  • Risk Management Committee

    Chair Shikha Sanjaya Sharma

    Anita Marangoly George, Gautam Bhailal Doshi

    • 5 May 20252 of 3 present1 independent · 100 days in between
    • 24 Jan 20253 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair Puneet Yadu Dalmia

    Swati Ajay Piramal, Nandini Ajay Piramal, Suhail Amin Nathani

    • 5 May 20254 of 4 present2 independent · 47 days in between
    • 18 Mar 20254 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 auditors

Named in the results for the quarter to Mar 2025.

  • Suresh Surana & Associates LLPPeer-review certificate valid to Mar 2028
  • Bagaria & Co LLPPeer-review certificate valid to Dec 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.

Piramal Enterprises 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.Piramal Enterprises share news and announcements

Meeting called by the tribunal, 4 Jul 2025

2,56,476 shareholders on the register on 27 Jun 2025; present: 17 promoters and 41 others; votes counted by Bhaskar Upadhyay / N. L. Bhatia & Associates.The company's voting result (opens in a new tab)

  1. Approval for Composite Scheme of Arrangement amongst the Company, Piramal Finance Limited and their respective shareholders and creditors
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 70.16% · promoters 100.00% · institutions 70.71% · other public 10.60%

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, 30 Jun 2025, 13 resolutions

2,56,304 shareholders on the register on 23 Jun 2025; present: 16 promoters and 65 others; votes counted by Bhaskar Upadhyay / N. L. Bhatia & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.02% · promoters 100.00% · institutions 79.65% · other public 2.52%

  2. To declare final dividend on equity shares for the financial year ended March 31, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  3. To appoint a Director in place of Ms. Nandini Piramal (DIN: 00286092), who retires by rotation and being eligible, offers herself for re-appointment.
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.23% · other public 0.25%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  4. To appoint a Director in place of Ms. Shikha Sharma (DIN: 00043265), who retires by rotation and being eligible, offers herself for re-appointment.
    Ordinary
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 0.84% · other public 0.28%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  5. Appointment of N. M. Raiji & Co., Chartered Accountants as Joint Statutory Auditors of the Company
    Ordinary
    97.77% for2.23% against

    Against: promoters 0.00% · institutions 6.51% · other public 0.02%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  6. Appointment of Chhajed & Doshi, Chartered Accountants as Joint Statutory Auditors of the Company
    Ordinary
    97.77% for2.23% against

    Against: promoters 0.00% · institutions 6.51% · other public 0.02%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  7. Continuation of term of Mr. Ajay G. Piramal (DIN: 00028116) as Chairman (Whole- time Director) of the Company upon attaining the age of 70 (Seventy) years
    Special
    93.00% for7.00% against

    Against: promoters 0.00% · institutions 20.49% · other public 0.02%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  8. Re-appointment of Mr. Suhail Nathani (DIN: 01089938) as an Independent Director of the Company
    Special
    90.02% for9.98% against

    Against: promoters 0.00% · institutions 29.36% · other public 0.12%

    Turnout: all 70.81% · promoters 100.00% · institutions 78.96% · other public 2.52%

  9. Re-appointment of Mr. Kunal Bahl (DIN: 01761033) as an Independent Director of the Company
    Special
    99.50% for0.50% against

    Against: promoters 0.00% · institutions 1.48% · other public 0.06%

    Turnout: all 70.81% · promoters 100.00% · institutions 78.96% · other public 2.52%

  10. Re-appointment of Ms. Anjali Bansal (DIN: 00207746) as an Independent Director of the Company
    Special
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.39% · other public 0.18%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  11. Appointment of N. L. Bhatia & Associates, Practicing Company Secretaries as the Secretarial Auditors of the Company
    Ordinary
    97.82% for2.18% against

    Against: promoters 0.00% · institutions 6.38% · other public 0.02%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  12. Issue of Non-Convertible Debentures on Private Placement Basis
    Special
    99.46% for0.54% against

    Against: promoters 0.00% · institutions 1.57% · other public 0.03%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

  13. Conversion of loan into equity or other capital of the Company in case of Event of Default
    Special
    98.77% for1.23% against

    Against: promoters 0.00% · institutions 3.58% · other public 0.07%

    Turnout: all 71.03% · promoters 100.00% · institutions 79.70% · other public 2.52%

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, 8 Jul 2024, 7 resolutions

Present: 19 promoters and 91 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2024
    OrdinaryPromoters have an interest in it
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.38% · other public 0.34%

    Turnout: all 69.38% · promoters 100.00% · institutions 77.11% · other public 2.01%

  2. To declare final dividend on equity shares for the financial year ended March 31, 2024.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.34%

    Turnout: all 69.39% · promoters 100.00% · institutions 77.17% · other public 2.01%

  3. To appoint a Director in place of Mr. Anand Piramal (DIN: 00286085), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.08% · other public 0.35%

    Turnout: all 69.39% · promoters 100.00% · institutions 77.17% · other public 2.01%

  4. Appointment of Mr. Asheet Mehta (DIN:10648593) as an Independent Director of the Company
    SpecialPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.08% · other public 0.39%

    Turnout: all 69.39% · promoters 100.00% · institutions 77.17% · other public 2.01%

  5. Issue of Non-Convertible Debentures on Private Placement Basis
    SpecialPromoters have an interest in it
    99.48% for0.52% against

    Against: promoters 0.00% · institutions 1.58% · other public 0.44%

    Turnout: all 69.39% · promoters 100.00% · institutions 77.17% · other public 2.01%

  6. Payment of Commission to Non-Executive Directors of the Company
    SpecialPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.66%

    Turnout: all 69.39% · promoters 100.00% · institutions 77.17% · other public 2.01%

  7. Payment of Commission to Non-Executive Directors of the Company
    SpecialPromoters have an interest in it
    98.86% for1.14% against

    Against: promoters 0.00% · institutions 3.41% · other public 2.19%

    Turnout: all 69.39% · promoters 100.00% · institutions 77.17% · other public 2.01%

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, 30 Jun 2023, 4 resolutions

Present: 15 promoters and 73 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements (Standalone and Consolidated) and the Reports of the Board of Directors and Auditors thereon of the Company for the financial year ended on March 31, 2023.
    Ordinary
    99.76% for0.24% against

    Against: promoters 0.00% · institutions 0.65% · other public 0.05%

    Turnout: all 72.95% · promoters 100.00% · institutions 70.09% · other public 13.90%

  2. Declaration of Final Dividend of Rs. 31/- per equity share of face value Rs. 2/- each for the financial year ended March 31, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 73.01% · promoters 100.00% · institutions 70.23% · other public 13.90%

  3. Re-appointment of Mr. Vijay Shah (DIN: 00021276), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.03% for0.97% against

    Against: promoters 0.00% · institutions 2.61% · other public 0.09%

    Turnout: all 73.00% · promoters 100.00% · institutions 70.21% · other public 13.90%

  4. Issue of Non-Convertible Debentures on Private Placement Basis
    Special
    98.63% for1.37% against

    Against: promoters 0.00% · institutions 3.69% · other public 0.11%

    Turnout: all 73.00% · promoters 100.00% · institutions 70.21% · other public 13.90%

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, 11 Dec 2022, 2 resolutions

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

  1. Appointment of Bagaria & Co LLP, Chartered Accountants as the Joint Statutory Auditors of the Company
    Ordinary
    99.47% for0.53% against

    Against: promoters 0.00% · institutions 1.31% · other public 0.30%

    Turnout: all 76.01% · promoters 100.00% · institutions 75.85% · other public 14.54%

  2. Appointment of Mr. Gautam Doshi as an Independent Director.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.26%

    Turnout: all 80.86% · promoters 100.00% · institutions 88.09% · other public 14.54%

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, 29 Jul 2022, 7 resolutions

Present: 12 promoters and 91 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended on March 31, 2022 and the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 0.28% · other public 0.01%

    Turnout: all 82.53% · promoters 100.00% · institutions 84.02% · other public 24.14%

  2. To declare final dividend on equity shares for the financial year ended March 31, 2022
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 83.57% · promoters 100.00% · institutions 86.46% · other public 24.14%

  3. To appoint Director in place of Dr. (Mrs.) Swati A. Piramal (DIN: 00067125) who retires by rotation and being eligible, offers herself for re-appointment
    Ordinary
    92.44% for7.56% against

    Against: promoters 0.00% · institutions 17.21% · other public 0.03%

    Turnout: all 83.57% · promoters 100.00% · institutions 86.46% · other public 24.14%

  4. Appointment of M/s. Suresh Surana & Associates LLP, Chartered Accountants as Statutory Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 83.57% · promoters 100.00% · institutions 86.46% · other public 24.14%

  5. Appointment of Mr. Rajiv Mehrishi as an Independent Director
    Special
    100.00% for0.00% against

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

    Turnout: all 83.54% · promoters 100.00% · institutions 86.40% · other public 24.14%

  6. Ratification of remuneration payable to the Cost Auditor
    Ordinary
    98.72% for1.28% against

    Against: promoters 0.00% · institutions 1.49% · other public 15.37%

    Turnout: all 83.57% · promoters 100.00% · institutions 86.46% · other public 24.14%

  7. Issue of Non-Convertible Debentures on Private Placement Basis
    Special
    98.78% for1.22% against

    Against: promoters 0.00% · institutions 2.79% · other public 0.03%

    Turnout: all 83.57% · promoters 100.00% · institutions 86.46% · other public 24.14%

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.

Meeting called by the tribunal, 5 Jul 2022, 1 resolution

Present: 11 promoters and 61 others.The company's voting result (opens in a new tab)

  1. Composite Scheme of Arrangement under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and rules made thereunder amongst Piramal Enterprises Limited, Piramal Pharma Limited, Convergence Chemicals Private Limited, Hemmo Pharmaceuticals Private Limited, PHL Fininvest Private Limited and their respective shareholders and creditorsMoreLess
    Special
    100.00% for0.00% against

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

    Turnout: all 83.43% · promoters 100.00% · institutions 85.79% · other public 24.09%

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, 5 May 2022, 6 resolutions

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

  1. Appointment of Mr. Puneet Dalmia as an Independent Director of the Company
    Special
    98.38% for1.62% against

    Against: promoters 0.00% · institutions 3.61% · other public 0.28%

    Turnout: all 84.03% · promoters 100.00% · institutions 86.63% · other public 22.63%

  2. Appointment of Ms. Anita George as an Independent Director of the Company
    Special
    98.89% for1.11% against

    Against: promoters 0.00% · institutions 2.33% · other public 4.04%

    Turnout: all 79.02% · promoters 100.00% · institutions 75.08% · other public 22.63%

  3. Appointment of Ms. Shikha Sharma as a Director of the Company
    Ordinary
    91.94% for8.06% against

    Against: promoters 0.00% · institutions 18.02% · other public 0.11%

    Turnout: all 84.03% · promoters 100.00% · institutions 86.63% · other public 22.63%

  4. Re-Appointment of Mr. Ajay G. Piramal as chairman of the Company
    Ordinary
    93.04% for6.96% against

    Against: promoters 0.00% · institutions 15.26% · other public 4.00%

    Turnout: all 84.03% · promoters 100.00% · institutions 86.63% · other public 22.63%

  5. Re-appointment of Dr. (Mrs.) Swati A. Piramal as Vice-Chairperson of the Company
    Ordinary
    95.71% for4.29% against

    Against: promoters 0.00% · institutions 9.58% · other public 0.07%

    Turnout: all 84.03% · promoters 100.00% · institutions 86.63% · other public 22.63%

  6. Re-Appointment of Ms. Nandini Piramal as Executive Director of the Company
    Ordinary
    86.68% for13.32% against

    Against: promoters 0.00% · institutions 31.95% · other public 4.02%

    Turnout: all 79.05% · promoters 100.00% · institutions 75.13% · other public 22.63%

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.

How mutual funds voted

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

Mutual fund votes, meeting of 4 Jul 2025, 27 fund houses

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

  • Approval for Composite Scheme of Arrangement amongst the Company, Piramal Finance Limited and their respective shareholders and creditors
    23 for0 against
2 proposals not matched to one resolution
  • 1) Approve the amalgamation of Piramal Enterprises Limited (PEL) into and with Piramal Finance Limited (PFL), its wholly owned subsidiary.
    1 for0 against
  • Approve the amalgamation of Piramal Enterprises Limited (PEL) into and with Piramal Finance Limited (PFL), its wholly owned subsidiary
    3 for0 against

Mutual fund votes, meeting of 30 Jun 2025, 27 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 Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025
    25 for0 against
  • To declare final dividend on equity shares for the financial year ended March 31, 2025.
    24 for0 against
  • To appoint a Director in place of Ms. Nandini Piramal (DIN: 00286092), who retires by rotation and being eligible, offers herself for re-appointment.
    27 for0 against
  • To appoint a Director in place of Ms. Shikha Sharma (DIN: 00043265), who retires by rotation and being eligible, offers herself for re-appointment.
    27 for0 against
  • Appointment of N. M. Raiji & Co., Chartered Accountants as Joint Statutory Auditors of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund
    • Angel One Mutual FundProposed audit fee payable to Statutory Auditors not disclosed.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo issues on merit of the proposed Statutory Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Statutory Auditors not disclosed.
    • LIC Mutual FundConcerns over Proposed audit fee payable to Statutory Auditors not disclosed.
    • Nippon India Mutual FundNon compliant and Inadequate disclosure
    • PPFAS Mutual FundProposed audit fee not disclosed
    18 for9 against
  • Appointment of Chhajed & Doshi, Chartered Accountants as Joint Statutory Auditors of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund
    • Angel One Mutual FundProposed audit fee payable to Statutory Auditors not disclosed.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo issues on merit of the proposed Statutory Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Statutory Auditors not disclosed
    • LIC Mutual FundConcerns over Proposed audit fee payable to Statutory Auditors not disclosed
    • Nippon India Mutual FundNon compliant and Inadequate disclosure
    • PPFAS Mutual FundProposed audit fee not disclosed
    18 for9 against
  • Continuation of term of Mr. Ajay G. Piramal (DIN: 00028116) as Chairman (Whole- time Director) of the Company upon attaining the age of 70 (Seventy) years
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund
    • Angel One Mutual FundGovernance concern: Appointee holds combined position of Executive Director and Chairman which may lead concentration of power.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Appointee holds combined position of Executive Director and Chairman which may lead concentration of power.
    • LIC Mutual FundConcerns over Appointee holding combined position of Executive Director and Chairman which may lead concentration of power.
    • Nippon India Mutual FundGovernance Concern: Candidate Holds Combined position
    • PPFAS Mutual FundHolds combined position of ED & Chairman
    18 for9 against
  • Re-appointment of Mr. Suhail Nathani (DIN: 01089938) as an Independent Director of the Company
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Unifi Mutual Fund, WhiteOak Capital Mutual Fund
    • Angel One Mutual FundGovernance Concern: Prolonged association at Group Level.
    • Axis Mutual Fund, Unifi Mutual FundSuhail Nathani, 60, is the founder and Managing Partner of Economic Law Practices. He has been on the board since 14 October 2020. He has attended four out of five (80%) board meetings held in FY25. He has been on the board of various Piramal group companies since 2011 and his overall association with the group exceeds 10 years. Further, Piramal Enterprises Limited pays professional fees to Economic Law Practices. Thus, we do not support his reappointment as an Independent Director. The company must consider appointing him as Non-Executive Non-Independent Director.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Prolonged association at Group Level.
    • HDFC Mutual FundMr. Suhail Nathani, 60, is the founder and Managing Partner of Economic Law Practices. He has been on the board of various group companies since 2011 and his overall association with the Piramal group exceeds 10 years. We do not support appointment if aggregate tenure with the company or the group has exceeded 10 years. We do not support the resolution.
    • HSBC Mutual FundA vote AGAINST this resolution is warranted because Suhail Nathani's current appointment will exceed hisassociation with the company (including tenure at the subsidiary) for more than ten years thus affecting hisindependence.
    • Invesco Mutual FundSuhail Nathani, 60, is the founder and Managing Partner of Economic Law Practices. He has been on the board since 14 October 2020. He has attended four out of five (80%) board meetings held in FY25. He has been on the board of various Piramal group companies since 2011 and his overall association with the group exceeds 10 years. Further, Piramal Enterprises Limited pays professional fees to Economic Law Practices. Thus, we do not support his reappointment as an Independent Director. The company must consider appointing him as Non-Executive Non-Independent Director. We do not support the resoltuion.
    • LIC Mutual FundConcerns over Prolonged association at Group Level.
    • Mirae Asset Mutual Fundas per advisory guidelines (passive holding)
    • Nippon India Mutual FundGovernance Concern: Candidate Prolonged Association
    • PPFAS Mutual FundProlonged association at group level
    • quant Mutual Fund: Related to the reappointment of Mr Suhail Nathani as an independent director of the company. The reappointment is compliant with the law. Governance concern: Prolonged association at group level of ca. 13 years.
    • WhiteOak Capital Mutual FundSuhail Nathani, 60, is the Founder and Managing Partner of Economic Law Practices, which receives professional fees from Piramal Enterprises Limited. He has been associated with various Piramal group companies since 2011. In light of this long-standing association and ongoing professional relationship, we do not support his reappointment as an Independent Director.
    10 for17 against
  • Re-appointment of Mr. Kunal Bahl (DIN: 01761033) as an Independent Director of the Company
    Against Axis Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Unifi Mutual Fund
    • Axis Mutual Fund, Invesco Mutual Fund, Unifi Mutual FundKunal Bahl, 41, is a technology entrepreneur and investor. He is the co-founder and CEO of Snapdeal, an e-commerce platform and founder of Titan Capital, through he has invested in more than 250 startups over 12 years. He has attended four out of five (80%) board meetings held in FY25. As per public sources, we understand that Anand Piramal, part of the promoter family has invested in Snapdeal: Kunal Bahl is the co-founder and CEO of Snapdeal. We believe this association compromises the independence of Kunal Bahl. We understand that Kunal Bahl, accomplished in his own right, would bring strong IT and e-commerce skills which would be beneficial for the company, however given the association, the company must consider appointing him as a non-executive director. We do not support the resolution.
    • Mirae Asset Mutual Fundas per advisory guidelines (passive holding)
    23 for4 against
  • Re-appointment of Ms. Anjali Bansal (DIN: 00207746) as an Independent Director of the Company
    27 for0 against
  • Appointment of N. L. Bhatia & Associates, Practicing Company Secretaries as the Secretarial Auditors of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund
    • Angel One Mutual FundProposed audit fee payable to Secretarial Auditors not disclosed.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Secretarial Auditors not disclosed.
    • LIC Mutual FundConcerns over Proposed audit fee payable to Secretarial Auditors not disclosed.
    • Nippon India Mutual FundNon compliant and Inadequate disclosure
    • PPFAS Mutual FundProposed audit fee not disclosed
    18 for9 against
  • Issue of Non-Convertible Debentures on Private Placement Basis
    27 for0 against
  • Conversion of loan into equity or other capital of the Company in case of Event of Default
    25 for0 against
3 proposals not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    2 for0 against
  • Approve Exchange of Debt for Equity
    2 for0 against
  • Approve final dividend of Rs. 11.0 per equity share (face value Rs. 2.0) for FY25
    3 for0 against
6 earlier meetings

Mutual fund votes, meeting of 8 Jul 2024, 23 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 Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2024
    22 for0 against
  • To declare final dividend on equity shares for the financial year ended March 31, 2024.
    22 for0 against
  • To appoint a Director in place of Mr. Anand Piramal (DIN: 00286085), who retires by rotation and being eligible, offers himself for re-appointment
    22 for0 against
  • Appointment of Mr. Asheet Mehta (DIN:10648593) as an Independent Director of the Company
    22 for0 against
  • Issue of Non-Convertible Debentures on Private Placement Basis
    22 for0 against
  • Payment of Commission to Non-Executive Directors of the Company
    21 for0 against
12 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
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against
  • 7) Approve conversion of loans into equity or other capital on the occurrence of default.
    1 for0 against
  • Approve conversion of loans into equity or other capital on the occurrence of default
    2 for0 against
  • Approve payment of commission to Non-Executive Directors in the event of inadequate profits for three years from FY24 as per regulatory limits or Rs. 100 mn in aggregate, whichever is higher
    1 for0 against
  • Conversion of loan into equity or other capital of the Company in case of Event of Default.
    18 for0 against
  • To approve, Conversion of loan into equity or other capital of the Company in case of Event of Default.
    1 for0 against

Mutual fund votes, meeting of 30 Jun 2023, 20 fund houses

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

  • Adoption of Audited Financial Statements (Standalone and Consolidated) and the Reports of the Board of Directors and Auditors thereon of the Company for the financial year ended on March 31, 2023.
    19 for0 against
  • Declaration of Final Dividend of Rs. 31/- per equity share of face value Rs. 2/- each for the financial year ended March 31, 2023.
    19 for0 against
  • Re-appointment of Mr. Vijay Shah (DIN: 00021276), who retires by rotation and being eligible, offers himself for re-appointment.
    19 for0 against
  • Issue of Non-Convertible Debentures on Private Placement Basis
    19 for0 against
1 proposal not matched to one resolution
  • 1. Adoption of Audited Financial Statements (Standalone and Consolidated) and the Reports of the Board of Directors and Auditors thereon of the Company for the financial year ended on March 31, 2023. 2. Declaration of Final Dividend of Rs. 31/- per equity share of face value Rs. 2/- each for the financial year ended March 31, 2023. 3. Re-appointment of Mr. Vijay Shah (DIN: 00021276), who retires by rotation and being eligible, offers himself for re-appointment. 4. Issue of Non-Convertible Debentures on Private Placement Basis.MoreLess
    1 for0 against

Mutual fund votes, meeting of 11 Dec 2022, 16 fund houses

  • Appointment of Bagaria & Co LLP, Chartered Accountants as the Joint Statutory Auditors of the Company
    Against Axis Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundPEL appointed Suresh Surana & Associates LLP as statutory auditors in the 2022 AGM. PEL’s asset size is more than Rs. 150.0 bn, thus, the company will have to appoint joint auditors as per RBI guidelines. The company proposes to appoint Bagaria & Co. LLP as joint statutory auditor for three years till the 2025 AGM. Bagaria & Co. LLP will be paid aggregate audit fees of Rs 6.0 mn plus reimbursement of out-of-pocket expenses for FY23.We raise concerns over the quality of the auditor: Bagaria & Co LLP were appointed as auditors to fill casual vacancy at Manpasand Beverages Limited (MBL) to audit the FY19 financials. At MBL, the firm did not qualify the financial statements given several concerns that included not having access to complete records (since several of those remained in the custody of GST authorities), and the authenticity of trade receivables. Further, since the auditor raised concerns over the company’s internal financial controls, it is unclear how the audit process addressed revenue recognition (a key audit matter).
    • Invesco Mutual FundPEL appointed Suresh Surana & Associates LLP as statutory auditors in the 2022 AGM. PEL’s asset size is more than Rs. 150.0 bn, thus, the company will have to appoint joint auditors as per RBI guidelines The company proposes to appoint Bagaria & Co. LLP as joint statutory auditor for three years till the 2025 AGM. Bagaria & Co. LLP will be paid aggregate audit fees of Rs. 6.0 mn plus reimbursement of out-of-pocket expenses for FY23. We raise concerns over the quality of the auditor: Bagaria & Co LLP were appointed as auditors to fill casual vacancy at Manpasand Beverages Limited (MBL) to audit the FY19 financials. At MBL, the firm did not qualify the financial statements given several concerns that included not having access to complete records (since several of those remained in the custody of GST authorities), and the authenticity of trade receivables. Further, since the auditor raised concerns over the company’s internal financial controls, it is unclear how the audit process addressed revenue recognition (a key audit matter).
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • SBI Mutual FundPEL appointed Suresh Surana & Associates LLP as statutory auditors in the 2022 AGM. PEL’s asset size is more than Rs. 150.0 bn, thus, the company will have to appoint joint auditors as per RBI guidelines. The company proposes to appoint Bagaria & Co. LLP as joint statutory auditor for three years till the 2025 AGM. Bagaria & Co. LLP will be paid aggregate audit fees of Rs 6.0 mn plus reimbursement of out-of-pocket expenses for FY23. We note that Bagaria & Co LLP were appointed as auditors to fill casual vacancy at Manpasand Beverages Limited (MBL) to audit the FY19 financials. At MBL, the firm did not qualify the financial statements given several concerns that included not having access to complete records (since several of those remained in the custody of GST authorities), and the authenticity of trade receivables. We understand that the auditor raised concerns over the company’s internal financial controls, however, it is unclear how the audit process addressed revenue recognition (a key audit matter). In this case, due to lack of clarity, we are unable to support the resolution.
    12 for4 against
  • Appointment of Mr. Gautam Doshi as an Independent Director.
    16 for0 against

Mutual fund votes, meeting of 12 Nov 2022, 1 fund house

  • 1. Appointment of Bagaria & Co LLP, Chartered Accountants as the Joint Statutory Auditors of the Company 2. Appointment of Mr. Gautam Doshi as an Independent Director of the Company.
    1 for0 against

Mutual fund votes, meeting of 29 Jul 2022, 17 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 Financial Statements (Standalone and Consolidated) of the Company for the financial year ended on March 31, 2022 and the Reports of the Board of Directors and Auditors thereonMoreLess
    16 for0 against
  • To declare final dividend on equity shares for the financial year ended March 31, 2022
    16 for0 against
  • To appoint Director in place of Dr. (Mrs.) Swati A. Piramal (DIN: 00067125) who retires by rotation and being eligible, offers herself for re-appointment
    Against SBI Mutual Fund
    • SBI Mutual FundSBIMF has an internal proxy voting guideline, which does not allow us to vote in favour of appointments/re-appointments of promoter directors/promoter representatives where the board is not 50% independent. We understand that SEBI LODR allows the board to have 50% independence if the Chairperson is not independent, however, SBIMF’s internal framework is aligned with Kotak Committee Recommendations in the spirit of good governance. In this case, there are 8/15 directors classified as independent, however, three Independent directors, Mr N Vaghul, S Ramodarai and Suhail Nathani have been on the board for 25, 20 and 10 years respectively. In this case, we observe that there is lower than 50% independence on the board, and therefore we are voting against the resolution. We wish to emphasise that we have no doubts about the capabilities of Dr Swati A Piramal, however, we feel more independent boards have adequate minority shareholder voice. Having said that, in case the company can provide us in writing that they will endeavour to have their board aligned with 50% independence, in numbers and in spirit by 2023-24, then we can consider voting in favour.
    15 for1 against
  • Appointment of M/s. Suresh Surana & Associates LLP, Chartered Accountants as Statutory Auditors of the Company
    16 for0 against
  • Appointment of Mr. Rajiv Mehrishi as an Independent Director
    16 for0 against
  • Ratification of remuneration payable to the Cost Auditor
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundLow audit fees
    15 for1 against
  • Issue of Non-Convertible Debentures on Private Placement Basis
    16 for0 against
7 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
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 5 Jul 2022, 17 fund houses

  • Composite Scheme of Arrangement under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and rules made thereunder amongst Piramal Enterprises Limited, Piramal Pharma Limited, Convergence Chemicals Private Limited, Hemmo Pharmaceuticals Private Limited, PHL Fininvest Private Limited and their respective shareholders and creditorsMoreLess
    17 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 2025.

  • Tax disputeOffice of Deputy Commissioner of State Tax, MaharashtraSince 28 Feb 2025
    Appeal was filed before Joint Commissioner (Appeals). Hon’ble GST Appellate Authority has, vide its Order dated 29th May, 2025, passed a favorable judgement where the earlier tax demand, including penalty, imposed upon the Company was reduced from Rs.1,502 crore to Rs. 9.22 crore.MoreLess
    At the filing before: Order was received from the GST department of Maharashtra on 27th February, 2025 whereby basis the GST audit conducted by them, a demand was raised for 1502 crores, including penalty primarily on slump sale of Pharma Business in FY 2020-21MoreLess

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 Dec 2024.
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.