Persistent Systems logo

Persistent Systems CEO, MD, chairman, board of directors and AGM

NSE: PERSISTENTBSE: 533179IT - SoftwareMid Cap

Last close ₹5,727.50down ₹13.00 (0.23%)BSE ₹5,700.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹5,740.50.

52-week range of traded prices to 23 Oct 2026
₹4,244.50Low, 30 Jun 2026₹6,599.00High, 23 Dec 2025
Market cap
₹90,351 Cr129th largest listed
P/E
50.1
P/B
10.5
Dividend yield
0.70%
ROE
22.9%
ROCE
27.2%
Debt to equity
0.00
Volume, NSE
11,73,56147.8% delivered

Persistent Systems board of directors

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

  • Chairperson and managing directorAnand Deshpande
  • Chief executiveSandeep Kalra
  • Company Secretary and Compliance OfficerAmit Atre

10 directors7 independent3 executive

  • Anand Deshpande · Chairperson and managing directorExecutive · joined Oct 1990 · reappointed Jul 2025 · 1 listed board · 1 committee seat
  • Avani Davda · Shareholder DirectorIndependent · joined Dec 2021 · reappointed Dec 2021 · 57 months as independent · 5 listed boards · 5 as independent · 7 committee seats, 1 as chair
  • Arvind Goel · Shareholder DirectorIndependent · joined Jun 2022 · reappointed Jun 2022 · 51 months as independent · 3 listed boards · 2 as independent · 4 committee seats, 1 as chair
  • Ambuj Goyal · Shareholder DirectorIndependent · joined Jun 2022 · reappointed Jun 2022 · 51 months as independent · 1 listed board · 1 as independent
  • Anjali Joshi · Shareholder DirectorIndependent · joined Jun 2024 · reappointed Jun 2024 · 27 months as independent · 1 listed board · 1 as independent
  • Praveen Kadle · Shareholder DirectorIndependent · joined Apr 2020 · reappointed Apr 2025 · 77 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 3 as chair
  • Sandeep Kalra · Chief executiveExecutive · joined Jun 2019 · reappointed Oct 2025 · 1 listed board
  • Dan'l Lewin · Shareholder DirectorIndependent · joined Jun 2022 · reappointed Jun 2022 · 51 months as independent · 1 listed board · 1 as independent
  • Ajit Ranade · Shareholder DirectorIndependent · joined Jun 2023 · reappointed Jun 2023 · 39 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Vinit TeredesaiExecutive · joined Apr 2025 · reappointed Apr 2025 · 17 months as independent · 1 listed board · 1 committee seat

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.

1 director who left
  • Sunil Sapre, left 31 Dec 2024: Tenure Completion

Committees and meetings

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

  • Board

    • 2 Sep 202610 of 10 present7 independent · 30 days in between
    • 2 Aug 202610 of 10 present7 independent · 35 days in between
    • 27 Jun 202610 of 10 present7 independent · 5 days in between
    • 21 Jun 20269 of 10 present6 independent · 12 days in between
    2 earlier meetings
    • 8 Jun 202610 of 10 present7 independent · 47 days in between
    • 21 Apr 202610 of 10 present7 independent

  • Audit Committee

    Chair Praveen Kadle

    Avani Davda, Ajit Ranade

    • 2 Sep 20263 of 3 present3 independent · 31 days in between
    • 1 Aug 20263 of 3 present3 independent · 35 days in between
    • 26 Jun 20263 of 3 present3 independent · 17 days in between
    • 8 Jun 20263 of 3 present3 independent · 48 days in between
    1 earlier meeting
    • 20 Apr 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Ambuj Goyal

    Dan'l Lewin, Ajit Ranade, Arvind Goel, Anjali Joshi

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair Arvind Goel

    Anand Deshpande, Avani Davda, Vinit Teredesai

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Praveen Kadle

    Arvind Goel, Sandeep Kalra, Ajit Ranade, Vinit Teredesai, Debashis Singh

    • 1 Aug 20264 of 5 present2 independent · 109 days in between
    • 13 Apr 20265 of 5 present3 independent

  • Corporate Social Responsibility Committee

    Chair Avani Davda

    Anand Deshpande, Arvind Goel

    No meeting listed in the filing.

  • Executive Committee

    Chair Ambuj Goyal

    Avani Davda, Praveen Kadle, Sandeep Kalra, Anjali Joshi

    No meeting listed in the filing.

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.

  • B S R & Co. LLPPeer-review certificate valid to Jul 2028
1 earlier auditor
  • M/s. Walker Chadiok & Co. 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.

Persistent Systems 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.Persistent Systems dividend history

Extraordinary general meeting, 5 Oct 2026

2,59,566 shareholders on the register on 25 Sep 2026; present: 4 promoters and 110 others; votes counted by Mr. Sridhar Mudaliar / M/s SVD & Associates.The company's voting result (opens in a new tab)

  1. To consider and approve alteration of the Articles of Association of the Company
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.43%

    Turnout: all 79.16% · promoters 98.35% · institutions 91.79% · other public 5.71%

  2. To increase the overall borrowing limit of the Company for an aggregate amount up to USD 1,250 million
    Special
    99.01% for0.99% against

    Against: promoters 0.00% · institutions 1.55% · other public 3.44%

    Turnout: all 79.13% · promoters 98.35% · institutions 91.74% · other public 5.71%

  3. To consider and approve the creation of a charge, pledge, hypothecation, and/or mortgage by the Company in relation to the above debt financing
    Special
    99.01% for0.99% against

    Against: promoters 0.00% · institutions 1.55% · other public 3.45%

    Turnout: all 79.13% · promoters 98.35% · institutions 91.74% · other public 5.71%

  4. To consider and approve issuance of securities for an aggregate amount up to USD 450 Million
    Special
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 0.33% · other public 3.85%

    Turnout: all 79.16% · promoters 98.35% · institutions 91.79% · other public 5.71%

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, 3 Aug 2026, 12 resolutions

2,69,582 shareholders on the register on 27 Jul 2026; present: 5 promoters and 304 others; votes counted by Mr. Sridhar Mudaliar / M/s SVD & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2026, 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 0.00%

    Turnout: all 81.55% · promoters 100.00% · institutions 91.15% · other public 21.91%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, and the Report of the Auditors thereon
    Ordinary
    99.67% for0.33% against

    Against: promoters 0.00% · institutions 0.57% · other public 0.00%

    Turnout: all 81.55% · promoters 100.00% · institutions 91.15% · other public 21.91%

  3. To confirm the payment of the Interim Dividend of INR 22 per equity share of INR 5 each and to approve the payment of Final Dividend of INR 18 per equity share of INR 5 each, recommended for the Financial Year 2025-26 aggregating to INR 40 per equity share of INR 5 eachMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.59% · promoters 100.00% · institutions 91.23% · other public 21.91%

  4. To consider the appointment of Dr. Anand Deshpande, Chairman and Managing Director, Pune, India (DIN: 00005721), who retires by rotation and being eligible, offers himself for reappointment
    OrdinaryPromoters have an interest in it
    99.61% for0.39% against

    Against: promoters 0.00% · institutions 0.67% · other public 0.03%

    Turnout: all 81.52% · promoters 100.00% · institutions 91.09% · other public 21.91%

  5. To reappoint Ms. Avani Davda, Mumbai, India (DIN: 07504739) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of 5 (Five) consecutive years from December 28, 2026, to December 27, 2031MoreLess
    Special
    98.76% for1.24% against

    Against: promoters 0.00% · institutions 2.13% · other public 0.02%

    Turnout: all 81.57% · promoters 100.00% · institutions 91.18% · other public 21.91%

  6. To reappoint Mr. Arvind Goel, Pune, India (DIN: 02300813) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of 5 (Five) consecutive years from June 7, 2027, to June 6, 2032MoreLess
    Special
    98.84% for1.16% against

    Against: promoters 0.00% · institutions 1.99% · other public 0.01%

    Turnout: all 81.57% · promoters 100.00% · institutions 91.18% · other public 21.91%

  7. To reappoint Dr. Ambuj Goyal, New York, USA (DIN: 09631525) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term from June 7, 2027, to October 31, 2031, i.e., till the month end of attaining the age of 75 yearsMoreLess
    Special
    99.07% for0.93% against

    Against: promoters 0.00% · institutions 1.61% · other public 0.02%

    Turnout: all 81.57% · promoters 100.00% · institutions 91.18% · other public 21.91%

  8. To reappoint Mr. Dan’l Lewin, California, USA (DIN: 09631526) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term from June 10, 2027, to April 30, 2029, i.e., till the month end of attaining the age of 75 yearsMoreLess
    Special
    97.42% for2.58% against

    Against: promoters 0.00% · institutions 4.44% · other public 0.01%

    Turnout: all 81.57% · promoters 100.00% · institutions 91.18% · other public 21.91%

  9. To consider and approve the acquisition of Nagarro SE through Galaxy Germany Holding SE, a Wholly Owned Subsidiary of the Company (BidCo)
    Special
    99.99% for0.01% against

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

    Turnout: all 81.57% · promoters 100.00% · institutions 91.18% · other public 21.90%

  10. To consider and approve the creation of security and provision of the Corporate Guarantee to be given by the Company on behalf of Galaxy Germany Holding SE, a Wholly Owned Subsidiary of the Company (BidCo)MoreLess
    Special
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.16% · other public 0.14%

    Turnout: all 81.57% · promoters 100.00% · institutions 91.18% · other public 21.90%

  11. To consider and approve the creation of a charge, pledge, hypothecation, and/or mortgage by the Company in respect of the loan to Galaxy Germany Holding SE, a Wholly Owned Subsidiary of the Company (BidCo)MoreLess
    Special
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.16% · other public 0.14%

    Turnout: all 81.54% · promoters 100.00% · institutions 91.14% · other public 21.90%

  12. To consider and approve the material related party transaction(s)
    Ordinary
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 0.16% · other public 0.04%

    Turnout: all 51.00% · promoters 0.00% · institutions 91.18% · other public 20.39%

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, 21 Jul 2025, 9 resolutions

2,54,225 shareholders on the register on 14 Jul 2025; present: 6 promoters and 260 others; votes counted by Mr. Gaurav Nashikkar / M/S GSD & Associates.The company's voting result (opens in a new tab)

  1. 1.To receive, consider, and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025, 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 0.00%

    Turnout: all 81.95% · promoters 100.00% · institutions 86.63% · other public 36.85%

  2. 2.To receive, consider, and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, and the Report of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.95% · promoters 100.00% · institutions 86.63% · other public 36.85%

  3. 3. To confirm the payment of the Interim Dividend of INR 20 per equity share of INR 5 each and to approve the payment of a Final Dividend of INR 15 per equity share of INR 5 each, recommended for the Financial Year 2024-25 aggregating to INR 35 per equity share of INR 5 eachMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.03% · promoters 100.00% · institutions 86.74% · other public 36.96%

  4. 4. To appoint a director in place of Mr. Sandeep Kalra, Executive Director, Pennsylvania, USA (DIN: 02506494), who retires by rotation and being eligible, offers himself for reappointment
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.19%

    Turnout: all 82.00% · promoters 100.00% · institutions 86.69% · other public 36.96%

  5. 5.To appoint M/s. B S R & Co. LLP, Chartered Accountants, Pune (FRN: 101248W / W-100022) as the Statutory Auditors of the Company, to hold office for the term of 5 (Five) consecutive years from the conclusion of this Annual General Meeting up to the conclusion of the 40th Annual General Meeting of the Company to be held on or before September 30, 2030MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.00% · promoters 100.00% · institutions 86.69% · other public 36.96%

  6. 6.To reappoint Dr. Anand Deshpande, Maharashtra, India (DIN: 00005721), as the Managing Director of the Company, liable to retire by rotation, to hold office for a period of 5 (Five) consecutive years i.e., up to the conclusion of the 40th Annual General Meeting of the Company to be held on or before September 30, 2030MoreLess
    OrdinaryPromoters have an interest in it
    97.96% for2.04% against

    Against: promoters 0.00% · institutions 2.38% · other public 0.09%

    Turnout: all 52.62% · promoters 3.84% · institutions 86.69% · other public 36.96%

  7. 7.To reappoint Mr. Sandeep Kalra, Pennsylvania, USA (DIN: 02506494), as an Executive Director of the Company, liable to retire by rotation, to hold the office for 3 (Three) consecutive years i.e., from October 1, 2025, till September 30, 2028, subject to the approval of the Central Government of IndiaMoreLess
    Special
    86.73% for13.28% against

    Against: promoters 0.00% · institutions 24.00% · other public 0.73%

    Turnout: all 81.58% · promoters 100.00% · institutions 86.68% · other public 34.60%

  8. 8. To appoint Mr. Vinit Teredesai, Maharashtra, India, (DIN: 03293917), as an Executive Director of the Company, liable to retire by rotation, to hold office from April 24, 2025, to September 30, 2028
    Ordinary
    99.06% for0.94% against

    Against: promoters 0.00% · institutions 1.71% · other public 0.02%

    Turnout: all 81.99% · promoters 100.00% · institutions 86.68% · other public 36.93%

  9. 9.To appoint M/s. SVD & Associates, Company Secretaries, Pune, a Peer Reviewed Firm of Company Secretaries in Practice, as the Secretarial Auditors of the Company, to hold office for the term of 5 (Five) consecutive years, effective from FY 2025-26 to FY 2029-30MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.00% · promoters 100.00% · institutions 86.69% · other public 36.96%

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, 16 Jul 2024, 9 resolutions

Present: 5 promoters and 203 others.The company's voting result (opens in a new tab)

  1. 1 - To receive, consider, and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, Reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.44% · promoters 98.28% · institutions 83.13% · other public 19.53%

  2. 2 - To receive, consider, and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.44% · promoters 98.28% · institutions 83.13% · other public 19.53%

  3. 3 - To confirm the payment of the Interim Dividend of Rs.16 per equity share of Rs. 5 each and to approve the payment of a Final Dividend of Rs. 10 per equity share of Rs. 5 each,
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.26% · promoters 98.28% · institutions 84.74% · other public 19.53%

  4. 4 - To appoint a director in place of Mr. Sunil Sapre, India (DIN: 06475949), Executive Director, who retires by rotation and has confirmed his eligibility and willingness to accept the office, if re-appointed.MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.02%

    Turnout: all 77.13% · promoters 98.28% · institutions 84.55% · other public 19.34%

  5. 5 - To re-appoint Mr. Sunil Sapre, India (DIN: 06475949) as an Executive Director of the Company, liable to retire by rotation, to hold office for the term of 3 (Three) months till his superannuation i.e., from October 1, 2024, to December 31, 2024.MoreLess
    Ordinary
    98.46% for1.54% against

    Against: promoters 0.00% · institutions 2.75% · other public 0.04%

    Turnout: all 77.20% · promoters 98.28% · institutions 84.69% · other public 19.34%

  6. 6 - To re-appoint Mr. Praveen Kadle, India (DIN: 00016814) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the second term of 5 (Five) consecutive years i.e., from April 23, 2025, to April 22, 2030.MoreLess
    Special
    94.26% for5.74% against

    Against: promoters 0.00% · institutions 10.26% · other public 0.05%

    Turnout: all 77.02% · promoters 98.28% · institutions 84.27% · other public 19.53%

  7. 7 - To appoint Ms. Anjali Joshi, USA (DIN: 10661577) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the term of 5 (Five) consecutive years i.e., from June 12, 2024, to June 11, 2029.MoreLess
    Special
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.23% · other public 0.04%

    Turnout: all 76.98% · promoters 98.28% · institutions 84.18% · other public 19.53%

  8. 8 - To approve an amendment in the Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to increase the number of Stock Options allocated to PESOS 2014 by 1.6 million Stock Options i.e., from 3.8 million Stock Options to 5.4 million Stock Options along with the procedural matters.MoreLess
    Special
    81.50% for18.50% against

    Against: promoters 0.00% · institutions 33.03% · other public 0.05%

    Turnout: all 77.24% · promoters 98.28% · institutions 84.69% · other public 19.53%

  9. 9 - To grant the Stock Options to the employees of subsidiary company(ies) of the Company under Persistent Employee Stock Option Scheme 2014.
    Special
    81.79% for18.21% against

    Against: promoters 0.00% · institutions 32.46% · other public 0.62%

    Turnout: all 77.24% · promoters 98.28% · institutions 84.69% · other public 19.53%

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, 8 Mar 2024, 5 resolutions

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

  1. To approve Sub-Division / Split of 1 (One) Equity Share of INR 10/- (INR Ten Only) each into 2 (Two) Equity Shares of INR 5/- (INR Five Only) each and the consequent amendment to the Memorandum of Association of the CompanyMoreLess
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.25% · other public 0.02%

    Turnout: all 79.15% · promoters 99.92% · institutions 87.32% · other public 21.12%

  2. To approve an amendment in the scheme document for ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to amend the Face Value and accordingly the aggregate number of stock options already approved by the Shareholders consequent to the Sub-Division/Split of Equity Shares for grant of stock options to the employees of the CompanyMoreLess
    Special
    93.31% for6.69% against

    Against: promoters 0.00% · institutions 11.95% · other public 0.06%

    Turnout: all 79.14% · promoters 99.92% · institutions 87.32% · other public 21.11%

  3. To approve an amendment in the scheme document for ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to amend the Face Value and accordingly the aggregate number of Stock Options already approved by the Shareholders consequent to the Sub-Division/Split of Equity Shares for grant of Stock Options to the employees of the Susbidiary(ies) of the CompanyMoreLess
    Special
    93.31% for6.69% against

    Against: promoters 0.00% · institutions 11.95% · other public 0.06%

    Turnout: all 79.14% · promoters 99.92% · institutions 87.32% · other public 21.11%

  4. To approve an amendment in the clause of ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to add a time period to the existing maximum cap on the Stock Options that could be granted to an individual employee of the Company under PESOS 2014MoreLess
    Special
    84.95% for15.05% against

    Against: promoters 0.00% · institutions 26.91% · other public 0.11%

    Turnout: all 79.13% · promoters 99.92% · institutions 87.32% · other public 21.03%

  5. To approve an amendment in the clause of ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to add a time period to the existing maximum cap on the Stock Options that could be granted to an individual employee of the Subsidiary(ies) of the Company under PESOS 2014MoreLess
    Special
    84.95% for15.05% against

    Against: promoters 0.00% · institutions 26.91% · other public 0.11%

    Turnout: all 79.13% · promoters 99.92% · institutions 87.32% · other public 21.03%

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 Jul 2023, 9 resolutions

Present: 4 promoters and 162 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Sandalone Financial Statements of the Company for the Financial Year ended March 31, 2023, Reports of the Board of Directors and Auditors thereon.
    Ordinary
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 0.47% · other public 0.01%

    Turnout: all 75.62% · promoters 99.99% · institutions 83.13% · other public 20.93%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023
    Ordinary
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 0.47% · other public 0.01%

    Turnout: all 75.62% · promoters 99.99% · institutions 83.13% · other public 20.93%

  3. To confirm the payment of the Interim Dividend of INR 28 per equity share of INR 10 each and to approve the payment of a Final Dividend of INR 12 per equity share of INR 10 each and a Special Dividend of INR 10 per equity share of INR 10 each, recommended for the Financial Year 2022-23MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.66% · promoters 99.99% · institutions 83.23% · other public 20.93%

  4. To appoint a director in place of Dr. Anand Deshpande, India (DIN: 00005721), Chairman and Managing Director, who retires by rotation and has confirmed his eligibility and willingness to accept the office, if re-appointedMoreLess
    OrdinaryPromoters have an interest in it
    96.49% for3.51% against

    Against: promoters 0.00% · institutions 3.93% · other public 0.54%

    Turnout: all 45.76% · promoters 3.80% · institutions 83.17% · other public 20.93%

  5. To appoint Dr. Ajit Ranade, India (DIN: 00918651) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the term of 5 (five) consecutive years i.e. from June 6, 2023, to June 5, 2028MoreLess
    Special
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.08% · other public 0.44%

    Turnout: all 75.64% · promoters 99.99% · institutions 83.17% · other public 20.93%

  6. To approve an amendment in the ‘Persistent Employee Stock Option Scheme 2014’ to increase the number of stock options allocated to the ‘Persistent Employee Stock Option Scheme 2014’ (“PESOS 2014”) by 500,000 stock options from 1.4 Million stock options to 1.9 Million stock optionsMoreLess
    Special
    76.26% for23.74% against

    Against: promoters 0.00% · institutions 44.32% · other public 2.40%

    Turnout: all 75.64% · promoters 99.99% · institutions 83.17% · other public 20.93%

  7. To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Employee Stock Option Scheme 2014’
    Special
    76.23% for23.77% against

    Against: promoters 0.00% · institutions 44.32% · other public 2.94%

    Turnout: all 75.64% · promoters 99.99% · institutions 83.17% · other public 20.93%

  8. To approve an amendment in the ‘Persistent Systems Limited – Employee Stock Option Plan 2017 (ESOP 2017)’ to increase the number of stock options allocated to the ESOP 2017 by 2,500,000 shares from 5.5 Million stock options to 8.0 Million stock optionsMoreLess
    Special
    81.21% for18.79% against

    Against: promoters 0.00% · institutions 35.01% · other public 2.40%

    Turnout: all 75.64% · promoters 99.99% · institutions 83.17% · other public 20.93%

  9. To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Systems Limited – Employee Stock Option Plan 2017’
    Special
    81.52% for18.48% against

    Against: promoters 0.00% · institutions 34.38% · other public 2.93%

    Turnout: all 75.63% · promoters 99.99% · institutions 83.17% · other public 20.93%

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, 19 Jul 2022, 9 resolutions

Present: 4 promoters and 116 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Unconsolidated Financial Statements of the Company for the Financial Year ended March 31, 2022, Reports of the Board of Directors and Auditors thereon
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 73.96% · promoters 99.95% · institutions 82.63% · other public 19.69%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 73.96% · promoters 99.95% · institutions 82.63% · other public 19.69%

  3. To confirm the payment of the Interim Dividend of Rs 20 per equity share of Rs 10 each and to approve the payment of a Final Dividend of Rs 11 per equity share of Rs 10 each recommended for the Financial Year 2021-22MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 74.11% · promoters 99.95% · institutions 82.95% · other public 19.69%

  4. To resolve not to fill the vacancy caused by the retirement of Mr. Thomas Kendra, California, USA (DIN: 07406678), Non-Executive Non-Independent Director, who retires by rotation, but does not seek re-appointmentMoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.56%

    Turnout: all 74.11% · promoters 99.95% · institutions 82.95% · other public 19.69%

  5. To appoint Ms. Avani Davda, Mumbai, India (DIN: 07504739) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from December 28, 2021, to December 27, 2026MoreLess
    Special
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 0.41% · other public 0.54%

    Turnout: all 74.08% · promoters 99.95% · institutions 82.88% · other public 19.69%

  6. To appoint Mr. Arvind Goel, Pune, India (DIN: 02300813) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from June 7, 2022, to June 6, 2027MoreLess
    Special
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.09% · other public 0.54%

    Turnout: all 74.08% · promoters 99.95% · institutions 82.88% · other public 19.69%

  7. To appoint Dr. Ambuj Goyal, New York, USA (DIN: 09631525) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from June 7, 2022, to June 6, 2027MoreLess
    Special
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.09% · other public 0.54%

    Turnout: all 74.08% · promoters 99.95% · institutions 82.88% · other public 19.69%

  8. To appoint Mr. Dan’l Lewin, California, USA (DIN: 09631526) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from June 10, 2022, to June 9, 2027MoreLess
    Special
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.09% · other public 0.54%

    Turnout: all 74.08% · promoters 99.95% · institutions 82.88% · other public 19.69%

  9. To appoint Mr. Sandeep Kalra, New Jersey, USA and Pune, India (DIN: 02506494) as an Executive Director of the Company liable to retire by rotation, to hold the office with effect from June 11, 2022, till September 30, 2025, subject to the approval of the Central GovernmentMoreLess
    Ordinary
    81.77% for18.23% against

    Against: promoters 0.00% · institutions 35.00% · other public 0.57%

    Turnout: all 73.85% · promoters 99.95% · institutions 82.82% · other public 18.77%

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, 21 Jul 2021, 9 resolutions

Present: 5 promoters and 100 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Unconsolidated Financial Statements for the Financial Year ended March 31, 2021, Reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.78% · promoters 99.68% · institutions 74.99% · other public 16.06%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements for the Financial Year ended March 31, 2021
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 70.83% · promoters 99.68% · institutions 75.08% · other public 16.06%

  3. To confirm the payment of the Interim Dividend of ₹ 14 per equity share and declare a Final Dividend of ₹ 6 per equity share for the Financial Year 2020-21
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.08% · promoters 99.68% · institutions 75.60% · other public 16.06%

  4. To appoint a director in place of Mr. Sandeep Kumar Kalra, New Jersey, USA (DIN: 02506494), Executive Director, who retires by rotation and has confirmed his eligibility and willingness to accept the office, if re-appointedMoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.04%

    Turnout: all 69.54% · promoters 99.68% · institutions 72.43% · other public 16.06%

  5. To appoint Mr. Sunil Sapre, Pune, India (DIN: 06475949) as an Executive Director of the Company liable to retire by rotation, to hold the office with effect from January 27, 2021 till September 30, 2024MoreLess
    Ordinary
    99.43% for0.57% against

    Against: promoters 0.00% · institutions 1.12% · other public 0.04%

    Turnout: all 69.47% · promoters 99.68% · institutions 72.43% · other public 15.71%

  6. To approve amendments in the ‘Persistent Employee Stock Option Scheme 2014’
    Special
    77.01% for22.99% against

    Against: promoters 0.00% · institutions 44.85% · other public 0.12%

    Turnout: all 70.58% · promoters 99.68% · institutions 74.58% · other public 16.06%

  7. To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Employee Stock Option Scheme 2014’
    Special
    77.12% for22.88% against

    Against: promoters 0.00% · institutions 44.41% · other public 0.12%

    Turnout: all 70.95% · promoters 99.68% · institutions 75.33% · other public 16.06%

  8. To approve amendments in the ‘Persistent Systems Limited – Employee Stock Option Plan 2017’
    Special
    77.24% for22.76% against

    Against: promoters 0.00% · institutions 44.19% · other public 0.11%

    Turnout: all 70.95% · promoters 99.68% · institutions 75.33% · other public 16.06%

  9. To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Systems Limited – Employee Stock Option Plan 2017’
    Special
    77.24% for22.76% against

    Against: promoters 0.00% · institutions 44.19% · other public 0.12%

    Turnout: all 70.95% · promoters 99.68% · institutions 75.33% · other public 16.06%

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.Funds that hold it

Mutual fund votes, meeting of 3 Aug 2026, 16 fund houses so far (houses' deadline to file 15 Oct 2026)

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

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2026, the Reports of the Board of Directors and Auditors thereon
    16 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, and the Report of the Auditors thereon
    16 for0 against
  • To confirm the payment of the Interim Dividend of INR 22 per equity share of INR 5 each and to approve the payment of Final Dividend of INR 18 per equity share of INR 5 each, recommended for the Financial Year 2025-26 aggregating to INR 40 per equity share of INR 5 eachMoreLess
    16 for0 against
  • To consider the appointment of Dr. Anand Deshpande, Chairman and Managing Director, Pune, India (DIN: 00005721), who retires by rotation and being eligible, offers himself for reappointment
    Against Quantum Mutual Fund
    • Quantum Mutual FundWe take note that Dr. Anand Deshpande holds the position of Chairman & MD of the company. We are of the view that holding clubbed position may lead to concentration of power. We do not favour the resolution.
    15 for1 against
  • To reappoint Ms. Avani Davda, Mumbai, India (DIN: 07504739) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of 5 (Five) consecutive years from December 28, 2026, to December 27, 2031MoreLess
    16 for0 against
  • To reappoint Mr. Arvind Goel, Pune, India (DIN: 02300813) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of 5 (Five) consecutive years from June 7, 2027, to June 6, 2032MoreLess
    16 for0 against
  • To reappoint Dr. Ambuj Goyal, New York, USA (DIN: 09631525) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term from June 7, 2027, to October 31, 2031, i.e., till the month end of attaining the age of 75 yearsMoreLess
    16 for0 against
  • To reappoint Mr. Dan’l Lewin, California, USA (DIN: 09631526) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term from June 10, 2027, to April 30, 2029, i.e., till the month end of attaining the age of 75 yearsMoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundTransparency Concern: No clarity on whether the director holds directorship in subsidiary company in capacity as Independent Director or Non-Independent Director.
    • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern has been identified w.r.t. profile and merits of the proposed appointee. Transparency Concern: No clarity on whether the director holds directorship in subsidiary company in capacity as ID or NID.
    12 for4 against
  • To consider and approve the acquisition of Nagarro SE through Galaxy Germany Holding SE, a Wholly Owned Subsidiary of the Company (BidCo)
    16 for0 against
  • To consider and approve the creation of security and provision of the Corporate Guarantee to be given by the Company on behalf of Galaxy Germany Holding SE, a Wholly Owned Subsidiary of the Company (BidCo)MoreLess
    16 for0 against
  • To consider and approve the creation of a charge, pledge, hypothecation, and/or mortgage by the Company in respect of the loan to Galaxy Germany Holding SE, a Wholly Owned Subsidiary of the Company (BidCo)MoreLess
    14 for0 against
  • To consider and approve the material related party transaction(s)
    16 for0 against
2 proposals not matched to one resolution
  • Approve creation of charge, pledge, hypothecation, security interest, mortgage and/or any other encumbrance to secure amounts borrowed by the company and/or any of its subsidiaries, affiliates, associate companies or other group entities of upto EUR 1.54 bn (~Rs 165.34 bn)MoreLess
    1 for0 against
  • Approve Pledging of Assets for Debt
    1 for0 against

Mutual fund votes, meeting of 21 Jul 2025, 34 fund houses

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

  • 1.To receive, consider, and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025, the Reports of the Board of Directors and Auditors thereon
    34 for0 against
  • 2.To receive, consider, and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, and the Report of the Auditors thereon
    34 for0 against
  • 3. To confirm the payment of the Interim Dividend of INR 20 per equity share of INR 5 each and to approve the payment of a Final Dividend of INR 15 per equity share of INR 5 each, recommended for the Financial Year 2024-25 aggregating to INR 35 per equity share of INR 5 eachMoreLess
    34 for0 against
  • 4. To appoint a director in place of Mr. Sandeep Kalra, Executive Director, Pennsylvania, USA (DIN: 02506494), who retires by rotation and being eligible, offers himself for reappointment
    31 for0 against
  • 5.To appoint M/s. B S R & Co. LLP, Chartered Accountants, Pune (FRN: 101248W / W-100022) as the Statutory Auditors of the Company, to hold office for the term of 5 (Five) consecutive years from the conclusion of this Annual General Meeting up to the conclusion of the 40th Annual General Meeting of the Company to be held on or before September 30, 2030MoreLess
    33 for0 against
  • 6.To reappoint Dr. Anand Deshpande, Maharashtra, India (DIN: 00005721), as the Managing Director of the Company, liable to retire by rotation, to hold office for a period of 5 (Five) consecutive years i.e., up to the conclusion of the 40th Annual General Meeting of the Company to be held on or before September 30, 2030MoreLess
    Against Angel One Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Holding dual position of Chairman and Managing Director may result in concentration of powers in the hands of a single person.
    • Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundPotential Non-Compliant: The proposed term of appointment may exceed 5 years. Governance concern: Holding dual position of Chairman and Managing Director.
    • PPFAS Mutual FundHolding dual position of Chairman and MD. Potential NonCompliant: The proposed term of appointment may exceed 5 years
    • Quantum Mutual FundFor the following Governance reason we vote against the Resolution. We take note that Dr. Anand Deshpande holds the position of Chairman & MD in the company. We are of the view that holding dual position may lead to concentration of power. Therefore, we do not favour his reappointment.
    28 for6 against
  • 7.To reappoint Mr. Sandeep Kalra, Pennsylvania, USA (DIN: 02506494), as an Executive Director of the Company, liable to retire by rotation, to hold the office for 3 (Three) consecutive years i.e., from October 1, 2025, till September 30, 2028, subject to the approval of the Central Government of IndiaMoreLess
    Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund
    • HDFC Mutual FundMr. Sandeep Kalra, 53, is Executive Director and CEO, Persistent Systems Limited. His proposed remuneration is high in comparison to peers and the company’s size. We do not support the resolution.
    • ICICI Prudential Mutual FundRemuneration is high in comparison to peers and the size and scale of the business. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundSandeep Kalra, 53, is Executive Director and CEO, Persistent Systems Limited. We recognize that the company has performed well under Sandeep Kalra’s leadership, with a six-year revenue CAGR of 19.6% and shareholder returns of 1,887%. We support his reappointment and note that the proposed increase in the remuneration limit to 21% of net profits is primarily intended to facilitate the exercise of stock options, the value of which is driven by the increase in the company’s share price and does not result in any additional cash outflow for the company. However, we do not support the resolution because the overall quantum of Sandeep Kalra’s remuneration of Rs. 1,263.1 mn (including stock options) over his proposed term is high in comparison to peers and the company’s size. While a majority of stock options granted are performance based, the vesting thresholds of 12% revenue and EPS growth are modest and must be strengthened to align with past performance, nature of the business and the company’s stated aspirations of doubling their revenue by end of FY27. Further, the company has provided a peer comparison based on tier 1 and tier 2 peers. While the company’s revenue and profitability are more aligned with tier 2 peers, Sandeep Kalra’s remuneration is closer to that of CEOs of tier 1 companies. The company does not have a policy regarding severance fees or claw-back clauses for the Executive Directors – this may expose shareholders to the risk of unjustified payouts. The company should have sought separate approvals for his reappointment, for payment of remuneration of upto 21% of net profits and for payment of managerial remuneration of upto 23% of net profits. The company must also disclose the detailed performance metrics that determine his bonus. While we support the reappointment and increase in the remuneration limit to accommodate exercise of stock options, we do not support the remuneration and are therefore unable to support the resolution
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    27 for4 against
  • 8. To appoint Mr. Vinit Teredesai, Maharashtra, India, (DIN: 03293917), as an Executive Director of the Company, liable to retire by rotation, to hold office from April 24, 2025, to September 30, 2028
    33 for0 against
  • 9.To appoint M/s. SVD & Associates, Company Secretaries, Pune, a Peer Reviewed Firm of Company Secretaries in Practice, as the Secretarial Auditors of the Company, to hold office for the term of 5 (Five) consecutive years, effective from FY 2025-26 to FY 2029-30MoreLess
    33 for0 against
7 proposals not matched to one resolution
  • Approve Reappointment and Remuneration of Sandeep Kalra as Executive Director
    2 for0 against
  • Reelect Sandeep Kalra as Director
    2 for0 against
  • To appoint a director in place of Mr. Sunil Sapre, India (DIN: 06475949), Executive Director, who retires by rotation and has confirmed his eligibility and willingness to accept the office, if re-appointed.MoreLess
    1 for0 against
  • To appoint Ms. Anjali Joshi, USA (DIN: 10661577) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the term of 5 (Five) consecutive years i.e., from June 12, 2024, to June 11, 2029.MoreLess
    1 for0 against
  • To approve an amendment in the Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to increase the number of Stock Options allocated to PESOS 2014 by 1.6 million Stock Options i.e., from 3.8 million Stock Options to 5.4 million Stock Options along with the procedural matters.MoreLess
    1 for0 against
  • To grant the Stock Options to the employees of subsidiary company(ies) of the Company under Persistent Employee Stock Option Scheme 2014.
    1 for0 against
  • To re-appoint Mr. Sunil Sapre, India (DIN: 06475949) as an Executive Director of the Company, liable to retire by rotation, to hold office for the term of 3 (Three) months till his superannuation i.e., from October 1, 2024, to December 31, 2024MoreLess
    1 for0 against
5 earlier meetings

Mutual fund votes, meeting of 16 Jul 2024, 28 fund houses

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

  • 1 - To receive, consider, and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, Reports of the Board of Directors and Auditors thereon.
    28 for0 against
  • 2 - To receive, consider, and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024.
    26 for0 against
  • 3 - To confirm the payment of the Interim Dividend of Rs.16 per equity share of Rs. 5 each and to approve the payment of a Final Dividend of Rs. 10 per equity share of Rs. 5 each,
    28 for0 against
  • 4 - To appoint a director in place of Mr. Sunil Sapre, India (DIN: 06475949), Executive Director, who retires by rotation and has confirmed his eligibility and willingness to accept the office, if re-appointed.MoreLess
    22 for0 against
  • 5 - To re-appoint Mr. Sunil Sapre, India (DIN: 06475949) as an Executive Director of the Company, liable to retire by rotation, to hold office for the term of 3 (Three) months till his superannuation i.e., from October 1, 2024, to December 31, 2024.MoreLess
    25 for0 against
  • 6 - To re-appoint Mr. Praveen Kadle, India (DIN: 00016814) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the second term of 5 (Five) consecutive years i.e., from April 23, 2025, to April 22, 2030.MoreLess
    Against DSP Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund
    • DSP Mutual FundPraveen Kadle, 67, is Chairperson and Managing Director, Prachetas Capital Private Limited, a private equity and business advisory firm. He has thirty years of experience in finance, management, legal, merger and acquisitions and strategic planning. Previously he was Managing Director of Tata Capital Ltd. and Executive Director - Corporate Affairs and CFO of Tata Motors Limited. He attended all board meetings held in FY24.Praveen Kadle serves as Independent Director on the boards of five listed companies (including Persistent Systems Ltd). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. Further, we believe that, as a Chairperson and Managing Director within his own company, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation.
    • Edelweiss Mutual FundMr Kadle is holds directorships in too many companies.
    • Invesco Mutual FundPraveen Kadle, 67, is Chairperson and Managing Director, Prachetas Capital Private Limited, a private equity and business advisory firm. He has thirty years of experience in finance, management, legal, merger and acquisitions and strategic planning. Previously he was Managing Director of Tata Capital Ltd. and Executive Director - Corporate Affairs and CFO of Tata Motors Limited. He attended all board meetings held in FY24. Praveen Kadle serves as Independent Director on the boards of five listed companies (including Persistent Systems Ltd). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. Further, we believe that, as a Chairperson and Managing Director within his own company, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation
    • Mirae Asset Mutual FundHe has high number of directorships in listed companies which is not keeping with the spirit of the regulation.
    • Sundaram Mutual Fund"Praveen Kadle, 67, is Chairperson and Managing Director, Prachetas Capital Private Limited, a private equity and business advisory firm. He has thirty years of experience in finance, management, legal, merger and acquisitions and strategic planning. Previously he was Managing Director of Tata Capital Ltd. and Executive Director - Corporate Affairs and CFO of Tata Motors Limited. He attended all board meetings held in FY24. Praveen Kadle serves as Independent Director on the boards of five listed companies (including Persistent Systems Ltd). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. Further, we believe that, as a Chairperson and Managing Director within his own company, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation."
    23 for5 against
  • 7 - To appoint Ms. Anjali Joshi, USA (DIN: 10661577) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the term of 5 (Five) consecutive years i.e., from June 12, 2024, to June 11, 2029.MoreLess
    28 for0 against
  • 8 - To approve an amendment in the Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to increase the number of Stock Options allocated to PESOS 2014 by 1.6 million Stock Options i.e., from 3.8 million Stock Options to 5.4 million Stock Options along with the procedural matters.MoreLess
    Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Trust Mutual FundCompliant with law. Governance Concern: Theoretical possibility of Potential excessive benefits to single employee.
    • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
    • Kotak Mahindra Mutual FundWe do not favour ESOP plans where options are granted at a discount of more than 20% to the market price or where there is no clarity on the performance metrics for vesting. If the stock options are granted at a significant discount there is no alignment between the interests of investors and those of employees. Hence voting against.
    • Zerodha Mutual FundPotential excessive benefits to single employee.
    22 for6 against
  • 9 - To grant the Stock Options to the employees of subsidiary company(ies) of the Company under Persistent Employee Stock Option Scheme 2014.
    Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Trust Mutual FundCompliant with law. Governance Concern: Theoretical possibility of Potential excessive benefits to single employee.
    • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
    • Kotak Mahindra Mutual FundNo concern has been identified with extending the scheme to the employees of its subsidiaries as there exists control of the Company and the contribution of the subsidiaries are consolidated in the Company s performance. However, we has identified issues in the approval of Original Scheme in Resolution #8. The proposed approval is interlinked to Resolution #8. Hence voting against.
    • Zerodha Mutual FundPotential excessive benefits to single employee.
    21 for6 against
7 proposals not matched to one resolution
  • 4) Reappoint Sunil Sapre (DIN: 06475949) Director, liable to retire by rotation.
    1 for0 against
  • Accept Consolidated Financial Statements and Statutory Reports
    2 for0 against
  • Approve grant of stock options under Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to employees of subsidiaries
    1 for0 against
  • Approve Reappointment and Remuneration of Sunil Sapre as Executive Director
    2 for0 against
  • Reappoint Sunil Sapre (DIN: 06475949) as Executive Director for three months from 1 October 2024 till his superannuation on 31 December 2024 and fix his remuneration
    1 for0 against
  • Reappoint Sunil Sapre (DIN: 06475949) Director, liable to retire by rotation
    3 for0 against
  • Reelect Sunil Sapre as Director
    2 for0 against

Mutual fund votes, meeting of 8 Mar 2024, 31 fund houses

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

  • To approve Sub-Division / Split of 1 (One) Equity Share of INR 10/- (INR Ten Only) each into 2 (Two) Equity Shares of INR 5/- (INR Five Only) each and the consequent amendment to the Memorandum of Association of the CompanyMoreLess
    31 for0 against
  • To approve an amendment in the scheme document for ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to amend the Face Value and accordingly the aggregate number of stock options already approved by the Shareholders consequent to the Sub-Division/Split of Equity Shares for grant of stock options to the employees of the CompanyMoreLess
    25 for0 against
  • To approve an amendment in the scheme document for ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to amend the Face Value and accordingly the aggregate number of Stock Options already approved by the Shareholders consequent to the Sub-Division/Split of Equity Shares for grant of Stock Options to the employees of the Susbidiary(ies) of the CompanyMoreLess
    25 for0 against
  • To approve an amendment in the clause of ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to add a time period to the existing maximum cap on the Stock Options that could be granted to an individual employee of the Company under PESOS 2014MoreLess
    Against 360 One Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund
    • 360 One Mutual Fund, Groww Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Potential excessive benefits to single employee.
    • Kotak Mahindra Mutual FundTotal options available for grant in PESOS 2014 is only 5,04,725 options, however, an employee who was already granted few shares can be allotted more amounting total 7,70,250 shares. Such benefit to a single employee is excessive, and the company must place an absolute cap on the maximum number of stock options to be granted to a single employee. Hence voting against.
    • Quantum Mutual FundPotential excessive benefits to single employee.
    22 for5 against
  • To approve an amendment in the clause of ‘Persistent Employee Stock Option Scheme 2014 (PESOS 2014)’ to add a time period to the existing maximum cap on the Stock Options that could be granted to an individual employee of the Subsidiary(ies) of the Company under PESOS 2014MoreLess
    Against 360 One Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund
    • 360 One Mutual Fund, Groww Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Potential excessive benefits to single employee.
    • Kotak Mahindra Mutual FundTotal options available for grant in PESOS 2014 is only 5,04,725 options, however, an employee who was already granted few shares can be allotted more amounting total 7,70,250 shares. Such benefit to a single employee is excessive, and the company must place an absolute cap on the maximum number of stock options to be granted to a single employee. Hence voting against.
    • Quantum Mutual FundPotential excessive benefits to single employee.
    26 for5 against
8 proposals not matched to one resolution
  • 2) Approve amendment to Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to reflect the change in face value of equity shares.
    1 for0 against
  • 3) Approve amendment to Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to reflect the change in face value of equity shares, for grants to subsidiaries.,
    1 for0 against
  • 4) Approve amendment to Persistent Employee Stock Option Scheme 2014 (PESOS 2014) such that the maximum number of stock options granted to an employee do not exceed 1% of the issued capital during every four continuous years of employment.MoreLess
    1 for0 against
  • Approve Amendment in Scheme Document of Persistent Employee Stock Option Scheme 2014 to Amend Face Value and Aggregate Number of Options Consequent to the Sub-Division of Equity Shares for Grant of Stock Options to Employees of the CompanyMoreLess
    2 for0 against
  • Approve Amendment in Scheme Document of Persistent Employee Stock Option Scheme 2014 to Amend Face Value and Aggregate Number of Options Consequent to the Sub-Division of Equity Shares for Grant of Stock Options to Employees of the Subsidiary(ies)MoreLess
    2 for0 against
  • Approve amendment to Persistent Employee Stock Option Scheme 2014 (PESOS 2014) such that the maximum number of stock options granted to an employee do not exceed 1% of the issued capital during every four continuous years of employmentMoreLess
    3 for0 against
  • Approve amendment to Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to reflect the change in face value of equity shares
    3 for0 against
  • Approve amendment to Persistent Employee Stock Option Scheme 2014 (PESOS 2014) to reflect the change in face value of equity shares, for grants to subsidiaries
    3 for0 against

Mutual fund votes, meeting of 18 Jul 2023, 28 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 Sandalone Financial Statements of the Company for the Financial Year ended March 31, 2023, Reports of the Board of Directors and Auditors thereon.
    25 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023
    25 for0 against
  • To confirm the payment of the Interim Dividend of INR 28 per equity share of INR 10 each and to approve the payment of a Final Dividend of INR 12 per equity share of INR 10 each and a Special Dividend of INR 10 per equity share of INR 10 each, recommended for the Financial Year 2022-23MoreLess
    27 for0 against
  • To appoint a director in place of Dr. Anand Deshpande, India (DIN: 00005721), Chairman and Managing Director, who retires by rotation and has confirmed his eligibility and willingness to accept the office, if re-appointedMoreLess
    Against PGIM India Mutual Fund
    • PGIM India Mutual FundAppointment compliant with law. Governance concern: Holding dual position of Chairman and Managing Director.
    26 for1 against
  • To appoint Dr. Ajit Ranade, India (DIN: 00918651) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the term of 5 (five) consecutive years i.e. from June 6, 2023, to June 5, 2028MoreLess
    27 for0 against
  • To approve an amendment in the ‘Persistent Employee Stock Option Scheme 2014’ to increase the number of stock options allocated to the ‘Persistent Employee Stock Option Scheme 2014’ (“PESOS 2014”) by 500,000 stock options from 1.4 Million stock options to 1.9 Million stock optionsMoreLess
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The scheme permits stock options to be issued with an exercise price at a discount to the current market price. • The exact performance conditions and targets for vesting have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a significant discount to market price
    • PGIM India Mutual FundCompliant with law. Governance Concern: Potential excessive benefits per employee.
    • Quantum Mutual FundThe ESOP schemes provide for a minimum vesting period of 1 year. We do not favour ESOP schemes which do not provide for at least 3 years vesting period.
    23 for4 against
  • To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Employee Stock Option Scheme 2014’
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The scheme permits stock options to be issued with an exercise price at a discount to the current market price. • The exact performance conditions and targets for vesting have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a significant discount to market price
    • PGIM India Mutual FundCompliant with law. Governance Concern: Potential excessive benefits per employee.
    • Quantum Mutual FundThe ESOP schemes provide for a minimum vesting period of 1 year. We do not favour ESOP schemes which do not provide for at least 3 years vesting period.
    23 for4 against
  • To approve an amendment in the ‘Persistent Systems Limited – Employee Stock Option Plan 2017 (ESOP 2017)’ to increase the number of stock options allocated to the ESOP 2017 by 2,500,000 shares from 5.5 Million stock options to 8.0 Million stock optionsMoreLess
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund, Quantum Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The scheme permits stock options to be issued with an exercise price at a discount to the current market price. • The exact performance conditions and targets for vesting have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a significant discount to market price
    • Quantum Mutual FundThe ESOP schemes provide for a minimum vesting period of 1 year. We do not favour ESOP schemes which do not provide for at least 3 years vesting period.
    24 for3 against
  • To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Systems Limited – Employee Stock Option Plan 2017’
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund, Quantum Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The scheme permits stock options to be issued with an exercise price at a discount to the current market price. • The exact performance conditions and targets for vesting have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a significant discount to market price
    • Quantum Mutual FundThe ESOP schemes provide for a minimum vesting period of 1 year. We do not favour ESOP schemes which do not provide for at least 3 years vesting period.
    25 for3 against
10 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
  • Item 8, as a fund house numbered it
    1 for0 against
  • Accept Consolidated Financial Statements and Statutory Reports
    2 for0 against
  • Accept Standalone Financial Statements and Statutory Reports
    2 for0 against

Mutual fund votes, meeting of 19 Jul 2022, 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 Unconsolidated Financial Statements of the Company for the Financial Year ended March 31, 2022, Reports of the Board of Directors and Auditors thereon
    21 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022
    22 for0 against
  • To confirm the payment of the Interim Dividend of Rs 20 per equity share of Rs 10 each and to approve the payment of a Final Dividend of Rs 11 per equity share of Rs 10 each recommended for the Financial Year 2021-22MoreLess
    22 for0 against
  • To resolve not to fill the vacancy caused by the retirement of Mr. Thomas Kendra, California, USA (DIN: 07406678), Non-Executive Non-Independent Director, who retires by rotation, but does not seek re-appointmentMoreLess
    22 for0 against
  • To appoint Ms. Avani Davda, Mumbai, India (DIN: 07504739) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from December 28, 2021, to December 27, 2026MoreLess
    22 for0 against
  • To appoint Mr. Arvind Goel, Pune, India (DIN: 02300813) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from June 7, 2022, to June 6, 2027MoreLess
    22 for0 against
  • To appoint Dr. Ambuj Goyal, New York, USA (DIN: 09631525) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from June 7, 2022, to June 6, 2027MoreLess
    22 for0 against
  • To appoint Mr. Dan’l Lewin, California, USA (DIN: 09631526) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the first term of 5 (Five) consecutive years i.e. from June 10, 2022, to June 9, 2027MoreLess
    22 for0 against
  • To appoint Mr. Sandeep Kalra, New Jersey, USA and Pune, India (DIN: 02506494) as an Executive Director of the Company liable to retire by rotation, to hold the office with effect from June 11, 2022, till September 30, 2025, subject to the approval of the Central GovernmentMoreLess
    Against HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Tata Mutual Fund
    • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
    • HSBC Mutual FundA vote AGAINST this resolution is warranted, in view of the following concerns regarding Sandeep Kalra's remuneration: The proposed remuneration structure is open-ended and the board retains significant discretion in determining his pay outcomes. - The exact performance targets for the vesting of his stock options, have not been disclosed. - His estimated pay quantum is considered highly excessive, and aggressively positioned when compared to industry peers. - The increase in his remuneration does not appear to be aligned with the increase in remuneration of other employees, at the company.
    • Invesco Mutual FundSandeep Kalra, 50, is the CEO of the company and has been on the board since June 2019. His FY22 remuneration amounted to Rs. 559.6 mn, of which Rs. 452.0 mn is attributable to fair value of stock options. We estimate his FY23 remuneration at Rs. 607.9 mn, including fair value of stock options. His total remuneration (including fair value of stock options) is high and is not commensurate to the size and the complexity of the business. More than 75% of his remuneration is attributable to fair value of stock options: these options are granted at exercise price of Rs. 10 and thus, are in-the-money from the time of grant itself. Issuance of stock options at such steep discounts does not align the interests of shareholders with directors. The company must disclose performance metrics that determine variable pay and cap his remuneration in absolute terms
    • Tata Mutual FundSandeep Kalra, 50, is the CEO of the company and has been on the board since June 2019. His FY22 remuneration amounted to Rs. 559.6 mn, of which Rs. 452.0 mn is attributable to fair value of stock options. We estimate his FY23 remuneration at Rs. 607.9 mn, including fair value of stock options. More than 75% of his remuneration is attributable to fair value of stock options: these options are granted at exercise price of Rs. 10 and thus, are in-the-money from the time of grant itself. Issuance of stock options at such steep discounts does not align the interests of shareholders with directors. While he has been instrumental in the turnaround and growth of the company, we are against the grant of options at a steep discount (in this case at exercise price of 10.
    18 for4 against
10 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
  • Item 8, as a fund house numbered it
    1 for0 against
  • Item 9, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundSandeep Kalra, 50, is the CEO of the company and has been on the board since June 2019. His FY22 remuneration amounted to Rs. 559.6 mn, of which Rs. 452.0 mn is attributable to fair value of stock options. We estimate his FY23 remuneration at Rs. 607.9 mn, including fair value of stock options. His total remuneration (including fair value of stock options) is high and is not commensurate to the size and the complexity of the business. More than 75% of his remuneration is attributable to fair value of stock options: these options are granted at exercise price of Rs. 10 and thus, are in-the-money from the time of grant itself. Issuance of stock options at such steep discounts does not align the interests of shareholders with directors. The company must disclose performance metrics that determine variable pay and cap his remuneration in absolute terms.
    0 for1 against
  • Accept Standalone Financial Statements and Statutory Reports
    1 for0 against

Mutual fund votes, meeting of 21 Jul 2021, 18 fund houses

  • To receive, consider and adopt the Audited Unconsolidated Financial Statements for the Financial Year ended March 31, 2021, Reports of the Board of Directors and Auditors thereon
    18 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements for the Financial Year ended March 31, 2021
    18 for0 against
  • To confirm the payment of the Interim Dividend of ₹ 14 per equity share and declare a Final Dividend of ₹ 6 per equity share for the Financial Year 2020-21
    18 for0 against
  • To appoint a director in place of Mr. Sandeep Kumar Kalra, New Jersey, USA (DIN: 02506494), Executive Director, who retires by rotation and has confirmed his eligibility and willingness to accept the office, if re-appointedMoreLess
    18 for0 against
  • To appoint Mr. Sunil Sapre, Pune, India (DIN: 06475949) as an Executive Director of the Company liable to retire by rotation, to hold the office with effect from January 27, 2021 till September 30, 2024MoreLess
    18 for0 against
  • To approve amendments in the ‘Persistent Employee Stock Option Scheme 2014’
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The schemes permit options to be issued with an exercise price at a discount to the market price of the company's shares on the date of grant. • Performance conditions have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a discount to market price
    16 for2 against
  • To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Employee Stock Option Scheme 2014’
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The schemes permit options to be issued with an exercise price at a discount to the market price of the company's shares on the date of grant. • Performance conditions have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a discount to market price
    16 for2 against
  • To approve amendments in the ‘Persistent Systems Limited – Employee Stock Option Plan 2017’
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The schemes permit options to be issued with an exercise price at a discount to the market price of the company's shares on the date of grant. • Performance conditions have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a discount to market price
    16 for2 against
  • To Grant employee stock options to the employees of subsidiary company(ies) of the Company under ‘Persistent Systems Limited – Employee Stock Option Plan 2017’
    Against Franklin Templeton Mutual Fund, HDFC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The schemes permit options to be issued with an exercise price at a discount to the market price of the company's shares on the date of grant. • Performance conditions have not been disclosed.
    • HDFC Mutual FundESOPs are being granted at a discount to market price
    16 for2 against

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

Fines

Reported in the filing for the quarter to Sep 2026.

  • Fine or penaltyColorado Department of revenueSince 13 Aug 2026

    The Department previously levied a penalty of $1,385. A partial waiver was subsequently granted, resulting in penal amount of $622.

    Penalty for non-payment of the taxes by Persistent Systems Limited - US Branch for March 2025

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 Mar 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
Yes
The filing has a part on fines and penalties
Yes
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.