The Phoenix Mills logo

The Phoenix Mills MD, chairman, board of directors and AGM

NSE: PHOENIXLTDBSE: 503100RealtyMid Cap

Last close ₹1,872.30down ₹37.60 (1.97%)BSE ₹1,858.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,909.90.

52-week range of traded prices to 23 Oct 2026
₹1,465.60Low, 24 Mar 2026₹2,169.80High, 14 Jul 2026
Market cap
₹66,968 Cr169th largest listed
P/E
52.3
P/B
6.1
Dividend yield
0.13%
ROE
11.9%
ROCE
12.0%
Debt to equity
0.37
Volume, NSE
3,93,22453.4% delivered

The Phoenix Mills 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

  • ChairpersonAtul Ashokkumar RuiaRelated to the promoter
  • Company Secretary and Compliance OfficerBhavik Gala

8 directors4 independent2 executive2 non-executive

  • Atul Ashokkumar Ruia · ChairpersonNon-executive · joined Nov 1996 · reappointed Aug 2024 · 1 listed board · 1 committee seat
  • Shishir Ashok ShrivastavaNon-executive · joined Mar 2010 · reappointed Oct 2025 · 1 listed board · 1 committee seat
  • Rajesh Ramesh KulkarniExecutive · joined May 2021 · reappointed May 2026 · 1 listed board
  • Rashmi SenExecutive · joined Aug 2023 · reappointed Aug 2023 · 1 listed board
  • Archana Niranjan HingoraniIndependent · joined Aug 2023 · reappointed Aug 2023 · 37 months as independent · 6 listed boards · 6 as independent · 8 committee seats, 5 as chair
  • Anand Mahendra KhatauIndependent · joined Aug 2023 · reappointed Aug 2023 · 37 months as independent · 1 listed board · 1 as independent · 2 committee seats, 2 as chair
  • Sumeet AnandIndependent · joined Aug 2023 · reappointed Aug 2023 · 37 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Sumanta DattaIndependent · joined Nov 2023 · reappointed Nov 2023 · 34 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.

1 director who left
  • Shweta Pradeep Vyas, left 13 Oct 2024: Tenure Completion

Committees and meetings

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

  • Board

    • 11 Sep 20267 of 8 present3 independent · 44 days in between
    • 28 Jul 20268 of 8 present4 independent · 91 days in between
    • 27 Apr 20268 of 8 present4 independent

  • Audit Committee

    Chair Anand Mahendra Khatau

    Sumeet Anand, Archana Niranjan Hingorani

    • 11 Sep 20263 of 3 present3 independent · 44 days in between
    • 28 Jul 20263 of 3 present3 independent · 91 days in between
    • 27 Apr 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Sumanta Datta

    Anand Mahendra Khatau, Sumeet Anand, Archana Niranjan Hingorani

    • 28 Jul 20264 of 4 present4 independent · 91 days in between
    • 27 Apr 20264 of 4 present4 independent

  • Stakeholders Relationship Committee

    Chair Anand Mahendra Khatau

    Atul Ashokkumar Ruia, Shishir Ashok Shrivastava

    • 28 Jul 20263 of 3 present1 independent · 91 days in between
    • 27 Apr 20263 of 3 present1 independent
    • 14 Apr 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Shishir Ashok Shrivastava

    Rajesh Ramesh Kulkarni, Sumeet Anand

    • 28 Jul 20263 of 3 present1 independent · 91 days in between
    • 27 Apr 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Atul Ashokkumar Ruia

    Shishir Ashok Shrivastava, Sumanta Datta

    • 28 Jul 20263 of 3 present1 independent · 91 days in between
    • 27 Apr 20263 of 3 present1 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • DTS & Associates LLPPeer-review certificate valid to Sep 2026

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.

The Phoenix Mills 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.The Phoenix Mills dividend history

Annual general meeting, 28 Sep 2026

86,520 shareholders on the register on 21 Sep 2026; present: 10 promoters and 67 others; votes counted by Himanshu S Kamdar / Rathi & Associates, Company Secretaries.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, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 1.18% · other public 0.00%

    Turnout: all 89.30% · promoters 100.00% · institutions 85.50% · other public 5.66%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.
    Ordinary
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 1.18% · other public 0.00%

    Turnout: all 89.30% · promoters 100.00% · institutions 85.50% · other public 5.66%

  3. To declare a final dividend of Rs. 2.50/- per Equity Share of the face value of Rs. 2 /- each for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.32% · promoters 100.00% · institutions 85.54% · other public 5.66%

  4. To appoint a director in place of Mr. Rajesh Kulkarni (DIN: 03134336), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.47% for0.53% against

    Against: promoters 0.00% · institutions 1.13% · other public 0.30%

    Turnout: all 89.32% · promoters 100.00% · institutions 85.53% · other public 5.66%

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

Postal ballot, 28 Dec 2025, 2 resolutions

79,988 shareholders on the register on 21 Nov 2025; votes counted by HIMANSHU S. KAMDAR / RATHI & ASSOCIATES, COMPANY SECRETARIES.The company's voting result (opens in a new tab)

  1. Approval for Redesignation of Mr. Shishir Shrivastava (Din 01266095) from Managing Director and Key Managerial Personnel to Non-Executive, Non-Independent Director and Vice Chairman of the Company.
    Ordinary
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 0.41% · other public 0.01%

    Turnout: all 87.65% · promoters 99.78% · institutions 82.15% · other public 5.56%

  2. Approval of Payment of Remuneration Including Commission to Non-Executive Directors of the Company.
    Ordinary
    98.91% for1.09% against

    Against: promoters 0.00% · institutions 2.38% · other public 0.34%

    Turnout: all 87.66% · promoters 99.78% · institutions 82.16% · other public 5.56%

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 Sep 2025, 6 resolutions

88,254 shareholders on the register on 22 Sep 2025; present: 8 promoters and 50 others; votes counted by Himanshu S Kamdar / Rathi & Associates, Company Secretaries.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, 2025, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.27% · promoters 100.00% · institutions 87.61% · other public 5.22%

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

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

    Turnout: all 90.27% · promoters 100.00% · institutions 87.61% · other public 5.22%

  3. To declare a final dividend of Rs. 2.50 /- per Equity Share of the face value of Rs. 2 /- each for the financial year ended March 31, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.46% · promoters 100.00% · institutions 87.99% · other public 5.22%

  4. To appoint a director in place of Ms. Rashmi Sen (DIN: 05206417), who retires by rotation and being eligible, offers herself for re-appointment.
    Ordinary
    99.55% for0.45% against

    Against: promoters 0.00% · institutions 0.94% · other public 0.33%

    Turnout: all 90.46% · promoters 100.00% · institutions 87.99% · other public 5.22%

  5. Re-appointment and payment of remuneration to Mr. Rajesh Kulkarni (DIN: 03134336) as Whole-time Director (“WTD”) for a period of 5 years with effect from May 27, 2026
    Ordinary
    98.74% for1.26% against

    Against: promoters 0.00% · institutions 2.65% · other public 0.33%

    Turnout: all 90.46% · promoters 100.00% · institutions 87.99% · other public 5.22%

  6. Appointment of Rathi & Associates, Company Secretaries [Firm Registration No: P1988MH011900], a peer reviewed firm, as Secretarial Auditors.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.46% · promoters 100.00% · institutions 87.99% · other public 5.22%

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

Postal ballot, 13 Sep 2025, 1 resolution

90,192 shareholders on the register on 8 Aug 2025; votes counted by HIMANSHU S. KAMDAR / RATHI & ASSOCIATES, COMPANY SECRETARIES.The company's voting result (opens in a new tab)

  1. Approval of the arrangement for Canada Pension Plan Investment Board (‘CPP Investments’) to exit from the Company’s material subsidiary, Island Star Mall Developers Private Limited (‘ISMDPL’)
    Ordinary
    98.59% for1.41% against

    Against: promoters 0.00% · institutions 1.42% · other public 0.36%

    Turnout: all 43.41% · promoters 0.00% · institutions 88.39% · other public 6.01%

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, 13 Sep 2024, 8 resolutions

Present: 9 promoters and 46 others.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, 2024, together with the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.49% · promoters 100.00% · institutions 88.02% · other public 8.21%

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

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

    Turnout: all 90.49% · promoters 100.00% · institutions 88.02% · other public 8.21%

  3. To declare a dividend of Rs. 5/- per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.43% · promoters 100.00% · institutions 87.88% · other public 8.21%

  4. To appoint a Director in place of Mr. Shishir Shrivastava (DIN: 01266095), who retires by rotation and, being eligible, offers himself for re-appointment
    Ordinary
    99.87% for0.13% against

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

    Turnout: all 90.51% · promoters 100.00% · institutions 88.05% · other public 8.21%

  5. Approval for continuation of appointment of Mr. Atul Ruia (DIN: 00087396) as a Non-Executive Chairman of the Company
    OrdinaryPromoters have an interest in it
    94.40% for5.60% against

    Against: promoters 0.00% · institutions 12.01% · other public 0.00%

    Turnout: all 89.12% · promoters 100.00% · institutions 85.20% · other public 8.21%

  6. Payment of remuneration to Mr. Atul Ruia (DIN: 00087396) as Non- Executive Chairman of the Company
    SpecialPromoters have an interest in it
    76.75% for23.25% against

    Against: promoters 0.00% · institutions 49.94% · other public 0.00%

    Turnout: all 89.05% · promoters 100.00% · institutions 85.06% · other public 8.21%

  7. Increase in Authorised Share Capital and consequent alteration to the Capital Clause of Memorandum of Association of the Company
    Ordinary
    99.39% for0.61% against

    Against: promoters 0.00% · institutions 1.29% · other public 0.00%

    Turnout: all 90.51% · promoters 100.00% · institutions 88.05% · other public 8.21%

  8. Approval for Issuance of Bonus Equity Shares
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.51% · promoters 100.00% · institutions 88.05% · other public 8.21%

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

Postal ballot, 30 Dec 2023, 1 resolution

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

  1. 1. Appointment of Mr. Sumanta Datta (DIN: 09462502) as an Independent Director of the Company to hold office for a period of five consecutive years from November 08, 2023 to November 7, 2028 (both days inclusive)MoreLess
    Special
    99.55% for0.45% against

    Against: promoters 0.00% · institutions 0.94% · other public 5.21%

    Turnout: all 88.30% · promoters 100.00% · institutions 84.12% · other public 6.08%

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, 22 Sep 2023, 16 resolutions

Present: 8 promoters and 52 others.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, 2023, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.70% · promoters 100.00% · institutions 86.70% · other public 8.24%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023, together with the Report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.70% · promoters 100.00% · institutions 86.70% · other public 8.24%

  3. To declare a dividend of ₹ 5per Equity Share of the face value of ₹ 2 for the Financial Year ended March 31, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  4. To appoint a Director in place of Mr. Rajesh Kulkarni (DIN: 03134336), who retires by rotation and, being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    90.92% for9.08% against

    Against: promoters 0.00% · institutions 19.36% · other public 0.00%

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  5. Approval for re-appointment and payment of remuneration to Mr. Rajendra Kalkar (DIN: 03269314) as a Whole-time Director for a period of 5 years with effect from December 10, 2023 to December 09, 2028.
    Special
    88.10% for11.90% against

    Against: promoters 0.00% · institutions 25.35% · other public 0.00%

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  6. Approval of appointment of Ms. Rashmi Sen (DIN: 05206417) as a Director
    Ordinary
    90.92% for9.08% against

    Against: promoters 0.00% · institutions 19.36% · other public 0.01%

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  7. Approval for appointment and payment of remuneration to Ms. Rashmi Sen (DIN: 05206417) as a Whole-time Director for a period of 5 years with effect from August 08, 2023 to August 07, 2028
    Special
    89.25% for10.75% against

    Against: promoters 0.00% · institutions 22.90% · other public 0.01%

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  8. Payment of remuneration to Mr. Atul Ruia (DIN: 00087396) as Non-executive Chairman of the Company
    SpecialPromoters have an interest in it
    78.17% for21.83% against

    Against: promoters 0.00% · institutions 46.53% · other public 0.00%

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  9. Appointment of Mr. Anand Khatau (DIN: 03225544) as an Independent Director of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  10. Appointment of Dr. Archana Hingorani (DIN: 00028037) as an Independent Director of the Company
    Special
    89.76% for10.24% against

    Against: promoters 0.00% · institutions 22.29% · other public 0.01%

    Turnout: all 88.12% · promoters 100.00% · institutions 83.45% · other public 8.24%

  11. Appointment of Mr. Sumeet Anand (DIN: 00793753) as an Independent Director of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 89.75% · promoters 100.00% · institutions 86.80% · other public 8.24%

  12. Material Related Party Transaction(s) between and/or amongst Island Star Mall Developers Private Limited, subsidiary of the Company, Alyssum Developers Private Limited and Sparkle One Mall Developers Private Limited, subsidiaries of Island Star Mall Developers Private LimitedMoreLess
    OrdinaryPromoters have an interest in it
    96.33% for3.67% against

    Against: promoters 0.00% · institutions 3.69% · other public 0.24%

    Turnout: all 42.36% · promoters 0.00% · institutions 86.80% · other public 6.02%

  13. Material Related Party Transaction(s) between and/or amongst Alyssum Developers Private Limited, Sparkle One Mall Developers Private Limited, Insight Mall Developers Private Limited, subsidiaries of Island Star Mall Developers Private Limited and Island Star Mall Developers Private Limited, subsidiary of the Company.MoreLess
    OrdinaryPromoters have an interest in it
    96.33% for3.67% against

    Against: promoters 0.00% · institutions 3.69% · other public 0.24%

    Turnout: all 42.36% · promoters 0.00% · institutions 86.80% · other public 6.02%

  14. Material Related Party Transaction(s) between Plutocrat Commercial Real Estate Private Limited, subsidiary of the Company and CPP Investment Board Private Holdings (4) Inc.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 42.36% · promoters 0.00% · institutions 86.80% · other public 6.02%

  15. Material Related Party Transaction(s) between and/or amongst Offbeat Developers Private Limited, Vamona Developers Private Limited, subsidiaries of the Company and Finesse Mall and Commercial Real Estate Private Limited, a wholly owned subsidiary of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 42.36% · promoters 0.00% · institutions 86.80% · other public 6.02%

  16. Material Related Party Transaction(s) between and/or amongst Offbeat Developers Private Limited, Vamona Developers Private Limited, subsidiaries of the Company and Casper Realty Private Limited, wholly owned subsidiary of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 42.36% · promoters 0.00% · institutions 86.80% · other public 5.93%

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, 20 Sep 2022, 13 resolutions

Present: 10 promoters and 55 others.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, 2022, together with the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 84.56% · promoters 100.00% · institutions 76.68% · other public 6.69%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022, together with the Report of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 84.56% · promoters 100.00% · institutions 76.68% · other public 6.69%

  3. To declare a dividend of Rs. 2.40/- per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended March 31, 2022
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 84.61% · promoters 100.00% · institutions 76.78% · other public 6.69%

  4. To appoint a Director in place of Mr. Shishir Shrivastava (DIN: 01266095), who retires by rotation and, being eligible, offers himself for re-appointment
    Ordinary
    99.38% for0.62% against

    Against: promoters 0.00% · institutions 1.43% · other public 0.00%

    Turnout: all 84.61% · promoters 100.00% · institutions 76.78% · other public 6.64%

  5. Re-appointment of Messrs DTS & 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 0.00%

    Turnout: all 84.61% · promoters 100.00% · institutions 76.78% · other public 6.64%

  6. Approval for alteration in the Object Clause of the Memorandum of Association of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 84.61% · promoters 100.00% · institutions 76.78% · other public 6.64%

  7. Payment of remuneration to Mr. Atul Ruia (DIN: 00087396) as Non-Executive Chairman of the Company
    SpecialPromoters have an interest in it
    76.08% for23.92% against

    Against: promoters 0.00% · institutions 54.72% · other public 0.00%

    Turnout: all 84.60% · promoters 100.00% · institutions 76.77% · other public 6.69%

  8. Material Related Party Transaction(s) between and/or amongst The Phoenix Mills Limited (‘Company’), its certain identified subsidiaries and Thoth Mall and Commercial Real Estate Private Limited, a wholly owned subsidiary of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.13% · other public 0.17%

    Turnout: all 37.28% · promoters 0.00% · institutions 76.78% · other public 6.31%

  9. Material Related Party Transaction(s) between and/or amongst Island Star Mall Developers Private Limited, subsidiary of the Company and Alyssum Developers Private Limited, Sparkle One Mall Developers Private Limited, subsidiaries of Island Star Mall Developers Private LimitedMoreLess
    OrdinaryPromoters have an interest in it
    58.75% for41.25% against

    Against: promoters 0.00% · institutions 41.57% · other public 0.17%

    Turnout: all 37.28% · promoters 0.00% · institutions 76.78% · other public 6.31%

  10. Material Related Party Transactions between Offbeat Developers Private Limited, Vamona Developers Private Limited, Graceworks Realty & Leisure Private Limited, identified subsidiaries of the Company and Reco Zinnia Private Limited (‘RZPL’), a wholly owned subsidiary of GIC (Realty) Pte. LtdMoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 37.28% · promoters 0.00% · institutions 76.78% · other public 6.31%

  11. Material Related Party Transactions between Island Star Mall Developers Private Limited, Mindstone Mall Developers Private Limited, Plutocrat Commercial Real Estate Private Limited, identified subsidiaries of the Company and Canada Pension Plan Investment Board (CPPIB) and/or CPP Investment Board Private Holdings (4) Inc.MoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 37.28% · promoters 0.00% · institutions 76.78% · other public 6.31%

  12. Material Related Party Transactions between the Company and Island Star Mall Developers Private Limited and/or Starboard Hotels Private Limited
    OrdinaryPromoters have an interest in it
    58.62% for41.38% against

    Against: promoters 0.00% · institutions 41.70% · other public 0.17%

    Turnout: all 37.28% · promoters 0.00% · institutions 76.78% · other public 6.35%

  13. Approval of financial support transactions amongst subsidiaries/ associates of the Company
    OrdinaryPromoters have an interest in it
    51.35% for48.65% against

    Against: promoters 0.00% · institutions 49.02% · other public 0.00%

    Turnout: all 37.26% · promoters 0.00% · institutions 76.73% · other public 6.31%

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 28 Sep 2026, 16 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    16 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.
    16 for0 against
  • To declare a final dividend of Rs. 2.50/- per Equity Share of the face value of Rs. 2 /- each for the financial year ended March 31, 2026.
    16 for0 against
  • To appoint a director in place of Mr. Rajesh Kulkarni (DIN: 03134336), who retires by rotation and being eligible, offers himself for re-appointment.
    16 for0 against

Mutual fund votes, meeting of 28 Dec 2025, 34 fund houses

  • Approval for Redesignation of Mr. Shishir Shrivastava (Din 01266095) from Managing Director and Key Managerial Personnel to Non-Executive, Non-Independent Director and Vice Chairman of the Company.
    34 for0 against
  • Approval of Payment of Remuneration Including Commission to Non-Executive Directors of the Company.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance Concern: proposed resolution includes Promoter Non-Executive Directors, concern on his past remuneration practices.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual FundCompliant with law. No concerned identified w.r.t proposed payment of commission however, Governance Concern: proposed resolution includes Promoter NED, where SES has raised concern on his past remuneration.
    • LIC Mutual FundNo concerned identified w.r.t proposed payment of commission however, Governance Concern: proposed resolution includes Promoter NED, where SES has raised concern on his past remuneration.
    • PPFAS Mutual FundThe proposed resolution includes Promoter NED, where SES has raised concern on his past remuneration practice
    24 for10 against
6 earlier meetings

Mutual fund votes, meeting of 29 Sep 2025, 31 fund houses

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    31 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with the Report of the Auditors thereon.
    31 for0 against
  • To declare a final dividend of Rs. 2.50 /- per Equity Share of the face value of Rs. 2 /- each for the financial year ended March 31, 2025.
    31 for0 against
  • To appoint a director in place of Ms. Rashmi Sen (DIN: 05206417), who retires by rotation and being eligible, offers herself for re-appointment.
    31 for0 against
  • Re-appointment and payment of remuneration to Mr. Rajesh Kulkarni (DIN: 03134336) as Whole-time Director (“WTD”) for a period of 5 years with effect from May 27, 2026
    31 for0 against
  • Appointment of Rathi & Associates, Company Secretaries [Firm Registration No: P1988MH011900], a peer reviewed firm, as Secretarial Auditors.
    31 for0 against

Mutual fund votes, meeting of 13 Sep 2025, 31 fund houses

  • Approval of the arrangement for Canada Pension Plan Investment Board (‘CPP Investments’) to exit from the Company’s material subsidiary, Island Star Mall Developers Private Limited (‘ISMDPL’)
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundTransparency Concern is identified due to non-disclosure of Valuation Report, impact of future valuation reports on the consideration value proposed, inadequate details to establish the capacity of ISMDPL/its subsidiaries to sustain the proposed Related Party Transactions. Without adequate information on these observations, an informed decision cannot be made on the proposed enabling approval that is not clear on what proportion will be funded by which entity and through which modes.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern is identified due to non-disclosure of Valuation Report, impact of future valuation reports on the consideration value proposed, inadequate details to establish the capacity of ISMDPL/its subsidiaries to sustain the proposed RPT. Without adequate information on these observations, an informed decision cannot be made on the proposed enabling approval that is not clear on what proportion will be funded by which entity and through which modes.
    25 for6 against

Mutual fund votes, meeting of 13 Sep 2024, 26 fund houses

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Reports of the Board of Directors and Auditors thereonMoreLess
    26 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Report of the Auditors thereon
    26 for0 against
  • To declare a dividend of Rs. 5/- per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended March 31, 2024
    26 for0 against
  • To appoint a Director in place of Mr. Shishir Shrivastava (DIN: 01266095), who retires by rotation and, being eligible, offers himself for re-appointment
    26 for0 against
  • Approval for continuation of appointment of Mr. Atul Ruia (DIN: 00087396) as a Non-Executive Chairman of the Company
    Against Bajaj Finserv Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
    • Bajaj Finserv Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Skewed and Excessive Remuneration.
    20 for6 against
  • Payment of remuneration to Mr. Atul Ruia (DIN: 00087396) as Non- Executive Chairman of the Company
    Against Bajaj Finserv Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Mirae Asset Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
    • Bajaj Finserv Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Skewed and Excessive Remuneration.
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposed pay structure of Atul Ruia comprises a fixed element; and is more indicative of an executive role within the company. • The proposed quantum of remuneration is deemed high compared to other non-executive directors. • The company has not provided sufficient justification for the proposed minimum remuneration in the event of loss or inadequacy of profits.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    18 for8 against
  • Increase in Authorised Share Capital and consequent alteration to the Capital Clause of Memorandum of Association of the Company
    26 for0 against
  • Approval for Issuance of Bonus Equity Shares
    26 for0 against

Mutual fund votes, meeting of 30 Dec 2023, 24 fund houses

  • 1. Appointment of Mr. Sumanta Datta (DIN: 09462502) as an Independent Director of the Company to hold office for a period of five consecutive years from November 08, 2023 to November 7, 2028 (both days inclusive)MoreLess
    24 for0 against

Mutual fund votes, meeting of 22 Sep 2023, 21 fund houses

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2023, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    21 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023, together with the Report of the Auditors thereon.
    21 for0 against
  • To declare a dividend of ₹ 5per Equity Share of the face value of ₹ 2 for the Financial Year ended March 31, 2023.
    21 for0 against
  • To appoint a Director in place of Mr. Rajesh Kulkarni (DIN: 03134336), who retires by rotation and, being eligible, offers himself for re-appointment.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominees is warranted because: • The board independence norms are not met (as per our reclassification) and Rajesh Kulkarni and Rashmi Sen are non-independent director nominees
    20 for1 against
  • Approval for re-appointment and payment of remuneration to Mr. Rajendra Kalkar (DIN: 03269314) as a Whole-time Director for a period of 5 years with effect from December 10, 2023 to December 09, 2028.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST these resolutions is warranted in view of the following concerns: • The board independence norms are not met (as per our reclassification) and Rajendra Kalkar and Rashmi Sen are non-independent director nominees
    20 for1 against
  • Approval of appointment of Ms. Rashmi Sen (DIN: 05206417) as a Director
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominees is warranted because: • The board independence norms are not met (as per our reclassification) and Rajesh Kulkarni and Rashmi Sen are non-independent director nominees
    20 for1 against
  • Approval for appointment and payment of remuneration to Ms. Rashmi Sen (DIN: 05206417) as a Whole-time Director for a period of 5 years with effect from August 08, 2023 to August 07, 2028
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST these resolutions is warranted in view of the following concerns: • The board independence norms are not met (as per our reclassification) and Rajendra Kalkar and Rashmi Sen are non-independent director nominees
    20 for1 against
  • Payment of remuneration to Mr. Atul Ruia (DIN: 00087396) as Non-executive Chairman of the Company
    Against Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund
    • Bandhan Mutual Fund"Atul Ruia, 52, is promoter and former Managing Director of the company. He was appointed as Non-Executive Chairperson on board from December 2019. He was paid Rs. 12.1 mn in FY23. We estimate his proposed remuneration at Rs 32.5 mn. His estimated proposed remuneration is high when compared to other Non-Executive Chairpersons amongst the listed companies. Also, his estimated proposed remuneration is higher than that paid to Whole-time Director, Rajendra Kalkar. We also raise concern that Atul Ruia is a member of the Nomination and Remuneration Committee, which creates a conflict of interest. We believe the NRC must comprise independent directors. The resolution clubs several shareholder approvals (across separate regulations), which is not a good practice."
    • Bank of India Mutual Fund, Sundaram Mutual FundAtul Ruia, 52, is promoter and former Managing Director of the company. He was appointed as Non-Executive Chairperson on board from December 2019. He was paid Rs. 12.1 mn in FY23. We estimate his proposed remuneration at Rs 32.5 mn. His estimated proposed remuneration is high when compared to other Non-Executive Chairpersons amongst the listed companies. Also, his estimated proposed remuneration is higher than that paid to Whole-time Director, Rajendra Kalkar. We also raise concern that Atul Ruia is a member of the Nomination and Remuneration Committee, which creates a conflict of interest. We believe the NRC must comprise independent directors. The resolution clubs several shareholder approvals (across separate regulations), which is not a good practice.
    • Baroda BNP Paribas Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual FundCompliant with Law. Governance Concern: Proposed remuneration more than remuneration to ED position.
    • Franklin Templeton Mutual Fund, HSBC Mutual FundA vote AGAINST this resolution is warranted because: • The proposed pay structure of Atul Ruia comprises a fixed element; and is more indicative of an executive role within the company. • The proposed quantum of remuneration is deemed high compared to other non-executive directors, and also higher than a Wholetime Director of the company. • The company has not provided sufficient justification for the proposed minimum remuneration in the event of loss or inadequacy of profits.
    • Kotak Mahindra Mutual FundMr. Atul Ruia, 52, has more than 3 decades of industry expertise. His estimated remuneration which is at Rs 32.5 mn is high when compared to other Non-Executive Chairpersons amongst the listed companies. Also, his estimated proposed remuneration is higher than that paid to Whole-time Director, Rajendra Kalkar. He is also a member of the Nomination and Remuneration Committee, which creates a conflict of interest. Hence voting against.
    • Nippon India Mutual FundRemuneration is high
    11 for10 against
  • Appointment of Mr. Anand Khatau (DIN: 03225544) as an Independent Director of the Company
    21 for0 against
  • Appointment of Dr. Archana Hingorani (DIN: 00028037) as an Independent Director of the Company
    Against Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund
    • Bandhan Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual FundDr. Archana Hingorani, 57, is Managing Partner at Siana Capital. She has twenty-eight years of experience in financial services and private equity fund investment. She is also a visiting faculty for Private Equity at the Katz Graduate School of Business, University of Pittsburgh, USA. She serves on the board of six listed companies (including Phoenix Mills). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors on a maximum of three listed companies. We believe that as Managing Partner, Siana Capital, her responsibilities are equivalent to a whole-time directorship. Therefore, her high number of directorships on listed companies is not in keeping with the spirit of the regulation. We do not support her appointment.
    • Baroda BNP Paribas Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual FundCompliant with Law. Governance Concern: Excessive Time Commitments.
    • Kotak Mahindra Mutual FundDr. Archana Hingorani, 57, three decades of experience in management and finance. Her appointment raises a governance concern as she holds 6 Listed Directorships, 8 Committee Memberships and 2 Committee Chairpersonships along with a full-time position as Managing Partner at Siana Capital. Hence voting against.
    • Nippon India Mutual FundExcessive time Commitments
    13 for8 against
  • Appointment of Mr. Sumeet Anand (DIN: 00793753) as an Independent Director of the Company
    21 for0 against
  • Material Related Party Transaction(s) between and/or amongst Island Star Mall Developers Private Limited, subsidiary of the Company, Alyssum Developers Private Limited and Sparkle One Mall Developers Private Limited, subsidiaries of Island Star Mall Developers Private LimitedMoreLess
    21 for0 against
  • Material Related Party Transaction(s) between and/or amongst Alyssum Developers Private Limited, Sparkle One Mall Developers Private Limited, Insight Mall Developers Private Limited, subsidiaries of Island Star Mall Developers Private Limited and Island Star Mall Developers Private Limited, subsidiary of the Company.MoreLess
    21 for0 against
  • Material Related Party Transaction(s) between Plutocrat Commercial Real Estate Private Limited, subsidiary of the Company and CPP Investment Board Private Holdings (4) Inc.
    21 for0 against
  • Material Related Party Transaction(s) between and/or amongst Offbeat Developers Private Limited, Vamona Developers Private Limited, subsidiaries of the Company and Finesse Mall and Commercial Real Estate Private Limited, a wholly owned subsidiary of the CompanyMoreLess
    21 for0 against
  • Material Related Party Transaction(s) between and/or amongst Offbeat Developers Private Limited, Vamona Developers Private Limited, subsidiaries of the Company and Casper Realty Private Limited, wholly owned subsidiary of the CompanyMoreLess
    21 for0 against

Mutual fund votes, meeting of 20 Sep 2022, 17 fund houses

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2022, together with the Reports of the Board of Directors and Auditors thereonMoreLess
    17 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022, together with the Report of the Auditors thereon
    17 for0 against
  • To declare a dividend of Rs. 2.40/- per Equity Share of the face value of Rs. 2/- each, for the Financial Year ended March 31, 2022
    17 for0 against
  • To appoint a Director in place of Mr. Shishir Shrivastava (DIN: 01266095), who retires by rotation and, being eligible, offers himself for re-appointment
    17 for0 against
  • Re-appointment of Messrs DTS & Associates LLP, Chartered Accountants as Statutory Auditors of the Company
    17 for0 against
  • Approval for alteration in the Object Clause of the Memorandum of Association of the Company
    17 for0 against
  • Payment of remuneration to Mr. Atul Ruia (DIN: 00087396) as Non-Executive Chairman of the Company
    Against Axis Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundAtul Ruia is promoter and former Managing Director of the company. He was appointed as Non-Executive Chairperson on board from December 2019. We estimate his FY23 remuneration at Rs 20.5 mn, which will be more than 50% of the remuneration of all non-executive directors put together. The remuneration will be paid on a monthly basis, making it similar to a salary payout. His remuneration can breach the regulatory thresholds of 1% of net profits. While we understand that as promoter, he will play a material role to play in establishing strategic direction, there is no cap in absolute terms on his remuneration for the next five years. We raise concern over the conflict of interest on account of Atul Ruia's membership of the Nomination and Remuneration Committee (NRC). We also raise concern that the resolution seeks multiple approvals, across different timelines.
    • Bank of India Mutual FundAtul Ruia is promoter and former Managing Director of the company. He was appointed as Non-Executive Chairperson on board from December 2019. We estimate his FY23 remuneration at Rs 20.5 mn, which will be more than 50% of the remuneration of all non-executive directors put together. The remuneration will be paid on a monthly basis, making it similar to a salary payout. His remuneration can breach the regulatory thresholds of 1% of net profits. While we understand that as promoter, he will play a material role to play in establishing strategic direction, there is no cap in absolute terms on his remuneration for the next five years. We raise concern over the conflict of interest on account of Atul Ruia’s membership of the Nomination and Remuneration Committee (NRC). We also raise concern that the resolution seeks multiple approvals, across different timelines.
    • Baroda BNP Paribas Mutual FundRemuneration similar to EDs. Inadequate justification
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposed pay structure of Bharat Hari Singhania comprises a fixed element, which is more indicative of an executive role within the company. • The proposed quantum of remuneration is deemed high compared to other non-executive directors of the company. • The company has not provided sufficient justification for the proposed minimum remuneration in the event of loss or inadequacy of profits during his tenure.
    • HSBC Mutual FundA vote AGAINST this resolution is desired as this is a case of Non-Executive Directors participating in incentive schemes, which should be dissuaded
    • Invesco Mutual FundAtul Ruia is promoter and former Managing Director of the company. He was appointed as Non-Executive Chairperson on board from December 2019. We estimate his FY23 remuneration at Rs. 20.5 mn, which will be more than 50% of the remuneration of all non-executive directors put together. The remuneration will be paid on a monthly basis, making it similar to a salary payout. His remuneration can breach the regulatory thresholds of 1% of net profits. While we understand that as promoter, he will play a material role to play in establishing strategic direction, there is no cap in absolute terms on his remuneration for the next five years. We raise concern over the conflict of interest on account of Atul Ruia’s membership of the Nomination and Remuneration Committee (NRC). We also raise concern that the resolution seeks multiple approvals, across different timelines
    • Nippon India Mutual FundLack of clarity regarding on the role
    10 for7 against
  • Material Related Party Transaction(s) between and/or amongst The Phoenix Mills Limited (‘Company’), its certain identified subsidiaries and Thoth Mall and Commercial Real Estate Private Limited, a wholly owned subsidiary of the CompanyMoreLess
    17 for0 against
  • Material Related Party Transaction(s) between and/or amongst Island Star Mall Developers Private Limited, subsidiary of the Company and Alyssum Developers Private Limited, Sparkle One Mall Developers Private Limited, subsidiaries of Island Star Mall Developers Private LimitedMoreLess
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given: • The proposed mandate includes provision for guarantees, wherein the company (ISML) may be taking on a disproportionate amount of risk relative to its ownership stake, without a compelling justification.
    16 for1 against
  • Material Related Party Transactions between Offbeat Developers Private Limited, Vamona Developers Private Limited, Graceworks Realty & Leisure Private Limited, identified subsidiaries of the Company and Reco Zinnia Private Limited (‘RZPL’), a wholly owned subsidiary of GIC (Realty) Pte. LtdMoreLess
    17 for0 against
  • Material Related Party Transactions between Island Star Mall Developers Private Limited, Mindstone Mall Developers Private Limited, Plutocrat Commercial Real Estate Private Limited, identified subsidiaries of the Company and Canada Pension Plan Investment Board (CPPIB) and/or CPP Investment Board Private Holdings (4) Inc.MoreLess
    17 for0 against
  • Material Related Party Transactions between the Company and Island Star Mall Developers Private Limited and/or Starboard Hotels Private Limited
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given: • The proposed mandate includes provision for guarantees, wherein the company may be taking on a disproportionate amount of risk relative to its ownership stake, without a compelling justification.
    16 for1 against
  • Approval of financial support transactions amongst subsidiaries/ associates of the Company
    Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund
    • Axis Mutual FundWhile we recognize the company's responsibility to support subsidiaries, the rationale to support associates is unclear. The proposed resolution is enabling - the company has 38 subsidiaries and associate companies, several of which do not have the size to absorb financial support to the extent of Rs. 4 bn. We do not support all-encompassing resolutions of this nature. The company must provide clarity with respect to the companies it proposes to support and the rationale to extend such support.
    • Bank of India Mutual FundWhile we recognize the company’s responsibility to support subsidiaries, the rationale to support associates is unclear. The proposed resolution is enabling – the company has 38 subsidiaries and associate companies, several of which do not have the size to absorb financial support to the extent of Rs. 4 bn. We do not support all-encompassing resolutions of this nature. The company must provide clarity with respect to the companies it proposes to support and the rationale to extend such support.
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given: • The proposed mandate includes provision for guarantees, wherein the company/subsidiaries may be taking on a disproportionate amount of risk relative to its ownership stake, without a compelling justification.
    • HDFC Mutual FundThe approval is open ended and the amount is high relative to the size and scale of the subsidiaries/associates.
    13 for4 against

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

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Sep 2026.

  • Unlisted stake boughtO2 Renewable Energy XXVIII Private LimitedSince 19 Aug 2026

    45.00% bought in the quarter; holding 45.00%, from 0.00%

  • Tax disputeOffice of the Commissioner of CGST & Central Excise (Joint Commissioner) received by Alyssum Developers Private Limited, Subsidiary of the CompanSince 5 Aug 2024
    Joint Commissioner appeal has disallowed our claim of GST input tax credit on items of plant and machinery and other eligible GST credit. Officer has given the relief and deleted amount for penalty on account of suppression of facts. We have filed an appeal before GSTAT against the order of Joint Commissioner appeal and the same is pending for hearing. Further Jurisdictional AO issued notice for reversal of GST credit not availed by the company for amount alreday covered in earlier appeal.MoreLess
    At the filing before: Alyssum Developers Private Limited, Subsidiary of the Company has filed the appeal

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

Investor complaints and compliance

Quarter by quarter.

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

  • Received
  • Resolved

Open at the quarter's end

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

The company's own answers in its filing.