P N Gadgil Jewellers MD, chairman, board of directors and AGM
NSE: PNGJLBSE: 544256Consumer DurablesSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹577.15.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹8,430 Cr632nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 27 Jul 2026
- 18.9
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet.
- Shares changed
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 27 Jul 2026
- 25.3%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 27 Jul 2026
- 17.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 14 May 2026
- 0.80
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 6,95,86744.2% delivered
P N Gadgil Jewellers board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.
- Chairperson and managing directorSaurabh Vidyadhar GadgilRelated to the promoter
- Company Secretary and Compliance OfficerPrakhar Gupta
9 directors5 independent3 executive1 non-executive
- Saurabh Vidyadhar Gadgil · Chairperson and managing directorExecutive · joined Oct 2013 · reappointed Mar 2024 · 1 listed board
- Parag Yashwant GadgilExecutive · joined Oct 2013 · reappointed Aug 2025 · 1 listed board
- Radhika Saurabh GadgilExecutive · joined Feb 2017 · reappointed Aug 2025 · 1 listed board
- Aditya Saurabh GadgilNon-executive · joined Jan 2026 · 1 listed board
- Yashwant Ramchandra GaikwadIndependent · joined Apr 2023 · reappointed Apr 2023 · 38 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Vaijayanti Ajit PanditIndependent · joined Mar 2024 · reappointed Mar 2024 · 27 months as independent · 5 listed boards · 5 as independent · 10 committee seats, 3 as chair
- Shaswati VaishnavIndependent · joined Jan 2024 · reappointed Jan 2024 · 29 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Susmit Ajit RanadeIndependent · joined Mar 2024 · reappointed Mar 2024 · 27 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Purushottam Sharad BedekarIndependent · joined Jul 2025 · reappointed Jul 2025 · 11 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.
2 directors who left
- Kiran Prakash Firodiya, left 23 Jan 2026: Others
- Ravindra Prabhakar Marathe, left 4 Apr 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 14 May 20269 of 9 present5 independent · 93 days in between
- 9 Feb 20268 of 9 present5 independent · 16 days in between
- 23 Jan 202610 of 10 present5 independent
Audit Committee
Chair Susmit Ajit Ranade
Vaijayanti Ajit Pandit, Shaswati Vaishnav
- 14 May 20263 of 3 present3 independent · 93 days in between
- 9 Feb 20263 of 3 present3 independent · 16 days in between
- 23 Jan 20263 of 3 present3 independent
Nomination and remuneration committee
Chair Shaswati Vaishnav
Vaijayanti Ajit Pandit, Susmit Ajit Ranade
- 14 May 20262 of 3 present2 independent · 93 days in between
- 9 Feb 20263 of 3 present3 independent · 16 days in between
- 23 Jan 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Shaswati Vaishnav
Susmit Ajit Ranade, Yashwant Ramchandra Gaikwad
- 9 Feb 20263 of 3 present3 independent
Risk Management Committee
Chair Saurabh Vidyadhar Gadgil
Vaijayanti Ajit Pandit, Purushottam Sharad Bedekar
- 23 Jan 20263 of 3 present1 independent
Corporate Social Responsibility Committee
Chair Saurabh Vidyadhar Gadgil
Vaijayanti Ajit Pandit, Purushottam Sharad Bedekar
- 23 Jan 20263 of 3 present1 independent
Executive Committee
Chair Saurabh Vidyadhar Gadgil
Parag Yashwant Gadgil, Radhika Saurabh Gadgil
- 19 Jun 20262 of 3 present0 independent
- 4 Jun 20262 of 3 present0 independent · 9 days in between
- 25 May 20262 of 3 present0 independent · 46 days in between
- 8 Apr 20263 of 3 present0 independent · 8 days in between
6 earlier meetings
- 30 Mar 20263 of 3 present0 independent · 6 days in between
- 23 Mar 20263 of 3 present0 independent · 18 days in between
- 4 Mar 20263 of 3 present0 independent · 4 days in between
- 27 Feb 20263 of 3 present0 independent · 16 days in between
- 10 Feb 20263 of 3 present0 independent · 27 days in between
- 13 Jan 20263 of 3 present0 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.
- GDA & AssociatesPeer-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.
P N Gadgil Jewellers 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.P N Gadgil Jewellers share news and announcements
Postal ballot, 21 Oct 2026
1,54,961 shareholders on the register on 18 Sep 2026; votes counted by Mr. Abhijit Desai / M/s A S Desai & Associates.The company's voting result (opens in a new tab)
- Approval of the P N Gadgil Jewellers Limited Employees Stock Option Plan 2026 ("PNG ESOP 2026”) through direct route for Eligible Employees of the CompanySpecial94.78% for5.22% against
Against: promoters 0.00% · institutions 59.50% · other public 17.07%
Turnout: all 84.01% · promoters 100.00% · institutions 67.23% · other public 0.23%
- Approval of the P N Gadgil Jewellers Limited Employees Stock Option Plan 2026 ("PNG ESOP 2026”) through direct route for Eligible Employees of the Subsidiary Company(ies)Special94.78% for5.22% against
Against: promoters 0.00% · institutions 59.50% · other public 18.74%
Turnout: all 84.01% · promoters 100.00% · institutions 67.23% · other public 0.23%
- To Re-appoint Dr. Vaijayanti Pandit (DIN: 06742237) as an Independent Director of the CompanySpecial99.91% for0.09% against
Against: promoters 0.00% · institutions 0.93% · other public 10.64%
Turnout: all 84.01% · promoters 100.00% · institutions 67.23% · other public 0.23%
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, 28 Sep 2026, 2 resolutions
1,54,885 shareholders on the register on 21 Sep 2026; present: 7 promoters and 36 others; votes counted by Mr. Abhijit Desai / M/s A S Desai & Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report(s) of Board of Directors and Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 1.49%
Turnout: all 82.80% · promoters 100.00% · institutions 55.87% · other public 0.13%
- To re-appoint Mrs. Radhika Gadgil (DIN: 00490499), Whole-time Director, who retires by rotation and being eligible, offers herself for such reappointmentOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 2.33%
Turnout: all 82.80% · promoters 100.00% · institutions 55.87% · other public 0.13%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 27 Mar 2026, 1 resolution
1,70,384 shareholders on the register on 20 Feb 2026; votes counted by Mr. Abhijit Desai / M/s A S Desai & Associates.The company's voting result (opens in a new tab)
- Appointment of Mr. Aditya Saurabh Gadgil (DIN: 10052553) as a Non-Executive Non-Independent Director of the CompanyOrdinaryPromoters have an interest in it96.52% for3.48% against
Against: promoters 0.00% · institutions 72.65% · other public 3.25%
Turnout: all 87.33% · promoters 100.00% · institutions 81.96% · other public 0.30%
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 Aug 2025, 13 resolutions
1,91,943 shareholders on the register on 11 Aug 2025; present: 6 promoters and 36 others; votes counted by Mr. Abhijit Desai / M/s A S Desai & Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2025 together with the Report(s) of Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.76%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To re-appoint Mr. Parag Gadgil (DIN: 01536943), Executive Director, who retires by rotation and being eligible, offers himself for such reappointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.34%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To increase the overall borrowing limit of the Company.Special99.20% for0.80% against
Against: promoters 0.00% · institutions 15.05% · other public 3.77%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To mortgage/ create charge on all or any part of the Movable/ Immovable property of the Company.Special99.20% for0.80% against
Against: promoters 0.00% · institutions 15.05% · other public 4.11%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To revise the remuneration payable to Mr. Saurabh Gadgil (DIN: 00616563), Managing Director of the Company.SpecialPromoters have an interest in it95.75% for4.25% against
Against: promoters 0.00% · institutions 80.54% · other public 7.95%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To designate Mr. Kiran Firodiya (DIN: 03386738), as Whole-time Director of the Company and to fix remuneration payable to him.Special98.57% for1.43% against
Against: promoters 0.00% · institutions 27.11% · other public 1.46%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To approve waiver of recovery of excess managerial remuneration paid to Mr. Kiran Firodiya (DIN: 03386738), Executive Director of the Company.Special98.72% for1.28% against
Against: promoters 0.00% · institutions 24.25% · other public 8.05%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To designate Mrs. Radhika Gadgil (DIN: 00490499) as Whole-time Director of the Company and to fix remuneration payable to her.SpecialPromoters have an interest in it98.72% for1.28% against
Against: promoters 0.00% · institutions 24.25% · other public 5.28%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To designate Mr. Parag Gadgil (DIN: 01536943) as Whole-time Director of the Company and to fix remuneration payable to him.Special98.57% for1.43% against
Against: promoters 0.00% · institutions 27.11% · other public 4.17%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To appoint Mr. Purushottam Sharad Bedekar (DIN: 11176148) as an Independent Director of the Company.Special97.61% for2.39% against
Against: promoters 0.00% · institutions 45.27% · other public 1.23%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To approve remuneration payable to related party, Mr. Amit Vaidya, holding office or place of profit.SpecialPromoters have an interest in it98.57% for1.43% against
Against: promoters 0.00% · institutions 27.11% · other public 4.88%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To appoint M/s. A S Desai & Associates, Company Secretaries as the Secretarial Auditor of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.44%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
- To approve raising of funds by issuance of equity shares.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.72%
Turnout: all 87.77% · promoters 100.00% · institutions 82.33% · other public 0.22%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 28 Sep 2026, 4 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report(s) of Board of Directors and Auditors thereonMoreLess
4 for0 against- To re-appoint Mrs. Radhika Gadgil (DIN: 00490499), Whole-time Director, who retires by rotation and being eligible, offers herself for such reappointment4 for0 against
Mutual fund votes, meeting of 27 Mar 2026, 9 fund houses
- Appointment of Mr. Aditya Saurabh Gadgil (DIN: 10052553) as a Non-Executive Non-Independent Director of the Company
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Angel One Mutual FundGovernance and Transparency concerns: The proposed appointment of Director, a member of the promoter family, raises governance concerns due to the absence of adequate disclosures regarding his experience, skills, and suitability for a Board position the Company has not provided a clear explanation for his prior short tenure as Nominee Director nor disclosed the nominating entity. In the absence of a well-defined role, responsibilities, and justification by the Board and Nomination & Remuneration Committee, the rationale for his appointment remains unclear.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law, with no governance concerns identified regarding the time commitments of the proposed Director. Governance and Transparency concerns: The proposed appointment of Director, a member of the promoter family, raises governance concerns due to the absence of adequate disclosures regarding his experience, skills, and suitability for a Board position. Further, the Company has not provided a clear explanation for his prior short tenure as Nominee Director nor disclosed the nominating entity. In the absence of a well-defined role, responsibilities, and justification by the Board and NRC, the rationale for his appointment remains unclear.
- LIC Mutual FundGovernance and Transparency concerns: The proposed appointment of Director, a member of the promoter family, raises governance concerns due to the absence of adequate disclosures regarding his experience, skills, and suitability for a Board position. Further, the Company has not provided a clear explanation for his prior short tenure as Nominee Director nor disclosed the nominating entity. In the absence of a well-defined role, responsibilities, and justification by the Board and NRC, the rationale for his appointment remains unclear.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding).
- Nippon India Mutual FundGovernance & Transparency Concern: The proposed appointment of Director, a member of the promoter family, raises governance concerns due to the absence of adequate disclosures regarding his experience, skills, and suitability for a Board position.
2 for7 against
1 earlier meeting
Mutual fund votes, meeting of 18 Aug 2025, 11 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2025 together with the Report(s) of Board of Directors and Auditors thereon.MoreLess
11 for0 against- To re-appoint Mr. Parag Gadgil (DIN: 01536943), Executive Director, who retires by rotation and being eligible, offers himself for such reappointment.11 for0 against
- To mortgage/ create charge on all or any part of the Movable/ Immovable property of the Company.
Against Axis Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundSecured loans generally have easier repayment terms, less restrictive covenants, and lower interest rates. We note that P N Gadgil Jewellers Limited had Rs. 31.4 bn in total assets on 31 March 2025, on a consolidated basis. Therefore, the level of asset pledge being sought is high. Further, the company may also create charge on assets for borrowing by any third party. Therefore, we do not support the resolution
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
9 for2 against - To revise the remuneration payable to Mr. Saurabh Gadgil (DIN: 00616563), Managing Director of the Company.
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundGovernance & transparency concern: There is skewed remuneration in favour of the proposed director & the proposed revision is excessive in nature. Further, the director holds the combined position of Chairman & Managing Director of the Company.
- Axis Mutual Fund, Bandhan Mutual FundSaurabh Gadgil, 47, is part of the promoter family and the Managing Director. He has been on the board since 28 November 2013. He attended all seven board meetings held in FY25. He received a remuneration of Rs. 163.2 mn in FY25, including Rs. 13.2 mn from PNG Jewelers INC, wholly-owned subsidiary, which was high at 5.6% of consolidated profits before taxes and 406.6x the median employee remuneration. The company seeks to revise his remuneration stating that his responsibilities have increased due to the company’s search for growth opportunities in the USA. His fixed pay is Rs. 170.0 mn per annum. We are unable to reliably estimate his overall remuneration. We raise concern that the remuneration terms include a profit-linked commission which is open-ended at 2% of net profits. The company must consider capping the payout in absolute amounts. Currently the variable pay is open-ended and consequently the entire remuneration structure is open-ended. The company must disclose performance metrics which will be used to determine the variable payout. Given the lack of clarity and a cap on the variable pay component, we are unable to support this resolution.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & transparency concern: There is skewed remuneration in favour of the proposed director & the proposed revision is excessive in nature. Further, the director holds the combined position of Chairman & Managing Director of the Company.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundGovernance & transparency concern: There is skewed remuneration in favour of the proposed director & the proposed revision is excessive in nature
2 for9 against - To designate Mr. Kiran Firodiya (DIN: 03386738), as Whole-time Director of the Company and to fix remuneration payable to him.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundTransparency concern: Lack of clarity regarding the previous term of office & remuneration approvals;Potential premature proposal for re-appointment.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Transparency concern: Lack of clarity regarding the previous term of office & remuneration approvals; Potential premature proposal for re-appointment.
6 for5 against - To approve waiver of recovery of excess managerial remuneration paid to Mr. Kiran Firodiya (DIN: 03386738), Executive Director of the Company.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundTransparency concern: There is inadequate justification provided for the proposed waiver of recovery of excess remuneration.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Transparency concern: There is inadequate justification provided for the proposed waiver of recovery of excess remuneration.
6 for5 against - To designate Mrs. Radhika Gadgil (DIN: 00490499) as Whole-time Director of the Company and to fix remuneration payable to her.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundTransparency concern: Lack of clarity regarding the previous term of office & remuneration approvals;Potential premature proposal for re-appointment.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Transparency concern: Lack of clarity regarding the previous term of office & remuneration approvals; Potential premature proposal for re-appointment.
6 for5 against - To designate Mr. Parag Gadgil (DIN: 01536943) as Whole-time Director of the Company and to fix remuneration payable to him.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundTransparency concern: Lack of clarity regarding the previous term of office & remuneration approvals;Potential premature proposal for re-appointment.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Transparency concern: Lack of clarity regarding the previous term of office & remuneration approvals; Potential premature proposal for re-appointment.
6 for5 against - To appoint Mr. Purushottam Sharad Bedekar (DIN: 11176148) as an Independent Director of the Company.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundThe Company has not disclosed the terms & conditions related to the appointment of independent directors on its website.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concerns on the merits of the proposed appointee. Non-Compliant with Regulation 46(2)(b) of SEBI (LODR) 2015 & Schedule IV of the Companies Act, 2013: The Company has not disclosed the terms & conditions related to the appointment of Independent directors on its website.
- Nippon India Mutual FundNon-Compliant with Regulation 46(2)(b) of SEBI (LODR) 2015 & Schedule IV of the Companies Act, 2013: The Company has not disclosed the terms & conditions related to the appointment of Independent directors on its website.
5 for6 against - To approve remuneration payable to related party, Mr. Amit Vaidya, holding office or place of profit.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundGovernance & Transparency concern: Lack of clarity on as to how the proposed remuneration is in line with the industry standards. The Company has not disclosed what benchmarks or data it has used to ascertain the same. Neither, any remuneration of any other Senior Management Personnel has been provided.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency concern: Lack of clarity on as to how the proposed remuneration is in line with the industry standards. The Company has not disclosed what benchmarks or data it has used to ascertain the same. Neither, any remuneration of any other Senior Management Personnel has been provided.
6 for5 against - To appoint M/s. A S Desai & Associates, Company Secretaries as the Secretarial Auditor of the Company.11 for0 against
- To approve raising of funds by issuance of equity shares.11 for0 against
1 proposal not matched to one resolution
To borrow money, as and when required, from any Bank and/or other Financial Institution and/or foreign lender and/ or any body corporate/ entity/entities and/or authority/ authorities, any other securities or instruments, such as floating rate notes, fixed rate notes, syndicated loans, debentures, bonds, commercial papers, short term loans or any other instruments etc. and/or through credit from official agencies and/or by way of commercial borrowings from the private sector window of multilateral financial institution, either in rupees or in such other foreign currencies as may be permitted by law from time to time, as may be deemed appropriate by the Board for an aggregate amount not exceeding Rs. 4,000 Crores.MoreLess
Against Axis Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundThe company proposes to increase the borrowing limits to Rs. 40.0 bn from Rs. 10.0 bn to fulfil long term strategic and business objectives and company expansion. The company’s debt programs are rated CRISIL A/Stable/CRISIL A1 which denote adequate degree of safety for long-term debt and strong degree of safety for short-term debt regarding timely payment of financial obligations. As on 31 March 2025, the company’s net worth was Rs. 15.7 bn and it had no long-term debt obligations on a standalone basis. The company should have provided granular details regarding the reason for increasing the limits. If the company raises the entire debt of Rs. 40.0 bn, its debt-to-equity ratio would deteriorate significantly. In the absence of a clear rationale to raise borrowing limits to Rs. 40 bn, we do not support the resolution.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
9 for2 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Jun 2026.
- Tax disputeAssistant Commissioner of Income TaxSince 23 Jul 2018No communication has been received from department.
At the filing before: The company is in the process of filing a Compounding application against the criminal Proceedings for AY 2017-18, since the Income Tax department is in the process to form a bench for the hearing of compounding application.MoreLess
- Tax disputeLocal Body TaxSince 20 May 2019No update other than last disclosure.At the filing before: The company has filed an appeal petition No. 023 dated May 20, 2019, with the Dy. Commissioner and First Appellate Authority and the matter is in process.
- Tax disputeAssistant Commissioner of Income Tax (ACIT), PuneSince 31 Mar 2023The Company is following up with the jurisdictional Assessing Officer for passing of rectified order.
At the filing before: The Penalty order u/s. 271AA(1) of the Income Tax Act 1961 for AY 2018-19 passed by the ACIT dated 31.03.2023 but served on the Company on 05.09.2024 having demand of Rs. 88.59 lakhs. The company has filed the rectification application for the reduction of liability to the extent Rs. 27.06 lakhs.MoreLess
- Tax disputeCentralized Processing Centre (‘CPC’), Income Tax DepartmentSince 10 Mar 2025The Company is following up with the jurisdictional Assessing Officer for passing of rectified order with Nil demand.
At the filing before: The Company has received an intimation under section 143(1) of the IT Act for the assessment year (‘AY’) 2024-2025 from the CPC, Income Tax Department. The demand of Rs. 19.75 lakhs is determined due to disallowance of claim for deduction under sections 43B of the IT Act, in relation to payment of bonus. The Company strongly believes that once the rectification is made, the entire demand will be deleted.MoreLess
- Tax disputeAssistant Commissioner of Income Tax (ACIT), PuneSince 30 Mar 2025No update other than last disclosure.
At the filing before: The Company has received an assessment order under section 143(3) read with section 147 of the IT Act for the assessment year (‘AY’) 2020-2021 from the Assistant Commissioner of Income Tax, Central Circle 1(3), Pune. The demand of Rs. 1.38 crore is determined due to non-acceptance of claim of deduction in relation to bad debts, etc. under the provisions of the Income Tax Act 1961. Further, pursuant to rectification application by the Company, the Assessing Officer has passed a rectification order under 154 read with section 147 of the IT Act 1961 and reduced the demand of Rs. 1.38 crore to Rs. 47.75 lakhs. The Company believes that claims/demand made against the company are not sustainable in the law and are defendable on the facts of the case. The company has filed an appeal with CIT(A) against the order passed under the provisions of the Income Tax Act 1961.MoreLess
- Tax disputeDeputy Commissioner of Income Tax (DCIT), PuneSince 30 Mar 2026No update other than last disclosure.
At the filing before: The Company has received an assessment order under section 143(3) read with section 147 of the IT Act for the assessment year (‘AY’) 2021-2022 from the Deputy Commissioner of Income Tax, Central Circle 1(3), Pune. The demand of Rs. 2.26 crore is determined due to non-acceptance of claim of deduction in relation to royalty expenses and additions u/s. 69A under the provisions of the Income Tax Act 1961. The Company believes that claims/demand made against the company are not sustainable in the law and are defendable on the facts of the case. The company is in process of filing an appeal against the order passed under the provisions of the Income Tax Act 1961.MoreLess
- Tax disputeDeputy Commissioner of Income Tax (DCIT), PuneSince 30 Mar 2026No update other than last disclosure.
At the filing before: The Company has received an assessment order under section 143(3) read with section 147 of the IT Act for the assessment year (‘AY’) 2022-2023 from the Deputy Commissioner of Income Tax, Central Circle 1(3), Pune. The demand of Rs. 2.29 crore is determined due to non-acceptance of claim of deduction in relation to royalty expenses, disallowance u/s. 40(a) and additions u/s. 69A under the provisions of the Income Tax Act 1961. The Company believes that claims/demand made against the company are not sustainable in the law and are defendable on the facts of the case. The company is in process of filing an appeal against the order passed under the provisions of the Income Tax Act 1961.MoreLess
- Tax disputeDeputy Commissioner of Income Tax (DCIT), PuneSince 30 Mar 2026No update other than last disclosure.
At the filing before: The Company has received an assessment order under section 143(3) of the IT Act for the assessment year (‘AY’) 2023-2024 from the Deputy Commissioner of Income Tax, Central Circle 1(3), Pune. The demand of Rs. 2.00 crore is determined due to non-acceptance of claim of deduction in relation to royalty expenses, disallowance u/s. 40(a) and other additions u/s. 37 under the provisions of the Income Tax Act 1961. The Company believes that claims/demand made against the company are not sustainable in the law and are defendable on the facts of the case. The company is in process of filing an appeal against the order passed under the provisions of the Income Tax Act 1961.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- 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
- 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.
How money raised was used
Reported for the quarter to Mar 2026. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesSep 2024, checked by ICRA Limited | 850.00 | – | – | No |