Hitachi Energy India CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 28 Aug 2026, 16 fund houses so far (houses' deadline to file 15 Oct 2026)

• Adoption of Financial Statements and Reports of the Board of Directors and the Auditors thereon for the financial year ended March 31, 2026

  16 for0 against
• Declaration of Dividend

  16 for0 against
• Re-appointment of Mr. Ismo Antero Haka (DIN: 08598862), who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment

  16 for0 against
• Ratification of remuneration payable to the Cost Auditors of the Company for the financial year 2026-27

  16 for0 against
• To consider and approve the Company’s participation in the global Hitachi Group Employee Stock Purchase Plan (“ESPP") and Restricted Stock Units Plan (“RSU”) and the provision of financial assistance

  ›Against DSP Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, Quantum Mutual Fund

  • DSP Mutual Fund, Jio BlackRock Mutual FundHitachi Ltd., Japan, the ultimate holding company, has proposed the Hitachi Group Employee Stock Purchase Plan (ESPP) and Restricted Stock Units Plan (RSU), where eligible employees of group companies, including Hitachi Energy India, have the right to participate (indirectly) in the shares of Hitachi Ltd. (Japan), listed on the Tokyo and Nagoya Stock Exchanges. Under the ESPP, the employee's monthly contribution from net salary (participant contribution) is supplemented by a matching cash contribution (employer contribution) from the company, equal to 15% of the employee's contribution. Participant contribution is capped at Japanese Yen 100,000 per month (~Rs 67,762 per month), and shares are purchased at prevailing market price and there is no lock in on sale. Under the RSU, senior management, select leadership and at the Company's discretion, employees below senior management as nominated from time to time are granted units that vest over a three-year period in three annual tranches, replacing the earlier cash-settled long-term incentive plan, with no exercise price or purchase cost to the employee.The aggregate financial assistance (employer contribution) together with the value of shares purchased under participant contribution is capped at 5% of the company's paid-up capital and free reserves (Rs. 2.6 bn as on 31 March 2026), in line with statutory limits under Section 67(3) of the Companies Act.We believe the company should provide more detailed disclosures with respect to the employee-wise grant of ESPP contributions and RSUs. The scheme aligns employee interests with long-term value creation and will help the company retain talent. While we support the company’s participation in Group Employee Stock Purchase Plan, we do not support the company’s participation in the Restricted Stock Unit Plan. The company must disclose specific parameters against which the RSUs will be granted to employees. Since approval for both is clubbed in single resolution, we are unable to support the resolution.
  • HSBC Mutual FundThe provision of financial assistance to employees in connection with the share ownership plan is not a good practice. The company has not disclosed an absolute cap on the financial assistance to be provided by the company. The company has provided limited information to assess the RSU Plan.
  • Quantum Mutual FundThe company seeks shareholders’ approval to participate in Hitachi Ltd., Japan’s ESPP and RSU plans. We are of the view that Hitachi India’s performance is not proportionally aligned with the share price of Hitachi Japan. Further, Hitachi India will bear the costs of the proposed ESPP and RSU plans, while the benefits are tied to equity in Hitachi Ltd., Japan, which is a concern. Since the proposal is not adequately aligned with the economic interests of Hitachi India shareholders’ we do not favor the resolution.

  12 for4 against

Mutual fund votes, meeting of 21 Sep 2025, 36 fund houses

• Appointment of Mr. Jan Niklas Persson (DIN: 11239092) as a Director (Non-Executive and Non-Independent) of the Company

  36 for0 against

• Fine or penaltyAssistant Commissioner, Punjagutta, Hyderabad, TelanganaSince 23 Jul 2026

  Order-in-Original No. ZD3607260653362 dated 29.05.2026 (received on 23.07.2026) passed by Assistant Commissioner, Punjagutta, Hyderabad, Telangana based on GST Audit of FY 2022-23 under applicable provisions of the Central Goods and Services Tax Act, 2017, the Integrated Goods & Services Tax Act, 2017, the Telangana Goods & Services Tax Act, 2017 and rules made thereunder with demand of Tax & Penalty.

  The Company has received an Order-in-Original from the GST authorities in Telangana for FY 2022-23 concerning the alleged excess availment of Input Tax Credit based on the reconciliation between Form GSTR-3B and Form GSTR-2A.MoreLess
• Tax disputeThe Deputy Commissioner of Income TaxSince 30 Jun 2025
  The Company submitted its response to the said notice on July 14, 2026. The Company further received a notice u/s 142(1) on August 19, 2026, seeking inter-alia, details and justification regarding the allowability of exceptional items comprising additional project costs and provision for doubtful receivables. The Company submitted a detailed response on September 25, 2026, explaining the nature and allowability of these amounts, including the fact that certain provisions were subsequently reversed and offered to tax, wherever applicable. In addition to the aforementioned detailed response, the Company is currently collating the relevant documentary evidences, which will be submitted in due course.MoreLess
  At the filing before: After the completion of scrutiny assessment for FY 2020-21, the Company had received a show cause notice under section 148A (procedure before issuance of notice u/s 148) for re-assessment under section 147 on March 29, 2025. The Company had responded to the said notice in April 2025 with full explanation highlighting that there is no escapement of income during the assessment proceedings. However, the Assessing Officer did not take the same into account and initiated the reassessment proceedings by passing the order u/s 148A(3) on June 30, 2025. In the said order, the Assessing Officer has proposed an adjustment to taxable income to the tune of Rs. 28,06,45,970 with corresponding tax impact of Rs. 9,39,41,860 including interest. As per the Income-tax law provisions, the proceedings u/s 148 of the Act should be carried out though automated allocation and under faceless assessment manner. Hence, the Company believes that the notice and the order issued by the Jurisdictional Assessing Officer u/s 148 of the Act are bad in law and are liable to be quashed. Notwithstanding the same, the Company had filed a revised return u/s 148 on August 25, 2025 (replica of the original return) as required under the provisions of the Act. Further, the Company has responded to the notice in the month of October, 2025, with all necessary supporting documents to justify that the expenses claimed by the Company were in order and are allowable under the provisions of the Act. The re-assessment proceedings are yet to be disposed off. The Company has received a notice under Section 143(2) read with Section 147 of the Income-tax Act, 2025 on June 22, 2026, seeking supporting documents and evidence in relation to the return of income filed. The Company is in the process of furnishing the requisite details and supporting evidence before the tax authorities within the prescribed timeline. The matter has been adjourned and is currently scheduled for hearing on July 14, 2026.MoreLess
• Tax disputeThe Deputy Commissioner of Income TaxSince 21 Jan 2026
  The hearing was further adjourned. The next date of hearing is yet to be notified by the ITAT Bench. In the meantime, the Company has submitted he paper book on October 06, 2026. Hearing awaited.
  At the filing before: This case was selected for scrutiny assessment for FY2021-22, pursuant to which the Assessing Officer (“AO”) referred the matter to the Transfer Pricing Officer (“TPO”) for carrying out the transfer pricing assessment. The transfer pricing assessment was concluded and the TPO proposed a transfer pricing adjustment aggregating to INR 113.2 crores on account of alleged low margins in the manufacturing segment, system integration segment and deemed interest on delayed receivables. The transfer pricing order was issued on January 23, 2025. Subsequently, the AO passed a draft assessment order under section 144C(1) of the Income-tax Act, 1961 on March 4, 2025, incorporating the proposed transfer pricing adjustments. In addition, the AO disallowed Group Management Fees amounting to INR 69.95 crores, without duly considering the submissions made by the Company. Aggrieved by the draft assessment order, the Company filed objections before the Dispute Resolution Panel (“DRP”) on April 2, 2025. The DRP issued its directions on December 26, 2025, largely confirming the adjustments proposed by the TPO. However, with respect to the Group Management Fees, while the DRP confirmed the disallowance made by the AO, it directed that the said fees should not be considered while computing the margins for the manufacturing segment and system integration segment. Pursuant to the directions of the DRP, the AO passed the final assessment order on January 21, 2026, wherein the Group Management Fees amounting to INR 699.5 million and interest on delayed receivables amounting to INR 16.4 million were disallowed. On account of these disallowances, the segmental margins improved and were within the range determined by the TPO. Consequently, the transfer pricing adjustment aggregating to INR 1,114.8 million was deleted, resulting in a reduced tax demand of INR 260.9 million as against the earlier demand of INR 435.8 million. The Company is of the view that no addition is warranted in respect of the disallowance of Group Management Fees and notional interest on delayed receivables. Accordingly, the Company has preferred an appeal before the Income-tax Appellate Tribunal (“ITAT”) on March 25, 2026 against the aforesaid additions. The Company has received a notice from the Income Tax Appellate Tribunal (ITAT) scheduling the hearing in the matter on August 19, 2026. The Company is in the process of preparing and filing the paper book and other supporting documents in accordance with the prescribed procedures and timelines.MoreLess
• Tax disputeAssistant Commissioner of Commercial Taxes, BengaluruSince 2 Sep 2024
  There is no update during the quarter ended September 30, 2026.
  At the filing before: The Company received an order from GST authorities in respect of GST audit conducted for Karnataka in relation to FY 2019-20. There is tax demand of INR 46.29 Crore (GST – INR 24.41 Crore plus interest & penalty – INR 21.87 Crore). The Company filed an Appeal on December 2, 2024 before Joint Commissioner of Commercial Taxes, Bengaluru. Hearing for appeal filed on December 2, 2024 before Joint Commissioner of Commercial Taxes, Bengaluru is concluded. The Company awaits the order. The Appeal filed on on December 2, 2024, before Joint Commissioner of Commercial Taxes, Bengaluru, has been rejected on March 11, 2025. Accordingly, awaiting the formation of Goods and Service Tax Tribunal for filing appeals against the Joint Commissioner of Commercial Taxes (Appeals) order. The company has filed an appeal before the GST Appellate Tribunal on June 28, 2026MoreLess
• Tax disputeAssistant Commissioner of Commercial Taxes, BengaluruSince 2 Mar 2023
  There is no update during the quarter ended September 30, 2026.
  At the filing before: Post de-merger, non-novated transactions were carried out with ABB India Limited ('ABB') in FY 2019-20 & FY 2020-21 and offshore sales by transfer of documents of title to the goods were transacted. The goods moved from a country (other than India) and where destined for Nepal / Bangladesh / Sri Lanka. While raising invoice on ABB we had charged GST. However, since these transactions were carried out entirely outside India, no GST should have been charged. Accordingly, The Company had issued credit Note to ABB and lodged refund claim of INR 14.41 Crores with GST authorities. The Company filed an Appeal on June 3, 2022 before Joint Commissioner of Commercial Taxes, Bengaluru and same was rejected on December 26, 2023 and September 24, 2024. Awaiting the formation of Goods and Service Tax Tribunal for filing appeals against the Joint Commissioner of Commercial Taxes (Appeals) order. The Company has filed appeals before the GST Appellate Tribunal on May 23, 2026 and May 25, 2026.MoreLess
• Tax disputeDeputy Commissioner of Commercial Taxes, VadodaraSince 28 Oct 2023
  There is no update during the quarter ended September 30, 2026.
  At the filing before: In respect of Q2 FY 2022-23, refund claim of INR 19.39 Crores has been rejected by Deputy Commissioner of Commercial Taxes, Vadodara. The Company is eligible for refund in respect of export turnover of both goods and services. However, turnover relating to services was not considered by tax authorities. Further, Input Tax Credit (ITC) amount was considered as NIL in refund computation. Accordingly, the Company filed an Appeal on January 24, 2024 before Additional Commissioner (Appeals), Vadodara and the same has been rejected on October 25, 2024. Awaiting the formation of Goods and Service Tax Tribunal for filing appeal against the order. The Company has filed an appeal before the GST Appellate Tribunal on June 30, 2026.MoreLess
• Tax disputeDeputy Commissioner of Commercial Taxes, VadodaraSince 3 Nov 2023
  There is no update during the quarter ended September 30, 2026.
  At the filing before: In respect of Q3 & Q4 of FY 2021-22, Input Tax Credit (ITC) refund of INR 10.51 crores was received. Subsequently, pursuant to internal review by Goods and Service Tax authorities, they filed an appeal before Additional Commissioner of GST seeking to deny the refund. The Company filed cross objection on April 17, 2024 before Additional Commissioner (Appeals), Vadodara and the same has been rejected on October 25, 2024. Awaiting the formation of Goods and Service Tax Tribunal for filing appeal against the order. The Company has filed an appeal before the GST Appellate Tribunal on June 30, 2026.MoreLess
• Tax disputeAssistant Commissioner of GST, Nandanam, ChennaiSince 27 Feb 2025
  There is no update during the quarter ended September 30, 2026.
  At the filing before: The Company has received an order from Assistant Commissioner (State Tax), Nandambakkam Assessment Circle, Chennai, Tamil Nadu (“GST Authority”) based on GST Assessment for the FY 2020- 21 with the demand of Penalty of Rs. 74,91,593/- under applicable provisions of the Central Goods and Services Tax Act, 2017, the Integrated Goods & Services Tax Act, 2017, the Tamil Nadu Goods & Services Tax Act, 2017 and rules made thereunder. There is a total demand of INR 13.45 Crores (GST – INR 7.49 Crore plus interest & penalty – INR 5.96 Crores). The Company has received the order from the aforesaid authorities for alleged excess availment of Input Tax Credit (ITC) in GSTR-3B returns. Based on assessment of facts and prevailing law, the Company is of the view that the penalty levied is, arbitrary, unjustified and unsustainable in law. Accordingly, the Company has filed an appeal before Deputy Commissioner of State Taxes, Chennai on May 27, 2025 against the order passed by Assistant Commissioner of GST, Nandanam, Chennai. Pursuant to the appeal filed by the Company before the Deputy Commissioner of State Taxes, Chennai on May 27, 2025, against the assessment order issued by the Assistant Commissioner of GST, Nandanam, Chennai, a personal hearing was conducted on December 31, 2025. Pursuant to the hearing, Order-in-Appeal was passed on February 02, 2026 by the Deputy Commissioner (Appeals), Chennai, partially allowing the Company’s appeal and reducing the total demand from INR 13.45 Crores to INR 3.21 Crores (comprising GST of INR 1.69 Crores, interest of INR 1.35 Crores and penalty of INR 16.98 Lakhs). For the balance portion of the demand that has been disallowed, the Company proposes to file an appeal before the GST Appellate Tribunal, Chennai, once the Tribunal is constituted. The Company has filed an appeal before the GST Appellate Tribunal on June 30, 2026 for the balance demand.MoreLess

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

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

Yes

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.