Rashtriya Chemicals and Fertilizers logo

Rashtriya Chemicals and Fertilizers CEO, MD, chairman, board of directors and AGM

NSE: RCFBSE: 524230Fertilizers & AgrochemicalsSmall Cap

Last close ₹94.39down ₹3.22 (3.30%)BSE ₹94.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹97.61.

52-week range of traded prices to 23 Oct 2026
₹93.25Low, 23 Oct 2026₹157.20High, 18 Nov 2025
Market cap
₹5,207 Cr666th largest listed
P/E
11.7
P/E without one-offs
13.0
P/B
1.0
Dividend yield
2.48%
ROE
9.1%
ROE without one-offs
8.1%
ROCE
7.5%
Debt to equity
0.80
Volume, NSE
16,16,77933.7% delivered

Rashtriya Chemicals and Fertilizers board of directors

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

  • Chairperson and managing director and CEOShivakumar Subramaniam
  • Company Secretary and Compliance OfficerJ B Sharma

7 directors1 independent4 executive2 non-executive

  • Shivakumar Subramaniam · Chairperson and managing director and CEOExecutive · joined Feb 2026 · reappointed Feb 2026 · 1 listed board
  • Nazhat J. ShaikhExecutive · joined Dec 2021 · reappointed Oct 2025 · 1 listed board · 1 committee seat
  • Ritu GoswamiExecutive · joined Jan 2024 · reappointed Oct 2025 · 1 listed board · 2 committee seats
  • Niranjan S. SonakExecutive · joined Jan 2025 · reappointed Oct 2025 · 1 listed board · 2 committee seats
  • Aparna S SharmaNominee, non-executive · joined Feb 2025 · reappointed Oct 2025 · 1 listed board
  • Krishna Kant PathakNominee, non-executive · joined Apr 2026 · reappointed Apr 2026 · 1 listed board · 1 committee seat
  • Sipra BajpaiIndependent · joined Sep 2025 · reappointed Oct 2025 · 36 months as independent · 1 listed board · 1 as independent · 2 committee seats, 2 as chair

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.

6 directors who left
  • Gopinathan Nair Anilkumar, left 9 May 2026: Tenure Completion
  • Anjula Murmu, left 9 May 2026: Tenure Completion
  • Partha Sarathi Ghosh, left 9 May 2026: Tenure Completion
  • Aneeta C. Meshram, left 17 Apr 2026: Others
  • S. C. Mudgerikar, left 31 Dec 2025: Tenure Completion
  • Ajay Shanker Singh, left 18 Feb 2025: Others

Committees and meetings

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

  • Board

    • 21 May 20265 of 7 present1 independent · 58 days in between
    • 23 Mar 20268 of 10 present4 independent
    • 13 Feb 20268 of 10 present4 independent
    • 12 Feb 20267 of 9 present4 independent
  • Audit Committee

    Chair Sipra Bajpai

    Krishna Kant Pathak, Ritu Goswami, Niranjan S. Sonak

    • 21 May 20263 of 4 present1 independent · 58 days in between
    • 23 Mar 20264 of 4 present4 independent
    • 12 Feb 20264 of 4 present4 independent
  • Nomination and remuneration committee

    Chair Sipra Bajpai

    Shivakumar Subramaniam, Krishna Kant Pathak

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair Sipra Bajpai

    Nazhat J. Shaikh, Ritu Goswami, Niranjan S. Sonak

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Shivakumar Subramaniam

    Nazhat J. Shaikh, Ritu Goswami, Niranjan S. Sonak, Sipra Bajpai

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Sipra Bajpai

    Nazhat J. Shaikh, Ritu Goswami, Aparna S Sharma

    No meeting listed in the filing.

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

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • RAJU & PRASADPeer-review certificate valid to Aug 2028
2 earlier auditors
  • K. GOPAL RAO & CONamed in filings from Mar 2025 to Mar 2026
  • PARAKH & CONamed in filings from Mar 2025 to Jun 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Rashtriya Chemicals and Fertilizers 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.Rashtriya Chemicals and Fertilizers dividend history

Annual general meeting, 25 Sep 2026

3,36,987 shareholders on the register on 18 Sep 2026; present: 1 promoter and 126 others; votes counted by Shri Nrupang Dholakia / Dholakia and Associates LLP.The company's voting result (opens in a new tab)

  1. 1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2026, including Profit & Loss Statement for the year ended March 31, 2026 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of IndiaMoreLess
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 6.73% · other public 1.33%

    Turnout: all 76.13% · promoters 100.00% · institutions 54.34% · other public 0.69%

  2. To declare final dividend of Rs.1.34/- per equity share and to confirm the interim dividend of Rs.1 per equity share, already paid during the year, for the financial year ended March 31, 2026
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 6.62% · other public 1.13%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  3. To appoint a Director in place of Mr. Niranjan S. Sonak [DIN:10926090], who retires by rotation and being eligible, offers himself for reappointment
    Ordinary
    98.76% for1.24% against

    Against: promoters 0.00% · institutions 94.94% · other public 3.84%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  4. To appoint a Director in place of Ms Aparna S. Sharma [DIN:09781436] who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    98.76% for1.24% against

    Against: promoters 0.00% · institutions 94.95% · other public 4.02%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2026-27 and in this regard to consider and if thought fit, to pass with or without modification(s),
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.49%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  6. To ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2027
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 6.62% · other public 2.53%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  7. To appoint Shri Shivakumar Subramaniam (DIN10784187):, as Chairman & Managing Director of the Company
    Ordinary
    99.76% for0.24% against

    Against: promoters 0.00% · institutions 18.65% · other public 1.16%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  8. To appoint Dr. Krishna Kant Pathak(DIN: 08328847), as Government Nominee Director of the Company
    Ordinary
    98.77% for1.23% against

    Against: promoters 0.00% · institutions 94.95% · other public 2.68%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  9. To amend the Main Objects Clause and adopt the Memorandum of Association of the Company in accordance with the provisions of the Companies Act, 2013
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.79%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  10. Approval for raising funds through Further Public Offer of Equity Shares
    SpecialPromoters have an interest in it
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 8.86% · other public 2.60%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  11. To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    SpecialPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.68%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

  12. To appoint Shri Rajnikant Bhulabhai Tandel (DIN 11916422), as an Independent Director of the Company
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 6.62% · other public 4.17%

    Turnout: all 76.14% · promoters 100.00% · institutions 55.23% · other public 0.69%

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, 17 Oct 2025, 15 resolutions

3,59,673 shareholders on the register on 10 Oct 2025; present: 1 promoter and 97 others; votes counted by Shri Nrupang Dholakia / Dholakia and Associates LLP.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025, including Profit & Loss Statement for the year ended March 31, 2025 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.71%

    Turnout: all 76.98% · promoters 100.00% · institutions 72.28% · other public 0.18%

  2. To declare final dividend of Rs. 1.32 per equity share for the financial year ended March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.07%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  3. To appoint a Director in place of Ms Nazhat J. Shaikh [DIN:07348075], who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    97.88% for2.12% against

    Against: promoters 0.00% · institutions 82.43% · other public 49.44%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  4. To appoint a Director in place of Ms Ritu Goswami [DIN: 10463372] who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    97.90% for2.10% against

    Against: promoters 0.00% · institutions 82.33% · other public 16.35%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  6. To ratify the remuneration of the Cost Auditors for the financial year ended March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.81%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  7. To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.01%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  8. To re-appoint Shri S. C. Mudgerikar [DIN 03498837] , as Chairman &Managing Director of the Company
    Ordinary
    97.88% for2.12% against

    Against: promoters 0.00% · institutions 83.05% · other public 14.90%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  9. To appoint Shri Niranjan S. Sonak [DIN: 10926090], as Director (Marketing) of the Company
    Ordinary
    97.91% for2.09% against

    Against: promoters 0.00% · institutions 82.33% · other public 3.05%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  10. To appoint Ms Aparna S. Sharma [DIN: 07798544], as Government Nominee Director of the Company
    Ordinary
    97.83% for2.17% against

    Against: promoters 0.00% · institutions 85.39% · other public 3.13%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  11. To appoint Shri Gopinathan Nair Anilkumar [DIN: 09447818], as an Independent Director of the Company
    Special
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 4.03% · other public 3.14%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  12. To appoint Prof Anjula Murmu [DIN 09565841], as an Independent Director of the Company
    Special
    98.00% for2.00% against

    Against: promoters 0.00% · institutions 78.24% · other public 15.05%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  13. To appoint Shri Partha Sarathi Ghosh [DIN 09517108], as an Independent Director of the Company
    Special
    98.01% for1.99% against

    Against: promoters 0.00% · institutions 78.24% · other public 4.05%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  14. Appointment of M/s Bhandari & Associates, Practicing Company Secretaries (Firm Registration No. P1981MH043700) as Secretarial Auditors of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.23%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  15. To appoint Ms Sipra Bajpai (DIN 11287685) as an Independent Director of the Company
    Special
    98.01% for1.99% against

    Against: promoters 0.00% · institutions 78.24% · other public 4.59%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

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 Oct 2025, 15 resolutions

3,59,673 shareholders on the register on 10 Oct 2025; present: 1 promoter and 97 others; votes counted by Shri Nrupang Dholakia / Dholakia and Associates LLP.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025, including Profit & Loss Statement for the year ended March 31, 2025 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.71%

    Turnout: all 76.98% · promoters 100.00% · institutions 72.28% · other public 0.18%

  2. To declare final dividend of Rs. 1.32 per equity share for the financial year ended March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.07%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  3. To appoint a Director in place of Ms Nazhat J. Shaikh [DIN:07348075], who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    97.88% for2.12% against

    Against: promoters 0.00% · institutions 82.43% · other public 49.44%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  4. To appoint a Director in place of Ms Ritu Goswami [DIN: 10463372] who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    97.90% for2.10% against

    Against: promoters 0.00% · institutions 82.33% · other public 16.35%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  6. To ratify the remuneration of the Cost Auditors for the financial year ended March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.81%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  7. To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.01%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  8. To re-appoint Shri S. C. Mudgerikar [DIN 03498837] , as Chairman &Managing Director of the Company
    Ordinary
    97.88% for2.12% against

    Against: promoters 0.00% · institutions 83.05% · other public 14.90%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  9. To appoint Shri Niranjan S. Sonak [DIN: 10926090], as Director (Marketing) of the Company
    Ordinary
    97.91% for2.09% against

    Against: promoters 0.00% · institutions 82.33% · other public 3.05%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  10. To appoint Ms Aparna S. Sharma [DIN: 07798544], as Government Nominee Director of the Company
    Ordinary
    97.83% for2.17% against

    Against: promoters 0.00% · institutions 85.39% · other public 3.13%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  11. To appoint Shri Gopinathan Nair Anilkumar [DIN: 09447818], as an Independent Director of the Company
    Special
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 4.03% · other public 3.14%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  12. To appoint Prof Anjula Murmu [DIN 09565841], as an Independent Director of the Company
    Special
    98.00% for2.00% against

    Against: promoters 0.00% · institutions 78.24% · other public 15.05%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  13. To appoint Shri Partha Sarathi Ghosh [DIN 09517108], as an Independent Director of the Company
    Special
    98.01% for1.99% against

    Against: promoters 0.00% · institutions 78.24% · other public 4.05%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  14. Appointment of M/s Bhandari & Associates, Practicing Company Secretaries (Firm Registration No. P1981MH043700) as Secretarial Auditors of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.23%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

  15. To appoint Ms Sipra Bajpai (DIN 11287685) as an Independent Director of the Company
    Special
    98.01% for1.99% against

    Against: promoters 0.00% · institutions 78.24% · other public 4.59%

    Turnout: all 77.00% · promoters 100.00% · institutions 73.00% · other public 0.18%

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

Annual general meeting, 30 Sep 2024, 10 resolutions

Present: 1 promoter and 126 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2024, including Profit & Loss Statement for the year ended March 31, 2024 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General ofnIndiaMoreLess
    OrdinaryPromoters have an interest in it
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 2.78% · other public 11.01%

    Turnout: all 76.88% · promoters 100.00% · institutions 66.98% · other public 0.47%

  2. To declare final dividend of Rs.1.24 per equity share for the financial year ended March 31, 2024
    OrdinaryPromoters have an interest in it
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 2.72% · other public 0.65%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  3. To appoint a Director in place of Ms Nazhat J. Shaikh [DIN:07348075], who retires by rotation and being eligible, offers herself for reappointment.
    Ordinary
    97.59% for2.41% against

    Against: promoters 0.00% · institutions 97.98% · other public 72.49%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  4. To appoint a Director in place of Ms Aneeta C. Meshram[DIN: 09781436] who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    97.61% for2.39% against

    Against: promoters 0.00% · institutions 98.00% · other public 53.30%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2024-25
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 11.28%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  6. To ratify the remuneration of the Cost Auditors for the financial year ended March 31, 2025
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 11.48%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  7. To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.37%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  8. To appoint Ms Ritu Goswami, [DIN:10463372] as Director (Technical) of the Company
    Ordinary
    98.18% for1.82% against

    Against: promoters 0.00% · institutions 76.51% · other public 11.31%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  9. To appoint Dr. Ajay Shanker Singh [DIN:10449154] as Government Nominee Director of the Company
    Ordinary
    98.14% for1.86% against

    Against: promoters 0.00% · institutions 77.95% · other public 11.81%

    Turnout: all 76.92% · promoters 100.00% · institutions 68.44% · other public 0.47%

  10. Adoption of New sets of Articles of Association of the Company
    Special
    97.67% for2.33% against

    Against: promoters 0.00% · institutions 99.00% · other public 1.12%

    Turnout: all 76.91% · promoters 100.00% · institutions 68.13% · other public 0.47%

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 Dec 2023, 9 resolutions

Present: 1 promoter and 60 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2023, including Profit & Loss Statement for the year ended March 31, 2023 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of IndiaMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 76.71% · promoters 100.00% · institutions 50.34% · other public 0.25%

  2. To declare final dividend of Rs 3.70 per equity share and to confirm the interim dividend of Rs 1.60 per equity share, already paid during the year, for the financial year ended March 31, 2023
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.29%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

  3. To appoint a Director in place of Ms Aneeta C. Meshram [DIN: 09781436] who retires by rotation and being eligible, offers herself for reappointment.
    Ordinary
    97.80% for2.20% against

    Against: promoters 0.00% · institutions 99.05% · other public 0.70%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

  4. To appoint a Director in place of Shri Sanjay Rastogi [DIN:07722405], who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    97.79% for2.21% against

    Against: promoters 0.00% · institutions 99.05% · other public 4.57%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2023-24
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.61% · other public 0.85%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

  6. To ratify the remuneration of the Cost Auditors for the financial year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.25%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

  7. To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.54%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

  8. To appoint Shri Sanjay Rastogi, as Government Nominee Director of the Company
    Ordinary
    97.80% for2.20% against

    Against: promoters 0.00% · institutions 98.96% · other public 4.48%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

  9. Amendment to the Articles of Association of the Company
    Special
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 2.30% · other public 4.22%

    Turnout: all 76.76% · promoters 100.00% · institutions 51.87% · other public 0.25%

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, 23 Dec 2022, 12 resolutions

Present: 1 promoter and 37 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2022, including Profit & Loss Statement for the year ended March 31, 2022 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 78.14% · promoters 100.00% · institutions 70.50% · other public 0.41%

  2. To declare final dividend of Rs 2.50 per equity share and to confirm the interim dividend of Rs 1.35 per equity share, already paid during the year, for the financial year ended March 31, 2022
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  3. To appoint a Director in place of Ms Nazhat J. Shaikh [DIN: 07348075], who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    97.12% for2.88% against

    Against: promoters 0.00% · institutions 71.95% · other public 0.91%

    Turnout: all 78.20% · promoters 100.00% · institutions 72.33% · other public 0.35%

  4. To appoint a Director in place of Shri Milind M. Deo [DIN: 08715250], who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    97.14% for2.86% against

    Against: promoters 0.00% · institutions 71.37% · other public 0.18%

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2022-23
    Ordinary
    99.74% for0.26% against

    Against: promoters 0.00% · institutions 6.58% · other public 0.28%

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  6. To appoint Ms Nazhat J. Shaikh, as Director (Finance) of the Company
    Ordinary
    97.12% for2.88% against

    Against: promoters 0.00% · institutions 71.95% · other public 1.26%

    Turnout: all 78.20% · promoters 100.00% · institutions 72.33% · other public 0.35%

  7. To appoint Shri Milind M. Deo, as Director (Technical) of the Company
    Ordinary
    96.69% for3.31% against

    Against: promoters 0.00% · institutions 82.57% · other public 0.20%

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  8. To appoint Shri Chandra Bhushan Pandey, as an Independent Director of the Company
    Special
    98.25% for1.75% against

    Against: promoters 0.00% · institutions 43.62% · other public 0.24%

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  9. To appoint Shri Gopinathan Nair Anilkumar, as an Independent Director of the Company
    Special
    98.69% for1.31% against

    Against: promoters 0.00% · institutions 32.80% · other public 0.24%

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  10. To ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2023
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.35% · other public 0.27%

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  11. To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement.
    Special
    100.00% for0.00% against

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

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

  12. To appoint Ms Aneeta C. Meshram, as Director of the Company
    Ordinary
    97.00% for3.00% against

    Against: promoters 0.00% · institutions 74.94% · other public 0.68%

    Turnout: all 78.22% · promoters 100.00% · institutions 72.33% · other public 0.41%

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 Oct 2021, 7 resolutions

Present: 1 promoter and 69 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2021, including Profit & Loss Statement for the year ended March 31, 2021 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.71% · promoters 100.00% · institutions 50.40% · other public 0.01%

  2. To declare final dividend of Rs 1.78 per equity share and to confirm the interim dividend of Rs.1.20 per equity share, already paid during the year, for the financial year ended March 31, 2021
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.76% · promoters 100.00% · institutions 53.57% · other public 0.01%

  3. To appoint a Director in place of Shri Umesh Dongre (DIN:08039073), who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    99.23% for0.77% against

    Against: promoters 0.00% · institutions 77.64% · other public 5.91%

    Turnout: all 75.76% · promoters 100.00% · institutions 53.57% · other public 0.01%

  4. To appoint a Director in place of Ms Aparna S. Sharma (DIN:07798544), who retires by rotation and being eligible, offers herself for reappointment
    Ordinary
    99.07% for0.93% against

    Against: promoters 0.00% · institutions 94.02% · other public 5.91%

    Turnout: all 75.76% · promoters 100.00% · institutions 53.57% · other public 0.01%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2021-22
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.91%

    Turnout: all 75.76% · promoters 100.00% · institutions 53.57% · other public 0.01%

  6. To ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2022
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.91%

    Turnout: all 75.76% · promoters 100.00% · institutions 53.57% · other public 0.01%

  7. To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    SpecialPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 75.76% · promoters 100.00% · institutions 53.57% · other public 0.01%

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

Annual general meeting, 30 Dec 2020, 12 resolutions

Present: 1 promoter and 52 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2020, including Profit & Loss Statement for the year ended March 31, 2020 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of IndiaMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.59%

    Turnout: all 75.50% · promoters 100.00% · institutions 12.11% · other public 0.05%

  2. To declare dividend on equity share capital for the financial year 2019-20.n
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  3. To appoint a Director in place of Ms. Alka Tiwari (DIN: 03502306), who retires by rotation and being eligible, offers herself for reappointmentn
    Ordinary
    99.29% for0.71% against

    Against: promoters 0.00% · institutions 100.00% · other public 22.33%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  4. To appoint a Director in place of Shri K. U. Thankachen (DIN:06946476), who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    99.30% for0.70% against

    Against: promoters 0.00% · institutions 98.24% · other public 22.43%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  5. To fix the remuneration of Statutory Auditors for the Financial Year 2020-21. n
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 20.88%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  6. To appoint Shri S. C. Mudgerikar (DIN 03498837), as Chairman & Managing Director of the Company.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 1.92% · other public 5.48%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  7. To appoint Smt. Shashi Bala Bharti (DIN: 08770477), as an Independent Director of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.05%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  8. Approval of Cost Auditors remuneration for the financial year 2020-21.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 20.88%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  9. To approve offer or invitation to subscribe to Secured Non-Convertible Debentures on private placement.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 1.04% · other public 3.03%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  10. To appoint Ms Aparna S Sharma (DIN 07798544) as Director of the Company.
    Ordinary
    99.30% for0.70% against

    Against: promoters 0.00% · institutions 98.24% · other public 5.15%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  11. Approval for increase in Borrowings Powers of the Company from Rs.10,000 Crore to Rs. 12,500 Crore
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 1.04% · other public 7.88%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

  12. Creation of Security on the properties of the Company.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 1.04% · other public 7.38%

    Turnout: all 75.55% · promoters 100.00% · institutions 13.21% · other public 0.05%

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 25 Sep 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)

  • 1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2026, including Profit & Loss Statement for the year ended March 31, 2026 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of IndiaMoreLess
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
    1 for1 against
  • To declare final dividend of Rs.1.34/- per equity share and to confirm the interim dividend of Rs.1 per equity share, already paid during the year, for the financial year ended March 31, 2026
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
    1 for1 against
  • To appoint a Director in place of Mr. Niranjan S. Sonak [DIN:10926090], who retires by rotation and being eligible, offers himself for reappointment
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Excessive time commitments; Holding two full-time positions. Such time commitments may hamper the ability to devote sufficient time towards the affairs of the Company.
    1 for1 against
  • To appoint a Director in place of Ms Aparna S. Sharma [DIN:09781436] who retires by rotation and being eligible, offers herself for reappointment
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
    1 for1 against
  • To fix the remuneration of Statutory Auditors for the Financial Year 2026-27 and in this regard to consider and if thought fit, to pass with or without modification(s),
    2 for0 against
  • To ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2027
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
    1 for1 against
  • To appoint Shri Shivakumar Subramaniam (DIN10784187):, as Chairman & Managing Director of the Company
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
    1 for1 against
  • To appoint Dr. Krishna Kant Pathak(DIN: 08328847), as Government Nominee Director of the Company
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Excessive time commitments; Holding two full-time positions. Such time commitments may hamper the ability to devote sufficient time towards the affairs of the Company.
    1 for1 against
  • To amend the Main Objects Clause and adopt the Memorandum of Association of the Company in accordance with the provisions of the Companies Act, 2013
    2 for0 against
  • Approval for raising funds through Further Public Offer of Equity Shares
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Proposed enabling approval for fund-raising has the potential to cause significant dilution and Generic justification provided for fund raising. However, the Company has not provided adequate disclosures regarding the rationale behind not opting for a Rights Issue as a mode of fund-raising.
    1 for1 against
  • To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    2 for0 against
  • To appoint Shri Rajnikant Bhulabhai Tandel (DIN 11916422), as an Independent Director of the Company
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
    1 for1 against

Mutual fund votes, meeting of 17 Oct 2025, 14 fund houses

  • 1) Adoption of Audited Standalone and Consolidated Financial Statements for the year ended 31st March, 2025 and the Reports of the Directors and Auditors thereon and Comments of the Comptroller & Auditor General of India.MoreLess
    1 for0 against
  • 10) Appoint Ms. Aparna S. Sharma (DIN: 07798544) as Non-Executive Non-Independent (Government nominee) Director from 18 February 2025, liable to retire by rotation
    1 for0 against
  • 11) Reappoint Gopinathan Nair Anilkumar (DIN: 09447818) as Independent Director for one year from 9 May 2025 or until further orders
    1 for0 against
  • 12) Appoint Ms. Anjula Murmu (DIN: 09565841) as Independent Director for one year from 9 May 2025 or until further orders.
    1 for0 against
  • 13) Appoint Partha Sarathi Ghosh (DIN: 09517108) as Independent Director for one year from 9 May 2025 or until further orders.
    1 for0 against
  • 14) Appoint Bhandari & Associates as secretarial auditors for five years from 1 April 2025 and fix their remuneration.
    1 for0 against
  • 15) Appoint Ms. Sipra Bajpai (DIN: 11287685) as Independent Director for one year from 11 September 2025 or until further orders.
    1 for0 against
  • 2) Declare final dividend of Rs. 1.32 per equity share (face value of Rs. 10.0) for FY25.
    1 for0 against
  • 3) Reappoint Ms. Nazhat J. Shaikh (DIN: 07348075) as Director, liable retire by rotation.
    1 for0 against
  • 4) Reappoint Ms. Ritu Goswami (DIN: 10463372) as Director, liable to retire by rotation.
    1 for0 against
  • 5) Authorize the board to fix remuneration of statutory auditors appointed by the Comptroller and Auditor General (C&AG) of India for FY26.
    1 for0 against
  • 6) Approve remuneration of Rs. 280,000 payable to K.G Goyal & Associates as cost auditor for FY26.
    1 for0 against
  • 7) Approve issuance of NCDs on a private placement basis upto Rs. 11.0 bn.
    1 for0 against
  • 8) Reappoint S. C. Mudgerikar (DIN 03498837) as Chairperson and Managing Director from 1 October 2024 till the date of his superannuation i.e. 31 December 2025, or until further orders, whichever is earlier.MoreLess
    1 for0 against
  • 9) Appoint Niranjan S. Sonak (DIN: 10926090) as Director (Marketing) from 28 January 2025 till the date of his superannuation i.e. 31 July 2027, or until further orders, whichever is earlier.
    1 for0 against
  • Adoption of standalone and consolidated financial statements for the year ended 31 March 2025
    1 for0 against
  • Appoint Bhandari & Associates as secretarial auditors for five years from 1 April 2025 and fix their remuneration
    1 for0 against
  • Appoint Ms. Anjula Murmu (DIN: 09565841) as Independent Director for one year from 9 May 2025 or until further orders
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundMs. Anjula Murmu, 45, is an academician. Currently, she is working as Assistant Professor in SP Mahila College, Dumka. She has expertise in Law, General Administrative, Academic and Co-operation, Finance, Human Resources, & Agriculture and Rural Economy. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. We do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    0 for1 against
  • Appoint Ms. Aparna S. Sharma (DIN: 07798544) as Non-Executive Non-Independent (Government nominee) Director from 18 February 2025, liable to retire by rotation
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundMs. Aparna Sharma, 58, is a 1990 batch Central Secretariat Service Officer. She has over 25 years of work experience in various Ministries of Government of India including Department of Higher Education, Health and Family Welfare, Personnel and Training. Finance and Urban Development. She will represent Government of India on the board. She is liable to retire by rotation. While her appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director’s representation. We expect the Government of India to first address the board composition, before reappointing its nominees to the board. We do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    0 for1 against
  • Appoint Ms. Sipra Bajpai (DIN: 11287685) as Independent Director for one year from 11 September 2025 or until further orders
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundMs. Sipra Bajpai, 42, is State Secretary of the Bharatiya Janata Party (BJP) in Odisha. She is engaged in both political and social causes. The company should have disclosed details about her professional work experience. We believe her political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. We do not support the resolution.
    0 for1 against
  • Appoint Niranjan S. Sonak (DIN: 10926090) as Director (Marketing) from 28 January 2025 till the date of his superannuation i.e. 31 July 2027, or until further orders, whichever is earlier
    1 for0 against
  • Appoint Partha Sarathi Ghosh (DIN: 09517108) as Independent Director for one year from 9 May 2025 or until further orders
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundPartha Sarathi Ghosh, 52, has twenty-one years of experience in the Hotel business. Further, he is a member of Aurobinda Park Saraswati Shishu Mandir, an educational institution. Given his experience in the hotel business, it is unclear if he possesses the requisite skillset to effectively contribute to board deliberations. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. We do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    0 for1 against
  • Appointment of M/s Bhandari and Associates, Practicing Company Secretaries (Firm Registration No. P1981MH043700) as the Secretarial Auditors for the Company, to hold office for a term of five consecutive years i.e. from financial year 2025- 26 to financial year 2029-30, on such remuneration as may be mutually agreed between the Company and the Secretarial Auditors.MoreLess
    12 for0 against
  • Approve issuance of NCDs on a private placement basis upto Rs. 11.0 bn
    1 for0 against
  • Approve remuneration of Rs. 280,000 payable to K.G Goyal & Associates as cost auditor for FY26
    1 for0 against
  • Authorize the board to fix remuneration of statutory auditors appointed by the Comptroller and Auditor General (C&AG) of India for FY26
    1 for0 against
  • Declare final dividend of Rs. 1.32 per equity share (face value of Rs. 10.0) for FY25
    1 for0 against
  • Reappoint Gopinathan Nair Anilkumar (DIN: 09447818) as Independent Director for one year from 9 May 2025 or until further orders
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundGopinathan Nair AnilKumar, 61, is a rubber planter, processor and exporter since 1985. He was also Assessing Officer for Rubber Skill Development Council approved by skill India project. He served as an Independent Director on the Board of the company from 27 December 2021 to 4 November 2024. He attended all eleven board meetings held during his tenure during FY25. Given his experience as a rubber planter and exporter, it is unclear if he possesses the requisite skillset to effectively contribute to board deliberations. Given the lack of clarity, we do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    0 for1 against
  • Reappoint Ms. Nazhat J. Shaikh (DIN: 07348075) as Director, liable retire by rotation
    1 for0 against
  • Reappoint Ms. Ritu Goswami (DIN: 10463372) as Director, liable to retire by rotation
    1 for0 against
  • Reappoint S. C. Mudgerikar (DIN 03498837) as Chairperson and Managing Director from 1 October 2024 till the date of his superannuation i.e. 31 December 2025, or until further orders, whichever is earlierMoreLess
    1 for0 against
  • To appoint a Director in place of Ms Nazhat J. Shaikh (DIN:07348075), who retires by rotation and being eligible, offers herself for reappointment.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
    6 for6 against
  • To appoint a Director in place of Ms Ritu Goswami (DIN: 10463372) who retires by rotation and being eligible, offers herself for reappointment.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors
    6 for6 against
  • To appoint Ms Aparna S. Sharma (DIN: 07798544), as Government Nominee Director of the Company and who shall be liable to retire by rotation.
    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, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
    • Axis Mutual FundMs. Aparna Sharma, 58, is a 1990 batch Central Secretariat Service Officer. She has over 25 years of work experience in various Ministries of Government of India including Department of Higher Education, Health and Family Welfare, Personnel and Training. Finance and Urban Development. She will represent Government of India on the board. She is liable to retire by rotation. While her appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director’s representation. We expect the Government of India to first address the board composition, before reappointing its nominees to the board. We do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.Also, delayed shareholder’s approval.
    3 for9 against
  • To appoint Ms Sipra Bajpai (DIN 11287685) as an Independent Director of the Company and who shall not be liable to retire by rotation.
    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, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous.
    • Axis Mutual FundMs. Sipra Bajpai, 42, is State Secretary of the Bharatiya Janata Party (BJP) in Odisha. She is engaged in both political and social causes. The company should have disclosed details about her professional work experience. We believe her political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. We do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merit of Directors. Governance concern: Term of appointment is ambiguous and against spirit of the law.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
    3 for9 against
  • To appoint Prof Anjula Murmu (DIN 09565841), as an Independent Director of the Company for a period of one year with effect from May 9, 2025 and who shall not be liable to retire by rotation.
    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, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous; Appointment as Independent Director for a period of only one year.
    • Axis Mutual FundMs. Anjula Murmu, 45, is an academician. Currently, she is working as Assistant Professor in SP Mahila College, Dumka. She has expertise in Law, General Administrative, Academic and Co-operation, Finance, Human Resources, & Agriculture and Rural Economy. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. We do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
    3 for9 against
  • To appoint Shri Gopinathan Nair Anilkumar (DIN: 09447818), as an Independent Director for a period of one year with effect from May 9, 2025 and who shall not be liable to retire by rotation.
    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, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous.
    • Axis Mutual FundGopinathan Nair AnilKumar, 61, is a rubber planter, processor and exporter since 1985. He was also Assessing Officer for Rubber Skill Development Council approved by skill India project. He served as an Independent Director on the Board of the company from 27 December 2021 to 4 November 2024. He attended all eleven board meetings held during his tenure during FY25. Given his experience as a rubber planter and exporter, it is unclear if he possesses the requisite skillset to effectively contribute to board deliberations. Given the lack of clarity, we do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merit of Directors. Non-Compliance with the Companies Act, 2013: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
    3 for9 against
  • To appoint Shri Niranjan S. Sonak (DIN: 10926090), as a Director (Marketing), of the Company w.e.f January 28, 2025 till the date of his superannuation i.e. July 31, 2027 and who shall be liable to retire by rotation.MoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
    6 for6 against
  • To appoint Shri Partha Sarathi Ghosh (DIN 09517108), as an Independent Director of the Company for a period of one year with effect from May 9, 2025 and who shall not be liable to retire by rotation.
    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, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous; Appointment as Independent Director for a period of only one year.
    • Axis Mutual FundPartha Sarathi Ghosh, 52, has twenty-one years of experience in the Hotel business. Further, he is a member of Aurobinda Park Saraswati Shishu Mandir, an educational institution. Given his experience in the hotel business, it is unclear if he possesses the requisite skillset to effectively contribute to board deliberations. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. We do not support the resolution. Further, although not required under regulations, we expect the company to seek shareholders’ approval within three months of board appointment.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
    3 for9 against
  • To declare final dividend of Rs. 1.32 per equity share for the financial year ended March 31, 2025.
    12 for0 against
  • To fix the remuneration of Statutory Auditors for the Financial Year 2025-26.
    12 for0 against
  • To offer or invite subscriptions for secured or unsecured non-convertible debentures (NCDs), in one or more series/tranches, aggregating upto to Rs. 1,100 Crore, on private placement, from such persons and on such terms and conditions as the Board of Directors of the Company may, from time to time, determine and consider proper and most beneficial to the Company.MoreLess
    12 for0 against
  • To ratify the remuneration of Rs 2,80,000/- payable to M/s K.G Goyal and Associates, Cost Accountants (FRN No.000024), appointed by the Board of Directors as Cost Auditors to conduct the audit of the Cost records of the Company for the financial year ending March 31, 2026.MoreLess
    12 for0 against
  • To re-appoint Shri S. C. Mudgerikar (DIN 03498837), as Chairman and Managing Director of the Company who shall not be liable to retire by rotation.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval; Combined position of Chairman and Managing Director.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval; Combined position of Chairman and Managing Director
    6 for6 against
  • To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025, including Profit and Loss Statement for the year ended March 31, 2025 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of India.MoreLess
    12 for0 against
5 earlier meetings

Mutual fund votes, meeting of 30 Sep 2024, 10 fund houses

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

  • To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2024, including Profit & Loss Statement for the year ended March 31, 2024 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General ofnIndiaMoreLess
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Governance concern: Non-Compliant Board and Audit Committee. Accounts not vetted by duly compliant audit committee.
    6 for4 against
  • To declare final dividend of Rs.1.24 per equity share for the financial year ended March 31, 2024
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundSufficient funds for payment of dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
    6 for4 against
  • To appoint a Director in place of Ms Nazhat J. Shaikh [DIN:07348075], who retires by rotation and being eligible, offers herself for reappointment.
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors.
    6 for4 against
  • To appoint a Director in place of Ms Aneeta C. Meshram[DIN: 09781436] who retires by rotation and being eligible, offers herself for reappointment
    Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundMs. Aneeta C. Meshram, 52, is an IAS officer of the 1996 batch. She is Additional Secretary, Department of Fertilizers, Ministry of Chemicals and Fertilizers, GoI. She has been on board since November 2022. She has attended 27% (three out of 11) board meetings held in FY24 and 19% (three out of 16) board meetings since her appointment on board. We expect directors to attend all board meetings. She retires by rotation. While her reappointment is in line with statutory requirements, we are unable to support her reappointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Chemicals and Fertilizers to first address the board composition, before (re)appointing their nominees on the board.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors. Low attendance at Board/ Committee meetings of the Company.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    4 for6 against
  • To fix the remuneration of Statutory Auditors for the Financial Year 2024-25
    10 for0 against
  • To ratify the remuneration of the Cost Auditors for the financial year ended March 31, 2025
    10 for0 against
  • To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    9 for0 against
  • To appoint Ms Ritu Goswami, [DIN:10463372] as Director (Technical) of the Company
    Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors.
    6 for4 against
  • To appoint Dr. Ajay Shanker Singh [DIN:10449154] as Government Nominee Director of the Company
    Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundDr. Ajay Shanker Singh, 56, is an Indian Civil Accounts Service officer of the 1994 batch and currently, he is a Chief Controller of Accounts in the Ministry of Information and Broadcasting with additional charge of the Ministry of Chemicals and Fertilizers and the Ministry of Petroleum and Natural Gas. Prior to this, he was the Director-Finance in Punatsangchhu-I Hydroelectric Project Authority, and Mangdechhu Hydroelectric Project Authority, Bhutan. He is liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Chemicals and Fertilizers to first address the board composition, before (re)appointing their nominees on the board. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months. We do not support the resolution.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and woman Independent Director. Delayed Shareholders’ approval.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    4 for6 against
  • Adoption of New sets of Articles of Association of the Company
    Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual Fund, SBI Mutual FundThe existing set of AoA are based on Companies Act, 1956. The company seeks to adopt a new set to align with the Companies Act, 2013. The Ministry of Chemicals and Fertilizers Limited has approved the proposal for grant of Navratna Status to the company. Accordingly, the Company proposes to incorporate the provisions with regard to granting Navratna status to the company in the AoA. The new set of AoA is not available on the company’s website. Given that the AoA is not accessible, it is not possible to ascertain the impact on minority shareholders. Further, we also raise concerns at the delay in making the AoA compliant with the Companies Act 2013: the alignment to the new regulation is being done over ten years after the Companies Act 2013 was notified. We do not support the resolution.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Transparency Concern: Inadequate Disclosures, existing as well as new set of AoA neither disclosed in Notice nor on website.
    • HDFC Mutual FundThe existing AoA has not been disclosed and thus, proposed changes cannot be compared with the last AoA
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    2 for8 against
1 proposal not matched to one resolution
  • 7) Approve issuance of NCDs on a private placement basis upto Rs. 14.0 bn.
    1 for0 against

Mutual fund votes, meeting of 20 Dec 2023, 6 fund houses

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

  • To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2023, including Profit & Loss Statement for the year ended March 31, 2023 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of IndiaMoreLess
    6 for0 against
  • To declare final dividend of Rs 3.70 per equity share and to confirm the interim dividend of Rs 1.60 per equity share, already paid during the year, for the financial year ended March 31, 2023
    6 for0 against
  • To appoint a Director in place of Ms Aneeta C. Meshram [DIN: 09781436] who retires by rotation and being eligible, offers herself for reappointment.
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. No concern on profile of director. Governance Concern: Poor attendance. Non-Compliant Board.
    • Nippon India Mutual FundNon -Compliant with the requisite number of IDS
    3 for3 against
  • To appoint a Director in place of Shri Sanjay Rastogi [DIN:07722405], who retires by rotation and being eligible, offers himself for reappointment.
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on profile of appointee. Non-Compliant with Section 152 of the Companies Act, 2013: Approval for re-appointment cannot be obtained when appointment is not regularized in the first place.
    • Nippon India Mutual FundNon -Compliant with the requisite number of IDS
    3 for3 against
  • To fix the remuneration of Statutory Auditors for the Financial Year 2023-24
    6 for0 against
  • To ratify the remuneration of the Cost Auditors for the financial year ended March 31, 2024
    6 for0 against
  • To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    5 for0 against
  • To appoint Shri Sanjay Rastogi, as Government Nominee Director of the Company
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. No concern on profile of director. Governance Concern: Non-Compliant Board. Delayed approval of shareholders.
    • Nippon India Mutual FundNon -Compliant with the requisite number of IDS
    3 for3 against
  • Amendment to the Articles of Association of the Company
    6 for0 against
1 proposal not matched to one resolution
  • 7) Approve issuance of NCDs on a private placement basis upto Rs. 10.0 bn.
    1 for0 against

Mutual fund votes, meeting of 23 Dec 2022, 4 fund houses

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

  • To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2022, including Profit & Loss Statement for the year ended March 31, 2022 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of India.MoreLess
    4 for0 against
  • To declare final dividend of Rs 2.50 per equity share and to confirm the interim dividend of Rs 1.35 per equity share, already paid during the year, for the financial year ended March 31, 2022
    4 for0 against
  • To appoint a Director in place of Ms Nazhat J. Shaikh [DIN: 07348075], who retires by rotation and being eligible, offers herself for reappointment
    4 for0 against
  • To appoint a Director in place of Shri Milind M. Deo [DIN: 08715250], who retires by rotation and being eligible, offers himself for reappointment.
    4 for0 against
  • To fix the remuneration of Statutory Auditors for the Financial Year 2022-23
    4 for0 against
  • To appoint Ms Nazhat J. Shaikh, as Director (Finance) of the Company
    4 for0 against
  • To appoint Shri Milind M. Deo, as Director (Technical) of the Company
    4 for0 against
  • To appoint Shri Chandra Bhushan Pandey, as an Independent Director of the Company
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundTerm of appointment is ambiguous
    3 for1 against
  • To appoint Shri Gopinathan Nair Anilkumar, as an Independent Director of the Company
    4 for0 against
  • To ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2023
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundLow audit fees
    3 for1 against
  • To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement.
    3 for0 against
  • To appoint Ms Aneeta C. Meshram, as Director of the Company
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundHalf of the board of directors are not Independent
    3 for1 against
1 proposal not matched to one resolution
  • 11) Approve issuance of NCDs on a private placement basis upto Rs. 10.0 bn.
    1 for0 against

Mutual fund votes, meeting of 28 Oct 2021, 2 fund houses

  • To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2021, including Profit & Loss Statement for the year ended March 31, 2021 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of India.MoreLess
    2 for0 against
  • To declare final dividend of Rs 1.78 per equity share and to confirm the interim dividend of Rs.1.20 per equity share, already paid during the year, for the financial year ended March 31, 2021
    2 for0 against
  • To appoint a Director in place of Shri Umesh Dongre (DIN:08039073), who retires by rotation and being eligible, offers himself for reappointment.
    2 for0 against
  • To appoint a Director in place of Ms Aparna S. Sharma (DIN:07798544), who retires by rotation and being eligible, offers herself for reappointment
    2 for0 against
  • To fix the remuneration of Statutory Auditors for the Financial Year 2021-22
    2 for0 against
  • To ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2022
    2 for0 against
  • To approve offer or invitation to subscribe to Secured or Unsecured Non-Convertible Debentures on private placement
    2 for0 against

Mutual fund votes, meeting of 30 Dec 2020, 3 fund houses

  • To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2020, including Profit & Loss Statement for the year ended March 31, 2020 and Balance Sheet as at that date together with the Reports of Directors and Independent Statutory Auditors and comments thereon of the Comptroller and Auditor General of IndiaMoreLess
    0 for0 against

    3 abstained

  • To declare dividend on equity share capital for the financial year 2019-20.n
    0 for0 against

    3 abstained

  • To appoint a Director in place of Ms. Alka Tiwari (DIN: 03502306), who retires by rotation and being eligible, offers herself for reappointmentn
    0 for0 against

    3 abstained

  • To appoint a Director in place of Shri K. U. Thankachen (DIN:06946476), who retires by rotation and being eligible, offers himself for reappointment.
    0 for0 against

    3 abstained

  • To fix the remuneration of Statutory Auditors for the Financial Year 2020-21. n
    0 for0 against

    3 abstained

  • To appoint Shri S. C. Mudgerikar (DIN 03498837), as Chairman & Managing Director of the Company.
    0 for0 against

    3 abstained

  • To appoint Smt. Shashi Bala Bharti (DIN: 08770477), as an Independent Director of the Company.
    0 for0 against

    3 abstained

  • Approval of Cost Auditors remuneration for the financial year 2020-21.
    0 for0 against

    3 abstained

  • To approve offer or invitation to subscribe to Secured Non-Convertible Debentures on private placement.
    0 for0 against

    3 abstained

  • To appoint Ms Aparna S Sharma (DIN 07798544) as Director of the Company.
    0 for0 against

    3 abstained

  • Approval for increase in Borrowings Powers of the Company from Rs.10,000 Crore to Rs. 12,500 Crore
    0 for0 against

    3 abstained

  • Creation of Security on the properties of the Company.
    0 for0 against

    3 abstained

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

Fines and tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltyBSE LimitedSince 27 May 2026

    Fines as per SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 issued on July 11, 2023 and last updated on January 30,2026

    Non-compliance with regulation17(1)of SEBI LODR requirements pertaining to the composition of the Board including failure to appoint woman director
  • Fine or penaltyNational Stock Exchange of India LimitedSince 27 May 2026

    Fines as per SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 issued on July 11, 2023 and last updated on January 30,2026

    Non-compliance with regulation17(1)of SEBI LODR requirements pertaining to the composition of the Board including failure to appoint woman director
  • Tax disputeCommissioner of Customs AppealsSince 21 Apr 2011
    The case was decided in favour of RCF on 16.11.2023.However, the Department has filed appeal on 18.03.2024 against the order before Commissioner of Customs (Appeals)
    At the filing before: On going litigation is pending before Commissioner of Customs Appeals regarding demand of differential Custom duty on import of Urea MoP and DAP Marketing amounting to Rs 80.77 Crore.

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
No
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.