Refex Industries logo

Refex Industries MD, chairman, board of directors and AGM

NSE: REFEXBSE: 532884Other UtilitiesSmall Cap

Formerly Refex Refrigerants
Last close ₹226.55down ₹8.90 (3.78%)BSE ₹226.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹235.45.

52-week range of traded prices to 23 Oct 2026
₹188.00Low, 23 Mar 2026₹382.00High, 6 Nov 2025
Market cap
₹3,109 Cr922nd largest listed
P/E
12.6
P/E without one-offs
10.9
P/B
2.1
Dividend yield
0.44%
ROE
18.1%
ROE without one-offs
21.0%
ROCE
24.3%
Debt to equity
0.11
Volume, NSE
2,89,35248.8% delivered

Refex Industries 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 directorANIL JAINRelated to the promoter
  • Company Secretary and Compliance OfficerAnkit Poddar

7 directors4 independent2 executive1 non-executive

  • ANIL JAIN · Chairperson and managing directorExecutive · joined Sep 2002 · reappointed Sep 2022 · 2 listed boards · 1 committee seat
  • DINESH KUMAR AGARWALExecutive · joined Jul 2016 · reappointed Jun 2024 · 2 listed boards · 4 committee seats
  • SUSMITHA SIRIPURAPUNon-executive · joined Feb 2023 · reappointed Apr 2023 · 1 listed board · 1 committee seat
  • RAMESH DUGARIndependent · joined Dec 2020 · reappointed Mar 2024 · 66 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • SIVARAMAKRISHNAN VASUDEVANIndependent · joined Mar 2023 · reappointed Mar 2023 · 39 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • LATHA VENKATESHIndependent · joined Dec 2023 · reappointed Dec 2023 · 30 months as independent · 3 listed boards · 3 as independent · 5 committee seats, 2 as chair
  • VINEET KOTHARIIndependent · joined Jun 2025 · reappointed Jun 2025 · 12 months as independent · 1 listed board · 1 as independent

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

Committees and meetings

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

  • Board

    • 30 Jun 20267 of 7 present4 independent · 34 days in between
    • 26 May 20266 of 7 present3 independent · 60 days in between
    • 26 Mar 20266 of 7 present4 independent · 63 days in between
    • 21 Jan 20266 of 7 present3 independent

  • Audit Committee

    Chair RAMESH DUGAR

    DINESH KUMAR AGARWAL, SIVARAMAKRISHNAN VASUDEVAN

    • 30 Jun 20263 of 3 present2 independent · 34 days in between
    • 26 May 20263 of 3 present2 independent · 60 days in between
    • 26 Mar 20263 of 3 present2 independent · 64 days in between
    • 20 Jan 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair RAMESH DUGAR

    ANIL JAIN, SIVARAMAKRISHNAN VASUDEVAN

    • 26 May 20262 of 3 present2 independent · 124 days in between
    • 21 Jan 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair LATHA VENKATESH

    DINESH KUMAR AGARWAL, SUSMITHA SIRIPURAPU

    • 20 Jan 20263 of 3 present1 independent

  • Risk Management Committee

    Chair DINESH KUMAR AGARWAL

    SUSMITHA SIRIPURAPU, SIVARAMAKRISHNAN VASUDEVAN, HARINI.S, JAHANVI KHEDWAL

    • 26 May 20263 of 5 present1 independent

  • Corporate Social Responsibility Committee

    Chair SIVARAMAKRISHNAN VASUDEVAN

    DINESH KUMAR AGARWAL, ANIL JAIN

    • 30 Jun 20262 of 3 present1 independent · 34 days in between

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • A B C D & Co. LLPPeer-review certificate valid to Feb 2028

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.

Refex Industries 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.Refex Industries dividend history

Meeting called by the tribunal, 5 Aug 2026

92,973 shareholders on the register on 31 Jul 2026; present: 1 promoter and 42 others; votes counted by Kishore P / Kishore P.The company's voting result (opens in a new tab)

  1. Composite Scheme of Amalgamation and Arrangement amongst Refex Green Mobility Limited ("RGML" or "Transferor Company") and Refex Industries Limited ("RIL" or "Transferee Company" or "Demerged Company") and Refex Mobility Limited ("RML" or "Resulting Company") and their respective shareholders and creditors ("the Scheme")MoreLess
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 57.65% · promoters 100.00% · institutions 40.44% · other public 1.43%

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, 31 Jul 2026, 5 resolutions

92,880 shareholders on the register on 24 Jul 2026; present: 1 promoter and 85 others; votes counted by MEHAK GUPTA / MEHAK GUPTA & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the financial year ended March 31, 2026, and reports of the Board of Directors and Auditors thereon
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.15%

    Turnout: all 57.63% · promoters 100.00% · institutions 36.79% · other public 1.33%

  2. Adoption of Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 and reports of the Auditors thereon
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.15%

    Turnout: all 57.63% · promoters 100.00% · institutions 36.79% · other public 1.33%

  3. Declaration of Final Dividend for the financial year 2025-26
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.15%

    Turnout: all 57.63% · promoters 100.00% · institutions 36.79% · other public 1.33%

  4. Re-appointment of Mr. Anil Jain (DIN: 00181960), who retires by rotation and being eligible, offers himself for re-appointment, as a director liable to retire by rotation
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 3.63% · other public 3.32%

    Turnout: all 57.63% · promoters 100.00% · institutions 36.79% · other public 1.33%

  5. Variation in utilization of proceeds amounting to Rs.19.07 crore out of the preferential issue aggregating to Rs.219.69 crore approved by the shareholders in their extra-ordinary general meeting held on March 27, 2024MoreLess
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.46%

    Turnout: all 57.63% · promoters 100.00% · institutions 36.79% · other public 1.33%

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

Postal ballot, 30 Apr 2026, 2 resolutions

97,169 shareholders on the register on 27 Mar 2026; votes counted by Mehak Gupta / Mehak Gupta & Associates.The company's voting result (opens in a new tab)

  1. Making investments, giving loans, guarantees and providing security in excess of limits specified under Section 186 of the Companies Act, 2013.
    Special
    99.67% for0.33% against

    Against: promoters 0.00% · institutions 24.68% · other public 0.54%

    Turnout: all 60.74% · promoters 100.00% · institutions 48.69% · other public 9.77%

  2. Material Related Party Transaction(s) with Venwind Refex Power Limited, a subsidiary company.
    OrdinaryPromoters have an interest in it
    90.41% for9.59% against

    Against: promoters 0.00% · institutions 62.64% · other public 0.40%

    Turnout: all 4.89% · promoters 0.00% · institutions 48.69% · other public 9.77%

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

Annual general meeting, 18 Jul 2025, 8 resolutions

89,301 shareholders on the register on 11 Jul 2025; present: 1 promoter and 78 others; votes counted by Mehak Gupta / Mehak Gupta & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the financial year ended March 31, 2025 and reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

  2. Adoption of Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 and reports of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

  3. Re-appointment of Ms. Sushmitha Siripurapu (DIN: 09850991), who retires by rotation and being eligible, offers herself for re-appointment, as a director liable to retire by rotation
    Ordinary
    99.64% for0.36% against

    Against: promoters 0.00% · institutions 16.77% · other public 0.26%

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

  4. Ratification of remuneration of Cost Auditor for the financial year 2025-26
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.45%

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

  5. Appointment of Ms A. Mohan Kumar and Associates, a Practicing Company Secretary firm as Secretarial Auditor of the Company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.26%

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

  6. Increase in Authorized Share Capital and consequent alteration to the Capital Clause of Memorandum of Association of the Company
    Ordinary
    98.26% for1.74% against

    Against: promoters 0.00% · institutions 83.78% · other public 0.05%

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

  7. Appointment of Dr. Vineet Kothari (DIN: 10070816) as an Independent Director of the Company for the first term
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.46%

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

  8. Granting of loan(s) and advance(s) to Venwind Refex Power Limited, a subsidiary company, as per Section 185 of the Companies Act, 2013
    Special
    98.01% for1.99% against

    Against: promoters 0.00% · institutions 94.67% · other public 0.38%

    Turnout: all 58.05% · promoters 100.00% · institutions 64.70% · other public 7.83%

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

Postal ballot, 2 May 2025, 3 resolutions

84,054 shareholders on the register on 28 Mar 2025; votes counted by Mehak Gupta / Mehak Gupta & Associates.The company's voting result (opens in a new tab)

  1. Making investments, giving loans, guarantees and providing security in excess of limits specified under Section 186 of the Companies Act, 2013.
    Special
    99.23% for0.77% against

    Against: promoters 0.00% · institutions 47.88% · other public 0.48%

    Turnout: all 58.31% · promoters 100.00% · institutions 42.58% · other public 9.06%

  2. Amendment(s) to the Refex Employee Stock Option Scheme, 2021 (“Scheme” or “ESOP”).
    Special
    98.61% for1.39% against

    Against: promoters 0.00% · institutions 87.76% · other public 0.44%

    Turnout: all 58.29% · promoters 100.00% · institutions 42.58% · other public 9.03%

  3. Material Related Party Transaction(s) with Venwind Refex Power Limited, a subsidiary company.
    OrdinaryPromoters have an interest in it
    83.70% for16.30% against

    Against: promoters 0.00% · institutions 87.76% · other public 0.29%

    Turnout: all 4.92% · promoters 0.00% · institutions 42.58% · other public 9.03%

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

Extraordinary general meeting, 26 Oct 2024, 2 resolutions

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

  1. Issue of equity shares to ‘non-promoter’ category on a preferential basis
    Special
    100.00% for0.00% against

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

    Turnout: all 59.63% · promoters 100.00% · institutions 16.45% · other public 5.49%

  2. Issue of warrants to ‘promoter’ and ‘non-promoter’ category on a preferential basis
    Special
    100.00% for0.00% against

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

    Turnout: all 59.63% · promoters 100.00% · institutions 16.45% · other public 5.49%

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 Aug 2024, 6 resolutions

Present: 1 promoter and 46 others.The company's voting result (opens in a new tab)

  1. Audited Financial Statements and reports of the Board of Directors and Auditors thereon and Audited Consolidated Financial Statements for the financial year ended March 31, 2024
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.98%

    Turnout: all 56.24% · promoters 100.00% · institutions 17.80% · other public 1.72%

  2. Appointment of a director in the place of Mr. Anil Jain (DIN: 00181960), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.66% · other public 2.42%

    Turnout: all 56.24% · promoters 100.00% · institutions 17.80% · other public 1.72%

  3. Ratification of remuneration of Cost Auditors for the financial year 2024-25
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.31%

    Turnout: all 56.24% · promoters 100.00% · institutions 17.80% · other public 1.72%

  4. Re-designation of Mr. Dinesh Kumar Agarwal (DIN: 07544757) as Whole-Time Director-cum-Chief Financial Officer and a Key Managerial Personnel of the Company from the position of Non-Executive Director
    Ordinary
    99.59% for0.41% against

    Against: promoters 0.00% · institutions 100.00% · other public 1.98%

    Turnout: all 56.24% · promoters 100.00% · institutions 17.80% · other public 1.72%

  5. Amendment to the Articles of Association of the Company
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.10%

    Turnout: all 56.24% · promoters 100.00% · institutions 17.80% · other public 1.72%

  6. Issue of further securities
    Special
    99.58% for0.42% against

    Against: promoters 0.00% · institutions 100.00% · other public 2.39%

    Turnout: all 56.24% · promoters 100.00% · institutions 17.80% · other public 1.72%

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.

Extraordinary general meeting, 27 Mar 2024, 3 resolutions

Present: 4 promoters and 40 others.The company's voting result (opens in a new tab)

  1. Issue of Equity Shares on a preferential basis to a Promoter
    SpecialPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 55.50% · promoters 100.00% · institutions 68.97% · other public 4.39%

  2. Issue of Warrants on a preferential basis to a Promoter
    SpecialPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 55.50% · promoters 100.00% · institutions 68.97% · other public 4.39%

  3. Change in the Main Object clause of the Memorandum of Association of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 55.50% · promoters 100.00% · institutions 68.97% · other public 4.39%

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

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 5 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • Composite Scheme of Amalgamation and Arrangement amongst Refex Green Mobility Limited ("RGML" or "Transferor Company") and Refex Industries Limited ("RIL" or "Transferee Company" or "Demerged Company") and Refex Mobility Limited ("RML" or "Resulting Company") and their respective shareholders and creditors ("the Scheme")MoreLess
    1 for0 against

Mutual fund votes, meeting of 31 Jul 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • Adoption of Audited Financial Statements of the Company for the financial year ended March 31, 2026, and reports of the Board of Directors and Auditors thereon
    1 for0 against
  • Adoption of Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 and reports of the Auditors thereon
    1 for0 against
  • Declaration of Final Dividend for the financial year 2025-26
    1 for0 against
  • Re-appointment of Mr. Anil Jain (DIN: 00181960), who retires by rotation and being eligible, offers himself for re-appointment, as a director liable to retire by rotation
    1 for0 against
  • Variation in utilization of proceeds amounting to Rs.19.07 crore out of the preferential issue aggregating to Rs.219.69 crore approved by the shareholders in their extra-ordinary general meeting held on March 27, 2024MoreLess
    1 for0 against
3 earlier meetings

Mutual fund votes, meeting of 30 Apr 2026, 5 fund houses

  • Making investments, giving loans, guarantees and providing security in excess of limits specified under Section 186 of the Companies Act, 2013.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Lack of adequate justifications & disclosure as Company has not provided details of all the recipients. Umbrella approval to cover any person/entity in the proposed limit.
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with the law. Governance & Transparency Concern: Lack of adequate justifications & disclosure as Company has not provided details of all the recipients. Umbrella approval to cover any person/entity in the proposed limit.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Motilal Oswal Mutual FundInadequate justifications & disclosures; Umbrella approval being sought.
    0 for5 against
  • Material Related Party Transaction(s) with Venwind Refex Power Limited, a subsidiary company.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: The Company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed Related Party Transactions. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking; Further it is unclear whether the proposed Related Party Transactions are sustainable.
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance Concern: The Company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking; Further it is unclear whether the proposed RPTs are sustainable.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Motilal Oswal Mutual FundInadequate justifications & disclosures; Umbrella approval being sought.
    0 for5 against

Mutual fund votes, meeting of 18 Jul 2025, 6 fund houses

  • Adoption of Audited Financial Statements of the Company for the financial year ended March 31, 2025 and reports of the Board of Directors and Auditors thereon
    6 for0 against
  • Adoption of Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 and reports of the Auditors thereon
    6 for0 against
  • Re-appointment of Ms. Sushmitha Siripurapu (DIN: 09850991), who retires by rotation and being eligible, offers herself for re-appointment, as a director liable to retire by rotation
    6 for0 against
  • Ratification of remuneration of Cost Auditor for the financial year 2025-26
    6 for0 against
  • Appointment of Ms A. Mohan Kumar and Associates, a Practicing Company Secretary firm as Secretarial Auditor of the Company
    Against Groww Mutual Fund
    • Groww Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: Previous auditors’ remuneration not disclosed to ascertain any material change in the Audit fee.
    5 for1 against
  • Increase in Authorized Share Capital and consequent alteration to the Capital Clause of Memorandum of Association of the Company
    6 for0 against
  • Appointment of Dr. Vineet Kothari (DIN: 10070816) as an Independent Director of the Company for the first term
    6 for0 against
  • Granting of loan(s) and advance(s) to Venwind Refex Power Limited, a subsidiary company, as per Section 185 of the Companies Act, 2013
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: Non-Disclosure of Period of Loan. Transparency Concern: Inadequate Disclosures with regard to Particulars of the Loan; Rate of Interest cannot be compared to similar loans granted to other Subsidiary Companies. It is not known if their other shareholders of the Subsidiary are also providing such loan(s).
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Non-Disclosure of Period of Loan. Transparency Concern: Inadequate Disclosures w.r.t. Particulars of the Loan; Rate of Interest cannot be compared to similar loans granted to other Subsidiary Companies. It is not known if their other shareholders of the Subsidiary are also providing such loan(s).
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    1 for5 against

Mutual fund votes, meeting of 2 May 2025, 5 fund houses

  • Making investments, giving loans, guarantees and providing security in excess of limits specified under Section 186 of the Companies Act, 2013.
    Against Groww Mutual Fund
    • Groww Mutual FundSince the amount is too high with regards to the net worth of the entity, as a prudent measure, we are voting against the resolution
    4 for1 against
  • Amendment(s) to the Refex Employee Stock Option Scheme, 2021 (“Scheme” or “ESOP”).
    Against Groww Mutual Fund
    • Groww Mutual FundSince the new provisions for the ESOP scheme are not clear and explicit and the explanatory note is not adequate, we are voting against the resolution.
    4 for1 against
  • Material Related Party Transaction(s) with Venwind Refex Power Limited, a subsidiary company.
    Against Groww Mutual Fund
    • Groww Mutual FundSince the amount is too high with regards to the net worth of the entity, as a prudent measure, we are voting against the resolution
    4 for1 against

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

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtVENWIND REFEX POWER LIMITEDSince 8 Apr 2026

    −4.11% bought in the quarter; holding 73.28%, from 77.39%

  • Tax disputeJoint Commissioner of Central Tax, ChennaiSince 31 Mar 2023
    Appeal pending before GSTAT, Chennai
    At the filing before: GST demand order received u/s 74 dated March 31st 2023 which was received on May 15, 2023 alleging wrongful availment and utilisation of Input tax credit withoiut the receipt of goods/services for the period July 2017 to March 2019. The total amount involves in the demand is of Rs.7,12,92,240/- which involves penalty of Rs.3,56,46,120/- . Out of the total demand amount tax liability of Rs.3,32,37,000/- was already discharged through DRC-03MoreLess
  • Tax disputeState tax officer(C-829), Nodal-04, MumbaiSince 29 Apr 2024
    Writ petition pending before Bombay High Court
    At the filing before: GST demand order received u/s 73 dated April 29th, 2024 which is received on April 29th, 2024 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period April 2018 to March 2019. The total amount involves in the demand is Rs.3,57,46,813/- which includes interest and penalty of Rs.2,13,12,972/-MoreLess
  • Tax disputeDeputy Commissioner of Commercial Taxes, Circle-B, RajasthanSince 24 Dec 2024
    Appeal pending before Appellate Authority, Jaipur
    At the filing before: GST assessment order received u/s 74 dated December 24th, 2024 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period July 2017 to March 2018. The total amount involves in the demand is Rs.5,25,72,714/- which includes interest and penalty of Rs.3,61,43,742/-MoreLess
  • Tax disputeDeputy Commissioner of Commercial Taxes, Circle-B, RajasthanSince 27 Dec 2024
    Appeal pending before Appellate Authority, Jaipur
    At the filing before: GST assessment order received u/s 74 dated December 27th, 2024 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period April 2018 to March 2019. The total amount involves in the demand is Rs.20,78,253/- which includes interest and penalty of Rs.13,90,090/-MoreLess
  • Tax disputeDeputy Commissioner of Commercial Taxes, Circle-B, RajasthanSince 27 Dec 2024
    Appeal pending before Appellate Authority, Jaipur
    At the filing before: GST assessment order received u/s 74 dated December 27th, 2024 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period April 2019 to March 2020. The total amount involves in the demand is Rs.92,54,115/- which includes interest and penalty of Rs.59,95,624/-MoreLess
  • Tax disputeDeputy Commissioner of Commercial Taxes, Circle-B, RajasthanSince 27 Dec 2024
    Appeal pending before Appellate Authority, Jaipur
    At the filing before: GST assessment order received u/s 74 dated December 27th, 2024 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period April 2020 to March 2021. The total amount involves in the demand is Rs.3,91,93,369/- which includes interest and penalty of Rs.2,44,59,011/-MoreLess
  • Tax disputeDeputy Commissioner of Commercial Taxes, Circle-B, RajasthanSince 27 Dec 2024
    Appeal pending before Appellate Authority, Jaipur
    At the filing before: GST assessment order received u/s 74 dated December 27th, 2024 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period April 2021 to March 2022. The total amount involves in the demand is Rs.7,65,086/- which includes interest and penalty of Rs.4,68,253/-MoreLess
10 more
  • Tax disputeAdditional Commissioner, CGST and Central Excise, BhopalSince 27 Mar 2025
    Appeal pending before The Commissioner(Appeals), CGST, Customs & Central Excise, Bhopal
    At the filing before: GST demand order received u/s 74 dated March 27th, 2025 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period April 2018 to March 2021. The total amount involves in the demand is Rs.29,31,92,582/- which includes penalty of Rs.14,65,96,291/-.MoreLess
  • Tax disputeAssistant Commissioner, Visakhapatnam central GST division, VisakhapatnamSince 28 Mar 2025
    Appeal pending before the Commissioner of Central Excise, Customs & Service Tax(Appeals), Visakhapatnam
    At the filing before: GST demand order received u/s 74 dated March 28th, 2025 alleging wrongful availment and utilisation of Input tax credit without the receipt of goods/services for the period April 2018 to March 2019. The total amount involves in the demand is penalty of Rs.71,16,353/-.MoreLess
  • Tax disputeJoint Commissioner, Bengaluru West GST Commissionerate, BengaluruSince 18 Jul 2025
    Appeal pending before Commissioner of Central Tax (Appeals), Mysore.
    At the filing before: GST demand order received u/s 74 dated July 18th, 2025 alleging availment of inadmissable input tax credit for the period April 2019 to March 2021. The total amount involves in the demand is Rs.8,92,79,004/- which includes penalty of Rs.4,46,39,502/-.MoreLess
  • Tax disputeJoint Commissioner, CGST Raipur Commissionerate,RaipurSince 19 Nov 2025
    Aggrieved against the order passed by the appellate authority, the company intends to vigorously contest its position and believes it can strongly defend the same through legal process considering the merits of the case. In view of the above,the Company will be contesting the disallowances made in the Order by filing an appeal before GSTAT. The required pre-deposit amount for filing an appeal before the GST Appellate Tribunal (GSTAT) has already been paid. Appeal will be formally filed within prescribed timeline.MoreLess
    At the filing before: GST demand order received u/s 74 dated Nov 19th, 2025 alleging availment of inadmissable input tax credit for the period April 2018 to March 2019 and Apr19 to Mar20. The total amount involves in the demand is Rs./-10,06,91,418 which includes penalty of Rs.50345709/-.MoreLess
  • Tax disputeDeputy Commissioner State Tax, Circle-B, Jodhpur-IISince 18 Dec 2025
    Appeal pending before Additional Commissioner, Collectorate Campus,Paota, Jodhpur
    At the filing before: GST demand order received u/s 74(9) dated Dec 18th, 2025 alleging availment of inadmissable input tax credit for the period April 2018 to March 2019. The total amount involves in the demand is Rs.54,32,943 ./- which includes penalty of Rs.16,88,866/-.MoreLess
  • Tax disputeDeputy Commissioner of Income tax - Central Circle 3(4)Since 31 Mar 2022
    Appeal Pending before CIT(A)
    At the filing before: A Demand Notice for the sum of Rs.751.16 lakhs has been issued pertaining to the assessment year 2014-15 (FY 2013-14), in connection with reassessment under Section 147 r.w.s 143(3) of the Income Tax Act, 1961.MoreLess
  • Tax disputeDeputy Commissioner of Income tax - Central Circle 3(4)Since 30 Sep 2022
    Appeal Pending before CIT(A)
    At the filing before: A Demand Notice for the sum of Rs.4086.66 lakhs has been issued pertaining to the assessment year 2020-21 (FY 2019-20), in connection with reassessment under Section 143(3) of the Income Tax Act, 1961.MoreLess
  • Tax disputeDeputy Commissioner of Income tax - Central Circle 3(4)Since 31 Dec 2022
    Appeal Pending before CIT(A)
    At the filing before: A Demand Notice for the sum of Rs.1,136.78 lakhs has been issued pertaining to the assessment year 2021-22 (FY 2020-21), in connection with reassessment under Section 143(3) of the Income Tax Act, 1961.MoreLess
  • Tax disputeDeputy Commissioner of Income tax - Central Circle 3(4)Since 31 Mar 2024
    Appeal Pending before CIT(A)
    At the filing before: A Demand Notice for the sum of Rs. 4731.69 Lakhs has been issued pertaining to the assessment year 2019-20 (FY 2018-19), in connection with reassessment under Section 147 of the Income Tax Act, 1961.Subsequently rectification order has passed and demand has been reduced to Rs. 4628.17 Lakhs.MoreLess
  • Tax disputeDeputy Commissioner of Income tax - Central Circle 3(4)Since 23 Mar 2026
    Filed writ petition before the Hon'ble Madras High Court.
    At the filing before: A Demand Notice of Rs. 72.69 lakhs received for Assessment Year 2018-19 (FY 2017-18) pursuant to reassessment proceedings initiated u/s 153C of the Income-tax Act, 1961. The Company believes that it has strong merits in the matter and is currently evaluating appropriate legal remedies, including filing an appeal against the said demand.MoreLess

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

Investor complaints and compliance

Quarter by quarter.

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

  • Received
  • Resolved

Open at the quarter's end

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

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhereReason and comments
Preferential IssuesMar 2024, checked by CARE Rating Limited220.00Working Capital96.0085.37NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesMar 2024, checked by CARE Rating Limited220.00Capital Expenditure20.000.62NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesMar 2024, checked by CARE Rating Limited220.00Investment in Subsidiaries50.0050.00NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesMar 2024, checked by CARE Rating Limited220.00General Corporate Expenses54.0048.70NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesNov 2024, checked by CARE Rating Limited905.44Working Capital323.81266.08NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesNov 2024, checked by CARE Rating Limited905.44Capital Expenditure85.003.48NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesNov 2024, checked by CARE Rating Limited905.44Investment in Subsidiaries260.00104.48NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesNov 2024, checked by CARE Rating Limited905.44Repayment of Loans36.6336.63NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Preferential IssuesNov 2024, checked by CARE Rating Limited905.44General Corporate Purposes200.0089.21NoAudit committee: The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.