RITES CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 25 Sep 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended March 31, 2026 along with the Board’s Report and Auditor's Report thereon and the comments of the Comptroller and Auditor General of IndiaMoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundNon-disclosure of financial statements of Subsidiaries for FY 2025-26 on website.
  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter stating that the financial statements of Indian Railway Stations Development Corporation Ltd (IRSDC), a 24% Joint Venture have been prepared on a liquidation basis and that the company does not perceive any impairment in its investment in the JV. Further, the auditors have also raised an emphasis of matter regarding one of the associate entities MMG- Metro Management Group Limited, which was under dissolution and the entity has been struck off on 11 April 2026. The secretarial auditors have stated that the board is not in compliance with regulatory norms on board independence and presence of independent woman director on board.We raise concern that due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee at the time of finalising and signing the accounts. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 and SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries for FY 2025-26 on website.

  2 for5 against
• To confirm the payment of first, second and third interim dividend declared in the FY 2025-26 and to declare final dividend on equity shares for the financial year ended March 31, 2026

  7 for0 against
• To appoint a Director in place of Dr. Deepak Tripathi (DIN: 10090267) Director (Technical), who retires by rotation as Director and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors to be appointed by the Comptroller and Auditor General of India for the financial year 2026-27

  7 for0 against
• To appoint Shri Prem Singh Meena (DIN: 10855590), as Whole Time Director [Director (Projects)] of the Company liable to retire by rotation

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 against
• To appoint Shri Jayant Kumar (DIN: 07179274), as Government Nominee Director of the Company liable to retire by rotation

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundJayant Kumar, 51, is currently serving as EDME (MDP), Railway Board. He belongs to Indian Railways Service of Mechanical Engineers (IRSME) and has more than 25 years of experience working with the Indian Railways and Govt. of India. He holds a bachelor’s in mechanical engineering. He has attended three out of four (75%) board meetings held in FY26 since his appointment. The board comprises of seven directors of which only one is classified as Independent by the company. Given that Independent Directors comprise only 14% of the board as against the regulatory threshold of 50%, we do not support his appointment. As a representative of Indian Railways and a nominee of Government of India, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution.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.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  2 for5 against
• To appoint Shri Atul Singh (DIN: 11747888), as Government Nominee Director of the Company liable to retire by rotation

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundAtul Singh, 57, is currently serving as Executive Director (Production Units/ Workshops & Innovation), Railway Board. He belongs to Indian Railways Service of Mechanical Engineers (IRSME) and has more than 30 years of experience working with the Indian Railways. He has also worked on central deputation in the Ministry of Commerce during 2012-2017. He holds a bachelor’s in mechanical engineering. The board comprises of seven directors of which only one is classified as Independent by the company. Given that Independent Directors comprise only 14% of the board as against the regulatory threshold of 50%, we do not support his appointment. As a representative of Indian Railways and a nominee of Government of India, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution.Further, 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.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  2 for5 against
• To re-appoint Shri Rahul Mithal (DIN:07610499) as Chairman & Managing Director of the Company consequent to extension of tenure, not liable to retire by rotation

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 against

Mutual fund votes, meeting of 23 Sep 2025, 17 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, 2025 along with the Directors' Report and Auditor's Report thereon.MoreLess

  16 for0 against
• To confirm the payment of first, second and third interim dividend declared in the FY 2024-25 and to declare final dividend on equity shares for the financial year ended March 31, 2025.

  16 for0 against
• To appoint a Director in place of Shri Krishna Gopal Agarwal (DIN: 10239667) Director (Finance), who retires by rotation as Director and being eligible, offers himself for re-appointment.

  16 for0 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors to be appointed by the Comptroller and Auditor General of India for the financial year 2025-26

  17 for0 against
• To appoint Shri Likha Togu (DIN: 09470640), as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval;Term of appointment is ambiguous.
  • Axis Mutual Fund, Taurus Mutual FundLikha Togu, 51, is a social activist, author, lyricist and singer. He has served as Chairperson of Likha Pon Foundation, a non-profit organization from 2014 to 2019. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP) as BJP’s President of Yachuli District in Arunachal Pradesh. He was as Independent Director on the board of Rites Ltd from 21 January 2022 to 13 January 2025 and was reappointed from 15 April 2025. He attended four out of four board meetings held during his tenure in FY25. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
  • Jio BlackRock Mutual FundLikha Togu, 51, is a social activist, author, lyricist and singer. He has served as Chairperson of Likha Pon Foundation, a non-profit organization from 2014 to 2019. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP) as BJP’s President of Yachuli District in Arunachal Pradesh.He was as Independent Director on the board of Rites Ltd from 21 January 2022 to 13 January 2025 and was reappointed from 15 April 2025. He attended four out of four board meetings held during his tenure in FY25. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution.Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  4 for13 against
• To appoint Shri Rajbir Sharma (DIN: 11105411), as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.

  9 for8 against
• To appoint Dr. Dineshananda Goswami (DIN: 09394294), as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Term of appointment is ambiguous.
  • Axis Mutual Fund, Taurus Mutual FundDr. Dineshananda Goswami, 66, has served as a lecturer at Tata Steel's College from 1990 to 2004. He has completed PhD in Marketing and M. Com from Ranchi University. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). He was the former BJP state President for Jharkhand. He was as Independent Director on the board of Rites Ltd from 11 November 2021 to 22 October 2024 and was reappointed from 7 July 2025. He attended two out of two board meetings held during his tenure in FY25. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • Jio BlackRock Mutual FundDr. Dineshananda Goswami, 66, has served as a lecturer at Tata Steel's College from 1990 to 2004. He has completed PhD in Marketing and M. Com from Ranchi University. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). He was the former BJP state President for Jharkhand.He was as Independent Director on the board of Rites Ltd from 11 November 2021 to 22 October 2024 and was reappointed from 7 July 2025. He attended two out of two board meetings held during his tenure in FY25. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  4 for13 against
• To appoint Smt. Purnima Kerketta (DIN: 11192904), as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundPurnima Kerketta, 53, is a social activist and a director at The Urban Co-operative Bank Limited, Rourkela, Odisha. From public sources, we understand that she is affiliated with the Bharatiya Janata Party (BJP) as its district president in Rourkela, Odisha. We do not support her appointment as an Independent Director as we believe her political affiliation may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of her profile. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. 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.
  • UTI Mutual FundPublic sources suggest she is politically affiliated.

  4 for13 against
• To alter the Articles of Association of the Company

  16 for0 against
• To approve the appointment of M/s Agarwal S & Associates, Company Secretaries as Secretarial Auditor of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundTransparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, material change in the audit fee, if any, cannot be ascertained.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, material change in the audit fee, if any, cannot be ascertained.

  10 for7 against

• Fine or penaltyNational Stock Exchange of India LimitedSince 27 May 2026

  Fine

  National Stock Exchange of India Limited vide their email dated 27th May, 2026 have levied fine of Rs. 94,400/- (incl. GST) on the Company for the non-compliance with Regulation 17(1) i.e. non-compliance for the composition of the Board including failure to appoint woman director for the quarter ended 31st March, 2026.MoreLess
• Fine or penaltyBSE LimitedSince 27 May 2026

  Fine

  BSE Limited vide their email dated 27th May, 2026 have levied fine of Rs. 94,400/- (incl. GST) on the Company for the non-compliance with Regulation 17(1) i.e. non-compliance for the composition of the Board including failure to appoint woman director for the quarter ended 31st March, 2026.MoreLess
• Tax disputeDCIT, CIRCLE-19(1),ITO, New DelhiSince 17 May 2021
  Date of Hearing is yet to be fixed
  At the filing before: Pending before Hon'ble HC of Delhi
• Tax disputeDCIT, CIRCLE-19(1),ITO, New DelhiSince 2 Mar 2021
  Date of Hearing is yet to be fixed
  At the filing before: Pending before Hon'ble HC of Delhi
• Tax disputeDCIT, CIRCLE-19(1),ITO, New DelhiSince 22 Jan 2020
  Hearing is yet to be started
  At the filing before: Documents and explanation statement filed before CIT(A)
• Tax disputeDCIT, CIRCLE-19(1),ITO, New DelhiSince 22 Jan 2020
  Hearing is yet to be started
  At the filing before: Documents and explanation statement filed before CIT(A)
• Tax disputeDCIT, CIRCLE-19(1),ITO, New DelhiSince 14 Apr 2023
  Hearing is yet to be started
  At the filing before: Pending before CIT(A). Hearing is yet to be started
• Tax disputeDCIT, CIRCLE-19(1),ITO, New DelhiSince 7 Feb 2025
  Hearing is yet to be started
  At the filing before: Pending before CIT(A). Hearing is yet to be started

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

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

Yes

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.