Ramkrishna Forgings MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 19 Sep 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)

• RECLASSIFICATION OF MAA CHANDI FINANCIAL ADVISORY SERVICES PRIVATE LIMITED (FORMERLY RAMKRISHNA RAIL AND INFRASTRUCTURE PRIVATE LIMITED), A MEMBER OF PROMOTER GROUP, FROM ‘PROMOTER AND PROMOTER GROUP’ CATEGORY TO ‘PUBLIC’ CATEGORY.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, SBI Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: certain members of the promoter group continue to hold substantial interests in the outgoing promoter entity; Inadequate Disclosures - No clarity on the rationale for reclassification and the continuing relationship/interests of the promoter group in the outgoing promoter entity.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundThe company has received a request from MAA Chandi Financial Advisory Services Private Limited (formerly Ramkrishna Rail and Infrastructure Private Limited), a member of the promoter group, seeking reclassification from the 'promoter and promoter group' category to the 'public' shareholder category. The outgoing promoter group member has confirmed compliance with the eligibility conditions prescribed under Regulation 31A of the SEBI Listing Regulations. The outgoing entity holds 3.57%, while the continuing promoter and promoter group will hold 39.82% of the company's equity share capital post-reclassification. However, we note that the company's promoter family and their holding vehicle, Riddhi Portfolio Private Limited, hold a significant proportion of MAA Chandi Financial Advisory Services Private Limited’s equity and preference capital. Given the interlinkage of MAA Chandi Financial Advisory Services Private Limited with the current promoters / promoter group, we do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: certain members of the promoter group continue to hold substantial interests in the outgoing promoter entity; Inadequate Disclosures - No clarity on the rationale for reclassification and the continuing relationship/interests of the promoter group in the outgoing promoter entity.
  • ICICI Prudential Mutual FundThe AMC has voted against the resolution due to absence of rationale for reclassification and the continuing relationship/interests of the promoter group in the outgoing promoter entity. The company's promoter family and their holding vehicle, Riddhi Portfolio Private Limited, hold a significant proportion of MAA Chandi Financial Advisory Services Private Limited’s equity and preference capital ( holds 11.72% of its equity share capital and 78.41% of its preference share capital).
  • Old Bridge Mutual FundThe company has received a request from MAA Chandi Financial Advisory Services Private Limited (formerly Ramkrishna Rail and Infrastructure Private Limited), a member of the promoter group, seeking reclassification from the 'promoter and promoter group' category to the 'public' shareholder category. The outgoing promoter group member has confirmed compliance with the eligibility conditions prescribed under Regulation 31A of the SEBI Listing Regulations. The outgoing entity holds 3.57%, while the continuing promoter and promoter group will hold 39.82% of the company's equity share capital post-reclassification. However, we note that the company's promoter family and their holding vehicle, Riddhi Portfolio Private Limited, hold a significant proportion of MAA Chandi Financial Advisory Services Private Limited’s equity and preference capital. Given the interlinkage of MAA Chandi Financial Advisory Services Private Limited with the current promoters / promoter group, we do not support the resolution

  1 for8 against

Mutual fund votes, meeting of 29 Aug 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)

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

• Adoption of Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended 31st March, 2026.

  9 for0 against
• Approval for Re-appointment of Mr. Chaitanya Jalan (DIN: 07540301), Director 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: Low attendance at Audit committee Meeting in last 3 FYs and no justification for leave of absence.
  • DSP Mutual Fund, Jio BlackRock Mutual FundChaitanya Jalan, 28, is part of the promoter family. He is Whole-time Director. He has been on the board since 9 November 2019 and has been associated with the company since 2016. He has attended six out of seven (86%) board meetings held during FY26. He retires by rotation. While his reappointment is in line with statutory requirements, we note that he has less than ten years of post-qualification work experience: this does not align with our voting guidelines. Therefore, we do not support his reappointment.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No issue identified on merit of appointee. Governance Concern: Low attendance at Audit committee Meeting in last 3 FYs and no justification for leave of absence

  4 for5 against
• Approval for Re-appointment of Mr. Milesh Gandhi (DIN: 07436442), Director liable to retire by rotation

  9 for0 against
• Approval for Ratification of Remuneration of Cost Auditors for the Financial Year ending 31 March, 2027

  6 for0 against
• Approval for Re-appointment of Mr. Naresh Jalan (DIN: 00375462) as the Managing Director of the Company for a period of 3 years w.e.f 5th November, 2026

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

  • Angel One Mutual FundGovernance Concern: Holding combined position of Chairman & Managing Director (‘CMD’); Excessive remuneration as compare to performance & Industry benchmark. further, no absolute cap on variable pay or total remuneration.
  • DSP Mutual Fund, Jio BlackRock Mutual FundNaresh Jalan, 50, is Chairperson and Managing Director and part of the promoter group. He has been on the board since 25 January 1995. He has attended all seven (100%) board meetings held during FY26. He received a remuneration of Rs. 74.1 mn in FY26. Based on the proposed terms, we estimate his FY27 remuneration at Rs. 126.0 mn. His remuneration structure is open-ended: the commission component is uncapped and at the discretion of the NRC. The company should cap the commission payable in absolute amounts and disclose the performance metrics that will determine variable pay. The remuneration structure also allows for the company to bear hospitalization expenses incurred in India for self and family, without any cap. We believe these expenses are personal in nature and should be borne by the directors themselves. Lastly the proposed pay does not align with the reduced profitability for FY26 and is higher than that paid to peers in the industry. While we support his reappointment, but we do not support his remuneration terms, therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern identified on the merit of the proposed director. Governance Concern: Holding combined position of Chairman & Managing Director (‘CMD’); Excessive remuneration as compare to performance & Industry benchmark. further, no absolute cap on variable pay or total remuneration
  • ICICI Prudential Mutual FundThe resolution does not place a cap on variable pay or disclose any performance criteria. Remuneration paid to the MD has been on higher side in the past (at 5.69% of PAT in FY26) so proposed remuneration structure without an absolute cap raises concern. Hence , the AMC has voted against the resolution.

  3 for6 against
• Approval for payment of excess remuneration to the Directors of the Company for the financial year 2025-26

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Majority of proposed excess remuneration pertains to the Promoter Director, whose remuneration is relatively high compare with Company performance and industry benchmarks; Holding combined position of Chairman & Managing Director (‘CMD’); Further, the clubbed resolution limits shareholders ability to separately assess the remuneration of individual Directors.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Old Bridge Mutual FundThe company seeks approval for payment of excess remuneration aggregating Rs. 51.0 mn payable to the directors for FY26 due to inadequate profits. We raise concerns over the commission to be paid to promoter executives Naresh Jalan and Chaitanya Jalan in a year when the company's consolidated PBT declined by 43.1%. The company has not declared any dividend for FY26, yet commission to promoter directors is being proposed, raising concerns over the alignment of remuneration and company performance. Additionally, the company should have sought separate approvals for each director, allowing shareholders to vote independently based on the individual quantum and context of excess payment. While we do not raise concern on the commission to be paid to professional executives and independent directors, given that the resolution is combined for all directors, we do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: Majority of proposed excess remuneration pertains to the Promoter Director, whose remuneration is relatively high compare with Company performance and industry benchmarks; Holding combined position of Chairman & Managing Director (‘CMD’); Further, the clubbed resolution limits shareholders ability to separately assess the remuneration of individual Directors
  • ICICI Prudential Mutual FundThe AMC has voted against the resolution as the excess remuneration being ratified majorly pertains to the promotor directors, who are already in receipt of high remuneration. Not in favour of combined resolution for ratifying remuneration paid to promotor directors and independent directors.

  2 for7 against
• Approval for change in designation of Mr. Chaitanya Jalan (DIN: 07540301) from Whole-time Director to Joint Managing Director of the Company for his remaining tenure upto 8 November, 2029

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

  • Angel One Mutual FundGovernance Concern: Low attendance at Audit committee Meeting in last 3 FYs and no justification for leave of absence.
  • DSP Mutual Fund, Jio BlackRock Mutual FundChaitanya Jalan, 28, is part of the promoter family. He has been associated with the company since 2016 and was appointed as Whole Time Director on 9 November 2019. He has over five years of experience in the forging industry. He is responsible for business strategies, evaluating new opportunities, monitoring plant operations with a focus on efficiency, process optimization, quality improvement. He has led the cost optimization project of the Company which has helped the Company to optimise its cost structure and improve the efficiency of the manufacturing facilities. He is also responsible for heading the marketing efforts of the Company both in the domestic and export markets. The company proposes to redesignate him as Joint Managing Director, without any change in his remuneration terms. We note that he has less than ten years of post-qualification work experience: this does not align with our voting guidelines.. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No issue identified on merit of appointee. Governance Concern: Low attendance at Audit committee Meeting in last 3 FYs and no justification for leave of absence

  4 for5 against

The board is made up as the listing rules require

Yes

The board has a regular chairperson

No

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

No

There was a cyber security incident in the quarter

No

The company's own answers in its filing.