Senores Pharmaceuticals MD, chairman, board of directors and AGM
NSE: SENORESBSE: 544319Pharmaceuticals & BiotechnologySmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹1,202.60.
- Next results date: the board meets on 29 Oct 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹5,597 Cr841st largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 27 Jul 2026
- 42.6
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 27 May 2026
- 6.0
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 27 Jul 2026
- 15.3%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 27 Jul 2026
- 13.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 27 May 2026
- 0.34
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,65,74443.3% delivered
Senores Pharmaceuticals 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
- ChairpersonSanjay Shaileshbhai Majmudar
- Managing directorSwapnil Jatinbhai Shah
12 directors4 independent3 executive5 non-executive
- Sanjay Shaileshbhai Majmudar · ChairpersonNon-executive · joined Feb 2024 · reappointed Feb 2024 · 4 listed boards · 2 committee seats, 1 as chair
- Swapnil Jatinbhai Shah · Managing directorExecutive · joined Oct 2021 · reappointed Oct 2021 · 2 listed boards · 4 committee seats
- Hemanshu Nitinchandra PandyaNon-executive · joined Nov 2023 · reappointed Nov 2023 · 1 listed board
- Jitendra Babulal SanghviNon-executive · joined Nov 2021 · reappointed Nov 2021 · 1 listed board
- Chetan Bipinchandra ShahExecutive · joined Nov 2023 · reappointed Nov 2023 · 1 listed board
- Deval Rajnikant ShahExecutive · joined Jan 2020 · reappointed May 2024 · 1 listed board
- Ashokbhai Vijaysinh BarotNon-executive · joined May 2018 · reappointed May 2018 · 1 listed board
- Shah Arpit DeepakkumarNon-executive · joined Nov 2023 · reappointed Nov 2023 · 2 listed boards · 2 committee seats
- Naresh Bansilal ShahIndependent · joined Jan 2024 · reappointed Jan 2024 · 29 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Manjuladevi Pratul ShroffIndependent · joined Jan 2024 · reappointed Jan 2024 · 29 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Kalpit Rajesh GandhiIndependent · joined Jan 2024 · reappointed Jan 2024 · 29 months as independent · 2 listed boards · 1 as independent · 3 committee seats, 1 as chair
- Udayan Dileep ChoksiIndependent · joined Mar 2024 · reappointed Mar 2024 · 27 months as independent · 4 listed boards · 4 as independent · 2 committee seats, 3 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.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 29 Jun 202610 of 12 present3 independent · 19 days in between
- 9 Jun 202610 of 12 present3 independent · 25 days in between
- 14 May 202612 of 12 present4 independent · 46 days in between
- 28 Mar 20268 of 12 present3 independent
Audit Committee
Chair Kalpit Rajesh Gandhi
Udayan Dileep Choksi, Naresh Bansilal Shah, Swapnil Jatinbhai Shah
- 29 Jun 20263 of 4 present2 independent · 19 days in between
- 9 Jun 20263 of 4 present3 independent · 25 days in between
- 14 May 20264 of 4 present3 independent · 46 days in between
- 28 Mar 20263 of 4 present3 independent · 66 days in between
1 earlier meeting
- 20 Jan 20264 of 4 present3 independent · no day in between
Nomination and remuneration committee
Chair Udayan Dileep Choksi
Kalpit Rajesh Gandhi, Sanjay Shaileshbhai Majmudar
No meeting listed in the filing.
Stakeholders Relationship Committee
Chair Sanjay Shaileshbhai Majmudar
Kalpit Rajesh Gandhi, Manjuladevi Pratul Shroff, Swapnil Jatinbhai Shah
No meeting listed in the filing.
Risk Management Committee
Chair Chetan Bipinchandra Shah
Sanjay Shaileshbhai Majmudar, Swapnil Jatinbhai Shah, Udayan Dileep Choksi
- 19 Jan 20264 of 4 present1 independent
Corporate Social Responsibility Committee
Chair Manjuladevi Pratul Shroff
Swapnil Jatinbhai Shah, Ashokbhai Vijaysinh Barot
- 19 Jan 20263 of 3 present1 independent
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.
- M/s Pankaj R Shah & AssociatesPeer-review certificate valid to Oct 2027
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.
Senores Pharmaceuticals 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.Senores Pharmaceuticals share news and announcements
Annual general meeting, 25 Sep 2026
43,052 shareholders on the register on 18 Sep 2026; present: 9 promoters and 40 others; votes counted by Mukesh H.Shah / Mukesh H.Shah & Co..The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.19% · promoters 99.42% · institutions 49.26% · other public 17.48%
- To appoint Mr. Sanjay Shaileshbhai Majmudar (DIN: 00091305), who retires by rotation as a Director and being eligible, offers himself for re-appointmentOrdinary99.78% for0.22% against
Against: promoters 0.00% · institutions 1.68% · other public 0.00%
Turnout: all 60.19% · promoters 99.42% · institutions 49.26% · other public 17.46%
- To appoint Mr. Arpit Deepakkumar Shah (DIN: 07214641), who retires by rotation as a Director and being eligible, offers himself for re-appointmentOrdinary93.78% for6.22% against
Against: promoters 0.00% · institutions 46.71% · other public 0.00%
Turnout: all 60.19% · promoters 99.42% · institutions 49.26% · other public 17.48%
- Appointment of Mr. Viranchi Arvindbhai Shah (DIN: 01598001) as a Non-Executive Independent Director of the Company for a term of 5 (Five) Consecutive YearsSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.19% · promoters 99.42% · institutions 49.26% · other public 17.48%
- Approval of ‘Senores Pharmaceuticals Employee Stock Option Scheme 2026Special93.81% for6.19% against
Against: promoters 0.00% · institutions 46.45% · other public 0.00%
Turnout: all 60.19% · promoters 99.42% · institutions 49.26% · other public 17.48%
- Approval of grant of employee stock options to the employees of the Subsidiary Company(ies) of the Company under ‘Senores Pharmaceuticals Employee Stock Option Scheme 2026Special93.81% for6.19% against
Against: promoters 0.00% · institutions 46.45% · other public 0.00%
Turnout: all 60.19% · promoters 99.42% · institutions 49.26% · other public 17.48%
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, 3 Aug 2026, 8 resolutions
36,498 shareholders on the register on 30 Jun 2026; votes counted by Mukesh H.Shah / Mukesh H.Shah & Co..The company's voting result (opens in a new tab)
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH HAVIX GROUP INC. D/B/A AAVIS PHARMACEUTICALSOrdinaryPromoters have an interest in it99.48% for0.52% against
Against: promoters 0.00% · institutions 1.34% · other public 0.00%
Turnout: all 18.82% · promoters 0.00% · institutions 43.90% · other public 30.76%
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH RATNATRIS PHARMACEUTICALS PRIVATE LIMITEDOrdinaryPromoters have an interest in it78.96% for21.04% against
Against: promoters 0.00% · institutions 55.04% · other public 0.00%
Turnout: all 18.82% · promoters 0.00% · institutions 43.90% · other public 30.76%
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH APNAR PHARMA PRIVATE LIMITEDOrdinaryPromoters have an interest in it99.49% for0.51% against
Against: promoters 0.00% · institutions 1.31% · other public 0.00%
Turnout: all 18.82% · promoters 0.00% · institutions 43.90% · other public 30.76%
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS BETWEEN THE FELLOW SUBSIDIARIES OF THE COMPANY VIZ. HAVIX GROUP INC. D/B/A AAVIS PHARMACEUTICALS AND SENORES PHARMACEUTICALS INC.OrdinaryPromoters have an interest in it99.99% for0.01% against
Against: promoters 0.00% · institutions 0.02% · other public 0.00%
Turnout: all 18.82% · promoters 0.00% · institutions 43.90% · other public 30.76%
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS BETWEEN THE FELLOW SUBSIDIARIES OF THE COMPANY VIZ. HAVIX GROUP INC. D/B/A AAVIS PHARMACEUTICALS AND APNAR PHARMA PRIVATE LIMITEDOrdinaryPromoters have an interest in it99.99% for0.01% against
Against: promoters 0.00% · institutions 0.02% · other public 0.00%
Turnout: all 18.82% · promoters 0.00% · institutions 43.90% · other public 30.76%
- TO CONSIDER AND APPROVE ENHANCEMENT OF EXISTING LIMIT TO ADVANCE ANY LOAN/GIVE GUARANTEE/PROVIDE SECURITY UNDER SECTION 185 OF THE COMPANIES ACT, 2013Special91.85% for8.15% against
Against: promoters 0.00% · institutions 65.79% · other public 0.00%
Turnout: all 58.09% · promoters 85.71% · institutions 43.90% · other public 30.76%
- TO CONSIDER AND APPROVE ENHANCEMENT OF THE EXISTING LIMIT UNDER SECTION 186 OF THE COMPANIES ACT, 2013Special98.97% for1.03% against
Against: promoters 0.00% · institutions 8.32% · other public 0.00%
Turnout: all 58.09% · promoters 85.71% · institutions 43.90% · other public 30.76%
- VARIATION IN THE OBJECTS / TERMS OF UTILISATION OF THE INITIAL PUBLIC OFFERING (“IPO”) PROCEEDS AND EXTENSION OF TIME LIMIT FOR UTILISATION OF THE IPO PROCEEDSSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 58.09% · promoters 85.71% · institutions 43.90% · other public 30.76%
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, 31 Jan 2026, 1 resolution
34,881 shareholders on the register on 24 Jan 2026; present: 10 promoters and 38 others; votes counted by Mukesh H.Shah / Mukesh H.Shah & Co..The company's voting result (opens in a new tab)
TO APPROVE THE ISSUANCE OF 11,70,000 CONVERTIBLE EQUITY WARRANTS BY WAY OF PREFERENTIAL ISSUE ON PRIVATE PLACEMENT BASIS TO PERSONS BELONGING TO THE PROMOTER AND PROMOTER GROUP CATEGORY (“PREFERENTIAL ISSUE”)MoreLess
SpecialPromoters have an interest in it96.46% for3.55% againstAgainst: promoters 0.00% · institutions 25.21% · other public 0.00%
Turnout: all 39.33% · promoters 48.72% · institutions 43.88% · other public 27.60%
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 Sep 2025, 6 resolutions
34,833 shareholders on the register on 11 Sep 2025; present: 6 promoters and 55 others; votes counted by Mukesh H.Shah / Mukesh H.Shah & Co..The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.82% · promoters 97.55% · institutions 33.20% · other public 33.58%
- To appoint Mr. Chetan Bipinchandra Shah (DIN: 10381971), who retires by rotation as a Whole Time Director and Chief Operating Officer (COO) and being eligible, offers himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.81% · promoters 97.55% · institutions 33.20% · other public 33.55%
- To appoint Mr. Hemanshu Nitinchandra Pandya (DIN: 10383995), who retires by rotation as a Non- Executive Director and being eligible, offers himself for re-appointment.Ordinary96.74% for3.26% against
Against: promoters 0.00% · institutions 46.88% · other public 0.00%
Turnout: all 62.82% · promoters 97.55% · institutions 33.20% · other public 33.58%
- To revise the remuneration of Mr. Swapnil Jatinbhai Shah (DIN: 05259821), Managing Director of the Company.SpecialPromoters have an interest in it95.92% for4.08% against
Against: promoters 0.00% · institutions 46.88% · other public 0.00%
Turnout: all 50.13% · promoters 69.82% · institutions 33.20% · other public 33.58%
- To revise the remuneration of Mr. Chetan Bipinchandra Shah (DIN: 10381971), Whole-Time Director and Chief Operating Officer (COO) of the Company.Special99.75% for0.25% against
Against: promoters 0.00% · institutions 3.57% · other public 0.00%
Turnout: all 62.81% · promoters 97.55% · institutions 33.20% · other public 33.55%
- To appoint M/s. Mukesh H. Shah & Co., Company Secretaries as Secretarial Auditors of the Company for a term of five consecutive years i.e. from F.Y. 2025-26 till F.Y. 2029-30Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.82% · promoters 97.55% · institutions 33.20% · other public 33.58%
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, 3 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereonMoreLess
3 for0 against- To appoint Mr. Sanjay Shaileshbhai Majmudar (DIN: 00091305), who retires by rotation as a Director and being eligible, offers himself for re-appointment3 for0 against
- To appoint Mr. Arpit Deepakkumar Shah (DIN: 07214641), who retires by rotation as a Director and being eligible, offers himself for re-appointment
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST the nominee is warranted because: • Arpit Shah has failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation.
2 for1 against - Appointment of Mr. Viranchi Arvindbhai Shah (DIN: 01598001) as a Non-Executive Independent Director of the Company for a term of 5 (Five) Consecutive Years3 for0 against
- Approval of ‘Senores Pharmaceuticals Employee Stock Option Scheme 2026
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST the resolution is warranted because: • The scheme provides for grant of stock options with an exercise price, at a discount of up to 50 percent to the market price on grant date. • The company has not specified the performance parameters, weightages, performance targets and thresholds for performance based vesting.
2 for1 against - Approval of grant of employee stock options to the employees of the Subsidiary Company(ies) of the Company under ‘Senores Pharmaceuticals Employee Stock Option Scheme 2026
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The scheme provides for grant of stock options with an exercise price, at a discount of up to 50 percent to the market price on grant date. • The company has not specified the performance parameters, weightages, performance targets and thresholds for performance based vesting.
2 for1 against
Mutual fund votes, meeting of 3 Aug 2026, 3 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.
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH HAVIX GROUP INC. D/B/A AAVIS PHARMACEUTICALS3 for0 against
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH RATNATRIS PHARMACEUTICALS PRIVATE LIMITED
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST this resolution is warranted because: • The company has not provided sufficient information to assess the fairness of the transaction. • The company may take disproportionate risk relative to its economic interest, without compelling justification.
2 for1 against - TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH APNAR PHARMA PRIVATE LIMITED3 for0 against
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS BETWEEN THE FELLOW SUBSIDIARIES OF THE COMPANY VIZ. HAVIX GROUP INC. D/B/A AAVIS PHARMACEUTICALS AND SENORES PHARMACEUTICALS INC.3 for0 against
- TO CONSIDER AND APPROVE MATERIAL RELATED PARTY TRANSACTIONS BETWEEN THE FELLOW SUBSIDIARIES OF THE COMPANY VIZ. HAVIX GROUP INC. D/B/A AAVIS PHARMACEUTICALS AND APNAR PHARMA PRIVATE LIMITED3 for0 against
- TO CONSIDER AND APPROVE ENHANCEMENT OF EXISTING LIMIT TO ADVANCE ANY LOAN/GIVE GUARANTEE/PROVIDE SECURITY UNDER SECTION 185 OF THE COMPANIES ACT, 2013
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST this resolution is warranted due to lack of information.
2 for1 against - TO CONSIDER AND APPROVE ENHANCEMENT OF THE EXISTING LIMIT UNDER SECTION 186 OF THE COMPANIES ACT, 20131 for0 against
- VARIATION IN THE OBJECTS / TERMS OF UTILISATION OF THE INITIAL PUBLIC OFFERING (“IPO”) PROCEEDS AND EXTENSION OF TIME LIMIT FOR UTILISATION OF THE IPO PROCEEDS3 for0 against
1 proposal not matched to one resolution
To advance loan(s), including loan represented by way of book debt (the Loan), and/or to give guarantee(s), and/or to provide security(ies) in connection with any loan taken or to be taken, in one or more tranches, by any entity which is a subsidiary, associate, joint venture or group entity of the Company or any other person in whom any of the Directors of the Company is interested, up to an aggregate amount not exceeding Rs 750 Crores as the Board may, in its absolute discretion, deem fit and in the best interest of the Company, provided that such Loans shall be utilised by the borrowing entity for its principal business activities.MoreLess
2 for0 against
2 earlier meetings
Mutual fund votes, meeting of 31 Jan 2026, 5 fund houses
TO APPROVE THE ISSUANCE OF 11,70,000 CONVERTIBLE EQUITY WARRANTS BY WAY OF PREFERENTIAL ISSUE ON PRIVATE PLACEMENT BASIS TO PERSONS BELONGING TO THE PROMOTER AND PROMOTER GROUP CATEGORY (“PREFERENTIAL ISSUE”)MoreLess
Against Bandhan Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Warrants priced at par with equity shares. No explanation as to why preferential offer is being made to promoters. Transparency concern: There is no clarity on the basis of the determining the individual promoter/ promoter group for preferential issue.
- ICICI Prudential Mutual FundThe proposed issue of warrants will result in an overall dilution of ~2.5% on the expanded equity base. Post the issuance, promoter shareholding is expected to increase to 47.2% from 45.8% currently. In the case of a warrants issue, 25% of the issue price is paid upfront, with an option to convert the warrants into equity shares at any time over the next 18 months. We do not support the issuance of warrants to promoters, as this structure allows promoters to benefit from stock price movements over the 18-month period. Further, if promoters choose not to subscribe to the remaining 75%, it could have material implications for the company’s funding plans. We believe promoters should infuse funds in the company through a preferential issue of equity, where funds are brought in upfront rather than through the warrants route. Further, the company was listed on 30 December 2024, and the proposed issuance comes shortly after a year of listing. The IPO included a fresh issue of Rs. 5.0 bn, of which Rs. 1.9 bn remained unutilized as of September 2025. The rationale for raising funds at this stage is unclear. We do not support the resolution.
2 for3 against
Mutual fund votes, meeting of 18 Sep 2025, 5 fund houses
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
5 for0 against- To appoint Mr. Chetan Bipinchandra Shah (DIN: 10381971), who retires by rotation as a Whole Time Director and Chief Operating Officer (COO) and being eligible, offers himself for re-appointment.5 for0 against
- To appoint Mr. Hemanshu Nitinchandra Pandya (DIN: 10383995), who retires by rotation as a Non- Executive Director and being eligible, offers himself for re-appointment.
Against Bandhan Mutual Fund, Bank of India Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No issue identified on merit of appointee. Governance Concern: Low attendance at Board meetings and no justification for leave of absence
- Bank of India Mutual FundHemanshu Pandya, 53, is Director and Chief Business Officer of Havix Group Inc. Havix Group Inc. is a 67.8% subsidiary of Senores Pharmaceuticals Limited (52.4% directly and 15.35% through its wholly owned subsidiary Senores Pharmaceuticals Inc.). He attended two out of fifteen (13%) board meetings held in FY25 and 9% of the board meetings held since his appointment in November 2023. We expect directors to attend all board meetings and have a threshold of 75% attendance over a three-year period. Given his poor attendance in FY25 as well as since his appointment, we do not support the resolution.
- ICICI Prudential Mutual FundHemanshu Pandya, 53, is Director and Chief Business Officer of Havix Group Inc. Havix Group Inc. is a 67.8% subsidiary of Senores Pharmaceuticals Limited (52.4% directly and 15.35% through its wholly owned subsidiary Senores Pharmaceuticals Inc.). He attended two out of fifteen (13%) board meetings held in FY25 and 9% of the board meetings held since his appointment in November 2023. . Given his poor attendance in FY25 as well as since his appointment, the AMC has voted againt the resolution.
1 for4 against - To revise the remuneration of Mr. Swapnil Jatinbhai Shah (DIN: 05259821), Managing Director of the Company.
Against Bandhan Mutual Fund, Bank of India Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance Concern: Excessive remuneration practice and Significant increase in proposed remuneration
- Bank of India Mutual FundSwapnil Shah, 40, is the promoter and Managing Director of Senores Pharmaceuticals Limited. His FY25 remuneration aggregated Rs. 30.0 mn. The company now proposes to increase his remuneration to Rs. 75.0 mn, plus additional perquisites, until the completion of his term in October 2026. While his current pay is reasonable, the proposed remuneration is high relative to the company’s current size of operations (10.6% of the company’s FY25 consolidated PBT) and is not comparable to peers. We do not support the resolution.
- ICICI Prudential Mutual FundSwapnil Shah, 40, is the promoter and Managing Director of Senores Pharmaceuticals Limited. His FY25 remuneration aggregated Rs. 30.0 mn. The company now proposes to increase his remuneration to Rs. 75.0 mn, plus additional perquisites, until the completion of his term in October 2026. While his current pay is reasonable, the proposed remuneration is high relative to the company’s current size of operations (10.6% of the company’s FY25 consolidated PBT) and is not comparable to peers. Hence, the AMC has voted againt the resolution.
1 for4 against - To revise the remuneration of Mr. Chetan Bipinchandra Shah (DIN: 10381971), Whole-Time Director and Chief Operating Officer (COO) of the Company.
Against Bandhan Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance Concern: Significant increase in proposed remuneration without adequate justification
3 for2 against - To appoint M/s. Mukesh H. Shah & Co., Company Secretaries as Secretarial Auditors of the Company for a term of five consecutive years i.e. from F.Y. 2025-26 till F.Y. 2029-305 for0 against
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 penaltyNational Company Law Tribunal, Ahmedabad BenchSince 17 Apr 2026
Imposed a penalty of Rs 50,000 on account of delay in filing of response within prescribed time limit
Penalty on delay in fling a response on NCLT DMS Portal within prescribed time limit - Fine or penaltyOffice of the Superintendent of Prohibition and Excise, Vadodara.Since 12 May 2026
Imposed the penalty of Rs 15,000 on account of non-submission of change in Directorship details within the prescribed time limit to the department
Penalty on account of non-submission of change in Directorship details within the prescribed time limit to the department - Tax disputeIncome Tax DepartmentSince 28 Sep 2019No change in the statusAt the filing before: Demand raised as per regularassessment for AY 18-19. Writpetition filed with High Court againstthe assessment order passed. Highcourt has issued stay order.
- Tax disputeIncome Tax DepartmentSince 27 Jun 2022No change in the statusAt the filing before: Assessment Completed on30.12.2022 for AY 2021-22 andappeal filed with CIT(A) which ispending for adjudication.
- Tax disputeOffice of the Commissioner Central GST, Audit, AhmedabadSince 26 Jan 2024
Demand order confirming the tax demand of Rs.24,84,929/- and Penalty of Rs. 24,84,429/-wasreceived by the Company on December 26, 2025.Further,based on merits the Company has filed anappeal before GST Commissioner (Appeals). No change in the statusMoreLess
At the filing before: Intimation of tax ascertained as beingpayable u/s 74(5) of CGST Act, 2017on revenue para 6, 7 and 8 of FARNo. GST -46/2024-25 dated 31.05.24
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
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- Yes
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
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.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesDec 2024, checked by CARE Ratings Limited | 500.00 | Investment in one of our Subsidiaries, Havix, to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in our Atlanta Facility | 107.00 | 6.98 | No |
| Public IssuesDec 2024, checked by CARE Ratings Limited | 500.00 | Re-payment/pre-payment, in full or in part, of certain borrowings availed by our Company | 73.10 | 73.10 | No |
| Public IssuesDec 2024, checked by CARE Ratings Limited | 500.00 | Investment in our Subsidiary, namely, Havix, for re- payment/pre-payment in full or in part, of certain borrowings availed by such Subsidiaries | 20.20 | 20.20 | No |
| Public IssuesDec 2024, checked by CARE Ratings Limited | 500.00 | Funding the working capital requirements of our Company | 43.26 | 43.26 | No |
| Public IssuesDec 2024, checked by CARE Ratings Limited | 500.00 | Investment in our Subsidiaries, namely, SPI and Ratnatris to fund their working capital requirements | 59.48 | 59.48 | No |
| Public IssuesDec 2024, checked by CARE Ratings Limited | 500.00 | Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes | 161.91 | 161.63 | No |
| Public IssuesDec 2024, checked by CARE Ratings Limited | 500.00 | Offer expenses | 35.04 | 34.80 | No |
| Preferential IssuesMar 2026 | 95.00 | Funding the working capital requirements of our Company | 31.25 | 6.84 | No |
| Preferential IssuesMar 2026 | 95.00 | Funding the product development expenditure for the Company | 25.00 | 0.00 | No |
| Preferential IssuesMar 2026 | 95.00 | Investment in our subsidiaries, by way of loan, to fund their working capital requirements | 15.00 | 6.15 | No |
| Preferential IssuesMar 2026 | 95.00 | General Corporate Purpose | 23.75 | 3.92 | No |