Shree Cement MD, chairman, board of directors and AGM
NSE: SHREECEMBSE: 500387Cement & Cement ProductsMid Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹22,330.00.
- Next results date: the board meets on 23 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.
- ₹82,030 Cr120th 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 31 Jul 2026
- 50.3
- 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 6 May 2026
- 3.5
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.66%
- 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 31 Jul 2026
- 7.3%
- 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 31 Jul 2026
- 7.0%
- 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.
- 0.07
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 60,77723.5% delivered
Shree Cement board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonHari Mohan BangurRelated to the promoter
- Managing directorNeeraj Akhoury
- Company Secretary and Compliance OfficerS. S. Khandelwal
7 directors4 independent3 executive
- Hari Mohan Bangur · ChairpersonExecutive · joined Jul 1992 · 2 listed boards
- Prashant BangurExecutive · joined Aug 2012 · 2 listed boards
- Neeraj Akhoury · Managing directorExecutive · joined Oct 2022 · 1 listed board · 2 committee seats
- Uma GhurkaIndependent · joined Nov 2019 · reappointed Nov 2024 · 82 months as independent · 1 listed board · 1 as independent · 3 committee seats
- Zubair AhmedIndependent · joined May 2022 · reappointed May 2022 · 52 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 1 as chair
- Sushil Kumar RoongtaIndependent · joined May 2024 · reappointed May 2024 · 28 months as independent · 7 listed boards · 7 as independent · 6 committee seats, 2 as chair
- Chandra Kumar DhanukaIndependent · joined Oct 2025 · reappointed Oct 2025 · 11 months as independent · 7 listed boards · 2 as independent · 10 committee seats, 2 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
1 director who left
- Sanjiv Krishnaji Shelgikar, left 4 Aug 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 31 Jul 20266 of 7 present3 independent · 85 days in between
- 6 May 20266 of 7 present3 independent
Audit Committee
Chair Chandra Kumar Dhanuka
Zubair Ahmed, Uma Ghurka, Sushil Kumar Roongta, Neeraj Akhoury
- 31 Jul 20264 of 5 present3 independent · 85 days in between
- 6 May 20263 of 4 present2 independent
Nomination and remuneration committee
Chair Zubair Ahmed
Sushil Kumar Roongta, Uma Ghurka
No meeting listed in the filing.
Stakeholders Relationship Committee
Chair Zubair Ahmed
Uma Ghurka, Neeraj Akhoury
No meeting listed in the filing.
Risk Management Committee
Chair Sushil Kumar Roongta
Prashant Bangur, Neeraj Akhoury
- 27 Aug 20262 of 3 present1 independent
Corporate Social Responsibility Committee
Chair Uma Ghurka
Prashant Bangur, Neeraj Akhoury
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- B R Maheswari & Co LLPPeer-review certificate valid to May 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.
Shree Cement 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.Shree Cement dividend history
Annual general meeting, 31 Jul 2026
26,921 shareholders on the register on 24 Jul 2026; present: 13 promoters and 32 others; votes counted by AKSHIT KUMAR JANGID / Pinchaa & Co..The company's voting result (opens in a new tab)
To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026 and the Reports of the Board of Directors and Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026 and the Report of the Auditors thereon.MoreLess
Ordinary99.82% for0.18% againstAgainst: promoters 0.00% · institutions 0.64% · other public 1.07%
Turnout: all 86.01% · promoters 99.88% · institutions 93.87% · other public 0.06%
- Confirmation of payment of Interim Dividend (Rs. 80 per equity share) for the financial year ended 31st March, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.84%
Turnout: all 86.02% · promoters 99.88% · institutions 93.91% · other public 0.07%
- To declare Final Dividend on equity shares of the Company (Rs. 70 per share) for the financial year ended 31st March, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.84%
Turnout: all 86.02% · promoters 99.88% · institutions 93.91% · other public 0.07%
- Re-appointment of Mr. Prashant Bangur (DIN: 00403621), Director of the Company, who retires by rotationOrdinaryPromoters have an interest in it99.45% for0.55% against
Against: promoters 0.00% · institutions 2.03% · other public 1.18%
Turnout: all 86.02% · promoters 99.88% · institutions 93.91% · other public 0.07%
- Ratification of remuneration of M/s. K. G. Goyal and Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending on 31st March, 2027Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.01%
Turnout: all 86.02% · promoters 99.88% · institutions 93.91% · other public 0.07%
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, 20 Mar 2026, 1 resolution
29,594 shareholders on the register on 13 Feb 2026; votes counted by Akshit Kumar Jangid / Pinchaa & Co..The company's voting result (opens in a new tab)
- Re-appointment of Mr. Hari Mohan Bangur (DIN: 00244329) as Whole Time Director, designated as Chairman of the Company for a period of 5 (five) years commencing from 1st April, 2026SpecialPromoters have an interest in it86.42% for13.58% against
Against: promoters 0.00% · institutions 50.53% · other public 0.79%
Turnout: all 85.55% · promoters 100.00% · institutions 92.03% · other public 0.14%
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, 12 Dec 2025, 1 resolution
28,644 shareholders on the register on 7 Nov 2025; votes counted by Akshit Kumar Jangid / Pinchaa & Co..The company's voting result (opens in a new tab)
- Appointment of Mr. Chandra Kumar Dhanuka (DIN: 00005684) as Non-Executive Independent Director of the Company for a term of 5 (five) consecutive years commencing from 28th October, 2025Special98.80% for1.20% against
Against: promoters 0.00% · institutions 4.53% · other public 0.86%
Turnout: all 85.02% · promoters 100.00% · institutions 90.01% · other public 0.16%
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, 4 Aug 2025, 6 resolutions
26,175 shareholders on the register on 28 Jul 2025; present: 13 promoters and 31 others; votes counted by AKSHIT KUMAR JANGID / Pinchaa & Co..The company's voting result (opens in a new tab)
To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 and the Report of the Auditors thereon.MoreLess
Ordinary99.80% for0.20% againstAgainst: promoters 0.00% · institutions 0.75% · other public 0.82%
Turnout: all 85.04% · promoters 100.00% · institutions 90.19% · other public 0.07%
- Confirmation of payment of Interim Dividend (Rs. 50 per equity share) for the financial year ended 31st March, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.79%
Turnout: all 85.05% · promoters 100.00% · institutions 90.26% · other public 0.07%
- To declare Final Dividend on equity shares of the Company (Rs. 60 per share) for the financial year ended 31st March, 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.79%
Turnout: all 85.05% · promoters 100.00% · institutions 90.26% · other public 0.07%
- Re-appointment of Mr. Neeraj Akhoury (DIN: 07419090), Director of the Company, who retires by rotationOrdinary99.65% for0.35% against
Against: promoters 0.00% · institutions 1.33% · other public 1.71%
Turnout: all 85.05% · promoters 100.00% · institutions 90.26% · other public 0.07%
- Appointment of M/s. Pinchaa & Co. as Secretarial Auditor of the Company for a term of 5 (Five) consecutive years.Ordinary99.12% for0.88% against
Against: promoters 0.00% · institutions 3.32% · other public 0.86%
Turnout: all 85.05% · promoters 100.00% · institutions 90.26% · other public 0.07%
- Ratification of remuneration of M/s. K. G. Goyal and Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending on 31st March, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 85.05% · promoters 100.00% · institutions 90.26% · other public 0.07%
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, 25 Oct 2024, 1 resolution
The company's voting result (opens in a new tab)
- Re-appointment of Ms. Uma Ghurka (DIN: 00351117) as Independent Director for second term of 5 (five) years commencing from 11th November, 2024Special92.45% for7.55% against
Against: promoters 0.00% · institutions 28.66% · other public 0.68%
Turnout: all 84.93% · promoters 100.00% · institutions 90.10% · other public 0.16%
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, 6 Aug 2024, 6 resolutions
Present: 14 promoters and 33 others.The company's voting result (opens in a new tab)
To receive, consider and adopt:na. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2024 and the Reports of the Board of Directors and Auditors thereon; andnb. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 and the Report of the Auditors thereonnMoreLess
Ordinary99.76% for0.24% againstAgainst: promoters 0.00% · institutions 0.95% · other public 0.31%
Turnout: all 84.29% · promoters 100.00% · institutions 87.38% · other public 0.14%
- To confirm payment of Interim Dividend (¿50/- per equity share) for the financial year ended 31st March, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.29%
Turnout: all 84.31% · promoters 100.00% · institutions 87.44% · other public 0.14%
- To declare dividend of ¿55/- per Equity Shares as final dividend, for the financial year ended 31st March 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.22%
Turnout: all 84.31% · promoters 100.00% · institutions 87.44% · other public 0.14%
- To appoint a Director in place of Mr. Prashant Bangur (DIN: 00403621), who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment.OrdinaryPromoters have an interest in it90.70% for9.30% against
Against: promoters 0.00% · institutions 42.98% · other public 0.36%
Turnout: all 79.85% · promoters 100.00% · institutions 69.52% · other public 0.14%
- To Appoint Mr. Sushil Kumar Roongta (DIN: 00309302) as Independent Director of the CompanySpecial92.24% for7.76% against
Against: promoters 0.00% · institutions 30.09% · other public 0.42%
Turnout: all 84.31% · promoters 100.00% · institutions 87.43% · other public 0.14%
- To ratify the remuneration of M/s. K. G. Goyal and Associates, Cost Accountants (Firm Registration No. 000024) as Cost Auditors of the Company for the financial year ending on 31st March 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.39%
Turnout: all 84.30% · promoters 100.00% · institutions 87.42% · other public 0.14%
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, 21 Dec 2023, 1 resolution
The company's voting result (opens in a new tab)
- Alteration to the Articles of Association of the Company by inserting a new Article 126ASpecial99.98% for0.02% against
Against: promoters 0.00% · institutions 0.07% · other public 0.91%
Turnout: all 84.79% · promoters 100.00% · institutions 89.65% · other public 0.12%
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, 26 Jul 2023, 4 resolutions
Present: 13 promoters and 35 others.The company's voting result (opens in a new tab)
To receive, consider and adopt:na. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2023 and the Reports of the Board of Directors and Auditors thereon; andnb. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023 and the Report of the Auditors thereon.nMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.49%
Turnout: all 84.33% · promoters 100.00% · institutions 88.22% · other public 0.20%
- Confirmation of payment of two Interim Dividends (Rs. 45 per equity share and Rs. 55 per equity shares) aggregating to Rs. 100/- per equity share for the financial year ended 31st March, 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.39%
Turnout: all 84.35% · promoters 100.00% · institutions 88.29% · other public 0.20%
- Reappointment of Mr. Hari Mohan Bangur (DIN: 00244329) Director of the Company, retires by rotationOrdinaryPromoters have an interest in it97.25% for2.75% against
Against: promoters 0.00% · institutions 10.66% · other public 0.62%
Turnout: all 84.35% · promoters 100.00% · institutions 88.29% · other public 0.20%
- Ratification of remuneration of M/s. K. G. Goyal and Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending on 31st March, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 2.06%
Turnout: all 84.35% · promoters 100.00% · institutions 88.29% · other public 0.20%
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 31 Jul 2026, 13 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026 and the Reports of the Board of Directors and Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026 and the Report of the Auditors thereon.MoreLess
13 for0 against- Confirmation of payment of Interim Dividend (Rs. 80 per equity share) for the financial year ended 31st March, 2026.13 for0 against
- To declare Final Dividend on equity shares of the Company (Rs. 70 per share) for the financial year ended 31st March, 2026.13 for0 against
- Re-appointment of Mr. Prashant Bangur (DIN: 00403621), Director of the Company, who retires by rotation
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundConcern: Skewed Remuneration practice of the Company in favor of promoter Executive Director.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with the law. No concern on the merits of proposed appointee. Governance Concern: Skewed Remuneration practice of the Company in favor of promoter ED.
10 for3 against - Ratification of remuneration of M/s. K. G. Goyal and Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending on 31st March, 202713 for0 against
Mutual fund votes, meeting of 20 Mar 2026, 27 fund houses
- Re-appointment of Mr. Hari Mohan Bangur (DIN: 00244329) as Whole Time Director, designated as Chairman of the Company for a period of 5 (five) years commencing from 1st April, 2026
Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual Fund, LIC Mutual FundGovernance concern: Holding position of Executive Chairman; No absolute cap on the variable component; Skewed remuneration practice in past.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: Holding position of Executive Chairman; No absolute cap on the variable component; Skewed remuneration practice in past.
- Baroda BNP Paribas Mutual FundPart of promoter family - no concerns on candidature. However no cap on variable compensation either as an absolute or as a percent of profits
- HDFC Mutual FundHari Mohan Bangur, 73, is part of the promoter group and is Executive Chairperson of the company. He has served on the board since July 1992. He has attended all four board meetings held during FY26 as well as all four board meetings held in FY25. His proposed remuneration is high considering the size of the business. We do not support the resolution.
- HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: The commission element in the pay structure has no absolute or relative cap, which makes the remuneration structure open-ended. There are no disclosures on the performance metrics, threshold and target performance that the executive needs to achieve based on which payout under above element will be made. Historically, the executive's pay has not been aligned with the company's performance. The estimated pay is deemed to be aggressively positioned compared to market peers.
- Invesco Mutual FundHari Mohan Bangur, 73, is part of the promoter group and is Executive Chairperson of the company. He has served on the board since July 1992. He has attended all four board meetings held during FY26 as well as all four board meetings held in FY25. His remuneration for FY25 stood at Rs. 634.3 mn. For FY26, we have annualized the pay based on half-yearly BSE disclosure and estimate total remuneration at Rs. 668.2 mn. As per the proposed terms, FY27 remuneration is estimated at Rs. 739.2 mn, including commission (which is payable at the board’s discretion) calculated at 1.0% of estimated PBT based on historical trends. Approx. 75%–80% of total remuneration comprises fixed pay - the variable pay component has declined steadily from 52% of total pay in FY17 to 20% in FY25. The company should disclose performance metrics that determine variable pay and cap the variable pay and overall remuneration in absolute terms. We also raise concern that promoter remuneration for FY25 was Rs. 960.1 mn – 6.9% of Standalone PBT and 7.3% of Consolidated PBT. The proposed pay for Hari Mohan Bangur and the total remuneration to family members (Prashant Bangur and Hari Mohan Bangur) is high, when compared to industry peers. Given the high quantum of remuneration to family executives and the open-ended nature of the variable pay structure, we do not support the resolution
- Jio BlackRock Mutual FundHari Mohan Bangur, 73, is part of the promoter group and is Executive Chairperson of the company. He has served on the board since July 1992. He has attended all four board meetings held during FY26 as well as all four board meetings held in FY25.His remuneration for FY25 stood at Rs. 634.3 mn. For FY26, we have annualized the pay based on half-yearly BSE disclosure and estimate total remuneration at Rs. 668.2 mn. As per the proposed terms, FY27 remuneration is estimated at Rs. 739.2 mn, including commission (which is payable at the board’s discretion) calculated at 1.0% of estimated PBT based on historical trends. Approx. 75%–80% of total remuneration comprises fixed pay - the variable pay component has declined steadily from 52% of total pay in FY17 to 20% in FY25. The company should disclose performance metrics that determine variable pay and cap the variable pay and overall remuneration in absolute terms. We also raise concern that promoter remuneration for FY25 was Rs. 960.1 mn – 6.9% of Standalone PBT and 7.3% of Consolidated PBT. The proposed pay for Hari Mohan Bangur and the total remuneration to family members (Prashant Bangur and Hari Mohan Bangur) is high, when compared to industry peers. Given the high quantum of remuneration to family executives and the open-ended nature of the variable pay structure, we do not support the resolution.
- Mahindra Manulife Mutual FundWe note the overall promoter remuneration is significantly skewed. The remuneration growth is not aligned to the financial returns for shareholders.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundGovernance Concern: Holding position of Executive Chairman; No absolute cap on the variable component; Skewed remuneration practice in past.
- PPFAS Mutual FundHolding position of Executive Chairman; No absolute cap on the variable component; Skewed remuneration practice in past.
- Sundaram Mutual FundHari Mohan Bangur, 73, is part of the promoter group and is Executive Chairperson of the company. He has served on the board since July 1992. He has attended all four board meetings held during FY26 as well as all four board meetings held in FY25. His remuneration for FY25 stood at Rs. 634.3 mn. For FY26, we have annualized the pay based on half-yearly BSE disclosure and estimate total remuneration at Rs. 668.2 mn. As per the proposed terms, FY27 remuneration is estimated at Rs. 739.2 mn, including commission (which is payable at the board’s discretion) calculated at 1.0% of estimated PBT based on historical trends. Approx. 75%–80% of total remuneration comprises fixed pay - the variable pay component has declined steadily from 52% of total pay in FY17 to 20% in FY25. The company should disclose performance metrics that determine variable pay and cap the variable pay and overall remuneration in absolute terms. We also raise concern that promoter remuneration for FY25 was Rs. 960.1 mn – 6.9% of Standalone PBT and 7.3% of Consolidated PBT. The proposed pay for Hari Mohan Bangur and the total remuneration to family members (Prashant Bangur and Hari Mohan Bangur) is high, when compared to industry peers. Given the high quantum of remuneration to family executives and the open-ended nature of the variable pay structure, we do not support the resolution.
9 for18 against
6 earlier meetings
Mutual fund votes, meeting of 12 Dec 2025, 28 fund houses
- Appointment of Mr. Chandra Kumar Dhanuka (DIN: 00005684) as Non-Executive Independent Director of the Company for a term of 5 (five) consecutive years commencing from 28th October, 2025
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance concern: Director’s time commitments appear to be excessive as he holds 2 full-time positions at unrelated businesses and Directorship in 7 Listed Companies. Transparency concern: Unclear whether 2 fulltime positions held is in accordance with Companies Act 2013.
- 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 the proposed appointee. Governance concern: Director’s time commitments appear to be excessive as he holds 2 full-time positions at unrelated businesses and Directorship in 7 Listed Companies. Transparency concern: Unclear whether 2 fulltime positions held is in accordance with section 196 of the Companies Act 2013.
- LIC Mutual FundGovernance concern: Director s time commitments appear to be excessive as he holds 2 full-time positions at unrelated businesses and Directorship in 7 Listed Companies. Transparency concern: Unclear whether 2 fulltime positions held is in accordance with section 196 of the Companies Act 2013.
20 for8 against
Mutual fund votes, meeting of 4 Aug 2025, 28 fund houses
To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 and the Report of the Auditors thereon.MoreLess
28 for0 against- Confirmation of payment of Interim Dividend (Rs. 50 per equity share) for the financial year ended 31st March, 2025.28 for0 against
- To declare Final Dividend on equity shares of the Company (Rs. 60 per share) for the financial year ended 31st March, 202528 for0 against
- Re-appointment of Mr. Neeraj Akhoury (DIN: 07419090), Director of the Company, who retires by rotation28 for0 against
- Appointment of M/s. Pinchaa & Co. as Secretarial Auditor of the Company for a term of 5 (Five) consecutive years.
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual Fund, LIC Mutual FundProposed fee payable to Secretarial Auditors not disclosed.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.
- Nippon India Mutual FundNon disclosure of Proposed fee payable to Secretarial Auditors.
19 for9 against - Ratification of remuneration of M/s. K. G. Goyal and Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending on 31st March, 202628 for0 against
Mutual fund votes, meeting of 25 Oct 2024, 22 fund houses
- Re-appointment of Ms. Uma Ghurka (DIN: 00351117) as Independent Director for second term of 5 (five) years commencing from 11th November, 2024
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST the following nominee is warranted because:_x000D_ • Uma Ghurka has failed to attend at least 75 percent of board and committee meetings in the most_x000D_ recent fiscal year, without a satisfactory explanation.
21 for1 against
Mutual fund votes, meeting of 6 Aug 2024, 21 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt:na. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2024 and the Reports of the Board of Directors and Auditors thereon; andnb. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 and the Report of the Auditors thereonnMoreLess
20 for0 against- To confirm payment of Interim Dividend (¿50/- per equity share) for the financial year ended 31st March, 2024.21 for0 against
- To declare dividend of ¿55/- per Equity Shares as final dividend, for the financial year ended 31st March 2024.21 for0 against
- To appoint a Director in place of Mr. Prashant Bangur (DIN: 00403621), who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment.
Against Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
- Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Skewed remuneration in favor of proposed appointee.
- Zerodha Mutual FundGovernance Concern: Skewed remuneration in favor of proposed appointee.
17 for4 against - To Appoint Mr. Sushil Kumar Roongta (DIN: 00309302) as Independent Director of the Company
Against HSBC Mutual Fund
- HSBC Mutual FundSushil Kumar Roongta serves on a total of more than six public company boards, which could potentially compromise his ability to commit sufficient time to his role in the company.
20 for1 against - To ratify the remuneration of M/s. K. G. Goyal and Associates, Cost Accountants (Firm Registration No. 000024) as Cost Auditors of the Company for the financial year ending on 31st March 2025.21 for0 against
1 proposal not matched to one resolution
- Accept Financial Statements and Statutory Reports1 for0 against
Mutual fund votes, meeting of 21 Dec 2023, 18 fund houses
- Alteration to the Articles of Association of the Company by inserting a new Article 126A18 for0 against
Mutual fund votes, meeting of 26 Jul 2023, 19 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt:na. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2023 and the Reports of the Board of Directors and Auditors thereon; andnb. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023 and the Report of the Auditors thereon.nMoreLess
17 for0 against1 abstained
- Confirmation of payment of two Interim Dividends (Rs. 45 per equity share and Rs. 55 per equity shares) aggregating to Rs. 100/- per equity share for the financial year ended 31st March, 2023.18 for0 against
1 abstained
- Reappointment of Mr. Hari Mohan Bangur (DIN: 00244329) Director of the Company, retires by rotation
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with the law. Governance Concern: Holding position of Executive Chairman; Skewed remuneration practice.
17 for1 against1 abstained
- Ratification of remuneration of M/s. K. G. Goyal and Associates, Cost Accountants as Cost Auditors of the Company for the financial year ending on 31st March, 2024.18 for0 against
1 abstained
1 proposal not matched to one resolution
- Accept Financial Statements and Statutory Reports1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines
Reported in the filing for the quarter to Sep 2026.
- Fine or penaltyHon’ble High Court Rajasthan, Bench JaipurSince 10 Aug 2026
Dismissal of appeal filed against demand order passed by Customs, Excise and Service Tax Appellate Tribunal, New Delhi upholding tax demand of Rs. 6,33,256/- along with applicable interest and equivalent penalty of Rs. 6,33,256/-
Non-payment of central excise duty on clearance of waste and scrap which are not specifically classified in tariff schedule
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
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.