Solar Industries India CEO, MD, chairman, board of directors and AGM
NSE: SOLARINDSBSE: 532725Chemicals & PetrochemicalsLarge Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹19,010.00.
- 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.
- ₹1,66,185 Cr73rd 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 13 Aug 2026
- 83.5
- 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 15 May 2026
- 26.5
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.06%
- 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 13 Aug 2026
- 37.3%
- 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 13 Aug 2026
- 35.3%
- 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 15 May 2026
- 0.22
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,30,05637.2% delivered
Solar Industries India 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
- ChairpersonSatyanarayan Nuwal
- Managing director and CEOManish Nuwal
- Company Secretary and Compliance OfficerKhushboo Pasari
8 directors4 independent3 executive1 non-executive
- Satyanarayan Nuwal · ChairpersonNon-executive · joined Feb 1995 · reappointed May 2022 · 1 listed board
- Manish Nuwal · Managing director and CEOExecutive · joined Oct 2008 · reappointed Apr 2022 · 1 listed board · 3 committee seats
- Suresh MenonExecutive · joined May 2018 · reappointed May 2025 · 1 listed board · 1 committee seat
- Milind DeshmukhExecutive · joined Jul 2021 · reappointed Jul 2026 · 1 listed board
- Girija BalakrishnanIndependent · joined Sep 2025 · 12 months as independent · 6 listed boards · 6 as independent · 10 committee seats, 4 as chair
- Viswanathan LakshmananIndependent · joined Oct 2025 · 11 months as independent · 3 listed boards · 3 as independent · 5 committee seats, 3 as chair
- Ramesh BhujangIndependent · joined Dec 2025 · 9 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
- Reena Jha TripathiIndependent · joined May 2026 · 4 months as independent · 1 listed board · 1 as independent
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
5 directors who left
- Kirit Kamdar, left 6 May 2026: Others
- Dinesh Kumar Batra, left 31 Mar 2026: Tenure Completion
- Jagdish Chandra Belwal, left 4 Dec 2025: Tenure Completion
- Natrajan Ramkrishna, left 18 Oct 2025: Tenure Completion
- Rashmi Prasad, left 20 Sep 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 14 Sep 20268 of 8 present4 independent · 31 days in between
- 13 Aug 20268 of 8 present4 independent · 4 days in between
- 8 Aug 20267 of 8 present3 independent · 84 days in between
- 15 May 20266 of 7 present3 independent
Audit Committee
Chair Ramesh Bhujang
Manish Nuwal, Viswanathan Lakshmanan, Girija Balakrishnan
- 13 Aug 20264 of 4 present3 independent · 4 days in between
- 8 Aug 20264 of 4 present3 independent · 84 days in between
- 15 May 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Ramesh Bhujang
Girija Balakrishnan, Viswanathan Lakshmanan
- 15 May 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Viswanathan Lakshmanan
Manish Nuwal, Suresh Menon
- 13 Aug 20263 of 3 present1 independent · 89 days in between
- 15 May 20263 of 3 present1 independent
Risk Management Committee
Chair Manish Nuwal
Suresh Menon, Milind Deshmukh, Girija Balakrishnan, Ramesh Bhujang, Reena Jha Tripathi, Moneesh Agrawal, Shalinee Mandhana, Ashish Khole, Paresh Patel
- 15 May 20255 of 5 present2 independent
Corporate Social Responsibility Committee
Chair Satyanarayan Nuwal
Manish Nuwal, Girija Balakrishnan
- 13 Aug 20263 of 3 present1 independent · 89 days in between
- 15 May 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 auditors
Named in the results for the quarter to Mar 2025.
- M/s Srbc & Co. LLPPeer-review certificate valid to Feb 2026
- M/s Gandhi Rathi & Co.Peer-review certificate valid to Mar 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.
Solar Industries India 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.Solar Industries India dividend history
Annual general meeting, 11 Aug 2026
1,18,272 shareholders on the register on 4 Aug 2026; present: 3 promoters and 62 others; votes counted by CS TUSHAR PAHADE / M/s T.S. Pahade.The company's voting result (opens in a new tab)
- Adoption of Audited Financial Statements (Standalone and Consolidated) of the Company for the year ended March 31, 2026 and the Reports of Board of Directors and Auditors thereonOrdinary68.56% for31.44% against
Against: promoters 40.00% · institutions 0.22% · other public 0.00%
Turnout: all 93.20% · promoters 100.00% · institutions 90.42% · other public 16.57%
- Declaration of Final Dividend of Rs. 11/- per equity share for the financial year ended on March 31, 2026Ordinary68.61% for31.39% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.21% · promoters 100.00% · institutions 90.46% · other public 16.57%
- Appointment of Shri Milind Deshmukh (DIN: 09256690), who retires by rotationOrdinary68.48% for31.52% against
Against: promoters 40.00% · institutions 0.61% · other public 0.00%
Turnout: all 93.21% · promoters 100.00% · institutions 90.44% · other public 16.57%
- Re-appointment of Shri Milind Deshmukh (DIN: 09256690) as a Whole-time Director of the Company and revision in terms of his remunerationOrdinary68.10% for31.90% against
Against: promoters 40.00% · institutions 2.47% · other public 0.00%
Turnout: all 93.21% · promoters 100.00% · institutions 90.44% · other public 16.57%
- Appointment of Smt. Reena Jha Tripathi (DIN: 11022528) as an Independent Director of the CompanySpecialNot passedRecorded as not passed although most votes were for it; no reason is given68.61% for31.39% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.21% · promoters 100.00% · institutions 90.44% · other public 16.57%
- Alteration of Articles of Association (“AOA”) of the CompanySpecialNot passedRecorded as not passed although most votes were for it; no reason is given67.36% for32.64% against
Against: promoters 40.00% · institutions 6.10% · other public 0.00%
Turnout: all 93.21% · promoters 100.00% · institutions 90.44% · other public 16.57%
- Ratification of Cost Auditor`s Remuneration for the financial year ending March 31, 2027Ordinary68.61% for31.39% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.21% · promoters 100.00% · institutions 90.44% · other public 16.57%
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, 23 Feb 2026, 1 resolution
1,18,419 shareholders on the register on 16 Jan 2026; votes counted by CS TUSHAR PAHADE / M/s T.S. Pahade.The company's voting result (opens in a new tab)
- APPOINTMENT OF SHRI RAMESH MADHAVRAO BHUJANG (DIN: 00194189) AS AN INDEPENDENT DIRECTOR OF THE COMPANYSpecialNot passedRecorded as not passed although most votes were for it; no reason is given63.71% for36.29% against
Against: promoters 40.00% · institutions 23.43% · other public 0.09%
Turnout: all 92.91% · promoters 100.00% · institutions 90.38% · other public 12.83%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 17 Dec 2025, 2 resolutions
1,12,149 shareholders on the register on 11 Nov 2025; votes counted by CS TUSHAR PAHADE / M/s T.S. Pahade.The company's voting result (opens in a new tab)
- APPOINTMENT OF SMT. GIRIJA BALAKRISHNAN (DIN: 06841071) AS AN INDEPENDENT DIRECTOR OF THE COMPANYSpecialNot passedRecorded as not passed although most votes were for it; no reason is given64.67% for35.33% against
Against: promoters 42.06% · institutions 12.10% · other public 0.06%
Turnout: all 89.25% · promoters 95.11% · institutions 88.55% · other public 15.61%
- APPOINTMENT OF SHRI VISWANATHAN LAXMANAN (DIN: 00193056) AS AN INDEPENDENT DIRECTOR OF THE COMPANYSpecialNot passedRecorded as not passed although most votes were for it; no reason is given67.21% for32.79% against
Against: promoters 42.06% · institutions 0.01% · other public 0.06%
Turnout: all 89.25% · promoters 95.11% · institutions 88.55% · other public 15.61%
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, 22 Jul 2025, 6 resolutions
1,03,296 shareholders on the register on 15 Jul 2025; present: 3 promoters and 53 others; votes counted by TUSHAR PAHADE / T.S. PAHADE & ASSOCIATES.The company's voting result (opens in a new tab)
- Adoption of Audited Financial Statement (Standalone & Consolidated) for the financial year ended on March 31, 2025.Ordinary68.67% for31.33% against
Against: promoters 40.00% · institutions 0.13% · other public 0.00%
Turnout: all 93.47% · promoters 100.00% · institutions 87.54% · other public 27.01%
- Declaration of Final Dividend of Rs.10/- per equity share for the financial year ended on March 31, 2025.Ordinary68.70% for31.30% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.49% · promoters 100.00% · institutions 87.67% · other public 27.00%
- Appointment of Shri Suresh Menon (DIN: 07104090) as a Director who retires by rotation.Ordinary68.45% for31.55% against
Against: promoters 40.00% · institutions 1.24% · other public 0.01%
Turnout: all 93.47% · promoters 100.00% · institutions 87.56% · other public 27.00%
- Appointment of Secretarial Auditors of the CompanyOrdinary68.70% for31.30% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.47% · promoters 100.00% · institutions 87.56% · other public 27.00%
- Alteration of Articles of Association (“AOA”) of the CompanySpecialNot passedRecorded as not passed although most votes were for it; no reason is given67.10% for32.90% against
Against: promoters 40.00% · institutions 7.91% · other public 0.00%
Turnout: all 93.47% · promoters 100.00% · institutions 87.56% · other public 27.00%
- Ratification of Cost Auditor’s Remuneration for the financial year ending March 31, 2026.Ordinary68.70% for31.30% against
Against: promoters 40.00% · institutions 0.00% · other public 0.01%
Turnout: all 93.47% · promoters 100.00% · institutions 87.56% · other public 27.00%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 18 Jul 2024, 7 resolutions
Present: 5 promoters and 59 others.The company's voting result (opens in a new tab)
- Adoption of Financial Statements (Standalone & Consolidated) for the financial year ended on March 31, 2024Ordinary68.70% for31.30% against
Against: promoters 40.00% · institutions 0.00% · other public 0.01%
Turnout: all 93.47% · promoters 100.00% · institutions 88.10% · other public 26.10%
- Declaration of final dividend of Rs 8.50 (Eight Rupees and Fifty Paisa only) per equity share for the financial year ended on March 31, 2024.Ordinary68.70% for31.30% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.49% · promoters 100.00% · institutions 88.21% · other public 26.09%
- Appointment of Shri Manish Nuwal (DIN: 00164388) as a Director who retires by rotation.Ordinary65.46% for34.54% against
Against: promoters 40.00% · institutions 16.00% · other public 0.03%
Turnout: all 93.47% · promoters 100.00% · institutions 88.12% · other public 26.09%
- Continuation of appointment of Shri Satyanarayan Nuwal (DIN: 00713547) as a Non-Executive Director, Non-Independent Director, designated as Chairman of the Company.Ordinary67.72% for32.28% against
Against: promoters 40.00% · institutions 4.82% · other public 0.03%
Turnout: all 93.47% · promoters 100.00% · institutions 88.12% · other public 26.09%
- Re-appointment of Shri Suresh Menon (DIN: 07104090) as Wholetime Director of the Company and revision in terms of his remuneration.Ordinary65.48% for34.52% against
Against: promoters 40.00% · institutions 15.89% · other public 0.03%
Turnout: all 93.47% · promoters 100.00% · institutions 88.12% · other public 26.09%
- Alteration of Articles of Association (“AOA”) of the CompanySpecial67.71% for32.29% against
Against: promoters 40.00% · institutions 4.87% · other public 0.03%
Turnout: all 93.47% · promoters 100.00% · institutions 88.12% · other public 26.09%
- Ratification of Cost Auditor’s Remuneration for the financial yearnending March 31, 2025Ordinary68.70% for31.30% against
Against: promoters 40.00% · institutions 0.00% · other public 0.06%
Turnout: all 93.47% · promoters 100.00% · institutions 88.12% · other public 26.09%
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 Jun 2024, 1 resolution
The company's voting result (opens in a new tab)
- APPOINTMENT OF SHRI DINESH KUMAR BATRA (DIN: 08773363) AS AN INDEPENDENT DIRECTOR OF THE COMPANYSpecial68.43% for31.57% against
Against: promoters 40.00% · institutions 0.11% · other public 0.08%
Turnout: all 92.75% · promoters 100.00% · institutions 85.61% · other public 22.30%
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, 11 Dec 2023, 1 resolution
The company's voting result (opens in a new tab)
- APPOINTMENT OF SMT. RASHMI PRASAD (DIN: 10329445) AS A WOMEN INDEPENDENT DIRECTOR OF THE COMPANYSpecial69.27% for30.73% against
Against: promoters 40.00% · institutions 0.00% · other public 0.03%
Turnout: all 95.20% · promoters 100.00% · institutions 93.74% · other public 27.49%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 21 Jun 2023, 9 resolutions
Present: 4 promoters and 47 others.The company's voting result (opens in a new tab)
- Adoption of Financial Statements (Standalone & Consolidated) for the financial year ended on March 31, 2023.Ordinary69.23% for30.77% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
- Declaration of final dividend on equity shares of the Company for the financial year ended on March 31, 2023.Ordinary69.23% for30.77% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 95.09% · promoters 100.00% · institutions 94.02% · other public 27.14%
- Appointment of Shri Milind Deshmukh (DIN: 09256690) as a director who retires by rotation.Ordinary68.65% for31.35% against
Against: promoters 40.00% · institutions 2.66% · other public 0.01%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
- Re-appointment of Shri Suresh Menon (DIN: 07104090) as a Whole-time Director of the Company and revision in terms of his remuneration.Ordinary63.20% for36.80% against
Against: promoters 40.00% · institutions 27.84% · other public 0.01%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
- Re-appointment of Smt. Sujitha Karnad (DIN: 07787485) as a Non-Executive Independent Director of the Company.Special69.10% for30.90% against
Against: promoters 40.00% · institutions 0.58% · other public 0.03%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
- Alteration of Articles of Association (“AOA”) of the Company.Special69.23% for30.77% against
Against: promoters 40.00% · institutions 0.00% · other public 0.00%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
- Increase the limits of borrowings u/s 180 (1) (c) of the Companies Act, 2013.Special67.80% for32.20% against
Against: promoters 40.00% · institutions 6.60% · other public 0.00%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
- Increase the limits of providing security u/s 180 (1) (a) of the Companies Act, 2013 in connection with the borrowing of the Company.Special67.80% for32.20% against
Against: promoters 40.00% · institutions 6.60% · other public 0.00%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
- Ratification of Cost Auditor`s Remuneration for the financial year ending March 31, 2024.Ordinary69.23% for30.77% against
Against: promoters 40.00% · institutions 0.00% · other public 0.01%
Turnout: all 95.08% · promoters 100.00% · institutions 93.95% · other public 27.14%
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.
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 11 Aug 2026, 17 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 year ended March 31, 2026 and the Reports of Board of Directors and Auditors thereon17 for0 against
- Declaration of Final Dividend of Rs. 11/- per equity share for the financial year ended on March 31, 202617 for0 against
- Appointment of Shri Milind Deshmukh (DIN: 09256690), who retires by rotation17 for0 against
- Re-appointment of Shri Milind Deshmukh (DIN: 09256690) as a Whole-time Director of the Company and revision in terms of his remuneration
Against Jio BlackRock Mutual Fund
- Jio BlackRock Mutual FundMilind Deshmukh's FY26 compensation aggregated Rs. 13.0 mn as per the executive remuneration disclosures and Rs 20.7 mn as per consolidated related party disclosures in the FY26 annual report. The company has not provided a reason for the divergence in the remuneration disclosures, therefore the remuneration structure is unclear. We are unable to ascertain whether the difference pertains to remuneration received from the step down subsidiaries - Solar Explochem Limited and Solar Nigachem Nigeria Limited, where he serves as a director. Further, under the proposed remuneration structure, the performance-linked incentive, is uncapped and payable at the discretion of the board. Accordingly, we are unable to estimate his FY27 remuneration. The company should cap the variable component in absolute terms and detail the overall remuneration payable to Milind Deshmukh and disclose the performance metrics governing variable pay. Given the lack of clarity in the remuneration structure, we do not support the resolution.
16 for1 against - Appointment of Smt. Reena Jha Tripathi (DIN: 11022528) as an Independent Director of the Company17 for0 against
- Alteration of Articles of Association (“AOA”) of the Company
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundGovernance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993. However, the proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders’ approval or not. Further, the proposed clause doesn’t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders.
- Edelweiss Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. Governance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993. However, the proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders’ approval or not. Further, the proposed clause doesn’t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders
- Helios Mutual FundCompliant with law. Governance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993. However, the proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders’ approval or not. Further, the proposed clause doesn’t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders.
- LIC Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993. However, the proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders approval or not. Further, the proposed clause doesn t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders
10 for7 against - Ratification of Cost Auditor`s Remuneration for the financial year ending March 31, 202713 for0 against
2 proposals not matched to one resolution
- 7) Ratify remuneration of Rs. 350,000 to Deepak Khanuja & Associates, as cost auditors for FY271 for0 against
- Ratify remuneration of Rs. 350,000 to Deepak Khanuja & Associates, as cost auditors for FY273 for0 against
Mutual fund votes, meeting of 23 Feb 2026, 37 fund houses
- APPOINTMENT OF SHRI RAMESH MADHAVRAO BHUJANG (DIN: 00194189) AS AN INDEPENDENT DIRECTOR OF THE COMPANY
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundDirectorship ceased due to delayed shareholders’ approval.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern identified on the merit of proposed appointee. Non-Compliant with SEBI LODR, 2015: Director was appointed on 3rd December 2025, while the next general meeting, conducted through postal ballot, concluded on 17th December, 2025. In terms of SEBI (LODR) Regulations, 2015, a Director appointed by the Board cannot continue on the Board beyond the conclusion of the general meeting unless the appointment is approved by the shareholders. As the appointment was not ratified by the shareholders through the said postal ballot e-voting deadline of 17th December, 2025, directorship ceased on 17th December, 2025, due to delayed shareholders’ approval for the appointment of proposed appointee on the Board.
- Kotak Mahindra Mutual FundRamesh Bhujang, 72, is currently an Advisory Board Member Debtlife Holdings at Bond Bazaar, a fintech platform for investment in government & corporate bonds. He has over four decades of experience in banking, industrial development, project/infrastructure finance and economic policies. As per the regulatory requirement, approval of shareholders for appointment or re-appointment of a person on the Board of Directors or as a manager is taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier. Mr. Ramesh Bhujang joined the board on 3rd December, 2025 and the next general meeting held on 17th December, 2025. As per regulatory guidelines, they should have asked for approval in the general meeting itself. While we do not have any concern on the credentials of Mr Bhujang as Independent Director, as company is asking for approval in the on-going postal ballot having e-voting deadline of 23rd February, 2026, there is breach of regulatory requirements. Hence, we do not favour it.
- LIC Mutual FundConcerns over Non-Compliance with SEBI LODR, 2015: Director was appointed on 3rd December 2025, while the next general meeting, conducted through postal ballot, concluded on 17th December, 2025. In terms of SEBI (LODR) Regulations, 2015, a Director appointed by the Board cannot continue on the Board beyond the conclusion of the general meeting unless the appointment is approved by the shareholders. As the appointment was not ratified by the shareholders through the said postal ballot e-voting deadline of 17th December, 2025, directorship ceased on 17th December, 2025, due to delayed shareholders approval for the appointment of proposed appointee on the Board.
- PGIM India Mutual FundNo concern identified on the merit of proposed appointee. Non-Compliant with SEBI LODR, 2015: Director was appointed on 3rd December 2025, while the next general meeting, conducted through postal ballot, concluded on 17th December, 2025. In terms of SEBI (LODR) Regulations, 2015, a Director appointed by the Board cannot continue on the Board beyond the conclusion of the general meeting unless the appointment is approved by the shareholders. As the appointment was not ratified by the shareholders through the said postal ballot e-voting deadline of 17th December, 2025, directorship ceased on 17th December, 2025, due to delayed shareholders approval for the appointment of proposed appointee on the Board.
28 for9 against
6 earlier meetings
Mutual fund votes, meeting of 17 Dec 2025, 34 fund houses
- APPOINTMENT OF SMT. GIRIJA BALAKRISHNAN (DIN: 06841071) AS AN INDEPENDENT DIRECTOR OF THE COMPANY
Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance Concern: Excessive time commitments.
- Baroda BNP Paribas Mutual FundCompliant with law. No concern has been identified on the profile and merit of the proposed appointee. However, Ms. Girija Balakrishnan holds directorships in 6 listed entities, including 9 committee memberships and 3 committee chairmanships. Therefore, in our opinion she holds excessive directorship which may not lead her to devote sufficient time towards the affairs of the Company.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual FundCompliant with law. No concern has been identified on the profile and merit of the proposed appointee. Governance Concern: Excessive time commitments.
- LIC Mutual FundNo concern has been identified on the profile and merit of the proposed appointee. Governance Concern: Excessive time commitments.
24 for10 against - APPOINTMENT OF SHRI VISWANATHAN LAXMANAN (DIN: 00193056) AS AN INDEPENDENT DIRECTOR OF THE COMPANY34 for0 against
Mutual fund votes, meeting of 22 Jul 2025, 28 fund houses
- Adoption of Audited Financial Statement (Standalone & Consolidated) for the financial year ended on March 31, 2025.28 for0 against
- Declaration of Final Dividend of Rs.10/- per equity share for the financial year ended on March 31, 2025.28 for0 against
- Appointment of Shri Suresh Menon (DIN: 07104090) as a Director who retires by rotation.28 for0 against
- Appointment of Secretarial Auditors of the Company28 for0 against
- Alteration of Articles of Association (“AOA”) of the Company
Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance & Transparency concern: The proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders’ approval or not. Further, the proposed clause doesn’t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders.
- Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993. However, the proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders’ approval or not. Further, the proposed clause doesn’t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders.
- LIC Mutual FundConcern over Governance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993. However, the proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders approval or not. Further, the proposed clause doesn t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders.
- Nippon India Mutual FundGovernance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993.
- PGIM India Mutual FundCompliant with law. Governance & Transparency concern: SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 permits Board to appoint only Debenture Trustee nominees and the said authority is permitted in only specific situations which are already stipulated in Regulation 15(1)(e) of SEBI (Debenture Trustees) Regulations, 1993. However, the proposed clause allows appointment rights to financing entities other than Debenture Trustee Nominees. There is no clarity whether Nominee Directors of financing entities other than Debenture Trustees will be subject to shareholders approval or not. Further, the proposed clause doesn t provide a cap on the number of directors that may be appointed by such financing entities against the right given in the articles. No disclosure given for earlier rejection by shareholders.
18 for10 against - Ratification of Cost Auditor’s Remuneration for the financial year ending March 31, 2026.28 for0 against
Mutual fund votes, meeting of 18 Jul 2024, 22 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of Financial Statements (Standalone & Consolidated) for the financial year ended on March 31, 202422 for0 against
- Declaration of final dividend of Rs 8.50 (Eight Rupees and Fifty Paisa only) per equity share for the financial year ended on March 31, 2024.22 for0 against
- Appointment of Shri Manish Nuwal (DIN: 00164388) as a Director who retires by rotation.
Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund
- Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Trust Mutual FundCompliant with Law. Governance Concern: Remuneration is excessive and skewed in favour of Promoter Director.
- Zerodha Mutual FundRemuneration is excessive & skewed in favour of promoter.
15 for7 against - Continuation of appointment of Shri Satyanarayan Nuwal (DIN: 00713547) as a Non-Executive Director, Non-Independent Director, designated as Chairman of the Company.
Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund
- Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Trust Mutual FundCompliant with Law. Governance Concern: Chairman related to Executive Director.
16 for6 against - Re-appointment of Shri Suresh Menon (DIN: 07104090) as Wholetime Director of the Company and revision in terms of his remuneration.22 for0 against
- Alteration of Articles of Association (“AOA”) of the Company
Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund
- Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Trust Mutual FundNon-Compliant with law: Proposed alteration in AOA is not in compliance with SEBI Regulations.
- Nippon India Mutual FundNot in compliance with Sebi regulations
- Zerodha Mutual FundProposed clause is not in compliance with SEBI Regulations.
14 for8 against - Ratification of Cost Auditor’s Remuneration for the financial yearnending March 31, 202519 for0 against
2 proposals not matched to one resolution
- 7) Ratify remuneration of Rs. 250,000 to Deepak Khanuja & Associates as cost auditor for FY25.1 for0 against
- Ratify remuneration of Rs. 250,000 to Deepak Khanuja & Associates as cost auditor for FY252 for0 against
Mutual fund votes, meeting of 25 Jun 2024, 23 fund houses
- APPOINTMENT OF SHRI DINESH KUMAR BATRA (DIN: 08773363) AS AN INDEPENDENT DIRECTOR OF THE COMPANY23 for0 against
Mutual fund votes, meeting of 11 Dec 2023, 16 fund houses
- APPOINTMENT OF SMT. RASHMI PRASAD (DIN: 10329445) AS A WOMEN INDEPENDENT DIRECTOR OF THE COMPANY16 for0 against
Mutual fund votes, meeting of 21 Jun 2023, 15 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of Financial Statements (Standalone & Consolidated) for the financial year ended on March 31, 2023.15 for0 against
- Declaration of final dividend on equity shares of the Company for the financial year ended on March 31, 2023.15 for0 against
- Appointment of Shri Milind Deshmukh (DIN: 09256690) as a director who retires by rotation.15 for0 against
- Re-appointment of Shri Suresh Menon (DIN: 07104090) as a Whole-time Director of the Company and revision in terms of his remuneration.15 for0 against
- Re-appointment of Smt. Sujitha Karnad (DIN: 07787485) as a Non-Executive Independent Director of the Company.15 for0 against
- Alteration of Articles of Association (“AOA”) of the Company.15 for0 against
- Increase the limits of borrowings u/s 180 (1) (c) of the Companies Act, 2013.
Against Mahindra Manulife Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
- Mahindra Manulife Mutual FundGovernance Concern: Majority of the borrowing limit unutilized and absence of specific reasons for the proposed increase. There is no clarity provided on the deployment of the increased grants sought. Moreover, internal promoter family differences raise questions over potential expansion plans.
- Nippon India Mutual FundInsufficient information
- PGIM India Mutual FundCompliant with the law. Governance Concern: Majority of the borrowing limit unutilized and absence of specific reasons for the proposed increase.
9 for3 against - Increase the limits of providing security u/s 180 (1) (a) of the Companies Act, 2013 in connection with the borrowing of the Company.
Against Mahindra Manulife Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
- Mahindra Manulife Mutual Fund, PGIM India Mutual FundCompliant with the law. Governance Concern: Majority of the borrowing limit unutilized and absence of specific reasons for the proposed increase.
- Nippon India Mutual FundInsufficient information
8 for3 against - Ratification of Cost Auditor`s Remuneration for the financial year ending March 31, 2024.12 for0 against
7 proposals not matched to one resolution
- 8) Approve creation of charge on assets upto Rs 30.0 bn to secure borrowings.1 for0 against
- 9) Approve remuneration of Rs. 225,000 to Khanuja Patra & Associates as cost auditor for FY24.1 for0 against
- Approve creation of charge on assets upto Rs 30.0 bn to secure borrowings2 for0 against
- Approve increase in borrowing limits to Rs. 30.0 bn from Rs 15.0 bn2 for0 against
- Approve remuneration of Rs. 225,000 to Khanuja Patra & Associates as cost auditor for FY242 for0 against
To authorise Board of Directors to borrow money for and on behalf of Company from time to time as deemed by it to be requisite and proper for the business of Company, but so that the moneys to be borrowed together with the moneys already borrowed by the Company, which will or may exceed the aggregate of its paid-up share capital, free reserves and securities premium of the Company as per the latest annual audited financial statements shall not exceed and may limit to Rs. 3000 Crores (Rupees Three Thousand Crores Only), apart from temporary loans obtained from the Company’s bankers in the ordinary course of businessMoreLess
1 for0 againstTo authorize Board of Directors , to create mortgage and/or charge on all or any of the movable and/or immovable assets of the Company, both present and future and/or whole or any part of the Company in favour of the lenders, agents, trustees for securing the borrowings of the Company availed/to be availed by way of loans (in foreign currency and/or in Indian currency) and securities (comprising of fully/partly convertible debentures and/or secured premium notes and/or floating rates notes/ bonds or other debt instruments) issued/to be issued by the Company from time to time, in one or more trenches, up to an aggregate limit of Rs. 3000 Crores (Rupees Three Thousand Crores Only)MoreLess
1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
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
- 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.