Star Cement CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 17 Nov 2025, 9 fund houses

• CONSIDERATION AND APPROVAL OF RAISING OF FUNDS THROUGH ISSUANCE OF SECURITIES

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance Concern: Excessive Dilution; No adequate justification for raising of funds; No clarity regarding whether Rights Issue will be opted for or not, and if yes, then for what portion will it be carried out.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Excessive Dilution; No adequate justification for raising of funds; No clarity regarding whether Rights Issue will be opted for or not, and if yes, then for what portion will it be carried out

  5 for4 against

Mutual fund votes, meeting of 23 Sep 2025, 9 fund houses

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

• To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the Financial Year ended 31st March, 2025 and the Reports of Board of Directors and Auditors thereon.MoreLess

  9 for0 against
• To appoint a Director in place of Mr. Sanjay Agarwal (DIN: 00246132), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, SBI Mutual Fund

  • Angel One Mutual FundGovernance concern: Director is holding two full time positions in unrelated business.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Director is holding two full time positions in unrelated business.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding).
  • SBI Mutual FundSanjay Agarwal, 64, is part of the promoter group and one of three Managing Directors of Star Cement. He is also Managing Director & CEO of Century Plyboards India Ltd a Group Company. He has been on the board since November 2002 and retires by rotation. During FY25 he attended two of four (50%) board meetings and seven of twelve (58%) meetings held over the past three years. We expect directors to attend all board meetings and have a threshold of 75% board attendance over three years. Given his low attendance, we do not support his reappointment. We note the company has five promoters: 33% of the total board size, as executive directors which is disproportionate for the size of business. This practice deters from attracting the right talent to the company.

  3 for6 against
• To appoint a Director in place of Mr. Pankaj Kejriwal (DIN: 00383635), who retires by rotation and being eligible, offers himself for re-appointment

  9 for0 against
• Re-appointment of Mr. Vivek Chawla (DIN: 02696336) as an Independent Director

  9 for0 against
• Re-appointment of Mr. Jagdish Chandra Toshniwal (DIN: 01539889) as an Independent Director

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundDirector on Board of Competitor Company
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Director on the Board of Competitor Companies.
  • ICICI Prudential Mutual FundJagdish Chandra Toshniwal, 72, Director at Jindal Panther Cement Private Limited, has been on the board since April 2023. He also is on the board of Shiva Cement Limited – subsidiary of JSW Cement. Both Shiva Cement Limited and Jindal Panther Cement Private Limited are involved in a business similar to Star Cement Limited. There are concerns about issues related to conflicts of interest which may arise given his other directorships Hence the AMC has voted against the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding).

  3 for6 against
• Re-appointment of Mr. Ramit Budhraja (DIN: 00053723) as an Independent Director

  9 for0 against
• Approval for Payment of Commission -Remuneration to Independent Directors

  9 for0 against
• Appointment of Messers MKB and Associates, Practicing Company Secretaries, as Secretarial Auditors of the Company

  9 for0 against
• Ratification of Remuneration payable to the Cost Auditors for the Financial Year ending March 31, 2026

  9 for0 against
• Approval for making donation-contribution to Charitable Institutions.

  ›Against SBI Mutual Fund

  • SBI Mutual FundThe company proposes to contribute an amount exceeding 5% of net profit, subject to a maximum of Rs.100.0 mn in any financial year. For FY25, the average net profits of the company for the three immediately preceding financial years is Rs. 2,461.5 mn: 5% of net profit is Rs.123.1mn. Thus, proposed contribution is Rs. 231.1 mn, ~13.2% of FY25 profits which is high. There are no details regarding the beneficiaries of the contributions. The company donated Rs. 67.1 mn over and above the CSR spends of Rs.49.2 mn in FY25. We believe the companies should make charitable contributions within the 5% limit prescribed under section 181. Alternately the company should consider paying this as dividend and let its shareholders make charitable donations if they desire. We raise further concern that the resolution seeks shareholder approval in perpetuity – a practice we do not support. We do not support the resolution

  0 for1 against
• Approval for Material Related Party Transactions with Star Cement Meghalaya Limited

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business.

  5 for4 against
• Approval for Material Related Party Transactions with Shyam Century Ferrous Limited

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.
  • HDFC Mutual FundThere is a lack of clarity on the nature of transactions which are all encompassing and includes extending financial support – the rationale for Star Cement Limited to financially support Shyam Century Ferrous Limited. We do not support the resolution.
  • ICICI Prudential Mutual FundShyam Century Ferrous Limited (SCFL) is a listed company of the promoter group – it is engaged in the manufacture of ferro-silicon. The proposed transactions are for sale, purchase or supply of goods including capital goods or materials and availing and rendering of any services from time to time and to enter into the arrangements/ transactions/ contracts (including but not limited to any other transfer of resources, giving and taking loans, advances, corporate guarantees, securities, services, receipt of brand royalty or obligations etc.). Over the past three years, there have been no transactions with Shyam Century Ferrous Limited. Therefore, the rationale for the transactions is unclear. Hence the AMC has voted against the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding).

  2 for7 against
• Approval for Material Related Party Transactions with Star Smart Building Solutions Limited

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.
  • HDFC Mutual FundThere is a lack of clarity with respect to terms of financial assistance have been disclosed neither is there clarity if financial support extended is and will be in the ratio of shareholding. We do not support the resolution.
  • ICICI Prudential Mutual FundStar Smart Building Solutions Limited (SSBSL) formerly Star Cement (I) Limited, is 85% held by the company and subsidiary SCML, the balance 15% being held by industrialist Ghanshyam Das Dhanuka – acquired stake in FY25. The company is engaged in production of Autoclaved Aerated Concrete (AAC) blocks -modern, lightweight, and eco[1]friendly building material with a dedicated plant for AAC block manufacturing in Guwahati. It also manufactures and sells a variety of construction chemicals. The proposed transactions are for sale, purchase or supply of goods including capital goods or materials and availing and rendering of any services from time to time and to enter into the arrangements/ transactions/ contracts (including but not limited to any other transfer of resources, giving and taking loans, advances, corporate guarantees, securities, services, receipt of brand royalty or obligations etc.). Over the past three years (FY23 to FY25) transactions amounted to Rs. Rs. 18.6 mn, Rs. 175.2 mn and Rs. 220.3 mn respectively and include financial support, however, no details with respect to terms of financial assistance have been disclosed. Also there is no rationale for having Ghanshyam Das Dhanuka as a 15% shareholder. Hence the AMC has voted against the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding).

  2 for7 against
• Approval for Material Related Party Transactions with Star Cement North East Limited

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.

  5 for4 against
• Approval for Material Related Party Transactions with Ri Pnar Cement Private Limited

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.

  5 for4 against
• Approval for Material Related Party Transactions with Kopili Cement (I) Private Limited.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of capital goods is considered to be in the ordinary course of business. Basis for Arm’s Length pricing not disclosed for transactions proposed.

  5 for4 against

Mutual fund votes, meeting of 26 Sep 2024, 6 fund houses

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

• To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the Financial Year ended 31st March, 2024 and the Reports of Board of Directors and Auditors thereonMoreLess

  6 for0 against
• To appoint a Director in place of Mr. Brij Bhushan Agarwal (DIN: 01125056), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against SBI Mutual Fund

  • SBI Mutual FundBrij Bhushan Agarwal, 51, Managing Director - Shyam Metallics and Energy Limited. He has been on the board since February 2022. During FY24, he attended two of four board (50%) meetings held and four of eight (50%) board meetings held during his tenure. We expect directors to attend all board meetings and have a threshold of 75% board attendance over three years. Hence, we do not support his reappointment.

  5 for1 against
• To appoint a Director in place of Mr. Prem Kumar Bhajanka (DIN: 00591512), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of proposed appointee. Governance Concern: Holding two full time positions.

  3 for3 against
• To revise the remuneration of Statutory Auditors of the Company

  5 for0 against
• Re-appointment of Mr. Amit Kiran Deb as an Independent Director

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern Identified on the merits of proposed appointee. Governance Concern: Holding combined position as Chairman of AC & NRC.

  3 for3 against
• Re-appointment of Mr. Deepak Singhal as an Independent Director

  6 for0 against
• Payment of Commission to the Independent Directors of the Company

  6 for0 against
• Ratification of Remuneration payable to the Cost Auditors for the Financial Year ending March 31, 2025

  6 for0 against
• Approval of Material Related Party Transactions upto an amount of Rs. 2,500 Crores in each of the financial years 2024-25 & 2025-26, entered or to be entered into by the Company with Star Cement Meghalaya Limited.MoreLess

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year. Governance Concern: Nature of transaction not in ordinary course of business; Basis of Arm’s Length not disclosed.

  3 for3 against
• Approval of Material Related Party Transactions upto an amount of Rs. 20 Crores in each of the financial years 2024-25 & 2025-26, entered or to be entered into by the Company with Shyam Century Ferrous Limited.MoreLess

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year. Governance Concern: Nature of transaction not in ordinary course of business; Basis of Arm’s Length not disclosed.
  • HDFC Mutual FundLack of details on the terms of transaction
  • ICICI Prudential Mutual FundShyam Century Ferrous Limited (SCFL) is a listed company of the promoter group. The proposed transactions include sale, purchase or supply of goods including capital goods or materials and availing and rendering of services and to enter into the arrangements/ transactions/ contracts (including any other transfer of resources, giving and taking loans, advances, securities, services or obligations etc.,). Over the past three years, there have been no transactions with Shyam Century Ferrous Limited. Therefore, the rationale for the transactions is unclear. Hence, the AMC has voted against the resolution.

  1 for5 against
• Approval of Material Related Party Transactions upto an amount of Rs. 1,000 Crore in each of the financial years 2024-25 & 2025-26, entered or to be entered into by the Company with Star Cement (I) Limited.MoreLess

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year. Governance Concern: Nature of transaction not in ordinary course of business; Basis of Arm’s Length not disclosed.

  3 for3 against
• Approval of Material Related Party Transactions upto an amount of Rs. 1,500 Crore in each of the financial years 2024-25 & 2025-26, entered or to be entered into by the Company with Star Cement North East Limited.MoreLess

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year. Governance Concern: Nature of transaction not in ordinary course of business; Basis of Arm’s Length not disclosed.

  3 for3 against

Mutual fund votes, meeting of 19 Jan 2024, 5 fund houses

• Appointment of Mr. Keshav Bhajanka (DIN: 03109701) as a Non-Executive Director

  5 for0 against

Mutual fund votes, meeting of 28 Sep 2023, 4 fund houses

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

• To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the Financial Year ended 31st March, 2023 and the Reports of Board of Directors and Auditors thereon.MoreLess

  4 for0 against
• To appoint a Director in place of Mr. Sanjay Agarwal (DIN: 00246132), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding two full time positions.

  3 for1 against
• To appoint a director in place of Mr. Rajendra Chamaria (DIN: 00246171), who retires by rotation and being eligible, offers himself for re-appointment.

  4 for0 against
• To appoint Mr. Tushar Bhajanka (DIN: 09179632) as Director of the Company with effect from 08th August, 2023

  4 for0 against
• To appoint Mr. Tushar Bhajanka (DIN: 09179632) as Deputy Managing Director of the Company for a period of three years from 08th August, 2023

  4 for0 against
• To re-appoint Mr. Prem Kumar Bhajanka (DIN: 00591512) as Managing Director of the Company for a period of three years from 01st April, 2024.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding two full time positions.

  3 for1 against
• To re-appoint Mr. Sajjan Bhajanka (DIN: 00246043) as Chairman and Managing Director of the Company for a period of three years from 01st April, 2024.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Holds Chairman and Managing Director position and two full time positions.

  3 for1 against
• To re-appoint Mr. Sanjay Agarwal (DIN: 00246132) as Managing Director of the Company for a period of three years from 01st April, 2024

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding two full time positions.

  3 for1 against
• To re-appoint Mr. Rajendra Chamaria (DIN: 00246171) as Managing Director of the Company for a period of three years from 01st April, 2024.

  4 for0 against
• To change the designation of Mr. Pankaj Kejriwal (DIN: 00383635) from ‘Whole-time Director & Chief Operating Officer (COO)’ to ‘Executive Director’ w.e.f. 19th May, 2023 for his remaining tenure of appointment.MoreLess

  4 for0 against
• To re-appoint Mr. Pankaj Kejriwal (DIN: 00383635) as Executive Director of the Company for a period of three years from 1st April, 2024.

  4 for0 against
• To pay commission to Independent Directors of the Company beginning from financial year 2022-23 within the overall maximum limit of 1% of the net profits of the Company for that financial year computed in accordance with the provisions of Section 198 of the Act.MoreLess

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: No absolute cap on proposed payment of commission & perpetual approval.

  3 for1 against
• To ratify the remuneration to be paid to M/s. B. G. Chowdhury & Co., Cost Accountants, (FRN- 000064), Cost Auditors for the Financial Year ending 31st March, 2024.

  4 for0 against
• Approval for Material Related Party Transactions with Meghalaya Power Limited upto an amount of Rs. 200 Crores for each of the Financial Year 2023-24 & 2024-25.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year.

  3 for1 against
• Approval for Material Related Party Transactions with Megha Technical and Engineers Private Limited upto an amount of Rs. 175 Crores for each of the Financial Year 2023-24 & 2024-25

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year.

  3 for1 against
• Approval for Material Related Party Transactions with Shyam Century Ferrous Limited upto an amount of Rs. 25 Crores for each of the Financial Year 2023-24 & 2024-25.

  ›Against HDFC Mutual Fund, Motilal Oswal Mutual Fund

  • HDFC Mutual FundThe limit sought is high as well as rationale for the transaction is unclear
  • Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year.

  2 for2 against
• Approval for Material Related Party Transactions with Star Cement North East Limited upto an amount of Rs. 1500 Crores for each of the Financial Year 2023-24 & 2024-25.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundNo concern on merit of proposed transactions. Technical Non-compliance with SEBI Circular: Omnibus approval of RPTs for a period of more than one year.

  3 for1 against

Mutual fund votes, meeting of 3 Jun 2023, 3 fund houses

• To Appoint Mr. Vivek Chawla (DIN: 02696336) as an Independent Director of the Company

  3 for0 against
• To Appoint Mr. Jagdish Chandra Toshniwal (DIN: 01539889) as an Independent Director of the Company

  3 for0 against
• To Appoint Mr. Ramit Budhraja (DIN: 00053723) as an Independent Director of the Company

  3 for0 against
• To Increase the limit on maximum number of Directors from 15 (Fifteen) to 20 (Twenty)

  3 for0 against
• To revise the remuneration payable to Mr. Prem Kumar Bhajanka (DIN: 00591512), Managing Director

  3 for0 against