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Subros CEO, MD, chairman, board of directors and AGM

NSE: SUBROSBSE: 517168Industrial ProductsSmall Cap

Last close ₹588.10down ₹26.85 (4.37%)BSE ₹588.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹614.95.

52-week range of traded prices to 23 Oct 2026
₹576.15Low, 23 Oct 2026₹1,161.00High, 27 Oct 2025
Market cap
₹3,837 Cr786th largest listed
P/E
23.1
P/B
3.1
Dividend yield
0.51%
ROE
14.2%
ROCE
15.7%
Debt to equity
0.02
Volume, NSE
77,59753.0% delivered

Subros board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and managing directorShradha SuriRelated to the promoter
  • Chief executiveParmod Kumar Duggal
  • Company Secretary and Compliance OfficerKamal Samtani

13 directors6 independent2 executive5 non-executive

  • Shradha Suri · Chairperson and managing directorExecutive · joined May 2000 · reappointed May 2025 · 2 listed boards · 1 as independent · 1 committee seat
  • Jyotsna SuriNon-executive · joined Oct 2006 · 1 listed board · 1 committee seat
  • Hisashi TakeuchiNominee, non-executive · joined Oct 2022 · 2 listed boards · 1 committee seat
  • Naohisa KuriyamaNominee, non-executive · joined Jan 2026 · 1 listed board
  • Tsunenobu HoriAlternate · joined Jan 2026 · 1 listed board
  • Tomoaki YoshimoriNominee, non-executive · joined Dec 2020 · 1 listed board
  • Parmod Kumar Duggal · Chief executiveExecutive · joined Aug 2021 · reappointed Aug 2024 · 1 listed board · 1 committee seat
  • Arvind KapurIndependent · joined Feb 2019 · reappointed Feb 2024 · 88 months as independent · 2 listed boards · 1 as independent · 2 committee seats, 1 as chair
  • Arjan Kumar SikriIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 2 listed boards · 2 as independent · 1 committee seat
  • Deepa Gopalan WadhwaIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 6 listed boards · 6 as independent · 6 committee seats, 1 as chair
  • Ashok LavasaIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 1 listed board · 1 as independent · 4 committee seats, 1 as chair
  • Vanaja N SarnaIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 2 listed boards · 2 as independent · 5 committee seats, 1 as chair
  • Smita MankadIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 4 listed boards · 4 as independent · 10 committee seats, 3 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

2 directors who left
  • Yusuke Hara, left 30 Jan 2026: Others
  • Yasuhiro Iida, left 30 Jan 2026: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 18 May 202612 of 12 present6 independent · 48 days in between
    • 30 Mar 202612 of 12 present6 independent · 58 days in between
    • 30 Jan 202610 of 12 present6 independent

  • Audit Committee

    Chair Arvind Kapur

    Ashok Lavasa, Smita Mankad, Parmod Kumar Duggal

    • 18 May 20264 of 4 present3 independent · 5 days in between
    • 30 Jan 20264 of 4 present3 independent · 1 day in between

  • Nomination and remuneration committee

    Chair Arjan Kumar Sikri

    Deepa Gopalan Wadhwa, Smita Mankad

    • 12 May 20263 of 3 present3 independent · 4 days in between
    • 28 Jan 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Ashok Lavasa

    Smita Mankad, Shradha Suri

    • 7 May 20263 of 3 present2 independent · 47 days in between
    • 28 Jan 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Deepa Gopalan Wadhwa

    Vanaja N Sarna, Parmod Kumar Duggal

    • 20 Mar 20263 of 3 present2 independent · 48 days in between

  • Corporate Social Responsibility Committee

    Chair Vanaja N Sarna

    Arvind Kapur, Shradha Suri

    • 20 Mar 20263 of 3 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Pricewaterhouse Chartered Accountant LLPPeer-review certificate valid to Nov 2026
1 earlier auditor
  • Price Waterhouse Chartered Accountant LLPNamed in the filing for the quarter to Mar 2025

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.

Subros 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.Subros dividend history

Annual general meeting, 18 Sep 2026

57,591 shareholders on the register on 11 Sep 2026; present: 4 promoters and 211 others; votes counted by Ravi Sharma / RSM & Co..The company's voting result (opens in a new tab)

  1. To receive, consider and adopt: (a) Audited standalone financial statements of the company for the financial year ended March 31, 2026 together with the reports of the board of directors and the auditors thereon; and (b) Audited consolidated financial statements of the company for the financial year ended March 31, 2026 together with the report of the auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 74.29% · promoters 100.00% · institutions 96.27% · other public 51.24%

  2. To declare dividend on equity shares for the financial year ended on 31st March, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 74.29% · promoters 100.00% · institutions 96.30% · other public 51.24%

  3. To appoint a Director in place of Dr. Jyotsna Suri (DIN: 00004603)who retires by rotation and being eligible, offers herself for re-appointment
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 65.73% · promoters 76.72% · institutions 96.30% · other public 51.24%

  4. To ratify and approve remuneration of Cost Auditors of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 74.29% · promoters 100.00% · institutions 96.30% · other public 51.24%

  5. To approve material related party transactions with Global Autotech Limited
    OrdinaryPromoters have an interest in it
    99.79% for0.21% against

    Against: promoters 0.00% · institutions 0.70% · other public 0.01%

    Turnout: all 37.50% · promoters 0.00% · institutions 96.30% · other public 51.24%

  6. To approve material related party transactions with Maruti Suzuki India Limited
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.70% · other public 0.01%

    Turnout: all 74.29% · promoters 100.00% · institutions 96.30% · other public 51.24%

  7. To approve continuation of directorship of Dr. Jyotsna Suri ( DIN: 00004603) as Non-Executive Director on attaining the age of seventy- five years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 65.73% · promoters 76.72% · institutions 96.30% · other public 51.24%

  8. To appoint Mr. Akihiro Deguchi ( DIN:11816470) as Nominee Director
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.70% · other public 0.01%

    Turnout: all 74.29% · promoters 100.00% · institutions 96.30% · other public 51.24%

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 Mar 2026, 2 resolutions

55,333 shareholders on the register on 6 Feb 2026; votes counted by Ravi Sharma / RSM & Co..The company's voting result (opens in a new tab)

  1. Appointment of Mr. Mr. Naohisa Kuriyam (DIN: 10047865) as a Nominee Director
    Ordinary
    93.69% for6.31% against

    Against: promoters 0.00% · institutions 48.36% · other public 0.05%

    Turnout: all 86.57% · promoters 100.00% · institutions 95.70% · other public 74.88%

  2. Appointment of Mr. Tsunenobu Hori (DIN: 11488901) as an Alternate Director
    Ordinary
    89.49% for10.51% against

    Against: promoters 0.00% · institutions 80.65% · other public 0.05%

    Turnout: all 86.57% · promoters 100.00% · institutions 95.70% · other public 74.88%

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, 17 Sep 2025, 8 resolutions

50,361 shareholders on the register on 11 Sep 2025; present: 4 promoters and 194 others; votes counted by Ravi Sharma / RSM & Co..The company's voting result (opens in a new tab)

  1. Adoption of the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors' And Auditors' thereon.MoreLess
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 87.07% · promoters 100.00% · institutions 94.65% · other public 75.83%

  2. Declaration of dividend on equity shares for the financial year ended on March 31, 2025
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 87.07% · promoters 100.00% · institutions 94.68% · other public 75.83%

  3. Appointment of a Director in place of Mr. Hisashi Takeuchi (DIN: 07806180), who retires by rotation and, being eligible, offers himself for re-appointment.
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.27% · other public 0.04%

    Turnout: all 87.07% · promoters 100.00% · institutions 94.68% · other public 75.83%

  4. Ratification and approval of remuneration of Cost Auditors for the financial year 2025-26.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 87.07% · promoters 100.00% · institutions 94.68% · other public 75.83%

  5. Approval of appointment of M/s RSM & Co., as Secretarial Auditors of the Company
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.88% · other public 0.04%

    Turnout: all 87.07% · promoters 100.00% · institutions 94.68% · other public 75.83%

  6. Approval of material related party transactions with Global Autotech Limited
    OrdinaryPromoters have an interest in it
    99.76% for0.24% against

    Against: promoters 0.00% · institutions 0.88% · other public 0.04%

    Turnout: all 50.28% · promoters 0.00% · institutions 94.68% · other public 75.83%

  7. Approval of material related party transactions with Maruti Suzuki India Limited
    Ordinary
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.88% · other public 0.06%

    Turnout: all 75.11% · promoters 100.00% · institutions 94.68% · other public 52.26%

  8. Approval of material related party transactions with Suzuki Motor Gujarat Private Limited
    Ordinary
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.88% · other public 0.06%

    Turnout: all 75.11% · promoters 100.00% · institutions 94.68% · other public 52.26%

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, 10 May 2025, 2 resolutions

49,453 shareholders on the register on 4 Apr 2025; votes counted by Ravi Sharma / RSM & Co..The company's voting result (opens in a new tab)

  1. Appointment of Mr. Yusuke Hara (DIN: 10940818) as a Nominee Director
    Ordinary
    99.79% for0.21% against

    Against: promoters 0.00% · institutions 1.47% · other public 0.04%

    Turnout: all 86.79% · promoters 100.00% · institutions 96.02% · other public 75.14%

  2. Appointment of Dr. Yasuhiro Iida (DIN: 07144682) as an Alternate Director
    Ordinary
    88.64% for11.36% against

    Against: promoters 0.00% · institutions 85.25% · other public 0.04%

    Turnout: all 86.79% · promoters 100.00% · institutions 96.02% · other public 75.13%

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 Mar 2025, 1 resolution

49,396 shareholders on the register on 3 Feb 2025; votes counted by Ravi Sharma / RSM & Co..The company's voting result (opens in a new tab)

  1. Re-appointment of Ms. Shradha Suri as Chairperson & Managing Director of the Company
    SpecialPromoters have an interest in it
    97.42% for2.58% against

    Against: promoters 0.00% · institutions 17.48% · other public 0.04%

    Turnout: all 78.13% · promoters 76.72% · institutions 95.81% · other public 75.03%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 18 Sep 2024, 9 resolutions

Present: 4 promoters and 183 others.The company's voting result (opens in a new tab)

  1. ADOPTION OF THE AUDITED FINANCIAL STATEMENTS (STANDALONE AND CONSOLIDATED) OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024 TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND THE AUDITORS THEREONMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 86.10% · promoters 100.00% · institutions 93.13% · other public 74.58%

  2. DECLARATION OF DIVIDEND ON EQUITY SHARES FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 86.10% · promoters 100.00% · institutions 93.13% · other public 74.58%

  3. APPOINTMENT OF A DIRECTOR IN PLACE OF DR. JYOTSNA SURI (DIN: 00004603), WHO RETIRES BY ROTATION AND, BEING ELIGIBLE, OFFERS HERSELF FOR RE-APPOINTMENT
    Ordinary
    99.62% for0.38% against

    Against: promoters 0.00% · institutions 2.99% · other public 0.01%

    Turnout: all 86.10% · promoters 100.00% · institutions 93.13% · other public 74.58%

  4. RATIFICATION AND APPROVAL OF THE REMUNERATION OF COST AUDITORS FOR THE FINANCIAL YEAR 2024-25
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 86.10% · promoters 100.00% · institutions 93.13% · other public 74.58%

  5. RE-APPOINTMENT OF MR. PARMOD KUMAR DUGGAL (DIN: 02382912) AS WHOLE-TIME DIRECTOR DESIGNATED AS EXECUTIVE DIRECTOR & CHIEF EXECUTIVE OFFICER
    Ordinary
    94.18% for5.82% against

    Against: promoters 0.00% · institutions 45.98% · other public 0.01%

    Turnout: all 86.10% · promoters 100.00% · institutions 93.13% · other public 74.58%

  6. CONSIDERATION THE PAYMENT OF COMMISSION TO NON-EXECUTIVE INDEPENDENT DIRECTORS
    Ordinary
    94.27% for5.73% against

    Against: promoters 0.00% · institutions 45.28% · other public 0.01%

    Turnout: all 86.10% · promoters 100.00% · institutions 93.13% · other public 74.58%

  7. APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH GLOBAL AUTOTECH LIMITED
    OrdinaryPromoters have an interest in it
    93.41% for6.59% against

    Against: promoters 0.00% · institutions 29.78% · other public 0.01%

    Turnout: all 49.31% · promoters 0.00% · institutions 93.13% · other public 74.58%

  8. APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH MARUTI SUZUKI INDIA LIMITED
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.70% · other public 0.01%

    Turnout: all 74.15% · promoters 100.00% · institutions 93.13% · other public 51.37%

  9. APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH SUZUKI MOTOR GUJARAT PRIVATE LIMITED
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.70% · other public 0.01%

    Turnout: all 74.15% · promoters 100.00% · institutions 93.13% · other public 51.37%

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, 5 Mar 2024, 6 resolutions

The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Arvind Kapur (DIN: 00096308) as an Independent Director
    Special
    93.36% for6.64% against

    Against: promoters 0.00% · institutions 54.62% · other public 0.01%

    Turnout: all 85.66% · promoters 100.00% · institutions 94.77% · other public 73.65%

  2. Appointment of Justice Arjan Kumar Sikri (Retd)n(DIN: 08624055) as an Independent Director
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 85.66% · promoters 100.00% · institutions 94.77% · other public 73.65%

  3. Appointment of Ambassador Deepa Gopalan Wadhwa,nIFS (Retd) (DIN: 07862942) as an Independent Director
    Special
    99.42% for0.58% against

    Against: promoters 0.00% · institutions 4.78% · other public 0.01%

    Turnout: all 85.66% · promoters 100.00% · institutions 94.77% · other public 73.65%

  4. Appointment of Mr. Ashok Lavasa, IAS (Retd) (DIN: 07575403) as an Independent Director
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 85.66% · promoters 100.00% · institutions 94.77% · other public 73.65%

  5. Appointment of Mrs. Vanaja Narayanan Sarna, IRS (Retd) (DIN:10419005) as an Independent Director
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 85.66% · promoters 100.00% · institutions 94.77% · other public 73.65%

  6. Appointment of Ms. Smita Piyush Mankadn(DIN: 02009838) as an Independent Director
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 85.66% · promoters 100.00% · institutions 94.77% · other public 73.65%

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, 5 Sep 2023, 8 resolutions

Present: 4 promoters and 156 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Financial Statements (standalone and consolidated) of the Company for the financial year ended March 31, 2023, together with the Reports of the Board of Directors' and Auditors' thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 67.29% · promoters 100.00% · institutions 97.72% · other public 36.43%

  2. Declaration of dividend on equity shares for the financial year ended on March 31, 2023
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 67.29% · promoters 100.00% · institutions 97.72% · other public 36.43%

  3. Re-appointment of a director in place of Mr. Tomoaki Yoshimori (DIN: 08981304), Director who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.32% for0.68% against

    Against: promoters 0.00% · institutions 3.81% · other public 0.01%

    Turnout: all 67.29% · promoters 100.00% · institutions 97.72% · other public 36.43%

  4. Ratification and approval of remuneration of Cost Auditors for the financial year 2023-24.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 67.29% · promoters 100.00% · institutions 97.72% · other public 36.43%

  5. Approval of material related party transactions with Global Autotech Limited.
    Ordinary
    91.35% for8.65% against

    Against: promoters 0.00% · institutions 42.61% · other public 0.01%

    Turnout: all 58.73% · promoters 76.72% · institutions 97.72% · other public 36.43%

  6. Approval of material related party transactions with Denso Haryana Private Limited.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 67.29% · promoters 100.00% · institutions 97.72% · other public 36.43%

  7. Approval of material related party transactions with Maruti Suzuki India Limited.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 55.34% · promoters 100.00% · institutions 97.72% · other public 12.98%

  8. Approval of material related party transactions with Suzuki Motor Gujarat Private Limited
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 55.34% · promoters 100.00% · institutions 97.72% · other public 12.98%

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 18 Sep 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt: (a) Audited standalone financial statements of the company for the financial year ended March 31, 2026 together with the reports of the board of directors and the auditors thereon; and (b) Audited consolidated financial statements of the company for the financial year ended March 31, 2026 together with the report of the auditors thereon.MoreLess
    1 for0 against
  • To declare dividend on equity shares for the financial year ended on 31st March, 2026
    1 for0 against
  • To appoint a Director in place of Dr. Jyotsna Suri (DIN: 00004603)who retires by rotation and being eligible, offers herself for re-appointment
    1 for0 against
  • To ratify and approve remuneration of Cost Auditors of the Company
    1 for0 against
  • To approve material related party transactions with Global Autotech Limited
    Against Angel One Mutual Fund
    • Angel One Mutual FundTransparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
    0 for1 against
  • To approve material related party transactions with Maruti Suzuki India Limited
    Against Angel One Mutual Fund
    • Angel One Mutual FundTransparency Concern: It is unclear how proposed transactions fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
    0 for1 against
  • To approve continuation of directorship of Dr. Jyotsna Suri ( DIN: 00004603) as Non-Executive Director on attaining the age of seventy- five years
    1 for0 against
  • To appoint Mr. Akihiro Deguchi ( DIN:11816470) as Nominee Director
    Against Angel One Mutual Fund
    • Angel One Mutual FundTransparency Concern: The Company has not disclosed if the Director’s office is liable to retirement by rotation or not; it may add a compliance concern under Section 152(6) due to inadequate disclosure, as the Board does not have requisite number of retiring directors.
    0 for1 against

Mutual fund votes, meeting of 12 Mar 2026, 11 fund houses

  • Appointment of Mr. Mr. Naohisa Kuriyam (DIN: 10047865) as a Nominee Director
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundTransparency Concern: The Company has not disclosed if the Director’s office is liable to retirement by rotation or not; it may lead to a compliance concern with requirement of retirement of Directors by rotation due to inadequate disclosure; Governance Concern: Inadequate justification provided for appointing an Alternate Director in his place; Zero attendance (excluding alternate director’s attendance) at the previous appointment & no justification for leave of absence.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on the merits of proposed director. Transparency Concern: The Company has not disclosed if the Director’s office is liable to retirement by rotation or not; it may lead to a compliance concern under Section 152(6) due to inadequate disclosure; Governance Concern: Inadequate justification provided for appointing an Alternate Director in his place; Zero attendance (excluding alternate director’s attendance) at the previous appointment no justification for leave of absence.
    • Kotak Mahindra Mutual FundNaohisa Kuriyama, 59, is the Head of Thermal Management Systems Business Unit of DENSO Corporation, Japan, where he oversees product development for the passenger vehicle segment. He has experience in research and development, with specialized expertise in air-conditioning systems and thermal technologies across various DENSO divisions. As company states, the appointment is as per the regulatory requirement, and the appointee is liable to retire by rotation. However, the appointee did not attend any board meeting in his last tenure and company has not provided any justification on that. As time commitment of the appointee is a concern, we do not favour the resolution.
    6 for5 against
  • Appointment of Mr. Tsunenobu Hori (DIN: 11488901) as an Alternate Director
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund
    • Angel One Mutual FundGovernance Concern: Appointment of Alternate Director & No justification provided regarding the same.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merits of proposed appointee. Governance Concern: Alternate Director being appointed in place of nominee director. Attending board meeting by an alternate director is not a good governance practice. Shareholders appoint a director after evaluating the profile, experience, and suitability; appointing another individual as an alternate to attend and participate in Board meetings undermines that intent. Additionally, no specific justification provided for the same.
    • Kotak Mahindra Mutual FundTsunenobu Hori, 52, is the CEO of DENSO India Region companies and President of DENSO International India Pvt. Ltd. He began his career with DENSO Corporation in the Spark Plug Engineering Division. He later moved to Toyota Motor Corporation, where he held a range of technical and managerial roles. He served as General Manager of the Ceramics Engineering Department and was later elevated to leadership roles including Director, Deputy Head, and Head of the Exhaust After Treatment System Business Unit. As company states, Mr. Tsunenobu Hori is based in India and he would represent Mr. Naohisa kuriyama. We believe that Mr. Naohisa kuriyama can attend the meetings virtually (via telecon or video conferencing). Hence, we do not favour the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: No justification provided for appointing Alternate Director in place of nominee director and attending board meeting by an alternate director is not a good governance practice.
    • UTI Mutual FundTsunenobu Hori, 52, is the CEO of DENSO India Region companies and President of DENSO International India Pvt. Ltd. The company seeks to appoint Tsunenobu Hori as Alternate Director to the nominee of DENSO Corporation, Japan. He will serve as alternate director to Naohisa Kuriyama. While his appointment is in line with statutory requirements, we do not support the appointment of alternate directors. We expect the elected director to attend meetings either via telecon or video conferencing. We do not support the resolution.
    3 for8 against
6 earlier meetings

Mutual fund votes, meeting of 17 Sep 2025, 11 fund houses

  • Adoption of the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors' And Auditors' thereon.MoreLess
    11 for0 against
  • Declaration of dividend on equity shares for the financial year ended on March 31, 2025
    11 for0 against
  • Appointment of a Director in place of Mr. Hisashi Takeuchi (DIN: 07806180), who retires by rotation and, being eligible, offers himself for re-appointment.
    11 for0 against
  • Ratification and approval of remuneration of Cost Auditors for the financial year 2025-26.
    11 for0 against
  • Approval of appointment of M/s RSM & Co., as Secretarial Auditors of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: Failure to highlight previous non-compliance by the Company in the Secretarial Audit Report or Compliance Report for FY 2024-25.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Failure to highlight previous non-compliance by the Company in the Secretarial Audit Report or Compliance Report for FY 2024-25.
    7 for4 against
  • Approval of material related party transactions with Global Autotech 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 assets are considered to be in the ordinary course of business.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundProposed transactions are compliant 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 assets are considered to be in the ordinary course of business.
    7 for4 against
  • Approval of material related party transactions with Maruti Suzuki India 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 assets are considered to be in the ordinary course of business.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundProposed transactions are compliant 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 assets are considered to be in the ordinary course of business.
    7 for4 against
  • Approval of material related party transactions with Suzuki Motor Gujarat 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 assets are considered to be in the ordinary course of business.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundProposed transactions are compliant 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 assets are considered to be in the ordinary course of business.
    7 for4 against

Mutual fund votes, meeting of 10 May 2025, 9 fund houses

  • Appointment of Mr. Yusuke Hara (DIN: 10940818) as a Nominee Director
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance & transparency concern: Mr. Yusuke Hara is proposed to be appointed as Non_x0002_Retiring Director leading to Potential Non-Compliance under Section 152 & Alternate director is being appointed in his place.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merits. Governance & transparency concern: Mr. Yusuke Hara is proposed to be appointed as NonRetiring Director leading to Potential Non-Compliance under Section 152 & Alternate director is being appointed in his place.
    5 for4 against
  • Appointment of Dr. Yasuhiro Iida (DIN: 07144682) as an Alternate Director
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund
    • Angel One Mutual FundGovernance Concern: Alternate Director being appointed in place of Mr. Yusuke Hara.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merits. Governance Concern: Alternate Director being appointed in place of Mr. Yusuke Hara.
    • Kotak Mahindra Mutual FundYasuhiro Iida, 64, is Chairperson and Managing Director of DENSO International India Pvt Ltd. He previous served as Head (Purchasing group) and Head (Global Production Center) at DENSO he has been associated with the DENSO group since 1985. The company seeks to appoint him as Alternate Director to nominee of DENSO Corporation, Japan. He will serve as alternate director to Yusuke Hara. While his appointment is in line with statutory requirements, we do not support the appointment of alternate directors. In the present time with the facility of video conferencing available, attending the meeting is not related to geographical meeting point anymore. We expect the elected director to attend meetings either via telecon or video conferencing. Hence voting against.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern.
    • UTI Mutual FundYasuhiro Iida, 64, is Chairperson and Managing Director of DENSO International India Pvt Ltd. He previous served as Head (Purchasing group) and Head (Global Production Center) at DENSO – he has been associated with the DENSO group since 1985. The company seeks to appoint him as Alternate Director to nominee of DENSO Corporation, Japan. He will serve as alternate director to Yusuke Hara. While his appointment is in line with statutory requirements, we do not support the appointment of alternate directors. We expect the elected director to attend meetings either via telecon or video conferencing. We do not support the resolution.
    1 for8 against

Mutual fund votes, meeting of 11 Mar 2025, 7 fund houses

  • Re-appointment of Ms. Shradha Suri as Chairperson & Managing Director of the Company
    Against Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundRe-appointment compliant with law. No concern on the merits of the Director. Governance Concern: Combined position as Chairperson & MD. Skewed Remuneration favor of Promoter Director. No Absolute Cap on Variable Pay. Transparency Concern: Potential Non-Compliance under Section 152 due to inadequate disclosures w.r.t. terms of retirement concerned Directors.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundProfile of the Candidate
    2 for5 against

Mutual fund votes, meeting of 18 Sep 2024, 3 fund houses

  • ADOPTION OF THE AUDITED FINANCIAL STATEMENTS (STANDALONE AND CONSOLIDATED) OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024 TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND THE AUDITORS THEREONMoreLess
    3 for0 against
  • DECLARATION OF DIVIDEND ON EQUITY SHARES FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2024
    3 for0 against
  • APPOINTMENT OF A DIRECTOR IN PLACE OF DR. JYOTSNA SURI (DIN: 00004603), WHO RETIRES BY ROTATION AND, BEING ELIGIBLE, OFFERS HERSELF FOR RE-APPOINTMENT
    3 for0 against
  • RATIFICATION AND APPROVAL OF THE REMUNERATION OF COST AUDITORS FOR THE FINANCIAL YEAR 2024-25
    3 for0 against
  • RE-APPOINTMENT OF MR. PARMOD KUMAR DUGGAL (DIN: 02382912) AS WHOLE-TIME DIRECTOR DESIGNATED AS EXECUTIVE DIRECTOR & CHIEF EXECUTIVE OFFICER
    Against Bandhan Mutual Fund, Kotak Mahindra Mutual Fund
    • Bandhan Mutual FundRe-appointment compliant with law. Governance Concern: Discretion to CMD for approval of increment of salary & for alteration of terms of re-appointment. Transparency Concern: Company is silent on the terms of retirement of the Director.
    • Kotak Mahindra Mutual FundNo concern has been identified with the time commitment, profile and merit of the director. However, the company has not disclosed whether Mr. Parmod K. Duggal shall be liable to retire by rotation. Under such circumstances where the Company has not disclosed the required information, we shall consider the above Directors viz. Mr. Parmod K. Duggal to be non-retiring. As per the above consideration, the Company is Non-Compliant under Section 152 of the Companies Act. Hence voting against.
    1 for2 against
  • CONSIDERATION THE PAYMENT OF COMMISSION TO NON-EXECUTIVE INDEPENDENT DIRECTORS
    Against Kotak Mahindra Mutual Fund
    • Kotak Mahindra Mutual FundWhile the proposed commission is reasonable, the company has not defined a tenure for payment of commission, the resolution is effectively valid in perpetuity. We do not support resolutions in perpetuity: shareholders must get a chance to periodically review such payments. We do not support the resolution.
    2 for1 against
  • APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH GLOBAL AUTOTECH LIMITED
    Against Bandhan Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Nature of proposed transactions not in Ordinary Course of Business as per SES.
    1 for2 against
  • APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH MARUTI SUZUKI INDIA LIMITED
    Against Bandhan Mutual Fund
    • Bandhan Mutual FundCompliant with law. Governance Concern: Nature of proposed transactions not in Ordinary Course of Business as per SES.
    2 for1 against
  • APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH SUZUKI MOTOR GUJARAT PRIVATE LIMITED
    Against Bandhan Mutual Fund
    • Bandhan Mutual FundCompliant with law. Governance Concern: Nature of proposed transactions not in Ordinary Course of Business as per SES.
    2 for1 against

Mutual fund votes, meeting of 5 Mar 2024, 5 fund houses

  • Re-appointment of Mr. Arvind Kapur (DIN: 00096308) as an Independent Director
    Against Kotak Mahindra Mutual Fund, Nippon India Mutual Fund
    • Kotak Mahindra Mutual FundMr. Arvind Kapur was appointed as an Independent Director of the Company by the shareholders for a term of five (5) consecutive years commencing from 6th February 2019 to 5th February, 2024. The Company is seeking shareholders approval to re-appoint Mr. Arvind Kapur as an Independent Director on the Board of the Company to hold office for a second term of five (5) consecutive years commencing from 6 th February, 2024 to 5th February, 2029. The Company has proposed continuation of directorship post attainment of the age of 75 years during the term and has provided justification for the same. We have no concern regarding profile, time commitment and independence of Mr. Arvind Kapur. However we believe shareholders approval for his reappointment should have been sought on or before the completion of his first term as Independent Director.
    • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director
    3 for2 against
  • Appointment of Justice Arjan Kumar Sikri (Retd)n(DIN: 08624055) as an Independent Director
    5 for0 against
  • Appointment of Ambassador Deepa Gopalan Wadhwa,nIFS (Retd) (DIN: 07862942) as an Independent Director
    5 for0 against
  • Appointment of Mr. Ashok Lavasa, IAS (Retd) (DIN: 07575403) as an Independent Director
    5 for0 against
  • Appointment of Mrs. Vanaja Narayanan Sarna, IRS (Retd) (DIN:10419005) as an Independent Director
    5 for0 against
  • Appointment of Ms. Smita Piyush Mankadn(DIN: 02009838) as an Independent Director
    5 for0 against

Mutual fund votes, meeting of 5 Sep 2023, 5 fund houses

  • Adoption of the Audited Financial Statements (standalone and consolidated) of the Company for the financial year ended March 31, 2023, together with the Reports of the Board of Directors' and Auditors' thereon.MoreLess
    5 for0 against
  • Declaration of dividend on equity shares for the financial year ended on March 31, 2023
    5 for0 against
  • Re-appointment of a director in place of Mr. Tomoaki Yoshimori (DIN: 08981304), Director who retires by rotation and being eligible, offers himself for re-appointment
    5 for0 against
  • Ratification and approval of remuneration of Cost Auditors for the financial year 2023-24.
    5 for0 against
  • Approval of material related party transactions with Global Autotech Limited.
    Against Edelweiss Mutual Fund, Sundaram Mutual Fund
    • Edelweiss Mutual FundRPT not allowed in this case
    • Sundaram Mutual FundGlobal Autotech Limited is a Tier II auto-component manufacturer, in which Ms. Shradha Suri, MD and Dr. Jyotsna Suri, Non-Executive Director are major shareholders, making it a related party. Transactions have ranged between Rs. 2.3 bn to Rs. 2.6 bn over the last five years. The company is seeking a limit of Rs. 5.3 bn with Global Autotech Limited, which reported FY21 revenues of Rs. 3.4 bn. There is no disclosure on Global Autotech’s FY23 size and performance. Further, it is unclear of Global Autotech has any material customers other than Subros Limited: the proposed RPTs amount to 84% of Global Autotech’s FY22 turnover. We raise concerns over the structure of the business relationship – we do not support transactions with promoter-controlled entities that have business adjacencies with the listed company.
    3 for2 against
  • Approval of material related party transactions with Denso Haryana Private Limited.
    5 for0 against
  • Approval of material related party transactions with Maruti Suzuki India Limited.
    5 for0 against
  • Approval of material related party transactions with Suzuki Motor Gujarat Private Limited
    5 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputePrincipal Commissioner of Customs, Greater NoidaSince 15 Jul 2024
    Hearing date is yet to be notified
    At the filing before: _

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

At most 2 complaints open, quarter to Jun 2026.
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
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.