TBO Tek logo

TBO Tek MD, chairman, board of directors and AGM

NSE: TBOTEKBSE: 544174Leisure ServicesSmall Cap

Last close ₹1,523.80down ₹21.90 (1.42%)BSE ₹1,522.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,545.70.

52-week range of traded prices to 23 Oct 2026
₹1,004.20Low, 23 Mar 2026₹1,772.50High, 7 Oct 2026
Market cap
₹16,547 Cr451st largest listed
P/E
62.5
P/B
10.7
Dividend yield
Nonein the last 12 months
ROE
19.3%
ROCE
14.9%
Debt to equity
0.42
Volume, NSE
1,16,16956.2% delivered

TBO Tek 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

  • ChairpersonRavindra Dhariwal
  • Managing directorAnkush Nijhawan
  • Managing directorGaurav Bhatnagar
  • Company Secretary and Compliance OfficerNeera Chandak

8 directors4 independent3 executive1 non-executive

  • Ravindra Dhariwal · ChairpersonIndependent · joined Nov 2021 · reappointed Nov 2021 · 55 months as independent · 2 listed boards · 1 as independent · 2 committee seats, 1 as chair
  • Ankush Nijhawan · Managing directorExecutive · joined Mar 2007 · 1 listed board · 1 committee seat
  • Gaurav Bhatnagar · Managing directorExecutive · joined Nov 2006 · 1 listed board
  • Akshat VermaExecutive · joined Nov 2024 · 1 listed board · 1 committee seat
  • Shantanu RastogiNominee, non-executive · joined Nov 2024 · 3 listed boards · 1 committee seat
  • Anuranjita KumarIndependent · joined Nov 2021 · reappointed Nov 2021 · 55 months as independent · 5 listed boards · 5 as independent · 6 committee seats, 2 as chair
  • Bhaskar PramanikIndependent · joined Nov 2021 · reappointed Nov 2021 · 55 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Rahul BhatnagarIndependent · joined Nov 2021 · reappointed Nov 2021 · 55 months as independent · 5 listed boards · 5 as independent · 5 committee seats, 4 as chair

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

1 director who left
  • Udai Dhawan, left 3 Dec 2024: Others

Committees and meetings

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

  • Board

    • 28 May 20268 of 8 present4 independent · 50 days in between
    • 7 Apr 20268 of 8 present4 independent · 13 days in between
    • 24 Mar 20267 of 8 present3 independent · 40 days in between
    • 11 Feb 20268 of 8 present4 independent · 12 days in between
    1 earlier meeting
    • 29 Jan 20267 of 8 present4 independent

  • Audit Committee

    Chair Rahul Bhatnagar

    Anuranjita Kumar, Bhaskar Pramanik, Ravindra Dhariwal

    • 28 May 20264 of 4 present4 independent · 105 days in between
    • 11 Feb 20266 of 6 present4 independent

  • Nomination and remuneration committee

    Chair Bhaskar Pramanik

    Ravindra Dhariwal, Shantanu Rastogi

    • 22 May 20263 of 3 present2 independent · 99 days in between
    • 11 Feb 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Anuranjita Kumar

    Ankush Nijhawan, Akshat Verma

    • 26 May 20263 of 3 present1 independent · 3 days in between

  • Risk Management Committee

    Chair Gaurav Bhatnagar

    Ankush Nijhawan, Akshat Verma, Rahul Bhatnagar, Vikas Jain, Neera Chandak

    • 26 May 20264 of 4 present1 independent

  • Corporate Social Responsibility Committee

    Chair Ankush Nijhawan

    Rahul Bhatnagar, Gaurav Bhatnagar

    • 26 May 20263 of 3 present1 independent

  • Innovation Committee

    Chair Shantanu Rastogi

    Bhaskar Pramanik, Ankush Nijhawan, Gaurav Bhatnagar, Akshat Verma

    • 22 May 20265 of 5 present1 independent

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

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • S.R.Batliboi & Co. LLPPeer-review certificate valid to Jul 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

TBO Tek 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.TBO Tek share news and announcements

Annual general meeting, 27 Aug 2026

40,232 shareholders on the register on 21 Aug 2026; present: 4 promoters and 71 others; votes counted by Ms. Shirin Bhatt / M/s Shirin Bhatt & Associates, Practicing Company Secretaries.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, together with reports of the Auditors and Board of Directors of the Company.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 88.00% · promoters 100.00% · institutions 85.61% · other public 10.55%

  2. To Re-appoint Mr. Ankush Nijhawan (DIN: 01112570) as a Director liable to retire by rotation
    OrdinaryPromoters have an interest in it
    99.53% for0.47% against

    Against: promoters 0.00% · institutions 0.96% · other public 0.01%

    Turnout: all 88.00% · promoters 100.00% · institutions 85.61% · other public 10.55%

  3. To Re-appoint Mr. Ravindra Dhariwal (DIN: 00003922), as a Non-Executive Independent Director for second (2nd) Term
    Special
    99.01% for0.99% against

    Against: promoters 0.00% · institutions 2.03% · other public 0.13%

    Turnout: all 88.00% · promoters 100.00% · institutions 85.61% · other public 10.55%

  4. To Re-appoint Mr. Rahul Bhatnagar (DIN: 07268064), as a Non-Executive Independent Director for second (2nd) Term
    Special
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.26% · other public 0.02%

    Turnout: all 88.00% · promoters 100.00% · institutions 85.61% · other public 10.55%

  5. To Re-appoint Ms. Anuranjita Kumar (DIN: 05283847), As a Non-Executive Independent Director for second (2nd) Term
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.02%

    Turnout: all 88.00% · promoters 100.00% · institutions 85.61% · other public 10.55%

  6. To Re-appoint Mr. Bhaskar Pramanik (DIN: 00316650), as a Non-Executive Independent Director for second (2nd) Term
    Special
    98.95% for1.05% against

    Against: promoters 0.00% · institutions 2.15% · other public 0.28%

    Turnout: all 88.00% · promoters 100.00% · institutions 85.61% · other public 10.55%

  7. Approval of remuneration for Non-Executive Directors (including Independent Directors) of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 88.00% · promoters 100.00% · institutions 85.61% · other public 10.55%

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, 15 Mar 2026, 1 resolution

37,264 shareholders on the register on 6 Feb 2026; votes counted by Shirin Bhatt / Shirin Bhatt & Associates.The company's voting result (opens in a new tab)

  1. To approve the continuation of directorship of Mr. Bhaskar Pramanik (DIN: 00316650) as a non-executive independent Director of the Company upon attaining the age of 75 years.
    Special
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.06%

    Turnout: all 91.04% · promoters 100.00% · institutions 92.40% · other public 3.71%

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, 8 Nov 2025, 1 resolution

37,151 shareholders on the register on 3 Oct 2025; votes counted by Shirin Bhatt / Shirin Bhatt & Associates.The company's voting result (opens in a new tab)

  1. To consider and approve creation and enforcement of security on or disposal of more than 20% of assets of material subsidiaries and possible reduction of shareholding in material subsidiaries to 50% or below.MoreLess
    Special
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.18% · other public 1.64%

    Turnout: all 89.82% · promoters 100.00% · institutions 91.46% · other public 0.23%

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, 8 Aug 2025, 4 resolutions

36,043 shareholders on the register on 1 Aug 2025; present: 4 promoters and 74 others; votes counted by Ms. Shirin Bhatt / M/s Shirin Bhatt & Associates, Practicing Company Secretaries.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2025, together with Reports of the Auditors and Board of Directors of the Company.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.98% · promoters 100.00% · institutions 93.95% · other public 3.77%

  2. To re-appoint Mr. Gaurav Bhatnagar (DIN: 00446482) as a director liable to retire by rotation.
    OrdinaryPromoters have an interest in it
    96.12% for3.88% against

    Against: promoters 0.00% · institutions 7.61% · other public 0.06%

    Turnout: all 90.98% · promoters 100.00% · institutions 93.95% · other public 3.77%

  3. Appointment of M/s. NKJ & Associates, Company Secretaries as the Secretarial Auditors of the Company.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.98% · promoters 100.00% · institutions 93.95% · other public 3.77%

  4. Approval of Remuneration of Non-Executive Directors of the Company.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.18%

    Turnout: all 90.98% · promoters 100.00% · institutions 93.95% · other public 3.77%

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 Jan 2025, 3 resolutions

33,970 shareholders on the register on 13 Dec 2024; votes counted by Shirin Bhatt / Shirin Bhatt & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Shantanu Rastogi (DIN: 06732021) as Non-Executive Nominee Director of the Company
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.21% · other public 0.02%

    Turnout: all 91.54% · promoters 100.00% · institutions 93.60% · other public 11.37%

  2. Appointment of Mr. Akshat Verma (DIN: 10838493) as a Whole-time Director of the Company
    Special
    96.44% for3.56% against

    Against: promoters 0.00% · institutions 7.02% · other public 0.02%

    Turnout: all 91.54% · promoters 100.00% · institutions 93.60% · other public 11.37%

  3. Approval of remuneration for Non-Executive Directors of the Company
    Special
    96.44% for3.56% against

    Against: promoters 0.00% · institutions 7.02% · other public 0.02%

    Turnout: all 91.54% · promoters 100.00% · institutions 93.60% · other public 11.37%

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.

Annual general meeting, 23 Aug 2024, 5 resolutions

Present: 3 promoters and 73 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended 31st March 2024, together with Report of the Auditor and Board of Directors of the Company.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 92.21% · promoters 100.00% · institutions 96.04% · other public 11.01%

  2. To re-appoint Mr. Udai Dhawan (DIN 03048040) as a director liable to retire by rotation.
    Ordinary
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 0.43% · other public 0.03%

    Turnout: all 92.21% · promoters 100.00% · institutions 96.04% · other public 11.00%

  3. To appoint M/s S.R. Batliboi & Co. LLP as the statutory auditor of the Company.
    Ordinary
    99.31% for0.69% against

    Against: promoters 0.00% · institutions 1.34% · other public 0.00%

    Turnout: all 92.21% · promoters 100.00% · institutions 96.04% · other public 11.00%

  4. To amend Article of Association of the Company.
    Special
    96.93% for3.07% against

    Against: promoters 0.00% · institutions 5.89% · other public 7.69%

    Turnout: all 92.21% · promoters 100.00% · institutions 96.04% · other public 11.00%

  5. To pledge the shares held by Tek Travels DMCC in Jumbonline Accommodation & Services, nS.L.U.
    Special
    100.00% for0.00% against

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

    Turnout: all 92.21% · promoters 100.00% · institutions 96.04% · other public 11.00%

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.

Postal ballot, 3 Jul 2024, 2 resolutions

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

  1. Ratification of “TBO Employees Stock Option Scheme, 2021”
    Special
    92.38% for7.62% against

    Against: promoters 0.00% · institutions 15.14% · other public 0.05%

    Turnout: all 90.54% · promoters 100.00% · institutions 92.41% · other public 8.80%

  2. Ratification of extension of benefits of TBO Employees Stock Option Scheme, 2021 (“ESOS 2021”) to the employees of the Subsidiary Companies and Associate Companies, including Joint venture companies, if any.MoreLess
    Special
    92.38% for7.62% against

    Against: promoters 0.00% · institutions 15.14% · other public 0.05%

    Turnout: all 90.54% · promoters 100.00% · institutions 92.41% · other public 8.80%

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 27 Aug 2026, 10 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, together with reports of the Auditors and Board of Directors of the Company.MoreLess
    10 for0 against
  • To Re-appoint Mr. Ankush Nijhawan (DIN: 01112570) as a Director liable to retire by rotation
    10 for0 against
  • To Re-appoint Mr. Ravindra Dhariwal (DIN: 00003922), as a Non-Executive Independent Director for second (2nd) Term
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Reappointment as an Independent Directors for a 2nd term of less than one year and the Company has not provided any clarification for reappointment for such short period of time.
    • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance & Transparency Concern: Reappointment as an Independent Directors for a 2 nd term of less than one year and the Company has not provided any clarification for reappointment for such short period of time.
    7 for3 against
  • To Re-appoint Mr. Rahul Bhatnagar (DIN: 07268064), as a Non-Executive Independent Director for second (2nd) Term
    10 for0 against
  • To Re-appoint Ms. Anuranjita Kumar (DIN: 05283847), As a Non-Executive Independent Director for second (2nd) Term
    10 for0 against
  • To Re-appoint Mr. Bhaskar Pramanik (DIN: 00316650), as a Non-Executive Independent Director for second (2nd) Term
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Reappointment as an Independent Directors for a 2nd term of less than one year and the Company has not provided any clarification for reappointment for such short period of time.
    • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance & Transparency Concern: Reappointment as an Independent Directors for a 2 nd term of less than one year and the Company has not provided any clarification for reappointment for such short period of time.
    7 for3 against
  • Approval of remuneration for Non-Executive Directors (including Independent Directors) of the Company
    10 for0 against

Mutual fund votes, meeting of 15 Mar 2026, 22 fund houses

  • To approve the continuation of directorship of Mr. Bhaskar Pramanik (DIN: 00316650) as a non-executive independent Director of the Company upon attaining the age of 75 years.
    22 for0 against
5 earlier meetings

Mutual fund votes, meeting of 8 Nov 2025, 19 fund houses

  • To consider and approve creation and enforcement of security on or disposal of more than 20% of assets of material subsidiaries and possible reduction of shareholding in material subsidiaries to 50% or below.MoreLess
    19 for0 against

Mutual fund votes, meeting of 8 Aug 2025, 19 fund houses

  • To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2025, together with Reports of the Auditors and Board of Directors of the Company.MoreLess
    19 for0 against
  • To re-appoint Mr. Gaurav Bhatnagar (DIN: 00446482) as a director liable to retire by rotation.
    19 for0 against
  • Appointment of M/s. NKJ & Associates, Company Secretaries as the Secretarial Auditors of the Company.
    19 for0 against
  • Approval of Remuneration of Non-Executive Directors of the Company.
    19 for0 against

Mutual fund votes, meeting of 17 Jan 2025, 16 fund houses

  • Appointment of Mr. Shantanu Rastogi (DIN: 06732021) as Non-Executive Nominee Director of the Company
    16 for0 against
  • Appointment of Mr. Akshat Verma (DIN: 10838493) as a Whole-time Director of the Company
    16 for0 against
  • Approval of remuneration for Non-Executive Directors of the Company
    16 for0 against

Mutual fund votes, meeting of 23 Aug 2024, 14 fund houses

  • To receive, consider and adopt the audited standalone and consolidated financial statements for the financial year ended 31st March 2024, together with Report of the Auditor and Board of Directors of the Company.MoreLess
    14 for0 against
  • To re-appoint Mr. Udai Dhawan (DIN 03048040) as a director liable to retire by rotation.
    14 for0 against
  • To appoint M/s S.R. Batliboi & Co. LLP as the statutory auditor of the Company.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Material increase in remuneration. Inadequate Justification.
    13 for1 against
  • To amend Article of Association of the Company.
    Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual Fund, DSP Mutual FundThe proposed alterations are being made to align with recent amendments in SEBI (Depositories and Participants) Regulations, 2018. The proposed amendments to the AoA will allow promoters holding at least 7.5% of the equity share capital, to nominate a director on the board. We expect a minimum shareholding threshold of 10%, in line with regulatory thresholds for ordinary shareholders, to be able to nominate a director on the board. Hence, we do not support the resolution.
    • Bandhan Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Undermine the role of NRC.
    • Edelweiss Mutual FundNot is favor of minority shareholders
    • Nippon India Mutual FundUndermine the role of NRC.
    8 for6 against
  • To pledge the shares held by Tek Travels DMCC in Jumbonline Accommodation & Services, nS.L.U.
    14 for0 against

Mutual fund votes, meeting of 3 Jul 2024, 14 fund houses

  • Ratification of “TBO Employees Stock Option Scheme, 2021”
    Against Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual FundThe scheme is being implemented through the trust route. The total options available for grant is 736,440 options, representing 0.7% of the share capital as on 31 March 2024. The vesting period is for a minimum of one year and maximum of five years from the date of grant. The exercise price will be determined by the committee shall not be less than face value and shall not exceed fair market value as on the grant date. Additionally, vesting conditions for options granted shall also be as determined by the committee from time to time. ESOPs are 'pay at risk' options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021 and Transparency Concern: Inadequate disclosures regarding the Exercise Price/Pricing Formula under the Scheme. Governance Concern: The potential benefit to a single person appears to be excessive.
    • DSP Mutual FundThe scheme is being implemented through the trust route. The total options available for grant is 736,440 options, representing 0.7% of the share capital as on 31 March 2024. The vesting period is for a minimum of one year and maximum of five years from the date of grant. The exercise price will be determined by the committee shall not be less than face value and shall not exceed fair market value as on the grant date. Additionally, vesting conditions for options granted shall also be as determined by the committee from time to time. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics
    • Edelweiss Mutual FundLead to dilution
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The scheme permits stock options to be issued with an exercise price at a discount to the current market price. • The company has not specified objective performance metrics, performance targets and thresholds for vesting. • The proposal includes grant of stock options to employees of associate companies without a compelling rationale.
    • Kotak Mahindra Mutual FundThe company in their Offer Documents under the ESOS Plan 2021 have disclosed the exercise price/ pricing formula of the already granted options. However, the exercise price determined is 59.96 during the time of grant before the IPO. We do not favour ESOP schemes where the options can be granted at a significant discount to the current market price. The company has refrained from providing any further details on ESOP pricing. Hence voting against.
    • Motilal Oswal Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021 and Transparency Concern
    • Nippon India Mutual FundInadequate Disclosure
    • SBI Mutual FundThe scheme is being implemented through the trust route. The total options available for grant is 736,440 options, representing 0.7% of the share capital as on 31 March 2024. The vesting period is for a minimum of one year and maximum of five years from the date of grant. The exercise price will be determined by the committee shall not be less than face value and shall not exceed fair market value as on the grant date. Additionally, vesting conditions for options granted shall also be as determined by the committee from time to time. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics. This is why we do not support the resolution.
    4 for10 against
  • Ratification of extension of benefits of TBO Employees Stock Option Scheme, 2021 (“ESOS 2021”) to the employees of the Subsidiary Companies and Associate Companies, including Joint venture companies, if any.MoreLess
    Against Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Axis Mutual Fund, DSP Mutual Fund, SBI Mutual FundThe company seeks approval to extend the benefits of the scheme to employees of subsidiaries/ associates, including joint venture companies. While we support the extension of stock options to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies. Further, our view is linked to our view in resolution #1.
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021: Interlinked to resolution #1. Governance concern: The potential benefit to a single person appears to be excessive. & Scheme proposed to be extended to Associate Companies & Joint Venture without compelling reason.
    • Edelweiss Mutual FundLead to dilution
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The scheme permits stock options to be issued with an exercise price at a discount to the current market price. • The company has not specified objective performance metrics, performance targets and thresholds for vesting. • The proposal includes grant of stock options to employees of associate companies without a compelling rationale.
    • Kotak Mahindra Mutual FundThe Company has not provided compelling justification or the costs incurred with regard to such ESOPs and the reimbursed to the Company by the group companies. Since resolution #2 is linked with resolution #1, voting against.
    • Motilal Oswal Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021 and Transparency Concern
    • Nippon India Mutual FundInadequate Disclosure
    4 for10 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 disputeCommissioner of Goods and Service Tax, Central tax Commissionerate, GurgaonSince 31 Dec 2018
    Appeal was listed before the Hon’ble CESTAT Chandigarh for pronouncement on 14 May 2026. Hon’ble Tribunal has dismissed the appeal filed by the Revenue and has upheld the Order-in-Original.
    At the filing before: The issue is wrt applicability of service tax on credit card cash back income for the period FY 2013-14, 2014-15 and from April 2015 to June 2017. The department has filed an appeal before Customs, Excise and Service Tax Appellate Tribunal, Chandigarh against the favourable order received from Commissioner Central Tax GST, Gururgram. Hearing was held on 16 February 2026 before the CESTAT, Chandigarh on this matter; the Bench heard the submissions from both sides. The Bench is yet to pronounce the order basis the arguments filed.MoreLess
  • Tax disputePrincipal Commissioner, Central Goods and Service tax, GurugramSince 11 Jun 2021
    Status quo remains the same as per last disclosure. There is no further development in the matter during the period April - June 2026.
    At the filing before: The issue is wrt applicability of service tax on the following for the period FY 2015-16, 2016-17 and upto June 2017: a) Commission/ Incentive (GDS/CRS) income - INR 58.03 Mn b) Income in lieu of no show of passengers in case of air travel - INR 20.02 Mn c) Income in the form of liabilities written back - INR 12.28 Mn. In relation to first two matters, the department has filed an appeal before CESTAT Chandigarh against the favourable order received from Principal Commissioner of GST. In relation to the third matter, the Company has filed an appeal before CESTAT Chandigarh against the order of Principal Commissioner of GST. The Company awaits hearing from the CESTAT, Chandigarh on this matter.MoreLess
  • Tax disputeAdditional Director General (Adjudication); Director General of GST Intelligence, New DelhSince 19 Jun 2019
    Status quo remains the same as per last disclosure. There is no further development in the matter during the period April - June 2026. Next hearing is on 19 July 2026.
    At the filing before: This issue is wrt service tax demand raised under Section 73A(3) of the Finance Act, 1994 wherein it was alleged that service tax was collected from sub-agents without any authority of law and this tax was not deposited with the Revenue Department. The CESTAT heard the matter on 11 Nov 2024 and passed a favourable order deleting the additions made by the department.MoreLess

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 3 complaints open, quarter to Jun 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
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.

How money raised was used

Reported for the quarter to Mar 2026. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesMay 2024, checked by Care Ratings Limited400.00––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.