Tinna Rubber and Infrastructure MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 12 Sep 2025, 3 fund houses

• To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, together with the reports of the Board of Directors and Auditors thereonMoreLess

  3 for0 against
• To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with the reports of Auditors thereon

  3 for0 against
• To declare a final dividend of ₹ 4.00/- (40%) per equity share of face value of ₹ 10/- each for the financial year 2024-25

  3 for0 against
• To appoint a Director in place of Mr. Subodh Kumar Sharma (DIN: 08947098), who retires by rotation, and being eligible, seeks re-appointment

  3 for0 against
• Approval of Re-appointment of Mr. Gaurav Sekhri (DIN: 00090676), as Joint Managing Director of the Company, for a consecutive period of 3 years with effect from September 10, 2025; and terms of remuneration thereonMoreLess

  ›Against Bank of India Mutual Fund

  • Bank of India Mutual FundGaurav Sekhri, 53, is the promoter and Joint Managing Director of the company and Managing Director, Fratelli Vineyards Ltd, a listed group company. He has over 23 years of experience in trading business. he has been associated with the company since October 2018. He has attended all seven (100%) board meetings held in FY25. He received Rs. 29.0 mn in FY25. We estimate his remuneration at Rs. 40.6 mn for FY26, which is high for the size of the business. We note that he receives remuneration from Fratelli Vineyards Ltd, a listed group company – we estimate this at Rs. 10.8 mn per annum.His FY25 remuneration was ~5.0% of standalone and consolidated profit before tax of the company and 5.3% of consolidated employee benefit expense. Further there are two more promoters, one on the board and one in an office of profit: the aggregate promoter family remuneration is ~12.5% of standalone and consolidated profit before tax and ~14% of consolidated employee benefit expenses, which is high. The Nomination and Remuneration Committee must provide details on how his remuneration is determined and benchmarked. Given the high quantum of remuneration, we are unable to support the resolution.

  2 for1 against
• Approval of modification of terms of remuneration of Mr. Bhupinder Kumar Sekhri (DIN: 00087088), Managing Director of the Company, effective from April 01, 2025

  ›Against Bank of India Mutual Fund

  • Bank of India Mutual FundBhupinder Kumar Sekhri, 74, is the principal promoter and Managing Director (MD), Tinna Rubber & Infrastructure Limited.He received Rs. 42.0 mn in FY25. We note that he is eligible for uncapped medical reimbursements for self and family, which we generally do not support, however, such reimbursements seem to be available to the non-promoter directors as well.We estimate his revised remuneration at Rs. 56.4 mn for FY26. His FY25 remuneration was ~7.0% of standalone and consolidated profit before tax of the company and ~7.6% of consolidated employee benefit expense, which is high.The rationale for the mid-cycle increase in remuneration is unclear. The Nomination and Remuneration Committee must provide rationale for the proposed revision, adequate details on how his remuneration is determined and benchmarked and also disclose the performance metrics used to determine variable pay. We are unable to support the resolution.

  2 for1 against
• Approval of modification of terms of remuneration of Mr. Subodh Kumar Sharma (DIN: 08947098), Whole time Director of the Company, effective from April 01, 2025

  ›Against Bank of India Mutual Fund

  • Bank of India Mutual FundSubodh Kumar Sharma, 53, is Whole time Director and Chief Operating Officer. He has over three decades of experience in the field of Sales & Marketing admin, Operations, Recycled Rubber Products to Tyres and Non-Tyre rubber Industries. He has been associated with the company since November 2009. He has attended all seven (100%) board meetings held in FY25. He received Rs. 11.0 mn in FY25 (including fair value of ESOPs) - he received 21,790 ESOPs in FY25. We estimate his annual remuneration at Rs. 13.3 mn, excluding ESOPs. He is eligible for ESOPs, for which there is no guidance provided, nor is there an absolute cap. Therefore, we are unable to estimate his overall remuneration. The company must cap overall remuneration in absolute amounts and quantify/disclose the stock options that he is eligible to receive, including the performance metrics which determine such variable pay. Due to lack of adequate disclosures, we are unable to ascertain his aggregate remuneration, we do not support the resolution.

  2 for1 against
• Approval of remuneration to Independent Directors of the Company for the financial year 2025-26

  3 for0 against
• Approval of revision of remuneration of Mrs. Shobha Sekhri, holding Office or Place of profit of the Company, effective from April 01, 2025

  3 for0 against
• Approval of ratification of remuneration of M/s Pant S. & Associates, Cost Auditors of the Company, for the financial year 2025-26

  3 for0 against
• Approval of appointment of M/s. Ajay Baroota & Associates, Secretarial Auditors of the Company, for a consecutive period of five (5) years, from financial year 2025-26

  3 for0 against

Mutual fund votes, meeting of 14 Mar 2025, 1 fund house

• To approve the re-appointment of Mr. Bhupinder Kumar Sekhri (DIN: 00087088), Chairman and Managing Director of the Company for a term of three (3) years, with effect from April 01, 2025 until March 31, 2028 (both days inclusive) and including remuneration.MoreLess

  ›Against Bank of India Mutual Fund

  • Bank of India Mutual FundBhupinder Kumar Sekhri, 74, is the principal promoter and Managing Director (MD), Tinna Rubber & Infrastructure Limited. He was reappointed as MD for three years on 1 April 2022.The company seeks to reappoint him as MD for three years from 1 April 2025. He received Rs. 36.0 mn in FY24 which was 6.8% of PBT and 10.3% of Employee Benefit Expenses, which is high. We estimate his remuneration at Rs. 43.0 mn for FY25. Further, the remuneration structure covers reimbursement of medical expenses for himself and his family. We believe these expenses are personal in nature and should be borne by the directors themselves. We expect the Nomination and Remuneration Committee (NRC) to cap the quantum of medical expense reimbursements to directors. Hence, we are unable to support the resolution.

  0 for1 against
• To consider and approve the proposal for capital raising in one or more tranches by way of issuance of equity shares and/ or equity linked securities by way of qualified institutions placement (QIP) for an aggregate amount upto Rs. 150,00,00,000.MoreLess

  1 for0 against

• Tax disputeUnion of India & ANR (Central Board of Excise & Customs)Since 2 Apr 2015
  The disputed matter is on account of Charges of Additional duty of customs (CVD) on Import of Tyre Scrap during the period covered from April 01, 2013 to June 30, 2017. Earlier Hon'ble High Court of Delhi passed order dt 03.05.2017 in our favour of Company but department filed Appeal at Hon'ble Supreme Court on 23 July 2018, Supreme Court Remanded back the matter for Fresh Adjudication to Hon'ble igh Court of Delhi. Amount of dispute is not specified Not specifed Hon'ble High Court of Delhi to decide on Law (amount involved Rs. 356.42 Lakhs). The Case is under adjudication with Hon'ble High Court of DelhiMoreLess
  At the filing before: Under process
• Tax disputeCommissioner of GST and Central Excise (Appeals II), ChennaiSince 28 Oct 2022
  The disputed matter is on account of Credit of CVD on tyre scrap during the period covered from April 01, 2013 to June 30, 2017, after high court order dt 03.05.2017, and after the Appeal Order Dt 30.07.2024 which upheld against the Company where as per Department Refund should be claimed, and credit of Special Additional duty (SAD) (amount involved is Rs. 153.38 lakh). The case of yet to be listed for hearing at Customs, Excise And Service Tax Appellate Tribunal, ChennaiMoreLess
  At the filing before: Under process
• Tax disputeGovernment of India /Ministry of finance Office of the Commissioner of Goods & Services Tax, Gurugram, HaryanaSince 31 Jan 2025
  Denail of GST Input Tax Credit Rs. 261.42 Lakhs relating to FY 2020-21 & 2021-22 on Purchase of Goods Traded. Hearing and requisite submission has been made with Commissioner (Appeals) Gurugram, HaryanaMoreLess
  At the filing before: Under process
• Tax disputeCourt of the District Revenue Officer-cum-Land Acquisition Collector, Panipat, HaryanaSince 3 Jun 2025
  Petition under Section 18 of the Land Acquisition Act before the Court of the District Revenue Officer-cum-Land Acquisition Collector, Panipat, for compensation of approximately Rs. 663.20 lakhs along with all the statutory benefits has been sought by our Company, with respect to land not in our possession, by way of the Petition. Additionally, we have claimed a compensation of Rs. 7,500.00 lakhs on the grounds of construction costs and loss of profits likely to be caused due to the acquisition of land, which may or may not be awarded to our Company. The company has filed curative petition before the Supreme Court, which is presently pending for adjudication.MoreLess
  At the filing before: Under process

In the company's own words, from its latest governance filing.

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

No

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.