VRL Logistics logo

VRL Logistics MD, chairman, board of directors and AGM

NSE: VRLLOGBSE: 539118Transport ServicesSmall Cap

Last close ₹260.10down ₹6.45 (2.42%)BSE ₹260.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹266.55.

52-week range of traded prices to 23 Oct 2026
₹225.00Low, 2 Apr 2026₹310.20High, 12 Aug 2026
Market cap
₹4,550 Cr817th largest listed
P/E
17.0
P/B
4.0
Dividend yield
1.92%
ROE
24.0%
ROCE
26.7%
Debt to equity
0.40
Volume, NSE
2,70,59743.9% delivered

VRL Logistics board of directors

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

  • Chairperson and managing directorVIJAY BASAVANNEPPA SANKESHWARRelated to the promoter
  • Managing directorANAND VIJAY SANKESHWAR
  • Company Secretary and Compliance OfficerANIRUDDHA PHADNAVIS

12 directors6 independent3 executive3 non-executive

  • VIJAY BASAVANNEPPA SANKESHWAR · Chairperson and managing directorExecutive · joined Jun 2005 · reappointed Jan 2022 · 1 listed board
  • ANAND VIJAY SANKESHWAR · Managing directorExecutive · joined Jun 2007 · reappointed Apr 2024 · 1 listed board
  • SHIVA A SANKESHWARNon-executive · joined Jan 2024 · reappointed Aug 2025 · 1 listed board
  • RAMANAND LAXMINARAYAN BHATExecutive · joined Aug 2017 · reappointed Aug 2022 · 1 listed board
  • SHANKAR VASANTRAO PINGEIndependent · joined Feb 2025 · reappointed Feb 2025 · 19 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • SHANTILAL DHANRAJ JAINIndependent · joined Aug 2023 · reappointed Aug 2023 · 38 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • VIRUPAXAGOUDA ANNADANAGOUDA PATILIndependent · joined Apr 2024 · reappointed Apr 2024 · 30 months as independent · 1 listed board · 1 as independent
  • VINAY JWALAKUMAR JAVALIIndependent · joined Apr 2024 · reappointed Apr 2024 · 30 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • SHAILAJA SHIVASHANKAR AMBLIIndependent · joined Jan 2024 · reappointed Jan 2024 · 32 months as independent · 1 listed board · 1 as independent
  • D V GURUPRASADIndependent · joined Feb 2025 · reappointed Feb 2025 · 19 months as independent · 1 listed board · 1 as independent
  • ASHOK SHIVAYOGAPPA SHETTARNon-executive · joined Aug 2015 · reappointed Aug 2025 · 1 listed board
  • RAGHOTTAM HANUMANTACHARYA AKAMANCHINon-executive · joined Feb 2015 · reappointed Aug 2026 · 1 listed board · 1 committee seat

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.

3 directors who left
  • SHANKARASA LADWA, left 19 Feb 2025: Tenure Completion
  • ANAND PANDURANGI, left 19 Feb 2025: Tenure Completion
  • MEDHA PAWAR, left 12 Dec 2024: Tenure Completion

Committees and meetings

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

  • Board

    • 4 Aug 202612 of 12 present6 independent · 77 days in between
    • 18 May 202612 of 12 present6 independent

  • Audit Committee

    Chair SHANTILAL DHANRAJ JAIN

    SHANKAR VASANTRAO PINGE, VINAY JWALAKUMAR JAVALI

    • 4 Aug 20263 of 3 present3 independent · 77 days in between
    • 18 May 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair SHANTILAL DHANRAJ JAIN

    D V GURUPRASAD, ASHOK SHIVAYOGAPPA SHETTAR, SHAILAJA SHIVASHANKAR AMBLI

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair SHANKAR VASANTRAO PINGE

    SHANTILAL DHANRAJ JAIN, RAGHOTTAM HANUMANTACHARYA AKAMANCHI

    • 4 Aug 20263 of 3 present2 independent

  • Risk Management Committee

    Chair VIJAY BASAVANNEPPA SANKESHWAR

    RAMANAND LAXMINARAYAN BHAT, D V GURUPRASAD, SUNIL NALAVADI, RAGHAVENDRA MALGI

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair VIJAY BASAVANNEPPA SANKESHWAR

    ANAND VIJAY SANKESHWAR, VINAY JWALAKUMAR JAVALI, VIRUPAXAGOUDA ANNADANAGOUDA PATIL

    • 4 Aug 20264 of 4 present2 independent

  • FINANCE COMMITTEE

    Chair VIJAY BASAVANNEPPA SANKESHWAR

    ANAND VIJAY SANKESHWAR, RAGHOTTAM HANUMANTACHARYA AKAMANCHI

    No meeting listed in the filing.

  • ADMINISTRATION COMMITTEE

    Chair VIJAY BASAVANNEPPA SANKESHWAR

    ANAND VIJAY SANKESHWAR, RAMANAND LAXMINARAYAN BHAT

    No meeting listed in the filing.

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.

  • Walker Chandiok & Company LLPPeer-review certificate valid to May 2028
1 earlier auditor
  • M/S. KALYANIWALLA & MISTRY 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.

VRL Logistics 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.VRL Logistics dividend history

Postal ballot, 3 Oct 2026

79,591 shareholders on the register on 29 Aug 2026; votes counted by AKSHAY S PACHLAG / A S PACHLAG AND CO.The company's voting result (opens in a new tab)

  1. Approval for buyback of equity shares
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.28%

    Turnout: all 87.12% · promoters 100.00% · institutions 95.59% · other public 0.27%

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, 4 Aug 2026, 6 resolutions

81,937 shareholders on the register on 28 Jul 2026; present: 5 promoters and 64 others; votes counted by AKSHAY S PACHLAG / A S PACHLAG AND CO.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements as at 31st March 2026 together with the report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.68% · promoters 100.00% · institutions 96.68% · other public 0.14%

  2. To appoint a director in the place of Mr. L R Bhat (DIN: 01875068) who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.09% · other public 7.37%

    Turnout: all 86.69% · promoters 100.00% · institutions 96.68% · other public 0.14%

  3. To appoint a director in the place of Mr. Raghottam Akamanchi (DIN: 07038738) who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.09% · other public 7.01%

    Turnout: all 86.69% · promoters 100.00% · institutions 96.68% · other public 0.14%

  4. To confirm interim dividend paid as the final dividend for the financial year ended 31st March, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.69% · promoters 100.00% · institutions 96.68% · other public 0.14%

  5. Re-appointment of Dr. Vijay Sankeshwar (DIN 00217714), as Chairman and Managing Director
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.12% · other public 1.09%

    Turnout: all 86.69% · promoters 100.00% · institutions 96.68% · other public 0.14%

  6. Approval for continuation of directorship of Mr. Virupaxagouda Patil (DIN: 10395538) as Non-Executive Independent Director upon attaining the age of 75 years
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 5.40%

    Turnout: all 86.69% · promoters 100.00% · institutions 96.68% · other public 0.14%

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

Annual general meeting, 6 Aug 2025, 9 resolutions

66,994 shareholders on the register on 30 Jul 2025; present: 5 promoters and 54 others; votes counted by AKSHAY S PACHLAG / A S PACHLAG AND CO.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements for FY 2024 25 together with the Reports of Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.14%

  2. Re appointment of Mr Shiva A Sankeshwar DIN 09236519 who retires by rotation being eligible offers himself for re appointment
    Ordinary
    75.92% for24.08% against

    Against: promoters 0.00% · institutions 76.69% · other public 2.25%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.13%

  3. Re appointment of Dr Ashok Shettar (DIN 07038714) who retires by rotation being eligible offers himself for re appointment.
    Ordinary
    99.68% for0.32% against

    Against: promoters 0.00% · institutions 1.02% · other public 4.13%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.13%

  4. To approve and confirm interim dividend of Rs 5 per equity share paid for FY 2024 25 declared and to declare a Final Dividend of Rs 10 per equity share for FY 2024 25
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.16%

  5. To approve a revision of remuneration payable to L R Bhat Whole time Director of the Company for remaining period of his tenure.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.06% · other public 1.61%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.13%

  6. To appoint Ms Walker Chandiok and Co LLP Chartered Accountants Mumbai Firm Registration No 001076N as Statutory Auditors of the Company and to fix their remuneration
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.73%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.13%

  7. To appoint Mr. R Parthasarathy Practicing Company Secretary ACS 3667 CP No 838 as Secretarial Auditor of the Company and to fix his remuneration
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.22%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.13%

  8. To Approve for Alteration of Capital Clause of the Memorandum of Association of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.15%

  9. To consider and approve issue of bonus equity shares
    Ordinary
    99.36% for0.64% against

    Against: promoters 0.00% · institutions 2.05% · other public 0.03%

    Turnout: all 87.83% · promoters 100.00% · institutions 95.74% · other public 0.16%

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 Jan 2025, 3 resolutions

66,303 shareholders on the register on 11 Dec 2024; votes counted by A S PACHLAG / A S PACHLAG & CO..The company's voting result (opens in a new tab)

  1. Approval for remuneration payable to Dr. Vijay Sankeshwar (DIN: 00217714) as a Managing Director of the Company.
    SpecialPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 13.85%

    Turnout: all 88.77% · promoters 100.00% · institutions 97.10% · other public 0.14%

  2. Appointment of Mr. Shankar Vasantrao Pinge (DIN: 10847936) as an Independent Director w.e.f 19th February 2025
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.04%

    Turnout: all 88.77% · promoters 100.00% · institutions 97.10% · other public 0.14%

  3. Appointment of Dr. D.V. Guruprasad (DIN: 01558266) as an Independent Director w.e.f 19th February 2025
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.54%

    Turnout: all 88.77% · promoters 100.00% · institutions 97.10% · other public 0.14%

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

Annual general meeting, 5 Aug 2024, 3 resolutions

Present: 5 promoters and 0 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Annual Accounts for the FY 2023-24 together with the Reports of Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.65%

    Turnout: all 78.60% · promoters 100.00% · institutions 62.11% · other public 0.13%

  2. Appointment of Mr. L R Bhat (DIN 01875068) who retires by rotation being eligible, offer himself for reappointment
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.09% · other public 6.44%

    Turnout: all 78.60% · promoters 100.00% · institutions 62.11% · other public 0.13%

  3. Appointment of Dr. Raghottam Akamanchi (DIN 07038738) who retired by rotation being eligible, offer himself for reappointment
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.09% · other public 6.45%

    Turnout: all 78.60% · promoters 100.00% · institutions 62.11% · other public 0.13%

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, 18 Jan 2024, 7 resolutions

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

  1. SPECIAL - Re-appointment of Dr. Anand Sankeshwar (DIN : 00217773) as a Managing Director of the Company
    SpecialPromoters have an interest in it
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.14% · other public 0.01%

    Turnout: all 89.86% · promoters 100.00% · institutions 96.77% · other public 11.86%

  2. ORDINARY - Appointment of Mr. Shiva Sankeshwar (DIN: 09236519) as a Director of the Company
    OrdinaryPromoters have an interest in it
    72.73% for27.27% against

    Against: promoters 0.00% · institutions 82.04% · other public 98.59%

    Turnout: all 89.86% · promoters 100.00% · institutions 96.77% · other public 11.86%

  3. SPECIAL - Appointment of Mr. Shiva Sankeshwar (DIN: 09236519) as a Whole-time Director designated as ¿Executive Director¿ of the Company
    SpecialPromoters have an interest in it
    67.72% for32.28% against

    Against: promoters 0.00% · institutions 97.91% · other public 98.59%

    Turnout: all 89.86% · promoters 100.00% · institutions 96.77% · other public 11.86%

  4. SPECIAL - Approval for Continuation of Mr. K. N. Umesh (DIN:02602595) as a Whole-time Director of the Company upon attaining age of 70 years
    Special
    27.74% for72.26% against

    Against: promoters 100.00% · institutions 0.11% · other public 0.01%

    Turnout: all 83.40% · promoters 100.00% · institutions 74.76% · other public 11.86%

  5. SPECIAL - Appointment of Mrs. Shailaja Ambli (DIN: 10393506) as an Independent Director
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.01%

    Turnout: all 89.86% · promoters 100.00% · institutions 96.77% · other public 11.86%

  6. SPECIAL - Appointment of Mr. Virupaxagouda Patil (DIN: 10395538) as an Independent Director
    Special
    100.00% for0.00% against

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

    Turnout: all 89.86% · promoters 100.00% · institutions 96.77% · other public 11.86%

  7. SPECIAL - Appointment of Mr. Vinay Javali (DIN: 00589315) as an Independent Director
    Special
    100.00% for0.00% against

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

    Turnout: all 89.86% · promoters 100.00% · institutions 96.77% · other public 11.86%

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, 7 Aug 2023, 6 resolutions

Present: 5 promoters and 48 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Annual Accounts for the FY 2022-23 together with the Reports of Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.73% · promoters 100.00% · institutions 96.71% · other public 29.14%

  2. To declare final dividend of Rs. 5 per equity share for the FY 2022-23
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.77% · promoters 100.00% · institutions 96.90% · other public 29.14%

  3. Appointment of Mr. L R Bhat (DIN 01875068) who retires by rotation being eligible, offer himself for reappointment
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.77% · promoters 100.00% · institutions 96.90% · other public 29.14%

  4. Appointment of Dr. Ashok Shettar,(DIN: 07038714) who retires by rotation, being eligible, offers himself for reappointment.
    Ordinary
    90.93% for9.07% against

    Against: promoters 0.00% · institutions 35.75% · other public 0.01%

    Turnout: all 90.77% · promoters 100.00% · institutions 96.90% · other public 29.14%

  5. To consider the appointment of Mr. Shantilal Dhanraj Jain (DIN:00571902) as an Independent Director of the Company for a period of Five years.
    Special
    100.00% for0.00% against

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

    Turnout: all 90.77% · promoters 100.00% · institutions 96.90% · other public 29.14%

  6. To consider the approval for continuation of existing remuneration of Dr. Anand Sankeshwar, Managing Director (DIN: 00217773) for his balance period of his tenure.
    SpecialPromoters have an interest in it
    99.07% for0.93% against

    Against: promoters 0.00% · institutions 3.65% · other public 0.02%

    Turnout: all 90.77% · promoters 100.00% · institutions 96.90% · other public 29.14%

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

Postal ballot, 30 Oct 2022, 2 resolutions

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

  1. Transfer of the Bus Operation Business Undertaking of the Company to Vijayanand Travels Private Limited (a company owned and controlled by the promoter(s) of the Company), as going concern, on slump sale basisMoreLess
    Special
    95.18% for4.82% against

    Against: promoters 0.00% · institutions 23.16% · other public 0.71%

    Turnout: all 88.34% · promoters 99.97% · institutions 94.04% · other public 3.78%

  2. Related party transaction in order to transfer the Bus Operation Business Undertaking of the Company to Vijayanand Travels Private Limited (a company owned and controlled by the promoter(s) of the Company).MoreLess
    OrdinaryPromoters have an interest in it
    77.30% for22.70% against

    Against: promoters 0.00% · institutions 23.19% · other public 0.66%

    Turnout: all 18.77% · promoters 0.00% · institutions 94.04% · other public 3.78%

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

  • To receive, consider and adopt the Audited Financial Statements as at 31st March 2026 together with the report of the Auditors thereon.
    1 for0 against
  • To appoint a director in the place of Mr. L R Bhat (DIN: 01875068) who retires by rotation and being eligible, offers himself for re-appointment
    1 for0 against
  • To appoint a director in the place of Mr. Raghottam Akamanchi (DIN: 07038738) who retires by rotation and being eligible, offers himself for re-appointment
    1 for0 against
  • To confirm interim dividend paid as the final dividend for the financial year ended 31st March, 2026.
    1 for0 against
  • Re-appointment of Dr. Vijay Sankeshwar (DIN 00217714), as Chairman and Managing Director
    1 for0 against
  • Approval for continuation of directorship of Mr. Virupaxagouda Patil (DIN: 10395538) as Non-Executive Independent Director upon attaining the age of 75 years
    1 for0 against

Mutual fund votes, meeting of 6 Aug 2025, 11 fund houses

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

  • Adoption of Audited Financial Statements for FY 2024 25 together with the Reports of Board of Directors and Auditors thereon.
    11 for0 against
  • Re appointment of Mr Shiva A Sankeshwar DIN 09236519 who retires by rotation being eligible offers himself for re appointment
    Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern identified with respect to merits of the appointee. Governance Concern: Holding two full time positions in different line of business.
    • Canara Robeco Mutual FundShiva A Sankeshwar, 24, is part of the promoter family and Managing Director, Vijayanand Travels Private Limited (the Passenger Travel business of VRL group). He has completed his Bachelor of Mechanical Engineering from R V College of Engineering, Bengaluru. He has been associated with the company since 18 January 2024 and attended all five (100%) board meetings held in FY25. While his appointment is in line with the statutory requirements, with less than ten years of relevant experience, his appointment as Director does not align with our guidelines. Therefore, we are unable to support the resolution.
    • HDFC Mutual FundMr. Shiva A Sankeshwar, 24, is part of the promoter family. He does not have the requisite experience to be on the board. We do not support the resolution.
    • HSBC Mutual FundShiva Sankeshwar's limited leadership/board experience raises concerns on his potential contribution to the board.
    • Nippon India Mutual FundGovernance Concern: Holding two full time positions in different line of business.
    4 for7 against
  • Re appointment of Dr Ashok Shettar (DIN 07038714) who retires by rotation being eligible offers himself for re appointment.
    11 for0 against
  • To approve and confirm interim dividend of Rs 5 per equity share paid for FY 2024 25 declared and to declare a Final Dividend of Rs 10 per equity share for FY 2024 25
    11 for0 against
  • To approve a revision of remuneration payable to L R Bhat Whole time Director of the Company for remaining period of his tenure.
    11 for0 against
  • To appoint Ms Walker Chandiok and Co LLP Chartered Accountants Mumbai Firm Registration No 001076N as Statutory Auditors of the Company and to fix their remuneration
    11 for0 against
  • To appoint Mr. R Parthasarathy Practicing Company Secretary ACS 3667 CP No 838 as Secretarial Auditor of the Company and to fix his remuneration
    11 for0 against
  • To Approve for Alteration of Capital Clause of the Memorandum of Association of the Company
    5 for0 against
  • To consider and approve issue of bonus equity shares
    11 for0 against
1 proposal not matched to one resolution
  • Reclassification of the existing Authorized Share Capital of the Company totalling Rs. 237,00,00,000/- comprising of Rs. 125,00,00,000/- divided into 12,50,00,000 Equity Shares of Rs. 10/- each and Rs.112,00,00,000/- divided into 112,00,000 Compulsorily and mandatorily convertible participatory Preference Shares of Rs. 100/- each, to Rs. 237,00,00,000/- comprising of 23,70,00,000 Equity Shares of Rs.10/- each.MoreLess
    6 for0 against
5 earlier meetings

Mutual fund votes, meeting of 15 Jan 2025, 8 fund houses

  • Approval for remuneration payable to Dr. Vijay Sankeshwar (DIN: 00217714) as a Managing Director of the Company.
    8 for0 against
  • Appointment of Mr. Shankar Vasantrao Pinge (DIN: 10847936) as an Independent Director w.e.f 19th February 2025
    8 for0 against
  • Appointment of Dr. D.V. Guruprasad (DIN: 01558266) as an Independent Director w.e.f 19th February 2025
    8 for0 against

Mutual fund votes, meeting of 5 Aug 2024, 8 fund houses

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

  • Adoption of Audited Annual Accounts for the FY 2023-24 together with the Reports of Board of Directors and Auditors thereon
    7 for0 against
  • Appointment of Mr. L R Bhat (DIN 01875068) who retires by rotation being eligible, offer himself for reappointment
    8 for0 against
  • Appointment of Dr. Raghottam Akamanchi (DIN 07038738) who retired by rotation being eligible, offer himself for reappointment
    8 for0 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against

Mutual fund votes, meeting of 18 Jan 2024, 11 fund houses

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

  • SPECIAL - Re-appointment of Dr. Anand Sankeshwar (DIN : 00217773) as a Managing Director of the Company
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual FundCompliant with law. No concern identified with respect to merits of the appointee. Governance concern: Holding two full-time positions.
    • Motilal Oswal Mutual Fund"Compliant with law. No concern identified with respect to merits of the appointee. Governance concern: Holding two full-time positions."
    9 for2 against
  • ORDINARY - Appointment of Mr. Shiva Sankeshwar (DIN: 09236519) as a Director of the Company
    Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern identified with respect to merit of the appointee. Governance concern: Currently Holding two full time positions.
    • HDFC Mutual FundWe believe that he does not have the requisite experience to be inducted in the board.
    • HSBC Mutual FundA vote AGAINST this resolution is warranted given his limited leadership and board experience, which raises concerns about his potential contribution to board deliberations.
    • ICICI Prudential Mutual FundShiva Sankeshwar is 22 years old and part of the promoter family. He has completed his Bachelor in Mechanical Engineering and is a part of Vijayanand Travels (Passenger Travel business of VRL group). He is also a director in VRL Media Private Limited. While his appointment is in line with the statutory requirements he does not have relevant experience in the industry to be directly appointed as a Director of the company. Also, the number of executive directors on the board: post the appointment of Shiva will be five executive directors (three promoters + two non-promoters) which is excessive given the size and operations of the company. Hence, the AMC has voted against the resolution
    • Invesco Mutual FundShiva Sankeshwar, 22, is part of the promoter family. He leads Vijayanand Travels Private Limited (the Passenger Travel business of VRL group). He has completed his Bachelor of Mechanical Engineering from R V College of Engineering, Bengaluru. He is also a director in VRL Media Private Limited which operates “Vijayavani”, Karnataka’s largest circulating vernacular newspaper. While his appointment is in line with the statutory requirements, with less than ten years of relevant experience, his appointment as Director does not align with our guidelines. Therefore, we are unable to support the resolution
    • Nippon India Mutual FundHolding two full time positions
    2 for8 against
  • SPECIAL - Appointment of Mr. Shiva Sankeshwar (DIN: 09236519) as a Whole-time Director designated as ¿Executive Director¿ of the Company
    Against Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern identified with respect to merit of the appointee. Governance concern: Currently Holding two full time positions, Remuneration package not in sync with the profile, when compared with other EDs.
    • HDFC Mutual FundWe believe that he does not have the requisite experience to be inducted in the board.
    • HSBC Mutual FundA vote AGAINST this resolution is warranted given his limited leadership and board experience, which raises concerns about his potential contribution to board deliberations.
    • ICICI Prudential Mutual FundShiva Sankeshwar’s proposed fixed annual remuneration shall be Rs. 9.6 million and the company has not disclosed how the proposed remuneration benchmarks are set and whether Mr. Shiva’s experience and education is comparable to others within the same cadre. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundShiva Sankeshwar’s annual remuneration is estimated at Rs. 10.6 mn. The company has not disclosed how the proposed remuneration benchmarks internally and whether Shiva Sankeshwar’s experience and education is comparable to others within the same cadre. Further, our opinion is linked to Resolution #2, where his appointment as Director does not align with our guidelines. Further, we raise concern about the number of executive directors on the board: Post the appointment of Shiva Sankeshwar, there will be five executive directors (three promoters + two non-promoters) on the board, which is excessive given the size and operations of the company.
    • Nippon India Mutual FundRemuneration is high
    • SBI Mutual FundShiva Sankeshwar, 22, is part of the promoter family. He leads Vijayanand Travels Private Limited (the Passenger Travel business of VRL group). He has completed his Bachelor of Mechanical Engineering from R V College of Engineering, Bengaluru. He is also a director in VRL Media Private Limited which operates “Vijayavani”, Karnataka’s largest circulating vernacular newspaper. His appointment is in line with the requirements . However , we observe that ,Shiva Sankeshwar’s annual remuneration is estimated at Rs. 10.6 mn. The company has not disclosed how the proposed remuneration benchmarks internally. Further, the compensation paid to Shiva Sankenshwar is equivalent to that of an experienced Senior management personnel. According to our assessment, his proposed remuneration is disproportional to his experience. This is why we do not support the resolution.
    2 for9 against
  • SPECIAL - Approval for Continuation of Mr. K. N. Umesh (DIN:02602595) as a Whole-time Director of the Company upon attaining age of 70 years
    10 for0 against

    1 abstained

  • SPECIAL - Appointment of Mrs. Shailaja Ambli (DIN: 10393506) as an Independent Director
    11 for0 against
  • SPECIAL - Appointment of Mr. Virupaxagouda Patil (DIN: 10395538) as an Independent Director
    11 for0 against
  • SPECIAL - Appointment of Mr. Vinay Javali (DIN: 00589315) as an Independent Director
    11 for0 against
1 proposal not matched to one resolution
  • 2) Appoint Shiva Sankeshwar (DIN: 00217773) as Director for five years from 18 January 2024.
    1 for0 against

Mutual fund votes, meeting of 7 Aug 2023, 10 fund houses

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

  • Adoption of Audited Annual Accounts for the FY 2022-23 together with the Reports of Board of Directors and Auditors thereon
    8 for0 against
  • To declare final dividend of Rs. 5 per equity share for the FY 2022-23
    9 for0 against
  • Appointment of Mr. L R Bhat (DIN 01875068) who retires by rotation being eligible, offer himself for reappointment
    9 for0 against
  • Appointment of Dr. Ashok Shettar,(DIN: 07038714) who retires by rotation, being eligible, offers himself for reappointment.
    Against HSBC Mutual Fund, Invesco Mutual Fund, Mahindra Manulife Mutual Fund, Nippon India Mutual Fund
    • HSBC Mutual FundWe have concerns about the director's attendance at board meetings.
    • Invesco Mutual FundDr. Ashok Shettar, 65, is Vice Chancellor of KLE Technological University. He has been a Non-Executive Non-Independent Director on the board of VRL Logistics Limited since 8 August 2015. He attended 50% (3/6) of the board meetings in FY23 and 67% (10/15) of the board meetings in the last three years. We expect directors to take their responsibilities seriously and attend all board meetings. Given his low attendance, we do not support his reappointment
    • Mahindra Manulife Mutual FundHe has been a Non-Executive Non-Independent Director on the board of VRL Logistics Limited since 8 August 2015. He attended 50% (3/6) of the board meetings in FY23 and 67% (10/15) of the board meetings in the last three years. We expect directors to take their responsibilities seriously and attend all board meetings. Given his low attendance, we do not support his reappointment.
    • Nippon India Mutual FundLow Attendance
    5 for4 against
  • To consider the appointment of Mr. Shantilal Dhanraj Jain (DIN:00571902) as an Independent Director of the Company for a period of Five years.
    9 for0 against
  • To consider the approval for continuation of existing remuneration of Dr. Anand Sankeshwar, Managing Director (DIN: 00217773) for his balance period of his tenure.
    Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Remuneration practice is skewed in favor in promoter directors.
    • Nippon India Mutual FundSkewed Remuneration
    7 for2 against
2 proposals not matched to one resolution
  • 1. Adoption of Audited Annual Accounts for the FY 2022-23 together with the Reports of Board of Directors and Auditors thereon. 2. To declare Final Dividend of Rs.5/- per equity share on Equity Shares for the year ended on 31st March 2023 3. Appointment of Mr. L R Bhat, (DIN: 01875068) who retires by rotation, being eligible, offers himself for reappointment. 4. Appointment of Dr. Ashok Shettar,(DIN: 07038714) who retires by rotation, being eligible, offers himself for reappointment. 5. To consider the appointment of Mr. Shantilal Dhanraj Jain (DIN:00571902) as an Independent Director of the Company for a period of Five years. 6. To consider the approval for continuation of existing remuneration of Dr. Anand Sankeshwar, Managing Director (DIN: 00217773) for his balance period of his tenure.MoreLess
    1 for0 against
  • Accept Financial Statements and Statutory Reports
    1 for0 against

Mutual fund votes, meeting of 30 Oct 2022, 6 fund houses

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

  • Transfer of the Bus Operation Business Undertaking of the Company to Vijayanand Travels Private Limited (a company owned and controlled by the promoter(s) of the Company), as going concern, on slump sale basisMoreLess
    5 for0 against
  • Related party transaction in order to transfer the Bus Operation Business Undertaking of the Company to Vijayanand Travels Private Limited (a company owned and controlled by the promoter(s) of the Company).MoreLess
    5 for0 against
2 proposals not matched to one resolution
  • To authorise the Board of Directors to transfer, sell or dispose the Company’s Bus Operations Business Undertaking along with all specified tangible or intangible assets and liabilities, including but not limited to inter alia, the agency contracts (executed for ticketing purposes), immovable properties, vehicles and certain leased premises (that are used for the purpose of the Bus Operations Business Undertaking) all other ancillary assets, rights, benefits as identified by the Board to Vijayanand Travels Private Limited, as a going concern, on slump sale basis (as defined under Section 2(42C) of the Income Tax Act, 1961), for a lump sum consideration of not less than Rs. 23,000 Lakhs (Rupees Twenty Three Thousand Lakhs only) which shall be subject to mutually agreed closing date adjustments on such terms and conditions as the Board may consider fit and proper and to do all such things as may be considered necessary or expedient to give effect to the sameMoreLess
    1 for0 against
  • To authorize Board of Directors to enter into related party transaction, by way of entering into a business transfer agreement, with Vijayanand Travels Private Limited (a related party within the meaning of the Section 2(76) of the Act and Regulation 2 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) in order to transfer the Bus Operations Business Undertaking of the Company, as a going concern, on slump sale basis (as defined under Section 2(42C) of the Income Tax Act, 1961), for a total consideration not less than Rs. 23,000 Lakhs (Rupees Twenty Three Thousand Lakhs only) determined on the basis of independent valuation report, on such terms and conditions as the Board may consider fit and proper and to do all such things as may be considered necessary or expedient to give effect to the sameMoreLess
    1 for0 against

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

Fines and tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Fine or penaltyVarious State Authorities across IndiaSince 30 Sep 2026

    Fines for violation of Vehicle norms and traffic rules violated by the drivers total aggegate amount of Rs. 32.40 lakhs in 685 cases during quarter ended Sept 2026

    Fines for violation of Vehicle norms and traffic regulations such as improper & obstructive parking, overspeeding, using air horn in silent zone, driver without uniform, seat belt non-wearing, wrong lane driving, covering reflective tape, etc.,MoreLess
  • Tax disputeDepartment of Income Tax, Ministry of Finance, Government of IndiaSince 31 Mar 2016
    An appeal has been filed against assessment order and case is pending before the Commissioner of Income Tax (Appeals)
    At the filing before: Disallowance of certain expenses treating them as personal expenses during the Assessment. The amount of tax involved is Rs.14.23 lakhs. FY 2015-16
  • Tax disputeDepartment of Income Tax, Ministry of Finance, Government of IndiaSince 31 Mar 2017
    An appeal has been filed against assessment order and case is pending before the Commissioner of Income Tax (Appeals)
    At the filing before: Disallowance in respect of provision for new employees, Gratuity provision etc. The amount of Tax involved is Rs.1226.02 lakhs (Amount paid under Protest Rs.245 lakhs) for FY 2016-17 resulted into fall in net profit ratio.MoreLess
  • Tax disputeDepartment of Income Tax, Ministry of Finance, Government of IndiaSince 31 Mar 2018
    An appeal has been filed against assessment order and the said case is pending before the Commissioner of Income Tax (Appeals)
    At the filing before: Disallowance of employer's contribution to gratuity fund and deduction in respect of new employees. The amount of Tax involved is Rs.146.16 lakhs (Amount paid under Protest Rs.29.23 lakhs) FY 2017-18
  • Tax disputeDepartment of Income Tax, Ministry of Finance, Government of IndiaSince 31 Mar 2023
    An appeal has been filed against assessment order passed by the Income Tax Authority and the said case is pending before the Commissioner of Income Tax (Appeals). The stay order has been granted for recovery of amount.MoreLess
    At the filing before: Demand of tax treating the slump sale of Bus division as short-term capital gain instead of Long Term Capital Gain/ The amount of Tax involved is Rs.811.83 Lakhs. FY 2022-23
  • Tax disputeDepartment of Income Tax, Ministry of Finance, Government of IndiaSince 31 Mar 2024
    The Company has filed a Rectification Application u/s 154 of the Act on dated:06.04.2026
    At the filing before: During the financial year 2025–26, the assessment for FY 2023–24 was completed under section 143(3) of the Income-tax Act. The assessment was completed by accepting the Income declared in Income tax return without any disallowances or any additions. Subsequently, while processing the order by the Centralized Processing Centre (CPC) raised a demand of ₹ 5,186 lakhs under section 156 of IT Act, primarily due to apparent computational errors, including non-grant of credit for advance tax, TDS/ TCS, and tax paid on buyback not being given the credit , as well as incorrect levy of interest under section 234B of IT Act. Consequently, the Company has filed a rectification application under section 154 of IT Act. Based on management’s assessment, the erroneous demand made by the Income Tax Department does not represent a valid obligation, as it has arisen solely from processing inaccuracies. Accordingly, no amount is payable by the Company and the likelihood of any cash outflow is considered very remote, and therefore this matter does not give rise to either any potential liability or a contingent liability for the purposes of these financial statements.MoreLess
  • Tax disputeDepartment of Revenue - Customs, Excise and Service Tax. Ministry of Finance, Government of India.Since 31 Mar 2008
    The CESTAT had passed an order in favour of the Company.The Custom authority has filed an appeal against order passed by the CESTAT and same is pending before the Honerable High Court of Gujarat
    At the filing before: Custom Duty on import of aircraft and related interest / penalties / fines of Rs. 1569.02 lakh for FY 2007-08
  • Tax disputeDepartment of Revenue - Customs, Excise and Service Tax. Ministry of Finance, Government of India.Since 31 Mar 2002
    The Custom authority has filed an appeal before the CESTAT (Bengaluru) against the order of the Commissioner of Central Excise (Appeals), Mysore allowing the refund amount along with interest.
    At the filing before: Non-refund of service tax paid Rs. 242.88 lakh for FY 2000-01 and 2001-02
10 more
  • Tax disputeDepartment of Revenue - Customs, Excise and Service Tax. Ministry of Finance, Government of India.Since 30 Jun 2017
    The Department has filed the Appeal against Order-in-Original No BEL-EXCUS-000-COM-BKK-002-2018-19 (ST) dated 25.06.2018 passed by the Commissioner of Central Tax and Central Excise, Belgaum dropping the proceedings initiated vide SCN Sl No07/2017-18 Commr dated 27.10.2017 issued by the Commissioner of Central Tax Audit, Belagavi. Cross Objection filed on 26.12.2018.MoreLess
    At the filing before: Service tax arising due to reclassification of services Rs. 328.45 Lakhs from the period July 2012 to March 2017.
  • Tax disputeDepartment of Revenue - Customs, Excise and Service Tax. Ministry of Finance, Government of India.Since 30 Sep 2021
    Order-in-Original received on dated:25.09.2026 from Commissioner of GST, Belgaum and yet to file CESTAT in the matter.
    At the filing before: Service Tax on National Permit Fees amounting to Rs. 68.07 Lakhs during FY 2016-17
  • Tax disputeDepartment of Revenue - Customs, Excise and Service Tax. Ministry of Finance, Government of India.Since 31 Mar 2018
    Before the Commissioner of Central Tax (Appeals), Belgaum. The Commissioner(Appeals), Belagavi has passed Order-in-Appeal No BEL-GST-COMMR-APP-VDJ-045-2025-26 dated 31.10.2025 for re-determining the tax payable under Section 73 of CGST Act 2017 by proper officer as per Section 75(2) of CGST Act 2017 – (De-Novo Adjudication)MoreLess
    At the filing before: Goods & Service Tax on National Permit Fees Rs. 285.79. during period from July 2017 to September 2021 (Amount of GST paid under protest Rs. 31.76 lakh)
  • Tax disputeDepartment of Revenue - the Goods & Service Tax Department Central Tax New DelhiSince 31 Mar 2018
    Pending before the Additional/Joint Commissioner of Central Tax, (Appeals), Delhi
    At the filing before: GST on Supplies attracting reverse charge of Rs. 89.97 lakhs (Amount of GST paid under protest Rs.4.28 lakh) from July 2017 to March-2018
  • Tax disputeOffice of the Superintendent, Autonagar Range, Vijayawada, Guntur, Vishakapatnam, Amaravathi, CBIC Andra PradeshSince 30 Dec 2025
    The Company has filed GST Appeal-01 before the Appellate Authority of GST on dated:28.03.2026
    At the filing before: Tax and Penalty of Rs. 20,176/- for FY 2019-2020 has been imposed for non maintainance of records at principal place of Business.
  • Tax disputeOffice of the Superintendent, Autonagar Range, Vijayawada, Guntur, Vishakapatnam, Amaravathi, CBIC Andra PradeshSince 30 Dec 2025
    The Company has filed GST Appeal-01 before the Appellate Authority on dated:28.03.2026
    At the filing before: Excess paid tax amount in FY 2017-18 adjusted for tax liability of 2018-19 not accepted by the Department. the amount involved is Rs.8.85/- lakhs
  • Tax disputeAddisional Commissioner of Central Tax (Appeals), Madhya PradeshSince 22 Aug 2025
    The Company has filed GST Appeal-01 before the Appellate Authority of GST on dated:17.11.2025
    At the filing before: Non response penalty of Rs.20,000/- for FY 2018-2019
  • Tax disputeAddisional Commissioner of Central Tax (Appeals), Gurugram, HaryanaSince 25 Mar 2026
    The Company has filed GST Appeal-01 before the Appellate Authority of GST on dated:25.06.2026
    At the filing before: Non response penalty of Rs.40,000/- for FY 2019-2020
  • Tax disputeState Tax Officer, GujaratSince 1 Jul 2026
    The Company has filed GST Appeal-01 before the Appellate Authority of GST on dated:06.08.2026
    At the filing before: Others - Penalty and fine imposed under section 130 due to non- generation of E-way bill and paid GST penalty and Fine amount of Rs.8,51,787/-
  • Tax disputeCommissioner of Customs(Preventive) Commissionerate, LucknowSince 17 Apr 2026
    The Company has filed Customs Appeal before CESTAT, Allahabad, dated:10.07.2026
    At the filing before: Imposition of penalty on seized goods and security deposit paid of Rs.2,50,000/- and also paid fee of Rs.15,000/-

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

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
Yes
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.