VST Industries CEO, MD, chairman, board of directors and AGM
NSE: VSTINDBSE: 509966Cigarettes & Tobacco ProductsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹199.02.
- Next results date: the board meets on 28 Oct 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹3,349 Cr847th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 28 Jul 2026
- 12.0
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 16 Apr 2026
- 2.3
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 6.09%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business.
- Assets held for saleon the latest balance sheet
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them.
- Assets held for saleon the latest balance sheet
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- Assets held for saleon the latest balance sheet
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,94,56351.7% delivered
VST Industries 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
- ChairpersonNaresh Kumar Sethi
- Managing director and CEOPiyush Srivastava
- Company Secretary and Compliance OfficerPhani K. Mangipudi
8 directors4 independent1 executive3 non-executive
- Naresh Kumar Sethi · ChairpersonNon-executive · joined Dec 2018 · reappointed Jul 2026 · 1 listed board · 2 committee seats
- Thirumalai SampathkumaranNon-executive · joined Jul 2019 · reappointed Jul 2025 · 1 listed board · 2 committee seats
- Rama BijapurkarIndependent · joined Apr 2019 · reappointed Apr 2024 · 90 months as independent · 3 listed boards · 3 as independent · 3 committee seats, 1 as chair
- Sudip BandyopadhyayIndependent · joined Jun 2019 · reappointed Jun 2024 · 88 months as independent · 2 listed boards · 1 as independent · 2 committee seats, 1 as chair
- Rajeev BakshiIndependent · joined Jul 2024 · reappointed Aug 2024 · 27 months as independent · 3 listed boards · 3 as independent · 4 committee seats
- Nellaiappan ThiruambalamIndependent · joined Apr 2025 · reappointed Jul 2025 · 17 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Alok AgarwalNon-executive · joined Apr 2025 · reappointed Jul 2025 · 1 listed board · 1 committee seat
- Piyush Srivastava · Managing director and CEOExecutive · joined Mar 2026 · reappointed Apr 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.
2 directors who left
- Sanjay Wali, left 2 Mar 2026: Others
- Adityadeb Gooptu, left 25 Apr 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 28 Jul 20268 of 8 present4 independent · 102 days in between
- 16 Apr 20268 of 8 present4 independent
Audit Committee
Chair Sudip Bandyopadhyay
Rama Bijapurkar, Rajeev Bakshi, Thirumalai Sampathkumaran, Naresh Kumar Sethi, Nellaiappan Thiruambalam
- 28 Jul 20266 of 6 present4 independent · 102 days in between
- 16 Apr 20266 of 6 present4 independent
Nomination and remuneration committee
Chair Rajeev Bakshi
Rama Bijapurkar, Sudip Bandyopadhyay, Naresh Kumar Sethi
No meeting listed in the filing.
Stakeholders Relationship Committee
Chair Rama Bijapurkar
Rajeev Bakshi, Naresh Kumar Sethi, Thirumalai Sampathkumaran, Alok Agarwal, Piyush Srivastava
- 28 Jul 20266 of 6 present2 independent · 102 days in between
- 16 Apr 20266 of 6 present2 independent
Risk Management Committee
Chair Sudip Bandyopadhyay
Rama Bijapurkar, Nellaiappan Thiruambalam, Alok Agarwal, Thirumalai Sampathkumaran, Piyush Srivastava, Naresh Kumar Sethi, Anish Gupta, S Sriram
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair Rajeev Bakshi
Rama Bijapurkar, Nellaiappan Thiruambalam, Alok Agarwal, Naresh Kumar Sethi, Thirumalai Sampathkumaran, Piyush Srivastava
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 Jun 2026.
- B S R & Associates LLPPeer-review certificate valid to Jul 2028
1 earlier auditor
- BSR & Associates LLPNamed in the filing for the quarter to Mar 2026
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.
VST Industries 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.VST Industries dividend history
Annual general meeting, 29 Jul 2026
1,54,304 shareholders on the register on 22 Jul 2026; present: 0 promoters and 60 others; votes counted by B V SARAVANA KUMAR / TUMULURU & COMPANY.The company's voting result (opens in a new tab)
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 68.41% · promoters 100.00% · institutions 69.78% · other public 51.42%
- Declaration of dividend of Rs.12/- per equity share.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 68.41% · promoters 100.00% · institutions 69.78% · other public 51.42%
- Mr. Naresh Kumar Sethi (DIN 08296486) who retires by rotation and being eligible offers himself for re-appointment.Ordinary97.01% for2.99% against
Against: promoters 0.00% · institutions 39.15% · other public 0.04%
Turnout: all 68.41% · promoters 100.00% · institutions 69.78% · other public 51.41%
- Appointment of M/s. Price Waterhouse Chartered Accountants LLP (Firm Registration No.012754N/N500016) as the Statutory Auditors of the Company.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 68.41% · promoters 100.00% · institutions 69.78% · other public 51.42%
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 Apr 2026, 1 resolution
1,51,054 shareholders on the register on 27 Feb 2026; votes counted by B V SARAVANA KUMAR / TUMULURU & COMPANY.The company's voting result (opens in a new tab)
Regularization of Mr. Piyush Srivastava (DIN: 10775803) as a Director and appointment as the Managing Director & Chief Executive Officer of the Company, for a term of five (5) years commencing from 2nd March, 2026MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 68.95% · promoters 100.00% · institutions 73.15% · other public 51.77%
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.
Annual general meeting, 23 Jul 2025, 9 resolutions
1,62,077 shareholders on the register on 16 Jul 2025; present: 0 promoters and 72 others; votes counted by B V SARAVANA KUMAR / TUMULURU & COMPANY.The company's voting result (opens in a new tab)
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereonOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 68.81% · promoters 100.00% · institutions 73.23% · other public 51.58%
- Declaration of dividend of Rs.10/- per equity share.Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 68.81% · promoters 100.00% · institutions 73.23% · other public 51.58%
Mr. S. Thirumalai (DIN 00011899) who retires by rotation and being eligible offers himself for re-appointment and continuation of his directorship as a Non-Executive Director who has attained the age of 76 years.MoreLess
Special99.77% for0.23% againstAgainst: promoters 0.00% · institutions 2.67% · other public 0.03%
Turnout: all 68.80% · promoters 100.00% · institutions 73.23% · other public 51.56%
- Appointment of Mr. Nellaiappan Thiruambalam (DIN 02121182) as an Independent Director.Special99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 68.80% · promoters 100.00% · institutions 73.23% · other public 51.56%
- Appointment of Mr. Alok Agarwal (DIN 08655585) as a Non-Executive Director.Ordinary99.77% for0.23% against
Against: promoters 0.00% · institutions 2.67% · other public 0.04%
Turnout: all 68.80% · promoters 100.00% · institutions 73.23% · other public 51.56%
- Appointment of Mr. Sanjay Wali (DIN 10868596) as Whole-time Director.Ordinary98.14% for1.86% against
Against: promoters 0.00% · institutions 22.61% · other public 0.04%
Turnout: all 68.80% · promoters 100.00% · institutions 73.23% · other public 51.56%
- Payment of remuneration to Mr. Naresh Kumar Sethi apart from the remuneration payable to other Non-Executive Directors.Ordinary98.18% for1.82% against
Against: promoters 0.00% · institutions 22.06% · other public 0.05%
Turnout: all 68.80% · promoters 100.00% · institutions 73.23% · other public 51.56%
- Payment of remuneration to Mr. S. Thirumalai apart from the remuneration payable to other Non-Executive Directors.Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 68.80% · promoters 100.00% · institutions 73.23% · other public 51.56%
- Appointment of M/s. Tumuluru and Company as Secretarial Auditors for a period of five yearsOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 68.80% · promoters 100.00% · institutions 73.23% · other public 51.56%
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 Dec 2024, 1 resolution
The company's voting result (opens in a new tab)
Re-designauDBC0uDD9Fon and appointment of Mr. Naresh Kumar Sethi (DIN : 08296486), Non-ExecuuDBC0uDD9Fve Director & Chairmannas an ExecuuDBC0uDD9Fve Chairman & Whole-uDBC0uDD9Fme Director of the Company for a term of five (5) years commencing from 5th November,n2024MoreLess
Special56.08% for43.92% againstAgainst: promoters 0.00% · institutions 9.13% · other public 95.33%
Turnout: all 72.06% · promoters 100.00% · institutions 68.00% · other public 57.05%
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, 29 Aug 2024, 8 resolutions
Present: 0 promoters and 57 others.The company's voting result (opens in a new tab)
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon for the financial year ended 31st March, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 76.44% · promoters 100.00% · institutions 83.58% · other public 60.47%
- Declaration of dividend of Rs.150/- per equity shareOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 76.44% · promoters 100.00% · institutions 83.58% · other public 60.47%
- Mr. Naresh Kumar Sethi (DIN 08296486) who retires by rotation and being eligible offers himself for re-appointmentOrdinary99.91% for0.09% against
Against: promoters 0.00% · institutions 0.55% · other public 0.01%
Turnout: all 76.44% · promoters 100.00% · institutions 83.58% · other public 60.47%
- Appointment of Mr. Rajeev Bakshi (DIN 00044621) as an Independent Director.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.44% · promoters 100.00% · institutions 83.58% · other public 60.47%
- Reclassification of Authorised Share Capital.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.20%
Turnout: all 43.99% · promoters 100.00% · institutions 83.58% · other public 0.07%
- Increase in Authorised Share Capital and amendment to Capital Clause of the Memorandum of Association.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.05% · other public 0.20%
Turnout: all 43.99% · promoters 100.00% · institutions 83.58% · other public 0.07%
- To consider and approve alteration of Articles of Company with respect to changes in Capital Clause.Special99.99% for0.01% against
Against: promoters 0.00% · institutions 0.05% · other public 0.20%
Turnout: all 43.99% · promoters 100.00% · institutions 83.58% · other public 0.07%
- To capitalize Reserves of the Company and to issue Bonus Equity Shares.Ordinary99.40% for0.60% against
Against: promoters 0.00% · institutions 2.22% · other public 0.20%
Turnout: all 43.99% · promoters 100.00% · institutions 83.58% · other public 0.07%
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, 2 Mar 2024, 2 resolutions
The company's voting result (opens in a new tab)
- Re-appointment of Ms. Rama Bijapurkar (DIN : 00001835) as a Non-Executive Independent Director for a second term of five consecutive yearsSpecial99.79% for0.21% against
Against: promoters 0.00% · institutions 1.04% · other public 0.05%
Turnout: all 81.56% · promoters 100.00% · institutions 88.46% · other public 67.62%
- Re-appointment of Mr. Sudip Bandyopadhyay (DIN : 00007382) as a Non-Executive Independent Director for a second term of five consecutive years.Special99.93% for0.07% against
Against: promoters 0.00% · institutions 0.28% · other public 0.05%
Turnout: all 81.56% · promoters 100.00% · institutions 88.46% · other public 67.62%
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, 21 Aug 2023, 5 resolutions
Present: 0 promoters and 145 others.The company's voting result (opens in a new tab)
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 82.20% · promoters 100.00% · institutions 89.45% · other public 67.76%
- Declaration of dividend of Rs.150/- per equity share.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 82.24% · promoters 100.00% · institutions 89.65% · other public 67.76%
- Re-appointment of Mr. S. Thirumalai (DIN:00011899) who retires by rotation and being eligible, offers himself for re-appointment.Ordinary99.90% for0.10% against
Against: promoters 0.00% · institutions 0.48% · other public 0.01%
Turnout: all 82.24% · promoters 100.00% · institutions 89.65% · other public 67.76%
- Continuation of directorship of Mr. S. Thirumalai (DIN: 00011899) as a Non-Executive Non-Independent Director on attaining the age of 75 years.Special99.96% for0.04% against
Against: promoters 0.00% · institutions 0.20% · other public 0.01%
Turnout: all 82.24% · promoters 100.00% · institutions 89.65% · other public 67.76%
- Payment of remuneration by way of commission to Non-Executive Directors.Ordinary99.63% for0.37% against
Against: promoters 0.00% · institutions 0.00% · other public 0.91%
Turnout: all 82.23% · promoters 100.00% · institutions 89.65% · other public 67.76%
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, 29 Jul 2022, 5 resolutions
Present: 0 promoters and 53 others.The company's voting result (opens in a new tab)
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 81.30% · promoters 100.00% · institutions 88.16% · other public 66.57%
- Declaration of dividend of Rs.140/- per equity share.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 81.30% · promoters 100.00% · institutions 88.16% · other public 66.57%
- Mr. Naresh Kumar Sethi (DIN 08296486), who retires by rotation and being eligible offers himself for re-appointment.Ordinary99.77% for0.23% against
Against: promoters 0.00% · institutions 0.17% · other public 0.48%
Turnout: all 81.30% · promoters 100.00% · institutions 88.16% · other public 66.57%
- Remuneration payable to Mr. Naresh Kumar Sethi, Non-Executive Director (DIN 08296486)Ordinary95.48% for4.52% against
Against: promoters 0.00% · institutions 21.65% · other public 0.48%
Turnout: all 81.30% · promoters 100.00% · institutions 88.16% · other public 66.57%
- Remuneration payable to Mr. S. Thirumalai, Non-Executive Director (DIN 00011899)Ordinary99.80% for0.20% against
Against: promoters 0.00% · institutions 0.04% · other public 0.48%
Turnout: all 81.30% · promoters 100.00% · institutions 88.16% · other public 66.57%
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.
Mutual fund votes, meeting of 29 Jul 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon.1 for0 against
- Declaration of dividend of Rs.12/- per equity share.1 for0 against
- Mr. Naresh Kumar Sethi (DIN 08296486) who retires by rotation and being eligible offers himself for re-appointment.1 for0 against
- Appointment of M/s. Price Waterhouse Chartered Accountants LLP (Firm Registration No.012754N/N500016) as the Statutory Auditors of the Company.1 for0 against
Mutual fund votes, meeting of 3 Apr 2026, 8 fund houses
Regularization of Mr. Piyush Srivastava (DIN: 10775803) as a Director and appointment as the Managing Director & Chief Executive Officer of the Company, for a term of five (5) years commencing from 2nd March, 2026MoreLess
Against Mirae Asset Mutual Fund
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
7 for1 against
6 earlier meetings
Mutual fund votes, meeting of 23 Jul 2025, 9 fund houses
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon9 for0 against
- Declaration of dividend of Rs.10/- per equity share.9 for0 against
Mr. S. Thirumalai (DIN 00011899) who retires by rotation and being eligible offers himself for re-appointment and continuation of his directorship as a Non-Executive Director who has attained the age of 76 years.MoreLess
9 for0 against- Appointment of Mr. Nellaiappan Thiruambalam (DIN 02121182) as an Independent Director.9 for0 against
- Appointment of Mr. Alok Agarwal (DIN 08655585) as a Non-Executive Director.9 for0 against
- Appointment of Mr. Sanjay Wali (DIN 10868596) as Whole-time Director.
Against Axis Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundSanjay Wali, 58, is the Whole-time Director of the VST Industries Limited. He previously served as the Chief Operating Officer. We estimate Sanjay Wali’s annual remuneration at ~Rs. 28.7 mn excluding ESOP benefits. His proposed remuneration terms allow participation in the company’s Employee Stock Option Plans, for which there is no guidance provided, nor is there an absolute cap. Therefore, we are unable to estimate his overall remuneration including ESOP benefits. The company must cap overall remuneration in absolute amounts and quantify/disclose the stock options that he is eligible to received, including the performance metrics which determine such variable pay. Due to lack of adequate disclosures, we are unable to ascertain his aggregate remuneration. While we support his appointment, given the reason we do not support the resolution.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
7 for2 against - Payment of remuneration to Mr. Naresh Kumar Sethi apart from the remuneration payable to other Non-Executive Directors.
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Proposed remuneration as a Non-Executive Director appears excessive, not adequately justified and also to be skewed in the favour of Promoter nominee director, when compared with the remuneration of other directors.
- Axis Mutual FundThe proposed remuneration of Rs. 12.5 mn is over and above the commission and sitting fees payable to him. His total compensation (including remuneration, commission and sitting fees) aggregated to Rs. 17.1 mn in FY25: this is higher than all the employees/ senior management of the company, excluding the sole Executive Director. While we understand that Naresh Kumar Sethi has experience in the tobacco industry, he is compensated by way of commission and sitting fees, for his responsibilities as a director. For payment of compensation over and above such commission and sitting fees, the company must articulate in detail, the exact nature of services availed from him that justify the additional fixed monthly payment. Remuneration structures that provide for monthly payments to Non-Executive Directors representing promoter group interests are unusual. Further, Naresh Kumar Sethi is also a member of the Nomination and Remuneration Committee, which creates a potential conflict of interest. We do not support the resolution.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Proposed remuneration as a Non-Executive Director appears excessive, not adequately justified and also to be skewed in the favour of Promoter nominee director, when compared with the remuneration of other directors.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
3 for6 against - Payment of remuneration to Mr. S. Thirumalai apart from the remuneration payable to other Non-Executive Directors.9 for0 against
- Appointment of M/s. Tumuluru and Company as Secretarial Auditors for a period of five years9 for0 against
Mutual fund votes, meeting of 15 Dec 2024, 10 fund houses
Re-designauDBC0uDD9Fon and appointment of Mr. Naresh Kumar Sethi (DIN : 08296486), Non-ExecuuDBC0uDD9Fve Director & Chairmannas an ExecuuDBC0uDD9Fve Chairman & Whole-uDBC0uDD9Fme Director of the Company for a term of five (5) years commencing from 5th November,n2024MoreLess
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on profile of the proposed appointee. Non-compliant with Companies Act: Part I of the Schedule V since the Central Government approval has not been obtained. Governance concern: Holding position of Executive Chairman and Whole-Time Director.
- Nippon India Mutual FundHolding position of Executive Chairman and Whole-Time Director.
- PPFAS Mutual FundPost of Chairman and Executive director needs to be separated. Also, the company has not been clear on the variable compensation part of the director.
5 for5 against
Mutual fund votes, meeting of 29 Aug 2024, 6 fund houses
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon for the financial year ended 31st March, 2024.6 for0 against
- Declaration of dividend of Rs.150/- per equity share6 for0 against
- Mr. Naresh Kumar Sethi (DIN 08296486) who retires by rotation and being eligible offers himself for re-appointment6 for0 against
- Appointment of Mr. Rajeev Bakshi (DIN 00044621) as an Independent Director.6 for0 against
- Reclassification of Authorised Share Capital.6 for0 against
- Increase in Authorised Share Capital and amendment to Capital Clause of the Memorandum of Association.6 for0 against
- To consider and approve alteration of Articles of Company with respect to changes in Capital Clause.6 for0 against
- To capitalize Reserves of the Company and to issue Bonus Equity Shares.6 for0 against
Mutual fund votes, meeting of 2 Mar 2024, 8 fund houses
- Re-appointment of Ms. Rama Bijapurkar (DIN : 00001835) as a Non-Executive Independent Director for a second term of five consecutive years
Against Sundaram Mutual Fund
- Sundaram Mutual FundMs. Rama Bijapurkar, 66, is an independent management consultant and has four decades of experience in strategic consulting and market research. She is Co-founder and Chairperson at ICE 360°. She is also a visiting faculty for Management Practice at IIM Ahmedabad. Ms. Bijapurkar holds a BSc in Physics from Delhi University and a post graduate diploma in management from the Indian Institute of Management, Ahmedabad. She has been an Independent Director on the board since 1 April 2019 and has attended 80% (four out of five) of the board meetings held in FY23 and has attended all six board meetings held in FY24. She serves on the boards of six listed companies (including VST Industries Limited). We believe that as Co-founder and Chairperson at ICE 360° and her own management consulting practice, her responsibilities are equivalent to a whole-time directorship. Therefore, her high number of directorships on listed companies are not in keeping with the spirit of the regulation. We do not support her reappointment.
7 for1 against - Re-appointment of Mr. Sudip Bandyopadhyay (DIN : 00007382) as a Non-Executive Independent Director for a second term of five consecutive years.8 for0 against
Mutual fund votes, meeting of 21 Aug 2023, 10 fund houses
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon.10 for0 against
- Declaration of dividend of Rs.150/- per equity share.10 for0 against
- Re-appointment of Mr. S. Thirumalai (DIN:00011899) who retires by rotation and being eligible, offers himself for re-appointment.10 for0 against
- Continuation of directorship of Mr. S. Thirumalai (DIN: 00011899) as a Non-Executive Non-Independent Director on attaining the age of 75 years.10 for0 against
- Payment of remuneration by way of commission to Non-Executive Directors.10 for0 against
Mutual fund votes, meeting of 29 Jul 2022, 5 fund houses
- Consideration and adoption of Audited Financial Statements, Report of the Board of Directors and Auditors thereon.5 for0 against
- Declaration of dividend of Rs.140/- per equity share.5 for0 against
- Mr. Naresh Kumar Sethi (DIN 08296486), who retires by rotation and being eligible offers himself for re-appointment.5 for0 against
- Remuneration payable to Mr. Naresh Kumar Sethi, Non-Executive Director (DIN 08296486)
Against Axis Mutual Fund
- Axis Mutual FundThe proposed remuneration is higher than all the employees/ senior management of the company (excluding the Managing Director); the company must articulate the exact nature of services availed from him that support a remuneration level that is higher than other KMPs.
4 for1 against - Remuneration payable to Mr. S. Thirumalai, Non-Executive Director (DIN 00011899)5 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
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
- 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
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.