Zaggle Prepaid Ocean Services logo

Zaggle Prepaid Ocean Services CEO, MD, chairman, board of directors and AGM

NSE: ZAGGLEBSE: 543985IT - ServicesSmall Cap

Last close ₹150.36down ₹6.45 (4.11%)BSE ₹150.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹156.81.

52-week range of traded prices to 23 Oct 2026
₹148.42Low, 23 Oct 2026₹405.40High, 17 Nov 2025
Market cap
₹2,022 Cr937th largest listed
P/E
15.6
P/B
1.4
Dividend yield
Nonein the last 12 months
ROE
9.8%
ROCE
9.8%
Debt to equity
0.03
Volume, NSE
14,56,25953.1% delivered

Zaggle Prepaid Ocean Services 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

  • ChairpersonRaj P Narayanam
  • Managing director and CEOAvinash Ramesh Godkhindi
  • Company Secretary and Compliance OfficerHARIPRIYA

6 directors4 independent2 executive

  • Raj P Narayanam · ChairpersonExecutive · joined Apr 2012 · reappointed Jun 2023 · 1 listed board · 1 committee seat
  • Avinash Ramesh Godkhindi · Managing director and CEOExecutive · joined May 2012 · reappointed May 2026 · 1 listed board · 1 committee seat
  • Arun Vijaykumar GuptaIndependent · joined Oct 2024 · reappointed Oct 2024 · 20 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 2 as chair
  • Abhay Raosaheb DeshpandeIndependent · joined Sep 2022 · reappointed Sep 2022 · 45 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Aravamudan Krishna KumarIndependent · joined Sep 2022 · reappointed Sep 2022 · 45 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 1 as chair
  • Prerna TandonIndependent · joined Sep 2022 · reappointed Sep 2025 · 45 months as independent · 1 listed board · 1 as independent · 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.

1 director who left
  • Virat Sunil Diwanji, left 29 Sep 2025: Others

Committees and meetings

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

  • Board

    • 13 May 20266 of 6 present4 independent · 4 days in between
    • 8 May 20266 of 6 present4 independent · 34 days in between
    • 3 Apr 20266 of 6 present4 independent · 49 days in between
    • 12 Feb 20266 of 6 present4 independent

  • Audit Committee

    Chair Abhay Raosaheb Deshpande

    Aravamudan Krishna Kumar, Raj P Narayanam

    • 13 May 20263 of 3 present2 independent · 39 days in between
    • 3 Apr 20263 of 3 present2 independent · 49 days in between
    • 12 Feb 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Aravamudan Krishna Kumar

    Abhay Raosaheb Deshpande, Arun Vijaykumar Gupta

    • 13 May 20263 of 3 present3 independent · 39 days in between
    • 3 Apr 20263 of 3 present3 independent · 49 days in between
    • 12 Feb 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Arun Vijaykumar Gupta

    Prerna Tandon, Avinash Ramesh Godkhindi

    • 12 Feb 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Raj P Narayanam

    Abhay Raosaheb Deshpande, Avinash Ramesh Godkhindi

    • 12 Feb 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Raj P Narayanam

    Abhay Raosaheb Deshpande, Avinash Ramesh Godkhindi, Prerna Tandon

    • 12 Feb 20264 of 4 present2 independent

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

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • MSKA & Associates LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
  • M S K A & AssociatesNamed 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.

Zaggle Prepaid Ocean Services 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.Zaggle Prepaid Ocean Services share news and announcements

Annual general meeting, 29 Sep 2026

1,32,992 shareholders on the register on 22 Sep 2026; present: 4 promoters and 61 others; votes counted by S. Sarweswara Reddy / S. S. Reddy & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, the Reports of the Board of Directors and Auditors’ thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 50.76% · promoters 100.00% · institutions 83.71% · other public 4.16%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, the Report of the Auditors’ thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 50.76% · promoters 100.00% · institutions 83.71% · other public 4.16%

  3. To appoint a Director in place of Dr. Raj P Narayanam (DIN:00410032), who retires by rotation at this Annual General Meeting and being eligible, seeks re-appointment.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 50.76% · promoters 100.00% · institutions 83.71% · other public 4.16%

  4. Re-appointment of M S K A & Associates LLP (Formerly known as M S K A & Associates) (Registration No.105047W/W101187), Chartered Accountants, Hyderabad as Statutory Auditor and fix their Remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 50.76% · promoters 100.00% · institutions 83.71% · other public 4.16%

  5. Re-designation of Mr. Arun Vijaykumar Gupta (DIN: 05131228) from Non-Executive Independent Director to Non-Executive Non-Independent Director of the Company.
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.97%

    Turnout: all 50.76% · promoters 100.00% · institutions 83.71% · other public 4.16%

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, 4 May 2026, 1 resolution

1,18,895 shareholders on the register on 27 Mar 2026; votes counted by S. SARWESWARA REDDY / S. S. REDDY & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Avinash Ramesh Godkhindi (DIN: 05250791) as Managing Director and Chief Executive Officer of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 56.14% · promoters 100.00% · institutions 66.86% · other public 9.79%

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, 1 Apr 2026, 2 resolutions

1,18,966 shareholders on the register on 20 Feb 2026; votes counted by S. SARWESWARA REDDY / S. S. REDDY & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Approval for extending benefits of Zaggle Employee Stock Option Scheme 2022 to the present and future employees of its subsidiary and associate companies
    Special
    89.51% for10.49% against

    Against: promoters 0.00% · institutions 59.91% · other public 0.12%

    Turnout: all 59.73% · promoters 100.00% · institutions 85.40% · other public 11.82%

  2. Approval for grant of employee stock options to the employees of the subsidiaries and associate companies, in India or outside India, under Zaggle Employee Stock Option Scheme
    Special
    89.51% for10.49% against

    Against: promoters 0.00% · institutions 59.91% · other public 0.12%

    Turnout: all 59.73% · promoters 100.00% · institutions 85.40% · other public 11.82%

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.

Extraordinary general meeting, 31 Oct 2025, 1 resolution

1,17,505 shareholders on the register on 24 Oct 2025; present: 4 promoters and 44 others; votes counted by S. Sarweswara Reddy / S. S. Reddy & Associates.The company's voting result (opens in a new tab)

  1. ISSUANCE OF CONVERTIBLE WARRANTS ON PREFERENTIAL BASIS
    SpecialPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 67.35% · promoters 100.00% · institutions 88.86% · other public 21.66%

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

Annual general meeting, 18 Sep 2025, 5 resolutions

1,10,788 shareholders on the register on 11 Sep 2025; present: 5 promoters and 68 others; votes counted by S. SARWESWARA REDDY / S.S.REDDY & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, the Reports of the 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 66.59% · promoters 100.00% · institutions 73.29% · other public 23.16%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, the Report of the Auditors’ thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.59% · promoters 100.00% · institutions 73.29% · other public 23.16%

  3. To appoint a Director in place of Dr. Raj P Narayanam (DIN: 00410032), who retires by rotation at this Annual General Meeting and being eligible, seeks re-appointment
    Ordinary
    98.45% for1.55% against

    Against: promoters 0.00% · institutions 7.45% · other public 0.00%

    Turnout: all 66.59% · promoters 100.00% · institutions 73.29% · other public 23.16%

  4. Re-appointment of Ms. Prerna Tandon (DIN: 09652432) as Non-Executive Independent Director of the Company
    Special
    99.97% for0.03% against

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

    Turnout: all 66.59% · promoters 100.00% · institutions 73.29% · other public 23.16%

  5. Appointment of Secretarial Auditor of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 66.59% · promoters 100.00% · institutions 73.29% · other public 23.16%

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, 2 Dec 2024, 3 resolutions

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

  1. Re-designation of Mr. Arun Vijaykumar Gupta (DIN: 05131228) as an Independent Director of the Company for the period of 2 (Two) years.
    Special
    95.47% for4.53% against

    Against: promoters 0.00% · institutions 21.04% · other public 0.00%

    Turnout: all 74.19% · promoters 100.00% · institutions 89.96% · other public 37.34%

  2. Appointment of Mr. Virat Sunil Diwanji (DIN: 07021146) as a Non-Executive, Non-Independent Director of the Company
    Ordinary
    99.43% for0.57% against

    Against: promoters 0.00% · institutions 2.62% · other public 0.00%

    Turnout: all 74.19% · promoters 100.00% · institutions 89.96% · other public 37.34%

  3. To approve issue of securities to investors
    Special
    97.96% for2.04% against

    Against: promoters 0.00% · institutions 10.45% · other public 0.00%

    Turnout: all 72.31% · promoters 100.00% · institutions 79.43% · other public 37.34%

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, 25 Sep 2024, 3 resolutions

Present: 2 promoters and 54 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2024, the Reports of the 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 65.01% · promoters 100.00% · institutions 68.59% · other public 23.56%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, the Report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 65.01% · promoters 100.00% · institutions 68.59% · other public 23.56%

  3. To appoint a director in place of Mr. Arun Vijaykumar Gupta (DIN: 05131228), who retires by rotation and being eligible, offers himself for re-appointment as a director liable to retire by rotation.
    Ordinary
    95.85% for4.15% against

    Against: promoters 0.00% · institutions 22.39% · other public 0.00%

    Turnout: all 65.01% · promoters 100.00% · institutions 68.59% · other public 23.56%

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, 27 Apr 2024, 1 resolution

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

  1. Re-appointment of Mr. Avinash Ramesh Godkhindi (DIN: 05250791) as Managing Director and Chief Executive Officer of the Company
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 62.48% · promoters 85.78% · institutions 80.24% · other public 31.45%

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

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, the Reports of the Board of Directors and Auditors’ thereon.
    1 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, the Report of the Auditors’ thereon.
    1 for0 against
  • To appoint a Director in place of Dr. Raj P Narayanam (DIN:00410032), who retires by rotation at this Annual General Meeting and being eligible, seeks re-appointment.
    1 for0 against
  • Re-appointment of M S K A & Associates LLP (Formerly known as M S K A & Associates) (Registration No.105047W/W101187), Chartered Accountants, Hyderabad as Statutory Auditor and fix their Remuneration.
    1 for0 against
  • Re-designation of Mr. Arun Vijaykumar Gupta (DIN: 05131228) from Non-Executive Independent Director to Non-Executive Non-Independent Director of the Company.
    Against Angel One Mutual Fund
    • Angel One Mutual FundGovernance concern: No cooling-off period served from transition of Independent Director to Non-Independent Director; Low attendance at board meetings and no compelling reason provided for absence.
    0 for1 against

Mutual fund votes, meeting of 4 May 2026, 7 fund houses

  • Re-appointment of Mr. Avinash Ramesh Godkhindi (DIN: 05250791) as Managing Director and Chief Executive Officer of the Company
    7 for0 against
6 earlier meetings

Mutual fund votes, meeting of 1 Apr 2026, 7 fund houses

  • Approval for extending benefits of Zaggle Employee Stock Option Scheme 2022 to the present and future employees of its subsidiary and associate companies
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Benefit extended to Associate Company(ies) without cost reimbursement provision. While extending such benefits to subsidiaries may be acceptable due to the Company’s control and consolidation of their performance, the same rationale does not apply to associates or group entities. The Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company. Further, concern identified in the Original scheme due to Non-Disclosure of Exercise Price.
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance & Transparency Concern: Benefit extended to Associate Company(ies) without cost reimbursement provision. While extending such benefits to subsidiaries may be acceptable due to the Company’s control and consolidation of their performance, the same rationale does not apply to associates or group entities. The Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company. Further, concern identified in the Original scheme due to Non-Disclosure of Exercise Price.
    • Bank of India Mutual FundOur view on the resolution is linked to our view on the overall scheme. Under Zaggle ESOP 2022, vesting for 60% of the options is performance based and the balance 40% is time based. However, the company has not disclosed performance criteria for vesting of the options. The exercise price has also not been defined and shall be determined by the NRC from time to time. We do not favour ESOP schemes where options are granted at a discount of more than 20% to the market price or where there is no clarity on the performance metrics for vesting. 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 the 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. Further, while we support the extension of ESOP schemes to the employees of unlisted holding and unlisted subsidiary companies, we do not support the extension to associate companies, as these associates may have their own ESOP Schemes currently or in the future. We do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Motilal Oswal Mutual FundThe Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company. Further, concern identified in the Original scheme due to Non-Disclosure of Exercise Price.
    1 for6 against
  • Approval for grant of employee stock options to the employees of the subsidiaries and associate companies, in India or outside India, under Zaggle Employee Stock Option Scheme
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Benefit extended to Associate Company(ies) without cost reimbursement provision. While extending such benefits to subsidiaries may be acceptable due to the Company’s control and consolidation of their performance, the same rationale does not apply to associates or group entities. The Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company. Further, concern identified in the Original scheme due to Non-Disclosure of Exercise Price.
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance & Transparency Concern: Benefit extended to Associate Company(ies) without cost reimbursement provision. While extending such benefits to subsidiaries may be acceptable due to the Company’s control and consolidation of their performance, the same rationale does not apply to associates or group entities. The Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company. Further, concern identified in the Original scheme due to Non-Disclosure of Exercise Price.
    • Bank of India Mutual FundThrough resolution #2, the company seeks approval to grant options under Zaggle ESOP 2022 to the employees of the subsidiaries and associate companies, in India or outside India. Our view on this resolution is linked to our view on resolution #1. We do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Motilal Oswal Mutual FundThe Company should disclose a clear justification and intended rationale for such grants, as the associated costs would be borne by the Company. Further, concern identified in the Original scheme due to Non-Disclosure of Exercise Price.
    1 for6 against

Mutual fund votes, meeting of 31 Oct 2025, 8 fund houses

  • ISSUANCE OF CONVERTIBLE WARRANTS ON PREFERENTIAL BASIS
    8 for0 against

Mutual fund votes, meeting of 18 Sep 2025, 7 fund houses

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, the Reports of the Board of Directors and Auditors’ thereon
    7 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, the Report of the Auditors’ thereon
    7 for0 against
  • To appoint a Director in place of Dr. Raj P Narayanam (DIN: 00410032), who retires by rotation at this Annual General Meeting and being eligible, seeks re-appointment
    Against Angel One Mutual Fund, Groww Mutual Fund
    • Angel One Mutual FundGovernance Concern: Proposed appointee holds combined position of Executive Director and Chairman, which may lead to concentration of power in the hands of a single individual.
    • Groww Mutual FundCompliant with Law. No concern on merit of proposed appointee. Governance Concern: Proposed appointee holds combined position of Executive Director and Chairman, which may lead to concentration of power in the hands of a single individual.
    5 for2 against
  • Re-appointment of Ms. Prerna Tandon (DIN: 09652432) as Non-Executive Independent Director of the Company
    7 for0 against
  • Appointment of Secretarial Auditor of the Company
    Against Angel One Mutual Fund, Groww Mutual Fund
    • Angel One Mutual FundProposed audit fee payable to Secretarial Auditors not disclosed in the Notice. Transparency Concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
    • Groww Mutual FundNo concerns on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR, 2015: Proposed audit fee payable to Secretarial Auditors not disclosed in the Notice. Transparency Concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
    5 for2 against

Mutual fund votes, meeting of 2 Dec 2024, 4 fund houses

  • Re-designation of Mr. Arun Vijaykumar Gupta (DIN: 05131228) as an Independent Director of the Company for the period of 2 (Two) years.
    Against Bank of India Mutual Fund, LIC Mutual Fund
    • Bank of India Mutual FundArun Vijaykumar Gupta, 53, has over three decades of experience in IT, media and consumer companies. He has expertise in private equity, mergers and acquisitions, business development, marketing, growth, partnerships, strategic planning, governance, leadership, and general management. He was appointed as Non-Executive Non-Independent Director in September 2022. At the time of his reappointment in the FY24 AGM, the company had clarified that he is classified as Non-Executive Non-Independent Director since the board composition was already in line with regulations on Independent director composition. The company proposes to redesignate him as Independent Director for two years from 4 October 2022. He has attended seven board meetings till date in FY25. He has attended seven out of eighteen (38.9%) board meetings held in FY24 and twenty-two out of thirty-five (62.8%) board meetings since his appointment on 26 September 2022. We expect directors to attend all board meetings and have a threshold of 75% board attendance over three years. Given his low attendance, we do not support his appointment. Further, the company must provide granular details regarding his past experience.
    • LIC Mutual FundCompliant with law. No concern w.r.t. merits of the proposed appointee. Governance Concern: Existing Non-Executive Director at the Company appointed as ID without serving a cooling off period.
    2 for2 against
  • Appointment of Mr. Virat Sunil Diwanji (DIN: 07021146) as a Non-Executive, Non-Independent Director of the Company
    4 for0 against
  • To approve issue of securities to investors
    Against Bank of India Mutual Fund, LIC Mutual Fund
    • Bank of India Mutual FundThe company raised Rs. 3.6 bn (net proceeds) through fresh issue of shares at the time of the IPO in September 2023 which are to be utilized for customer acquisition and retention, and for development of technology and products. As of 30 September 2024, Rs. 1,487.01 mn is pending utilisation. The company is required to complete the deployment of the IPO net proceeds by FY26.The resolution allows the company to raise Rs. 9.5 bn through equity or through debt. The company should have sought approval for raising equity or debt via separate resolutions. Assuming the issue price is the current market price (Rs. 410.7 closing price as on 13 November 2024), the company will have to issue ~23.1 mn shares resulting in a dilution of ~15.9% on the expanded capital base as on 30 September 2024: which is relatively high. As on 30 September 2024 the company’s standalone debt stood at Rs. 555.2 mn (including short term debt of Rs. 513.8 mn) and debt to equity ratio stood at 1x. While we recognize that the company’s growth strategy includes inorganic expansion, the company should have disclosed a detailed rationale for the need to raise substantial funds just one year after the IPO. Further, the resolution is enabling in nature and allows the company to utilize the funds for repayment/prepayment of loans and working capital requirements of its associates. Hence, we do not support the resolution.
    • LIC Mutual FundCompliant with Law. Governance Concern: Potential for significant dilution. No clarity regarding not opting for Rights Issue.
    2 for2 against

Mutual fund votes, meeting of 25 Sep 2024, 4 fund houses

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2024, the Reports of the Board of Directors and Auditors thereon.
    4 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, the Report of the Auditors thereon.
    4 for0 against
  • To appoint a director in place of Mr. Arun Vijaykumar Gupta (DIN: 05131228), who retires by rotation and being eligible, offers himself for re-appointment as a director liable to retire by rotation.
    Against Bank of India Mutual Fund
    • Bank of India Mutual FundArun Vijaykumar Gupta, 53, has over three decades of experience in IT, media and consumer companies. He has expertise in private equity, mergers and acquisitions, business development, marketing, growth, partnerships, strategic planning, governance, leadership, and general management. He has attended seven out of eighteen (38.9%) board meetings held in FY24 and 53.4% board meetings since his appointment on 26 September 2022. We expect directors to attend all board meetings and have a threshold of 75% board attendance over three years. The company has clarified that he is classified as Non-Executive Non-Independent Director since the board composition was already in line with regulations on Independent director composition. Given his low attendance, we do not support his reappointment.
    3 for1 against

Mutual fund votes, meeting of 27 Apr 2024, 1 fund house

  • Re-appointment of Mr. Avinash Ramesh Godkhindi (DIN: 05250791) as Managing Director and Chief Executive Officer of the Company
    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 Jun 2026.

  • Fine or penaltyAssistant Commissioner, Commercial taxes Dept-GST, Abids Circle, TGSince 21 May 2026

    The Company had received order for penalty demand issued under Section 73 of the TGST Act for Rs. 86,356/- in Form GST DRC-07 for the alleged excess availment of Input Tax Credit (ITC) in the GST returns pertaining to FY 2017-18. The order raised a penalty demand of Rs. 86,356.

    Order for penalty demand was passed towards excess claim of Input Tax Credit (ITC) pertaining to FY 2017-18 as determined in Form GST DRC-07 issued under Section 73 of the TGST Act.
  • Tax dispute1.Commissioner of Central Tax, 2. Directorate General of GST Intelligence - Hyderabad Zonal UnitSince 13 Nov 2019
    The Company has filed an appeal against the demand notice before the Honorable Customs, Excise and Service tax Appellate Tribunal (CESTAT).
  • Tax disputeIncome Tax Department, Ministry of Finance, Government of IndiaSince 29 Mar 2024
    The Company has filed an appeal against the demand notice before the Honorable Commissioner of Income Tax (Appeal).
    At the filing before: The Company has filed an appeal against the demand notice before the Honorable Commissioner of Income Tax (Appeal)
  • Tax disputeCommissioner of CGST & Central Excise, Thane, MaharashtraSince 3 Feb 2025
    The Company and the Directors has filed an appeal against the demand notice before the Commissioner (Appeals), Mumbai.
    At the filing before: The Company and the Directors have filed an appeal against the demand notice before the Commissioner (Appeals), Mumbai.
  • Tax disputeCommissioner of CGST & Central Excise, Palghar, Bandra (E), MaharashtraSince 25 Feb 2025
    The Company and the directors have filed an appeal against the demand notice before the Commissioner (Appeals-III) and Commissioner (Appeals), Mumbai respectively.
  • Tax disputeAssessment Unit, Income Tax DepartmentSince 25 Mar 2026
    The Company has filed an appeal against the aforesaid demand notice before the Commissioner of Income Tax (Appeals) / NATIONAL FACELESS APPEAL CENTRE (NFAC).
    At the filing before: The Company has received Assessment Order and Notice of Demand under Section 156 of the Income Tax Act, 1961 for the Assessment Year 2024-25 seeking a tax demand of Rs. 6,60,51,200 from Income tax Department. The Company will file an appeal against the aforesaid demand notice before the Commissioner of Income Tax (Appeals) / NATIONAL FACELESS APPEAL CENTRE (NFAC).MoreLess
  • Tax disputeAssistant Commissioner, Commercial taxes Dept-GST, Abids Circle, TGSince 8 May 2026
    The Company had received GST ASMT 10- Preliminary Scrutiny Notice under section 61 of TGST Act intimating discrepancies in GST returns for Financial year 2022-2023 seeking a demand of Rs. 3,18,51,618/-. The company filed its reply clarifiying the discrepancies and denied all the allegations on 13/07/2026 and 20/07/2026. The Company received the Closure Order with Nil demand on 28/07/2026 from 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 1 complaint open, quarter to Mar 2026.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
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.

How money raised was used

Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesSep 2023, checked by Care Ratings Limited392.00Expenditure towards Customer acquisition and retention300.00300.00No
Public IssuesSep 2023, checked by Care Ratings Limited392.00Expenditure towards development of technology and products40.0040.00No
Public IssuesSep 2023, checked by Care Ratings Limited392.00Repayment/ pre-payment of certain borrowings, in full or part, availed by our Company17.0817.08No
Public IssuesSep 2023, checked by Care Ratings Limited392.00General corporate purposes5.085.08No
QIPDec 2024, checked by Care Ratings Limited594.84Strategic investments, acquisitions and inorganic growth opportunities by our Company and our Subsidiary, SAISPL375.00157.93No
QIPDec 2024, checked by Care Ratings Limited594.84Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by our Company59.1459.14No
QIPDec 2024, checked by Care Ratings Limited594.84General corporate purposes140.0010.67No
QIPDec 2024, checked by Care Ratings Limited594.84Issue related expenses20.7020.70No
Preferential IssuesDec 202514.99Expenditure brand building activities including promotions,advertisements, marketing, and related initiatives, aims to enhance the Company's and its subsidiaries' market reach and visibility39.999.28No
Preferential IssuesDec 202514.99Working Capital6.005.71No
Preferential IssuesDec 202514.99General Corporate Purposes14.000.00No
₹ 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.