Zen Technologies MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Aug 2026, 7 fund houses 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 Report of the Auditors’ thereon and the Report of the Board of DirectorsMoreLess

  7 for0 against
• To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 and the Report of the Auditors’ thereon

  7 for0 against
• To declare final dividend on equity shares for the financial year ended March 31, 2026

  7 for0 against
• To appoint a director in place of Mr. Ashok Atluri (DIN: 00056050), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Gender biased remuneration practice by the Company, in favour of the male promoter Directors.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No governance concern identified w.r.t the profile, time commitments and past attendance. Governance Concern: Gender biased remuneration practice by the Company, in favour of the male promoter Directors.

  4 for3 against
• Ratification of remuneration payable to Cost Auditors for the financial year 2026-27

  7 for0 against
• Appointment of Mr. Jasthi Krishna Kishore (DIN: 08001625) as an Independent Director of the Company

  7 for0 against
• Appointment of Ms. Uma Priyadarshini Kollareddy (DIN: 02736184) as an Independent Director of the Company

  7 for0 against
• Re-appointment of Mrs. Shilpa Choudari (DIN: 06646539), as a Whole Time Director of the Company

  7 for0 against

Mutual fund votes, meeting of 24 Apr 2026, 16 fund houses

• To approve material related party transactions with Unistring Tech Solutions Private Limited

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: The proposed Related Party Transactions limits appear to be significant with regards to the financial standing of the related party. Hence the Company should explain as to how the related party plans to sustain the proposed Related Party Transactions given the financial strength and quantum jump in amount of Related Party Transactions proposed.
  • Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: The proposed RPT limits appear to be significant w.r.t. the financial standing of the related party. Hence the Company should explain as to how the related party plans to sustain the proposed RPTs given the financial strength and quantum jump in amount of RPT proposed.

  9 for7 against
• To approve the re-appointment of Mr. Ashok Atluri (DIN: 00056050), as Chairman and Managing Director of the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Jio BlackRock Mutual FundAshok Atluri, 60, is Chairperson and Managing Director of the company. He has been on the board of the company since November 1994. He attended all four board meetings held in FY25, and attended all six board meetings held in FY26, till the date of the notice.Ashok Atluri’s FY25 pay aggregated Rs. 129.0 mn. We estimate his FY26 and FY27 remuneration to Rs. 94.7 mn and Rs. 161.3 mn. In FY25, his remuneration was 14.6% of consolidated employee benefit expenses, which is elevated. His remuneration structure includes uncapped reimbursement of travelling, boarding and lodging expenses and medical assistance including for family members. We believe these expenses are personal in nature and should be borne by the directors themselves, not by the company. Further, he is entitled incentive of up to 3% of net profits, with no absolute cap or threshold performance criteria. We believe his proposed remuneration is higher than his peers, and not commensurate with overall size and scale of company’s operations. While we support his reappointment, we do not support the resolution due to concerns regarding his remuneration.We raise concern on the number of promoters on the board and in office of profit positions (three promoter executive directors and three promoter family members holding office of profit). Further, the promoter group remuneration (including office of profit positions) for FY25 aggregated 262.8 mn (~6.5% of FY25 Consolidated PBT), which is high given the size and scale of operations of the company.
  • Angel One Mutual FundGovernance Concern: No absolute cap on variable pay; Combined position of Chairman & Managing Director may lead to concentration of power in the hands of single person.
  • Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of appointee. Governance Concern: No absolute cap on variable pay; Combined position of Chairman & Managing Director; may lead to concentration of power in the hands of single person.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: No absolute cap on variable pay; Combined position of Chairman & Managing Director; may lead to concentration of power in the hands of single person.
  • SBI Mutual FundAshok Atluri, 60, is Chairperson and Managing Director of the company. He has been on the board of the company since November 1994. He attended all four board meetings held in FY25, and attended all six board meetings held in FY26, till the date of the notice. Ashok Atluri’s FY25 pay aggregated Rs. 129.0 mn. We estimate his FY26 and FY27 remuneration to Rs. 94.7 mn and Rs. 161.3 mn. In FY25, his remuneration was 14.6% of consolidated employee benefit expenses, which is elevated. His remuneration structure includes uncapped reimbursement of travelling, boarding and lodging expenses and medical assistance including for family members. We believe these expenses are personal in nature and should be borne by the directors themselves, not by the company. Further, he is entitled incentive of up to 3% of net profits, with no absolute cap or threshold performance criteria. We believe his proposed remuneration is higher than his peers, and not commensurate with overall size and scale of company’s operations. While we support his reappointment, we do not support the resolution due to concerns regarding his remuneration. We raise concern on the number of promoters on the board and in office of profit positions (three promoter executive directors and three promoter family members holding office of profit). Further, the promoter group remuneration (including office of profit positions) for FY25 aggregated 262.8 mn (~6.5% of FY25 Consolidated PBT), which is high given the size and scale of operations of the company.

  4 for12 against
• To approve the re-appointment of Mr. Kishore Dutt Atluri (DIN: 09691242), as President & Joint Managing Director of the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Jio BlackRock Mutual FundKishore Atluri, 64, is President and Joint Managing Director of the company. His role includes provision of technology direction and product development. He has been on the board of the company since August 2022. Kishore Atluri’s FY25 pay aggregated Rs. 114.7 mn. We estimate his FY26 and FY27 remuneration to Rs. 90.0 mn and Rs. 145.0 mn, respectively. In FY25, his remuneration was 12.9% of consolidated employee benefit expenses, which is high. His remuneration structure includes uncapped reimbursement of travelling, boarding and lodging expenses and medical assistance including for family members. We believe these expenses are personal in nature and should be borne by the directors themselves, not by the company. Further, he is entitled to incentive of up to 1% of net sales, with no absolute cap or threshold performance criteria. We believe that the incentive mechanism must be restructured to link payouts to profitability rather than net sales. We believe his proposed remuneration is higher than his peers, and not commensurate with overall size and scale of company’s operations. While we support his reappointment, we do not support the resolution due to concerns regarding his remuneration.We raise concern on the number of promoters on the board and in office of profit positions (three promoter executive directors and three promoter family members holding office of profit). Further, the promoter group remuneration (including office of profit positions) for FY25 aggregated 262.8 mn (~6.5% of FY25 Consolidated PBT), which is high given the size and scale of operations of the company.
  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: No absolute cap on variable pay.
  • Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of appointee. Governance Concern: No absolute cap on variable pay.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • SBI Mutual FundKishore Atluri, 64, is President and Joint Managing Director of the company. His role includes provision of technology direction and product development. He has been on the board of the company since August 2022. Kishore Atluri’s FY25 pay aggregated Rs. 114.7 mn. We estimate his FY26 and FY27 remuneration to Rs. 90.0 mn and Rs. 145.0 mn, respectively. In FY25, his remuneration was 12.9% of consolidated employee benefit expenses, which is high. His remuneration structure includes uncapped reimbursement of travelling, boarding and lodging expenses and medical assistance including for family members. We believe these expenses are personal in nature and should be borne by the directors themselves, not by the company. Further, he is entitled to incentive of up to 1% of net sales, with no absolute cap or threshold performance criteria. We believe that the incentive mechanism must be restructured to link payouts to profitability rather than net sales. We believe his proposed remuneration is higher than his peers, and not commensurate with overall size and scale of company’s operations. While we support his reappointment, we do not support the resolution due to concerns regarding his remuneration. We raise concern on the number of promoters on the board and in office of profit positions (three promoter executive directors and three promoter family members holding office of profit). Further, the promoter group remuneration (including office of profit positions) for FY25 aggregated 262.8 mn (~6.5% of FY25 Consolidated PBT), which is high given the size and scale of operations of the company.

  4 for12 against

• Tax disputeIncome Tax Appelate TribunalSince 24 Oct 2019
  Appeal has been pending with the Telangana High Court, Tribunal bench.
  At the filing before: Loss for AY 2014-15, amounting to Rs. 574.85 lakhs not allowed to be carried forward. Appeal has been pending with the Telangana High Court, Tribunal bench - appeal aggrieved by the impugned order of the Honourable ITAT A Bench Hyderabad bearing ITA No 1876/Hyd/2019 for AY 201415 dated 20/09/2021.MoreLess
• Tax disputeAssessing officerSince 27 Dec 2019
  The Appeal was filed to The Commissioner of Income Tax (CIT Appeals) in form 35 vide ack.no: 295323751240120 dated 24-01-2020. for the same communication window with CIT(A) was enabled on 04-Nov-2022 and the latest hearing notice U/s 250 issued on 05-12-2024 and response submitted on 17-12-2024 and appeal is still under process the demand amount was adjusted from the refund of AY 2021-22.MoreLess
  At the filing before: A.Y: 2017-18: The The Assistant Commissioner of Income Tax (Assessing officer) issued a Best Judgment Order u/s 144 on 27-12-2019 , raising a demand of ₹1.60 lakh. And the Appeal was filed to The Commissioner of Income Tax (CIT Appeals) in form 35 vide ack.no: 295323751240120 dated 24-01-2020. for the same communication window with CIT(A) was enabled on 04-Nov-2022 and the latest hearing notice U/s 250 issued on 05-12-2024 and response submitted on 17-12-2024 and appeal is still under process and the demand amount was adjusted from the refund of AY 2021-22.MoreLess
• Tax disputeAssessing officerSince 17 Feb 2022
  As per FORM 2 under the DTVSV Scheme, the Income Tax Department has certified a refund claim of Rs. 40.53 lakhs only. FORM 3 along with withdrawal of appeal has been submitted on 30-01-205 under DTVSVS as part of the compliance process. FORM 4 issued by CIT on 16-04-2025, refund of amount Rs. 40,53,307 was credited on 17-02-2026.MoreLess
  At the filing before: A.Y: 2018-19 : The AO issued The penalty order dated 17-02-2022 . A penalty of 200% amounting to Rs. 54.04 lakhs along with interest of Rs. 2.70 lakhs was imposed, resulting in a total liability of Rs. 56.74 lakhs on account of disallowance of R&D expenditure u/s 35(2AB) pertaining to Assessment Year 2018-19. The Income Tax Department had already adjusted the total penalty amount of Rs. 56.74 lakhs against the refund for AY 2021-22.The case for Assessment Year (AY) 2018-19 was applied under the Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024 to resolve the pending tax dispute. Under the DTVSV Scheme, the penalty was reduced to 25%, i.e., Rs. 13.51 lakhs. As the Department had already adjusted the total penalty amount of Rs. 56.74 lakhs against the refund for AY 2021-22. Consequently, the actual refund due now amounts to Rs. 43.23 lakhs (Rs. 56.74 lakhs - Rs. 13.51 lakhs) in DTVSVS. As per FORM 2 under the DTVSV Scheme, the Income Tax Department has certified a refund claim of Rs. 40.53 lakhs only. FORM 3 along with withdrawal of appeal has been submitted on 30-01-205 under DTVSVS as part of the compliance process. Form 4 issued by CIT on 16-04-2025, and the refund of amount Rs. 40,53,307 was credited on 17-02-2026.MoreLess
• Tax disputeAssessing officerSince 26 Sep 2022
  The Appeal was filed to The Commissioner of Income Tax (CIT Appeals) in form 35 vide ack.no: 618959540061022 dated 06-10-2022. The communication window with CIT(A) was enabled on 10-Nov-2022, and .Company has applied for rectification of the order under section 154 and awaiting response from the departtment. Further, the Company has received latest hearing notice U/s 250 issued on 04-10-2024, 25-04-2025 and response submitted on 10-10-2024, 09-05-2025 and new notice issued as on 16-07-2026 and appeal is still under process.MoreLess
  At the filing before: A.Y: 2020-21: The AO issued an order u/s 143(3) read with section 144B dated 26-09-2022, raising a demand of ₹385.84 lakhs.the demand was adjusted from the refund of AY 2022-23, with ₹97.59 lakhs already adjusted earlier, leaving a balance adjustment of ₹288.25 lakhs. And the Appeal was filed to The Commissioner of Income Tax (CIT Appeals) in form 35 vide ack.no: 618959540061022 dated 06-10-2022. The communication window with CIT(A) was enabled on 10-Nov-2022, and . Company has applied for rectification of the order under section 154 and awaiting response from the departtment. Further, the Company has received latest hearing notice U/s 250 issued on 04-10-2024 and response submitted on 10-10-2024, 09-05-2025 and new notice issued on 16-07-2026 with response due date of 22-07-2026 and appeal is still under process.MoreLess
• Tax disputeCommissioner of Customs, Central and Service TaxSince 7 Mar 2016
  The matter pertains to five Show Cause Notices (SCNs) that were adjudicated through a common Order-In-Original (OIO) No. HYD-EXCUS-002-COM-030-15-16 dated 27.11.2015. Consequently, a single appeal was filed covering the entire period from 01.04.2006 to 31.07.2011.MoreLess
  At the filing before: The Customs, Excise & Service Tax Appellate Tribunal (CESTAT) is reviewing a case involving a demand of ₹823.42 lakhs, as per Order No. E/30130/2016 dated 07-03-2016, issued by the Commissioner of Customs, Central Excise & Service Tax. The matter pertains to five Show Cause Notices (SCNs) that were adjudicated through a common Order-In-Original (OIO) No. HYD-EXCUS-002-COM-030-15-16 dated 27.11.2015. Consequently, a single appeal was filed covering the entire period from 01.04.2006 to 31.07.2011.MoreLess

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

The board is made up as the listing rules require

Yes

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

Yes

The filing has a part on fines and penalties

No

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.