3M India logo

3M India MD, chairman and AGM

NSE: 3MINDIABSE: 523395DiversifiedMid Cap

3M India Limited · Formerly Birla 3M · Face value ₹10 · Listed Jun 1991 on BSE, Aug 2004 on NSE
Last close ₹28,990.00up ₹70.00 (0.24%)BSE ₹28,988.30

Share price at the NSE close on 30 Oct 2026. Previous close ₹28,920.00.

30 Oct: open ₹28,890.00, high ₹29,225.00, low ₹28,775.00

52-week range of traded prices to 30 Oct 2026
₹28,485.00Low, 23 Oct 2026₹38,030.00High, 10 Feb 2026
Market cap
₹32,657 Cr232nd largest listed
P/E
56.53
P/B
18.47
Dividend yield
1.75%
ROE
32.0%
ROCE
47.4%
Debt to equity
0.10
Volume, NSE
3,33344.7% delivered

3M India's chairperson is DWARAKANATH RANGANATH MAVINAKERE and its managing director ASEEM KULDIP JOSHI, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 26 Aug 2026.

3M India 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

  • Managing directorASEEM KULDIP JOSHI
  • ChairpersonDWARAKANATH RANGANATH MAVINAKERE
  • Company Secretary and Compliance OfficerPratap Rudra Bhuvanagiri

7 directors3 independent2 executive2 non-executive

  • JUNG HYUN KIMNon-executive · joined Apr 2025 · 1 listed board
  • JAYANAND VASUDEORAO KAGINALKARExecutive · joined Apr 2025 · 1 listed board
  • KONG SAU WAI ELIZABETHNon-executive · joined Jan 2025 · 1 listed board · 2 committee seats
  • NARUMANCHI VENKATA SIVAKUMARIndependent · joined Jul 2024 · 26 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 4 as chair
  • KAVITA NAIRIndependent · joined May 2026 · 4 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 3 as chair
  • ASEEM KULDIP JOSHI · Managing directorExecutive · joined Apr 2026 · 1 listed board · 1 committee seat
  • DWARAKANATH RANGANATH MAVINAKERE · ChairpersonIndependent · joined Feb 2026 · 7 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 3 as chair

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.

7 directors who left
  • RADHIKA RAJAN, left 26 May 2026: Tenure Completion
  • RAMESH RAMADURAI, left 31 Mar 2026: Others
  • YUN JIN, left 1 Apr 2025: Others
  • ANDREW PAUL BENNETT, left 1 Apr 2025: Others
  • BHARAT DHIRAJLAL SHAH, left 26 Mar 2025: Tenure Completion
  • VIDYA SARATHY, left 29 Jan 2025: Others
  • AMIT LAROYA, left 12 Nov 2024: Others

Committees and meetings

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

  • Board

    • 14 Aug 20267 of 7 present3 independent · 24 days in between
    • 20 Jul 20267 of 7 present3 independent · 23 days in between
    • 26 Jun 20265 of 7 present3 independent · 34 days in between
    • 22 May 20267 of 7 present3 independent

  • Audit Committee

    Chair NARUMANCHI VENKATA SIVAKUMAR

    DWARAKANATH RANGANATH MAVINAKERE, KONG SAU WAI ELIZABETH

    • 14 Aug 20263 of 3 present2 independent · 24 days in between
    • 20 Jul 20263 of 3 present2 independent · 58 days in between
    • 22 May 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair KAVITA NAIR

    NARUMANCHI VENKATA SIVAKUMAR, JUNG HYUN KIM

    • 14 Aug 20263 of 3 present2 independent · 83 days in between
    • 22 May 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair DWARAKANATH RANGANATH MAVINAKERE

    ASEEM KULDIP JOSHI, KONG SAU WAI ELIZABETH

    • 14 Aug 20263 of 3 present1 independent · 83 days in between
    • 22 May 20263 of 3 present1 independent

  • Risk Management Committee

    Chair NARUMANCHI VENKATA SIVAKUMAR

    KAVITA NAIR, KONG SAU WAI ELIZABETH, ASEEM KULDIP JOSHI, JAYANAND VASUDEORAO KAGINALKAR

    • 22 May 20264 of 4 present2 independent

  • Corporate Social Responsibility Committee

    Chair DWARAKANATH RANGANATH MAVINAKERE

    JUNG HYUN KIM, ASEEM KULDIP JOSHI, JAYANAND VASUDEORAO KAGINALKAR

    • 22 May 20263 of 3 present1 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.

  • BSR & Co. LLPPeer-review certificate valid to Jul 2028
1 earlier auditor
  • BSR and Co. 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.

3M India 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.3M India dividend history

Annual general meeting, 26 Aug 2026

30,753 shareholders on the register on 19 Aug 2026; present: 1 promoter and 40 others; votes counted by VIJAYAKRISHNA K T / Vijayakrishna K T, Company Secretary.The company's voting result

  1. Adoption of Financial Statements for the financial year ended March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.44%

    Turnout: all 86.21% · promoters 100.00% · institutions 94.69% · other public 1.10%

  2. Declaration of Dividend for the financial year ended March 31, 2026.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.04% · other public 1.44%

    Turnout: all 86.22% · promoters 100.00% · institutions 94.74% · other public 1.10%

  3. Re-appointment of Ms. Jung Hyun Kim (DIN: 10954275) who retires by rotation, as a Director.
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 1.00% · other public 1.91%

    Turnout: all 86.22% · promoters 100.00% · institutions 94.74% · other public 1.10%

  4. Appointment of Statutory Auditors of the Company for a first term of five (5) years and fixing their remuneration
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.89%

    Turnout: all 86.22% · promoters 100.00% · institutions 94.71% · other public 1.10%

  5. Appointment of Ms. Kavita Nair (DIN: 07771200) as a Non-Executive and Independent Director of the Company.
    Special
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.17% · other public 2.83%

    Turnout: all 86.22% · promoters 100.00% · institutions 94.74% · other public 1.10%

  6. Payment of remuneration by way of commission to Non-Executive Independent Directors of the Company for five (5) financial years commencing from the financial year April 1, 2026.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.01% · other public 1.91%

    Turnout: all 86.22% · promoters 100.00% · institutions 94.74% · other public 1.10%

  7. Ratification of remuneration payable to Messrs. Rao, Murthy & Associates, Cost Auditors for FY 26- 27.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.89%

    Turnout: all 86.22% · promoters 100.00% · institutions 94.74% · other public 1.10%

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, 26 Mar 2026, 6 resolutions

30,953 shareholders on the register on 13 Feb 2026; votes counted by VIJAYAKRISHNA KT / VIJAYAKRISHNA KT.The company's voting result

  1. APPOINTMENT OF MR. DWARAKANATH RANGANATH MAVINAKERE (DIN: 07565125) AS A NON-EXECUTIVE AND INDEPENDENT DIRECTOR OF THE COMPANY
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.35%

    Turnout: all 86.60% · promoters 100.00% · institutions 94.35% · other public 2.84%

  2. APPOINTMENT OF MR. ASEEM KULDIP JOSHI (DIN: 07504624) AS A DIRECTOR OF THE COMPANY
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.81% · other public 0.35%

    Turnout: all 86.60% · promoters 100.00% · institutions 94.35% · other public 2.84%

  3. APPOINTMENT OF MR. ASEEM KULDIP JOSHI (DIN: 07504624) AS MANAGING DIRECTOR OF THE COMPANY AND PAYMENT OF REMUNERATION
    Ordinary
    98.40% for1.60% against

    Against: promoters 0.00% · institutions 12.30% · other public 0.35%

    Turnout: all 86.60% · promoters 100.00% · institutions 94.35% · other public 2.84%

  4. APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH 3M COMPANY, USA
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.72%

    Turnout: all 11.60% · promoters 0.00% · institutions 94.35% · other public 2.84%

  5. APPROVAL FOR PAYMENT OF ROYALTY TO 3M COMPANY, USA
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

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

    Turnout: all 11.60% · promoters 0.00% · institutions 94.35% · other public 2.84%

  6. APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH 3M INNOVATION SINGAPORE PTE LTD
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.72%

    Turnout: all 11.60% · promoters 0.00% · institutions 94.35% · other public 2.84%

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, 26 Aug 2025, 7 resolutions

35,140 shareholders on the register on 18 Aug 2025; present: 1 promoter and 56 others; votes counted by Vijayakrishna K T / Vijayakrishna K T, Company Secretary.The company's voting result

  1. Adoption of Financial Statements for the financial year ended March 31, 2025
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.17% · promoters 100.00% · institutions 95.90% · other public 9.49%

  2. Declaration of Dividend for the financial year ended March 31, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.17% · promoters 100.00% · institutions 95.90% · other public 9.48%

  3. Re-appointment of Ms. Kong Sau Wai Elizabeth (DIN: 10879418) who retires by rotation, as a Director.
    Ordinary
    99.66% for0.34% against

    Against: promoters 0.00% · institutions 2.71% · other public 0.06%

    Turnout: all 87.17% · promoters 100.00% · institutions 95.90% · other public 9.48%

  4. Approval of Material Related Party Transactions with 3M Company, USA.
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 12.17% · promoters 0.00% · institutions 95.90% · other public 9.48%

  5. Approval for payment of Royalty to 3M Company, USA.
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 12.17% · promoters 0.00% · institutions 95.90% · other public 9.48%

  6. Appointment of Secretarial Auditor
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.17% · promoters 100.00% · institutions 95.90% · other public 9.48%

  7. Ratification of remuneration payable to Messrs. Rao, Murthy and Associates, Cost Auditors for FY 25-26.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.17% · promoters 100.00% · institutions 95.90% · other public 9.48%

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, 22 May 2025, 3 resolutions

34,848 shareholders on the register on 18 Apr 2025; votes counted by Vijayakrishna K. T / Vijayakrishna K. T.The company's voting result

  1. APPOINTMENT OF MR. JAYANAND VASUDEORAO KAGINALKAR (DIN: 07904558) AS A DIRECTOR OF THE COMPANY
    Ordinary
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 1.18% · other public 0.81%

    Turnout: all 86.58% · promoters 100.00% · institutions 92.76% · other public 3.91%

  2. APPOINTMENT OF MR. JAYANAND VASUDEORAO KAGINALKAR (DIN: 07904558) AS A WHOLE-TIME DIRECTOR OF THE COMPANY
    Ordinary
    99.23% for0.77% against

    Against: promoters 0.00% · institutions 6.04% · other public 0.47%

    Turnout: all 86.58% · promoters 100.00% · institutions 92.76% · other public 3.91%

  3. APPOINTMENT OF MS. JUNG HYUN KIM (DIN: 10954275) AS A NON-EXECUTIVE AND NON- INDEPENDENT DIRECTOR OF THE COMPANY
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 1.05% · other public 0.81%

    Turnout: all 86.58% · promoters 100.00% · institutions 92.76% · other public 3.91%

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 Jan 2025, 2 resolutions

32,997 shareholders on the register on 27 Dec 2024; votes counted by Vijayakrishna K. T / Vijayakrishna K. T.The company's voting result

  1. TO ALTER AND ADOPT NEW SET OF ARTICLES OF ASSOCIATION OF THE COMPANY INTER-ALIA PURSUANT TO THE COMPANIES ACT, 2013.
    Special
    99.17% for0.83% against

    Against: promoters 0.00% · institutions 6.24% · other public 0.68%

    Turnout: all 86.97% · promoters 100.00% · institutions 95.01% · other public 3.17%

  2. APPOINTMENT OF MS. KONG SAU WAI ELIZABETH (DIN: 10879418) AS A NON-EXECUTIVE AND NON- INDEPENDENT DIRECTOR OF THE COMPANY.
    Ordinary
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 1.12% · other public 0.82%

    Turnout: all 86.97% · promoters 100.00% · institutions 95.01% · other public 3.17%

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 2024, 10 resolutions

Present: 1 promoter and 58 others.

  1. Adoption of Standalone Financial Statements for the financial year ended March 31, 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.10% · promoters 100.00% · institutions 95.22% · other public 20.36%

  2. Adoption of Consolidated Financial Statements for the financial year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.10% · promoters 100.00% · institutions 95.22% · other public 20.36%

  3. Declaration of Dividend for the financial year ended March 31, 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.13% · promoters 100.00% · institutions 95.44% · other public 20.36%

  4. Re-appointment of Mr. Amit Laroya (DIN: 00098933) who retires by rotation, as a Director.
    Ordinary
    99.70% for0.30% against

    Against: promoters 0.00% · institutions 2.31% · other public 0.17%

    Turnout: all 89.13% · promoters 100.00% · institutions 95.44% · other public 20.36%

  5. Appointment of Mr. Narumanchi Venkata Sivakumar (DIN 03534101) as a Non-Executive and Independent Director of the Company.
    Special
    99.99% for0.01% against

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

    Turnout: all 89.13% · promoters 100.00% · institutions 95.44% · other public 20.36%

  6. Appointment of Mr. Andrew Paul Bennett (DIN: 10681735) as a Non-Executive and Non- Independent Director of the Company.
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.86% · other public 0.11%

    Turnout: all 89.13% · promoters 100.00% · institutions 95.44% · other public 20.36%

  7. Approval of Material Related Party Transactions with 3M Company, USA.
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 14.13% · promoters 0.00% · institutions 95.44% · other public 20.36%

  8. Approval for payment of Royalties to 3M Company, USA
    OrdinaryPromoters have an interest in it
    88.82% for11.18% against

    Against: promoters 0.00% · institutions 13.71% · other public 0.16%

    Turnout: all 14.13% · promoters 0.00% · institutions 95.44% · other public 20.36%

  9. Approval of Material Related Party Transactions with 3M Innovation Singapore Pte Ltd.
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 14.13% · promoters 0.00% · institutions 95.44% · other public 20.36%

  10. Ratification of remuneration payable to Messrs. Rao, Murthy & Associates, Cost Auditors for FY 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.11%

    Turnout: all 89.13% · promoters 100.00% · institutions 95.44% · other public 20.36%

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, 16 Jan 2024, 1 resolution
  1. RE-APPOINTMENT OF MR. RAMESH RAMADURAI (DIN: 07109252) AS A MANAGING DIRECTOR OF THE COMPANY FOR A PERIOD FROM FEBRUARY 13, 2024 TO FEBRUARY 12, 2027.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.13% · other public 0.15%

    Turnout: all 87.43% · promoters 100.00% · institutions 96.73% · other public 7.94%

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 Nov 2023, 2 resolutions
  1. TO APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH 3M COMPANY, USA
    OrdinaryPromoters have an interest in it
    96.71% for3.29% against

    Against: promoters 0.00% · institutions 4.41% · other public 0.09%

    Turnout: all 15.37% · promoters 0.00% · institutions 96.93% · other public 30.17%

  2. TO APPROVE PAYMENT OF ROYALTIES TO 3M COMPANY, USA
    OrdinaryPromoters have an interest in it
    87.56% for12.44% against

    Against: promoters 0.00% · institutions 16.77% · other public 0.12%

    Turnout: all 15.37% · promoters 0.00% · institutions 96.90% · other public 30.17%

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 26 Aug 2026, 21 fund houses

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

  • Adoption of Financial Statements for the financial year ended March 31, 2026
    21 for0 against
  • Declaration of Dividend for the financial year ended March 31, 2026.
    14 for0 against
  • Re-appointment of Ms. Jung Hyun Kim (DIN: 10954275) who retires by rotation, as a Director.
    21 for0 against
  • Appointment of Statutory Auditors of the Company for a first term of five (5) years and fixing their remuneration
    21 for0 against
  • Appointment of Ms. Kavita Nair (DIN: 07771200) as a Non-Executive and Independent Director of the Company.
    21 for0 against
  • Payment of remuneration by way of commission to Non-Executive Independent Directors of the Company for five (5) financial years commencing from the financial year April 1, 2026.
    21 for0 against
  • Ratification of remuneration payable to Messrs. Rao, Murthy & Associates, Cost Auditors for FY 26- 27.
    21 for0 against
2 proposals not matched to one resolution
  • 2) Declare final dividend of Rs. 160.0 per equity share and a special dividend of Rs. 346.0 per equity share (face value of Rs. 10.0) for FY26
    1 for0 against
  • Declare final dividend of Rs. 160.0 per equity share and a special dividend of Rs. 346.0 per equity share (face value of Rs. 10.0) for FY26
    6 for0 against

Mutual fund votes, meeting of 26 Mar 2026, 23 fund houses

  • APPOINTMENT OF MR. DWARAKANATH RANGANATH MAVINAKERE (DIN: 07565125) AS A NON-EXECUTIVE AND INDEPENDENT DIRECTOR OF THE COMPANY
    23 for0 against
  • APPOINTMENT OF MR. ASEEM KULDIP JOSHI (DIN: 07504624) AS A DIRECTOR OF THE COMPANY
    23 for0 against
  • APPOINTMENT OF MR. ASEEM KULDIP JOSHI (DIN: 07504624) AS MANAGING DIRECTOR OF THE COMPANY AND PAYMENT OF REMUNERATION
    Against Canara Robeco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund
    • Canara Robeco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual FundAs per the proposed terms, Aseem Joshi’s salary, allowance and incentives are estimated at Rs. 65.9 mn per annum. However, he is entitled to the Restricted Stock Options/ Stock Appreciation Unit Plans or other equity linked benefits declared by the parent company, for which no guidance has been provided in the proposed terms. Given the lack of disclosures on the stock-option component from the parent company, we are unable to estimate his overall remuneration for the proposed tenure. The company must assign absolute cap on remuneration and disclose the quantum stock options that he is eligible to receive, including the performance metrics which determine such stock-based compensation. While we support his appointment as Managing Director, due to lack of adequate disclosures, we are unable to ascertain his aggregate remuneration and therefore do not support the resolution.
    20 for3 against
  • APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH 3M COMPANY, USA
    23 for0 against
  • APPROVAL FOR PAYMENT OF ROYALTY TO 3M COMPANY, USA
    23 for0 against
  • APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH 3M INNOVATION SINGAPORE PTE LTD
    23 for0 against

Mutual fund votes, meeting of 26 Aug 2025, 22 fund houses

9 proposals

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

  • Adoption of Financial Statements for the financial year ended March 31, 2025
    22 for0 against
  • Declaration of Dividend for the financial year ended March 31, 2025.
    18 for0 against
  • Re-appointment of Ms. Kong Sau Wai Elizabeth (DIN: 10879418) who retires by rotation, as a Director.
    22 for0 against
  • Approval of Material Related Party Transactions with 3M Company, USA.
    22 for0 against
  • Approval for payment of Royalty to 3M Company, USA.
    22 for0 against
  • Appointment of Secretarial Auditor
    22 for0 against
  • Ratification of remuneration payable to Messrs. Rao, Murthy and Associates, Cost Auditors for FY 25-26.
    22 for0 against
2 proposals not matched to one resolution
  • 2) Declare final dividend of Rs. 160.0 per equity share and a special dividend of Rs. 375.0 per equity share (face value of Rs. 10.0) for FY25.
    1 for0 against
  • Declare final dividend of Rs. 160.0 per equity share and a special dividend of Rs. 375.0 per equity share (face value of Rs. 10.0) for FY25
    3 for0 against

Mutual fund votes, meeting of 22 May 2025, 23 fund houses

3 proposals
  • APPOINTMENT OF MR. JAYANAND VASUDEORAO KAGINALKAR (DIN: 07904558) AS A DIRECTOR OF THE COMPANY
    23 for0 against
  • APPOINTMENT OF MR. JAYANAND VASUDEORAO KAGINALKAR (DIN: 07904558) AS A WHOLE-TIME DIRECTOR OF THE COMPANY
    Against Canara Robeco Mutual Fund, Mirae Asset Mutual Fund
    • Canara Robeco Mutual FundJayanand Kaginalkar’s salary, allowance and incentives are capped at Rs. 36.0 mn per annum during the proposed tenure. Further, as per our estimates, his maximum remuneration excluding ESOPs will be Rs. 42.1 mn. He is entitled to the Restricted Stock Options/ Stock Appreciation Unit Plans declared by the parent company, 3M Company USA for which there is no guidance provided in the proposed terms. It is unclear if the cap of Rs. 36.0 mn for salary, allowances and incentives includes the ESOP value. Given the lack of disclosures on the stock options from the parent company, we are unable to estimate his overall remuneration for FY26 and FY27. The company must cap overall remuneration in absolute amounts and quantify/disclose the stock options that he is eligible to receive, including the performance metrics which determine such stock base compensation. While we support his appointment as WTD, due to lack of adequate disclosures, we are unable to ascertain his aggregate remuneration and hence do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    21 for2 against
  • APPOINTMENT OF MS. JUNG HYUN KIM (DIN: 10954275) AS A NON-EXECUTIVE AND NON- INDEPENDENT DIRECTOR OF THE COMPANY
    23 for0 against

Mutual fund votes, meeting of 30 Jan 2025, 19 fund houses

2 proposals
  • TO ALTER AND ADOPT NEW SET OF ARTICLES OF ASSOCIATION OF THE COMPANY INTER-ALIA PURSUANT TO THE COMPANIES ACT, 2013.
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with Law. Governance Concern: Disproportionate Nomination Rights provided to the promoters which may Limit the role of NRC; Provision to appoint Alternate Directors included in the proposed AoA
    • Edelweiss Mutual FundCompliant with Law. Governance Concern: Disproportionate Nomination Rights provided to the promoters which may Limit the role of NRC; Provision to appoint Alternate Directors included in the proposed AoA.
    • quant Mutual FundCompliant with Law. Governance Concern: Disproportionate Nomination Rights provided to the promoters which may Limit the role of NRC. The main responsibility of the NRC is to identify and recommend suitable candidates to the Board based on criteria established by the Board itself. After the proposed Articles are approved, the NRC's role will be limited to merely approving nominations put forward by the promoter group. The proposed clause appears to undermine the intended purpose of the NRC’s role as defined by law, even though it may still meet the technical requirements. Board positions should be determined by the principle of Corporate Democracy and clauses in the Articles of Association should not offer preferential treatment or grant special rights to shareholders, particularly controlling shareholders, in nominating individuals to the Board.
    12 for7 against
  • APPOINTMENT OF MS. KONG SAU WAI ELIZABETH (DIN: 10879418) AS A NON-EXECUTIVE AND NON- INDEPENDENT DIRECTOR OF THE COMPANY.
    19 for0 against

Mutual fund votes, meeting of 7 Aug 2024, 18 fund houses

12 proposals

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

  • Adoption of Standalone Financial Statements for the financial year ended March 31, 2024.
    18 for0 against
  • Adoption of Consolidated Financial Statements for the financial year ended March 31, 2024
    18 for0 against
  • Declaration of Dividend for the financial year ended March 31, 2024.
    15 for0 against
  • Re-appointment of Mr. Amit Laroya (DIN: 00098933) who retires by rotation, as a Director.
    18 for0 against
  • Appointment of Mr. Narumanchi Venkata Sivakumar (DIN 03534101) as a Non-Executive and Independent Director of the Company.
    18 for0 against
  • Appointment of Mr. Andrew Paul Bennett (DIN: 10681735) as a Non-Executive and Non- Independent Director of the Company.
    18 for0 against
  • Approval of Material Related Party Transactions with 3M Company, USA.
    Against Groww Mutual Fund
    • Groww Mutual FundCompliant with Law. Governance concern: Basis of arriving at the arm’s length pricing not disclosed.
    17 for1 against
  • Approval for payment of Royalties to 3M Company, USA
    Against Groww Mutual Fund
    • Groww Mutual FundCompliant with Law. Governance concern: Basis of arriving at the proposed amount of royalty not disclosed.
    17 for1 against
  • Approval of Material Related Party Transactions with 3M Innovation Singapore Pte Ltd.
    Against Groww Mutual Fund
    • Groww Mutual FundCompliant with Law. Governance concern: Basis of arriving at the arm’s length pricing not disclosed.
    17 for1 against
  • Ratification of remuneration payable to Messrs. Rao, Murthy & Associates, Cost Auditors for FY 2024-25.
    18 for0 against
2 proposals not matched to one resolution
  • 3) Declare final dividend of Rs. 160.0 per equity share and a special dividend of Rs. 525.0 per equity share (face value of Rs. 10.0) for FY24.
    1 for0 against
  • Declare final dividend of Rs. 160.0 per equity share and a special dividend of Rs. 525.0 per equity share (face value of Rs. 10.0) for FY24
    2 for0 against

Mutual fund votes, meeting of 16 Jan 2024, 21 fund houses

1 proposal
  • RE-APPOINTMENT OF MR. RAMESH RAMADURAI (DIN: 07109252) AS A MANAGING DIRECTOR OF THE COMPANY FOR A PERIOD FROM FEBRUARY 13, 2024 TO FEBRUARY 12, 2027.
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundNo concern identified on the merits of the proposed appointee. The Company is non-compliant with Section 152 of Companies Act, 2013 with respect to sufficient number of directors, liable to retire by rotation.
    • Zerodha Mutual FundThe Company is non-compliant with Section 152 of Companies Act, 2013 with respect to sufficient number of directors, liable to retire by rotation.
    18 for3 against

Mutual fund votes, meeting of 4 Nov 2023, 17 fund houses

3 proposals

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

  • TO APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH 3M COMPANY, USA
    16 for0 against
  • TO APPROVE PAYMENT OF ROYALTIES TO 3M COMPANY, USA
    Against HSBC Mutual Fund, Mirae Asset Mutual Fund
    • HSBC Mutual FundThe proposed change in methodology to calculate royalty will result in a higher payout, as royalty would be calculated on net sales basis. However, such change in methodology is not supported with a compelling rationale.The company is only seeking shareholders' approval for the royalty arrangement, while the corporate management fee has been kept out of shareholders' review. Though not mandated by regulations, given the overlapping nature of the two transactions, it is expected that shareholder approval be sought for all types of royalty and royalty related services. There is lack of disclosure of cap on the corporate management fee agreement as well as lack of basis on which such fee is calculated.
    • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
    14 for2 against
1 proposal not matched to one resolution
  • Approve payment of royalty to 3M Company, USA of upto Rs. 860.0 mn for one year from 4 November 2023 to 3 November 2024
    1 for0 against

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

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeDeputy Commissioner of Sales Tax, PUN- VAT-E-623, PuneSince 26 Jul 2021
    We have received Assessment Order dated 26 July 2021, wherein the Deputy Commissioner of Sales Tax, PUN- VAT-E-623, Pune, has incorrectly assessed additional interest payable of Rs. 15,44,110. The Company had filed an application for rectification of the above order and now the order rejecting rectification has been received. The Company has filed an appeal against the same with the Maharashtra Sales Tax Tribunal.MoreLess
    At the filing before: Rectification of appeal order filed with Jt. Commissioner of Sales Tax (Appeals - 1), Pune
  • Tax disputeDeputy Commissioner of Central Tax, North Division-1, Bengaluru GST North Commissionerate, BengaluruSince 27 Jan 2023
    We have received order dated 27 January 2023, wherein the Additional Commissioner (Appeals) has rejected the Company's appeal filed against the order of the Joint Commissioner of Central Tax, North Division-1, Bengaluru GST North Commissionerate, Bengaluru, that has incorrectly assessed additional GST and penalty payable of Rs. 20,647,650 on account of incorrect classification of Handrub range of products. The Company is in the process of filing an appeal against the same with the Bengaluru GST Appellate Tribunal.MoreLess
    At the filing before: Appeal filed with Commissioner of Central Tax GST Appeals - II, Bengaluru

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
3835Dec 242826Mar 253541Jun 255045Sep 254045Dec 251111Mar 2688Jun 2655Sep 26

Open at the quarter's end

4Dec 246Mar 250Jun 255Sep 250Dec 250Mar 260Jun 260Sep 26
At most 6 complaints open, quarter to Mar 2025.
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
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.