Acme Solar Holdings CEO, chairman, board of directors and AGM
NSE: ACMESOLARBSE: 544283PowerSmall Cap
Acme Solar Holdings Limited · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Nov 2024 · Issue price ₹289
Last close ₹415.80up ₹4.65 (1.13%)BSE ₹415.35
Share price at the NSE close on 29 Oct 2026. Previous close ₹411.15.
29 Oct: open ₹417.05, high ₹432.00, low ₹411.50
52-week range of traded prices to 29 Oct 2026
₹195.90Low, 27 Jan 2026₹476.90High, 22 Sep 2026
- 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. Market capitalisation: how it is worked out
- ₹29,392 Cr394th 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. Price to earnings, trailing: how it is worked out
- 38.84
- 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. Price to book: how it is worked out
- 3.51
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.05%
- 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. Net worth is the average of the latest balance sheet and the one a year before it.
- 11.5%
- 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. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 5.3%
- 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 Sep 2026.
- 3.17
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 27,12,82628.2% delivered
Acme Solar Holdings' chairperson and managing director is Manoj Kumar Upadhyay and its chief executive Nikhil Dhingra, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 29 Sep 2026.
Acme Solar Holdings board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorManoj Kumar Upadhyay
- Chief executiveNikhil Dhingra
- Company Secretary and Compliance OfficerRajesh Sodhi
6 directors3 independent3 executive
- Manoj Kumar Upadhyay · Chairperson and managing directorExecutive · joined Dec 2015 · reappointed Dec 2022 · 1 listed board
- Nikhil Dhingra · Chief executiveExecutive · joined Apr 2024 · 1 listed board · 1 committee seat
- Shashi ShekharExecutive · joined Apr 2018 · reappointed Apr 2026 · 1 listed board · 1 committee seat
- Atul SabharwalIndependent · joined Sep 2017 · reappointed Apr 2024 · 108 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Anuranjita KumarIndependent · joined Apr 2024 · 30 months as independent · 3 listed boards · 3 as independent · 6 committee seats, 2 as chair
- Hemant SahaiIndependent · joined Jan 2025 · 21 months as independent · 3 listed boards · 3 as independent · 6 committee seats, 4 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.
1 director who left
- Sanjay Dhawan, left 30 May 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 18 Sep 20266 of 6 present3 independent · 16 days in between
- 1 Sep 20266 of 6 present3 independent · 33 days in between
- 29 Jul 20266 of 6 present3 independent · 82 days in between
- 7 May 20266 of 6 present3 independent
Audit Committee
Chair Hemant Sahai
Atul Sabharwal, Anuranjita Kumar
- 18 Sep 20263 of 3 present3 independent · 16 days in between
- 1 Sep 20263 of 3 present3 independent · 21 days in between
- 10 Aug 20263 of 3 present3 independent · 11 days in between
- 29 Jul 20263 of 3 present3 independent · 22 days in between
4 earlier meetings
- 6 Jul 20263 of 3 present3 independent · 27 days in between
- 8 Jun 20263 of 3 present3 independent · 31 days in between
- 7 May 20263 of 3 present3 independent · 14 days in between
- 22 Apr 20263 of 3 present3 independent
Nomination and remuneration committee
Chair Atul Sabharwal
Anuranjita Kumar, Hemant Sahai
- 1 Sep 20263 of 3 present3 independent · 102 days in between
- 21 May 20263 of 3 present3 independent · 13 days in between
- 7 May 20263 of 3 present3 independent · 14 days in between
- 22 Apr 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Anuranjita Kumar
Shashi Shekhar, Nikhil Dhingra
No meeting listed in the filing.
Risk Management Committee
Chair Hemant Sahai
Atul Sabharwal, Nikhil Dhingra, Arun Chopra
- 29 Sep 20263 of 3 present2 independent · 27 days in between
Corporate Social Responsibility Committee
Chair Shashi Shekhar
Nikhil Dhingra, Atul Sabharwal
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 auditors
Named in the results for the quarter to Mar 2025.
- Walker Chandiok & Co LLPPeer-review certificate valid to May 2025
- S Tekriwal & AssociatesPeer-review certificate valid to Apr 2027
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.
Acme Solar Holdings 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.Acme Solar Holdings dividend history
Annual general meeting, 29 Sep 2026
1,42,400 shareholders on the register on 23 Sep 2026; present: 5 promoters and 71 others; votes counted by DEEPAK KUKREJA / DMK Associates, Company Secretaries.The company's voting result
- Adoption of Audited Standalone Financial Statements and Reports thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.18%
Turnout: all 93.40% · promoters 100.00% · institutions 87.39% · other public 0.83%
- Adoption of Audited Consolidated Financial Statements and Reports thereonOrdinary99.72% for0.28% against
Against: promoters 0.00% · institutions 1.19% · other public 0.34%
Turnout: all 93.40% · promoters 100.00% · institutions 87.39% · other public 0.83%
- Re-appointment of retiring DirectorOrdinary99.95% for0.05% against
Against: promoters 0.00% · institutions 0.21% · other public 0.35%
Turnout: all 93.42% · promoters 100.00% · institutions 87.45% · other public 0.83%
- Appointment of Statutory Auditor and fixation of their remunerationOrdinary99.72% for0.28% against
Against: promoters 0.00% · institutions 1.18% · other public 0.38%
Turnout: all 93.42% · promoters 100.00% · institutions 87.45% · other public 0.83%
- Consideration and approval of the alteration of the Objects clause of the Memorandum of Association of the CompanySpecial99.72% for0.28% against
Against: promoters 0.00% · institutions 1.18% · other public 0.39%
Turnout: all 93.42% · promoters 100.00% · institutions 87.45% · other public 0.83%
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, 12 Jun 2026, 2 resolutions
1,58,274 shareholders on the register on 8 May 2026; votes counted by Deepak Kukreja / DMK Associates.The company's voting result
- Amendments in “ACME Employee Stock Option Plan 2024"Special98.51% for1.49% against
Against: promoters 0.00% · institutions 16.19% · other public 22.71%
Turnout: all 91.73% · promoters 100.00% · institutions 81.17% · other public 0.42%
- GRANT OF OPTIONS TO EMPLOYEES OF SUBSIDIARY COMPANY(IES) AND/OR HOLDING COMPANY(IES) UNDER THE ACME EMPLOYEE STOCK OPTION PLAN 2024Special94.66% for5.34% against
Against: promoters 0.00% · institutions 58.21% · other public 22.74%
Turnout: all 91.73% · promoters 100.00% · institutions 81.17% · other public 0.42%
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.
Annual general meeting, 29 Sep 2025, 14 resolutions
1,78,063 shareholders on the register on 23 Sep 2025; present: 1 promoter and 60 others; votes counted by DEEPAK KUKREJA / DMK Associates, Company Secretaries.The company's voting result
- Adoption of Audited Financial Statements and Reports thereonOrdinary99.32% for0.68% against
Against: promoters 0.00% · institutions 6.17% · other public 30.59%
Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%
- Re-appointment of retiring DirectorOrdinary99.96% for0.04% against
Against: promoters 0.00% · institutions 0.34% · other public 30.86%
Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.28%
- Appointment of Statutory Auditor and fixation of their remunerationOrdinary99.80% for0.20% against
Against: promoters 0.00% · institutions 1.77% · other public 31.69%
Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%
- Re-appointment of Mr. Shashi Shekhar (DIN:01747358) as Vice-Chairman and Whole-Time DirectorSpecial99.98% for0.02% against
Against: promoters 0.00% · institutions 0.18% · other public 30.84%
Turnout: all 93.31% · promoters 100.00% · institutions 83.29% · other public 0.29%
- Approval of the remuneration payable to Mr. Nikhil Dhingra (DIN: 07835556), Whole Time Director and Chief Executive Officer of the CompanySpecial96.80% for3.20% against
Against: promoters 0.00% · institutions 29.25% · other public 30.78%
Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%
- Appointment of Secretarial AuditorOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 30.59%
Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%
- Approval of material related party transactions with VRS Infotech Private Limited, a member of the Promoter GroupOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 31.73%
Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%
- Approval of material related party transactions with ACME Alpha Renewables Private Limited, a subsidiary of the CompanyOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 31.66%
Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%
- Approval of material related party transaction with ACME Alpha Renewables Private Limited, a subsidiary of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the CompanyOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 31.60%
Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%
- Approval of material related party transactions with ACME Renewtech Private Limited, a subsidiary company of the CompanyOrdinaryPromoters have an interest in it86.77% for13.23% against
Against: promoters 0.00% · institutions 13.21% · other public 31.60%
Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%
- Approval of material related party transaction of ACME Renewtech Private Limited, a subsidiary company of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the CompanyOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 31.60%
Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%
- Approval of material related party transactions with ACME Sigma Urja Private Limited, a subsidiary of the CompanyOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 31.60%
Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%
- Approval for material related party transactions between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the CompanyOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 31.60%
Turnout: all 10.24% · promoters 0.00% · institutions 86.13% · other public 0.28%
- Approval for raising of funds by way of issuance of securities in one or more tranchesSpecial99.15% for0.85% against
Against: promoters 0.00% · institutions 7.77% · other public 30.78%
Turnout: all 93.65% · promoters 100.00% · institutions 86.13% · other public 0.29%
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, 21 Feb 2025, 14 resolutions
1,96,505 shareholders on the register on 20 Jan 2025; votes counted by Deepak Kukreja / Deepak Kukreja & Associates.The company's voting result
- To ratify ‘ACME Employee Stock Option Plan 2024’Special92.46% for7.54% against
Against: promoters 0.00% · institutions 75.55% · other public 42.13%
Turnout: all 92.67% · promoters 100.00% · institutions 73.40% · other public 0.44%
- Appointment of Mr. Hemant Sahai (DIN:00088238) as a Non-Executive Independent Director of the CompanySpecial96.21% for3.79% against
Against: promoters 0.00% · institutions 37.93% · other public 28.00%
Turnout: all 92.67% · promoters 100.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between ACME Sikar Solar Private Limited, the Company’s wholly owned subsidiary company, and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 31.79%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
- Approval for Material Related Party Transaction between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the CompanyOrdinaryPromoters have an interest in it99.94% for0.06% against
Against: promoters 0.00% · institutions 0.00% · other public 31.78%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
- Approval for Material Related Party Transaction between the Company and MKU Holdings Private Limited, the Company’s corporate promoterOrdinaryPromoters have an interest in it99.94% for0.06% against
Against: promoters 0.00% · institutions 0.00% · other public 32.09%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
- Approval for Material Related Party Transaction between the Company and VRS Infotech Private Limited, a member of the Promoter GroupOrdinaryPromoters have an interest in it99.94% for0.06% against
Against: promoters 0.00% · institutions 0.00% · other public 32.07%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between ACME Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 31.94%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
- Approval for Material Related Party Transaction between ACME Renewtech Private Limited, a subsidiary company of the Company, with the CompanyOrdinaryPromoters have an interest in it73.03% for26.97% against
Against: promoters 0.00% · institutions 26.97% · other public 30.98%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between ACME Aklera Power Technology Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 31.16%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between ACME Jaisalmer Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 30.97%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between Niranjana Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 31.17%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between Dayanidhi Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 31.16%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between Vishwatma Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 31.18%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
Approval for Material Related Party Transaction between Aarohi Solar Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
OrdinaryPromoters have an interest in it99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.00% · other public 31.06%
Turnout: all 9.26% · promoters 0.00% · institutions 73.40% · other public 0.44%
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, 25 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of Audited Standalone Financial Statements and Reports thereon25 for0 against
- Adoption of Audited Consolidated Financial Statements and Reports thereon
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundNon-disclosure of the audited financial statements of subsidiaries for FY 2025-26 on the website of the Company.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundUnqualified financial statements. Non-Compliant with S.136(1) of the Companies Act & Regulation 46(2)(s) of SEBI LODR: Nondisclosure of the audited financial statements of subsidiaries for FY 2025-26 on the website of the Company.
18 for7 against - Re-appointment of retiring Director18 for0 against
- Appointment of Statutory Auditor and fixation of their remuneration7 for0 against
- Consideration and approval of the alteration of the Objects clause of the Memorandum of Association of the Company
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance and Transparency Concern: The proposed data-centre business represents a new line of activity beyond the Company's existing power-generation business. While the Company has cited potential synergies due to the power-intensive nature of data centres, it has not adequately explained how its existing capabilities and infrastructure would support or complement the proposed business.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance and Transparency Concern: The proposed data-centre business represents a new line of activity beyond the Company's existing power-generation business. While the Company has cited potential synergies due to the powerintensive nature of data centres, it has not adequately explained how its existing capabilities and infrastructure would support or complement the proposed business.
18 for7 against
4 proposals not matched to one resolution
- 3) Reappoint Nikhil Dhingra (DIN:07835556) as Director, liable to retire by rotation1 for0 against
Appointment of M/s BSR and Co. LLP, Chartered Accountants, (FRN: 101248W/ W-100022) as one of the Joint Statutory Auditors of the Company in place of M/s Walker Chandiok and Co., LLP (FRN: 001076N/N500013), the retiring statutory auditor, for a first term of 5 (five) consecutive years, to hold the office from the conclusion of the 11th Annual General Meeting (to be held for the FY 2025-26) until the conclusion of the 16th Annual General Meeting of the Company (to be held for the FY 2030-31), at such remuneration plus applicable taxes and reimbursement of out-of-pocket expenses of the Company for the financial year 2026-27, and such remuneration for the remaining tenure of the appointment, as may be recommended by the Audit Committee and approved by the Board of Directors of the Company in this behalf.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: No Justification provided for vast difference in remuneration/ Audit fees between Joint Auditors.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: No Justification provided for vast difference in remuneration/ Audit fees between Joint Auditors.
11 for7 against- Reappoint Nikhil Dhingra (DIN:07835556) as Director, liable to retire by rotation5 for0 against
- Reelect Nikhil Dhingra as Director1 for0 against
Mutual fund votes, meeting of 12 Jun 2026, 18 fund houses
- Amendments in “ACME Employee Stock Option Plan 2024"
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding ‘liquidity events’ where vesting period may be accelerated by the relevant Committee.
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundProposed amendment is compliant with law. Governance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding ‘liquidity events’ where vesting period may be accelerated by the relevant Committee.
- Kotak Mahindra Mutual FundThe company seeks approval to amend the ACME Employee Stock Option Plan 2024 (ESOP 2024). The proposed amendments relate to: (a) deleting provisions that were applicable only to the pre-Listing phase of the company, (b) removing references and procedural provisions which are no longer relevant after listing, and (c) incorporating certain administrative clarifications to facilitate efficient implementation and administration of the scheme in a listed company environment. We believe, an authority to accelerate the vesting of stock options defeat the purpose of the granting stock options. It would be helpful to the employees in the monetary terms, but it would fail to hold them for long term. It would fail the purpose of ESOPs. Hence, we do not favour the resolution.
- Motilal Oswal Mutual FundUnreasonably short exercise period in case of ‘Termination other than misconduct’; No clarity on events where vesting period may be accelerated
11 for7 against - GRANT OF OPTIONS TO EMPLOYEES OF SUBSIDIARY COMPANY(IES) AND/OR HOLDING COMPANY(IES) UNDER THE ACME EMPLOYEE STOCK OPTION PLAN 2024
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundAt the time ratification the Company had made inadequate disclosures regarding the Exercise Price/Pricing Formula and such disclosure is not in accordance with intended purpose of law. Governance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest; the maximum potential benefit that may be extended to a single employee is excessive under ESOP 2024. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding events where vesting period may be accelerated by the Committee.
- Axis Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual FundThrough resolution #2, the company seeks approval for extending the benefits of ESOP 2024 to the eligible employees of subsidiary and holding companies. While we support extending benefits of stock option schemes to employees of unlisted holding and subsidiary companies, we do not support the contours of ACME Employee Stock Option Plan 2024. Therefore, we do not support the resolution.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo governance concern identified on extension of benefits under ESOP 2024 to employees of Subsidiary Company(ies) and/or Holding Company(ies) per-se. However, concerns identified in ESOP 2024, at the time of ratification and proposed amendments under resolution #1: Non-Compliant with SEBI (SBEB & SE) Regulations 2021: At the time ratification the Company had made inadequate disclosures regarding the Exercise Price/Pricing Formula and such disclosure is not in accordance with intended purpose of law. Governance Concern: Exercise Period in case of ‘Termination other than misconduct’ does not appear to be aligned with the objective of granting ESOPs and may not in the favour of employee interest; the maximum potential benefit that may be extended to a single employee is excessive under ESOP 2024. Transparency Concern: Provision for accelerated vesting and there is no clarity regarding events where vesting period may be accelerated by the Committee.
- ICICI Prudential Mutual FundDue to inadequate disclosures by the company on the ACME Employee Stock Option Plan 2024, the AMC has voted against the resolution.
- Kotak Mahindra Mutual FundThe company seeks approval for extending the benefits of ESOP 2024 to the eligible employees of subsidiary and holding companies. We believe, an authority to accelerate the vesting of stock options defeat the purpose of the granting stock options. It would be helpful to the employees in the monetary terms, but it would fail to hold them for long term. It is linked with first resolution. Hence, we are voting against.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Motilal Oswal Mutual FundESOP 2024 non-compliant with SEBI SBEB & SE: Inadequate disclosure of Exercise Price; Excessive Potential economic benefit to a single employee under ESOP 2024; Interlinked with resolution #1.
- Nippon India Mutual FundGovernance Concern: The exercise period upon termination (other than misconduct) undermines ESOP objectives and employee interests. The maximum benefit to a single employee appears excessive. Additionally, provisions for accelerated vesting lack clarity on triggering events, raising transparency concerns.
4 for14 against
Mutual fund votes, meeting of 29 Sep 2025, 16 fund houses
27 proposals
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of Audited Financial Statements and Reports thereon16 for0 against
- Appointment of Statutory Auditor and fixation of their remuneration1 for0 against
- Re-appointment of Mr. Shashi Shekhar (DIN:01747358) as Vice-Chairman and Whole-Time Director13 for0 against
- Approval of the remuneration payable to Mr. Nikhil Dhingra (DIN: 07835556), Whole Time Director and Chief Executive Officer of the Company16 for0 against
- Appointment of Secretarial Auditor16 for0 against
- Approval of material related party transactions with VRS Infotech Private Limited, a member of the Promoter Group16 for0 against
- Approval of material related party transactions with ACME Alpha Renewables Private Limited, a subsidiary of the Company14 for0 against
- Approval of material related party transaction with ACME Alpha Renewables Private Limited, a subsidiary of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company13 for0 against
- Approval of material related party transactions with ACME Renewtech Private Limited, a subsidiary company of the Company14 for0 against
- Approval of material related party transaction of ACME Renewtech Private Limited, a subsidiary company of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company14 for0 against
- Approval of material related party transactions with ACME Sigma Urja Private Limited, a subsidiary of the Company16 for0 against
- Approval for material related party transactions between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company16 for0 against
- Approval for raising of funds by way of issuance of securities in one or more tranches1 for0 against
14 proposals not matched to one resolution
- 2) Reappoint Shashi Shekhar (DIN: 01747358) as Director, liable to retire by rotation.1 for0 against
- Appoint A Prasad & Associates as Joint Statutory Auditor for five years from conclusion of 2025 AGM and fix their remuneration2 for0 against
Appointment M/s A Prasad and Associates, Chartered Accountants, (FRN: 004250C) as one of the Joint Statutory Auditors of the Company in place of M/s S. Tekriwal and Associates (FRN: 009612N), the retiring statutory auditor, to hold the office from the conclusion of the 10th Annual General Meeting until the conclusion of the 15th Annual General Meeting of the Company to be held in the year 2030, at such remuneration plus applicable taxes and reimbursement of out-of-pocket expenses, in connection with the audit, as may be mutually agreed between the Board of Directors of the Company (including its committees thereof), and the statutory auditors.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: No Justification provided for vast difference in remuneration between Joint Auditors.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: No Justification provided for vast difference between Joint Auditors.
8 for5 againstApproval of material related party transactions with ACME Alpha Renewables Private Limited, a subsidiary of the Company with ACME Solar Energy Private Limited, a wholly owned subsidiary of the Company for an aggregate value not exceeding Rs. 425 crores.MoreLess
1 for0 against- Approve issuance of equity or equity linked securities through Qualified Institutional Placement (QIP) upto Rs. 30.0 bn2 for0 against
Approve related party transactions between ACME Alpha Renewables Private Limited (ACME Alpha), a 49% subsidiary, and ACME Solar Energy Private Limited (ASEPL), a wholly owned subsidiary, upto Rs. 4.25 bn for three years from the date of shareholder approvalMoreLess
2 for0 againstApprove related party transactions between ACME Renewtech Private Limited (ACME Renewtech), a 49% subsidiary, and ACME Solar Energy Private Limited (ASEPL), a wholly owned subsidiary, upto Rs. 8.17 bn for three years from the date of shareholder approvalMoreLess
2 for0 against- Approve related party transactions with ACME Alpha Renewables Private Limited (ACME Alpha), a 49% subsidiary, upto Rs. 22.7 bn for three years from the date of shareholder approval2 for0 against
- Approve related party transactions with ACME Renewtech Private Limited (ACME Renewtech), a 49% subsidiary, upto Rs. 6.5 bn for three years from the date of shareholder approval2 for0 against
- Mr. Shashi Shekhar (DIN: 01747358), Vice-Chairman and Whole-Time Director, who retires by rotation at this 10th Annual General Meeting and being eligible, has offered himself for re-appointment.13 for0 against
Re-appointment of Mr. Shashi Shekhar (DIN: 01747358) as a Vice-Chairman and Whole-time Director of the Company, for a period of 1 (one) year commencing from April 09, 2026 till April 08, 2027, liable to retire by rotation and including remuneration.MoreLess
1 for0 against- Reappoint Shashi Shekhar (DIN: 01747358) as Director, liable to retire by rotation2 for0 against
Reappoint Shashi Shekhar (DIN:01747358) as Vice-Chairperson and Whole-Time Director for one year from 9 April 2026, liable to retire by rotation, approve his continuation on the board after attaining the age of 70 years, and fix his remunerationMoreLess
2 for0 againstTo create, offer, issue and allot such number of Equity Share or any other equity or equity-linked instrument or security, and/or any other eligible equity or equity-linked securities (all instruments collectively with the Equity Shares to be hereinafter referred to as the Securities) or any combination of Securities, at such price that may be decided by the Board in terms of the applicable laws, for an aggregate amount not exceeding Rs. 3,000 crores.MoreLess
13 for0 against
Mutual fund votes, meeting of 21 Feb 2025, 9 fund houses
15 proposals
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- To ratify ‘ACME Employee Stock Option Plan 2024’
Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021: Inadequate disclosures regarding the Exercise Price/Pricing Formula. Governance & Transparency Concern: Potential maximum benefit to a single employee is excessive.
- HDFC Mutual FundLack of clarity on the pricing of ESOPS which could be at a significant discount to market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
- ICICI Prudential Mutual FundThe AMC has voted against the resolution in light of inadequate disclosure w.r.t ESOP Scheme.
- Mirae Asset Mutual FundESOP pricing could be at significant discount to market price
- Nippon India Mutual FundInadequate disclosure
- SBI Mutual FundThe scheme is to be implemented through the trust route, with fresh issuance of shares by the company. This will result in a dilution of ~2.5% on the expanded capital base as on 31 December 2024. There is no clarity on the exercise price under the scheme as it will be determined by the NRC. We do not favour ESOP schemes where options are granted at a significant discount (>20%) to market price as stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception where the vesting of such options is mandatorily linked to performance parameters and the company has disclosed the pre-defined performance targets for such parameters. In the current case, the vesting of options is primarily time-based. In addition, NRC may determine certain performance criteria for vesting. However, such performance parameters along with the targets have not been articulated. In the absence of clarity and the flexibility extended to the NRC, we do not support the resolution.
1 for8 against - Appointment of Mr. Hemant Sahai (DIN:00088238) as a Non-Executive Independent Director of the Company
Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual FundAppointment is complaint with law. No concern w.r.t merits of appointee. Transparency Concern: Lack of adequate disclosures regarding pecuniary relationship with the company.
- ICICI Prudential Mutual FundThe AMC has voted against the resolution given the conflict of interest caused by existing business relationship between Acme Solar and HSA Advocates.
- Mirae Asset Mutual FundPotential conflict of interest caused by existing business relationship
- Nippon India Mutual Fundpecuniary relationship with the company.
3 for6 against Approval for Material Related Party Transaction between ACME Sikar Solar Private Limited, the Company’s wholly owned subsidiary company, and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the CompanyMoreLess
9 for0 against- Approval for Material Related Party Transaction between the Company and ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company9 for0 against
- Approval for Material Related Party Transaction between the Company and MKU Holdings Private Limited, the Company’s corporate promoter9 for0 against
- Approval for Material Related Party Transaction between the Company and VRS Infotech Private Limited, a member of the Promoter Group9 for0 against
Approval for Material Related Party Transaction between ACME Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
8 for0 against- Approval for Material Related Party Transaction between ACME Renewtech Private Limited, a subsidiary company of the Company, with the Company9 for0 against
Approval for Material Related Party Transaction between ACME Aklera Power Technology Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
9 for0 againstApproval for Material Related Party Transaction between ACME Jaisalmer Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
9 for0 againstApproval for Material Related Party Transaction between Niranjana Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
9 for0 againstApproval for Material Related Party Transaction between Dayanidhi Solar Power Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
9 for0 againstApproval for Material Related Party Transaction between Vishwatma Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
9 for0 againstApproval for Material Related Party Transaction between Aarohi Solar Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/Holding Company of the CompanyMoreLess
9 for0 against
1 proposal not matched to one resolution
Approval for Material Related Party Transaction between ACME Solar Energy Private Limited, the Company’s wholly owned subsidiary company with ACME Cleantech Solutions Private Limited, Corporate Promoter/ Holding Company of the Company for an aggregate value not exceeding Rs. 35.75 crores during FY 2024- 25 and FY 2025- 26.MoreLess
1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes and stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake boughtACME Greentech Twenty Five Private LimitedSince 15 Sep 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtACME Greentech Twenty Six Private LimitedSince 15 Sep 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtACME Greentech Twenty Seven Private LimitedSince 15 Sep 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtACME Greentech Twenty Eight Private LimitedSince 15 Sep 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtACME Greentech Twenty Nine Private LimitedSince 18 Sep 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Tax disputeCommissioner of Income Tax (Appeals)Since 25 Jan 2019
ACME Solar Energy Private Limited, a wholly owned subsidiary of ASHL (“Appellant”), had filed an appeal before the Hon’ble Commissioner of Income Tax (Appeals) [“CIT(A)”] against the assessment order dated December 25, 2018, passed under Section 143(3) of the Income Tax Act, 1961, for Assessment Year 2016–17. The Hon’ble CIT(A), vide order dated July 23, 2026, ruled in favour of the Appellant and deleted the additions/disallowances of Rs. 9.960 crore relating to share premium under Section 56(2)(viib), Rs. 43.34 crore towards unexplained receipts under Section 68, and Rs. 2.136 crore under Section 14A. However, the disallowance of Rs. 3.32 lakh under Section 37 was sustained. Accordingly, the appeal before the Hon’ble CIT(A) stands disposed of. Subsequently, the Income Tax Department (“Appellant”) filed an appeal dated September 14, 2026, before the Hon’ble Income Tax Appellate Tribunal (“ITAT”), Delhi, Bench ‘A’, against ACME Solar Energy Private Limited (“Respondent”), challenging the order of the Hon’ble CIT(A) dated July 23, 2026, for Assessment Year 2016–17 (ITA No. 8881/DEL/2026). The matter is presently pending adjudication before the Hon’ble ITAT. Further, ACME Solar Energy Private Limited (“Cross Objector”) filed a Cross Objection dated October 15, 2026, before the Hon’ble ITAT, Delhi, Bench ‘A’ (CO No. 482/DEL/2026), arising out of the appeal filed by the Income Tax Department against the aforesaid order of the Hon’ble CIT(A). The Cross Objection is presently pending adjudication before the Hon’ble ITAT.MoreLess
At the filing before: ACME Solar Energy Private Limited, a WOS of ASHL (“Appellant”), filed an appeal dated January 25, 2019 before the Commissioner of Income Tax (Appeals) against the Assistant Commissioner of Income Tax, Circle-1(1), Gurgaon (“Respondent”). The appeal was against the order under Section 143(3) of the Income Tax Act, 1961, dated December 25, 2018, passed by the Assistant Commissioner of Income Tax, Circle-1(1), for assessment year 2016-17. Submissions were made on July 24, 2025, after which the next date of hearing was awaited.MoreLess
- Tax disputeCommissioner of Income Tax (Appeals)Since 25 Jan 2019The matter is still pending and there is no change.
At the filing before: ACME Raipur Solar Power Private Limited, WOS of ASHL (“Appellant”) filed an appeal dated January 25, 2019 before Commissioner of Income Tax (Appeals) against Assistant Commissioner of Income Tax , Circle-1 (1) Gurgaon (“Respondent”) against order under section 143(3) dated December 23, 2018 passed by Assistant Commissioner of Income Tax for the assessment year 2016-17. Submission made on November 21, 2024, next date of hearing is awaited.MoreLess
- Tax disputeSenior Intelligence Officer, DGGI, Jaipur, RajasthanSince 13 Nov 2024The respondents filed their counter affidavit on August 5, 2026 and the Company filed its rejoinder on September 8, 2026.
At the filing before: The officials of the Directorate General of Goods and Services Tax Intelligence (DGGI), Jaipur Zonal Unit, initiated a search on November 13, 2024, in connection with an inquiry relating to certain alleged inadmissible Input Tax Credit (ITC), which concluded on November 14, 2024. Pursuant to the inquiry, the Company received a show cause cum demand notice dated March 23, 2026 (received on March 28, 2026), alleging short payment of GST aggregating to approximately Rs. 149.73 crore (along with applicable interest and penalty) for the period from April 2021 to March 2025. The Company challenged the said notice by filing a civil writ petition before the Hon’ble High Court of Rajasthan on April 13, 2026, and the Hon’ble High Court, vide its order dated April 20, 2026, granted an interim stay on the operation and effect of the said notice until further orders. The matter was listed on July 17, 2026, wherein the respondents were granted time to file their reply, and the Hon’ble Court directed the matter to be listed after six weeks. The interim stay granted on the operation and effect of the show cause cum demand notice continues to remain in force.MoreLess
14 more
- Tax disputeUnion of India & Ors. [W.P. (C) 4714/2019]Since 2 May 2019Hearing was further adjourned to December 03, 2026.
At the filing before: Our Company, Solar Power Developers Association and Avaada Clean Energy Private Limited (“Petitioners”) filed a petition dated May 02, 2019 under Article 226 of the Constitution of India before the High Court of Judicature at Delhi against the Union of India (Ministry of Finance), GST Council and Central Board of Indirect Taxes and Customs (“Respondents”) challenging the validity of (i) explanation to serial no. 234 of notification no. 1/2017 – Central Tax (Rate) dated June 28, 2017 inserted pursuant to notification no. 24/2018 Central Tax (Rate) dated December 31, 2018, and (ii) explanation to serial no. 38 of notification no. 11/2017 inserted pursuant to notification no. 11/2017 – Central Tax (Rate) dated June 28, 2017, and inserted pursuant to notification no. 27/2018 – Central Tax (Rate) dated December 31, 2018 (“Impugned Notifications”), alleging that such Impugned Notifications were illegal and violative of Article 14, 19(1)(g), 246 and 265 of the Constitution of India and Section 15 of the Central Goods and Services Tax Act, 2017. Under the Impugned Notifications, in a solar power generating system contract, the value of goods is deemed to be 70% and taxable at 5%, while the value of services is deemed to be 30% and taxed at 18%. The said breakup of 70:30 significantly differed from the actual split of 93:7. The matter is currently pending. The matter was heard on November 20, 2024, December 13, 2024, March 03, 2025, May 08, 2025 and November 17, 2025, and was adjourned to February 02, 2026, thereafter to March 25, 2026, July 16, 2026 and further to August 24, 2026.MoreLess
- Tax disputeUnion of India & Ors. [CWP No. 17037 of 2024]Since 20 Jul 2024No further development has taken place in the matter during the quarter ended September 30, 2026 and the matter remains pending adjudication.
At the filing before: Writ petition has been filed on 20.07.2024, Matter heard on 23.07.2024 and 11.09.2024. On 11.09.2024 counsel for respondent sought time to file the Counter. Bench has granted last opportunity to the Respondents to file the reply and directed to list the matter on 20.01.2025. Matter adjourned to 21.02.2025, however matter could not be taken up. matter listed for hearing on 08.04.2025 but did not reach for hearing, Hearing scheduled for 19.05.2025, adjourned to 16.07.2025, adjourned to 28.10.2025 and again adjourned to 08.01.2026. Last date of hearing was 21.04.2026 where the matter did not reach for hearing and got adjourned to 10.09.2026 No further development took place during the quarter ended June 30, 2026 and the matter remains pending adjudication.MoreLess
- Tax disputeUnion of India & Ors. (CWP 12257/2019)Since 17 Aug 2019The next date of hearing has not yet been intimated.
At the filing before: Our Company (“Petitioner”) filed a petition on August 17, 2019, under Article 226 of the Constitution of India before the High Court of Judicature for Rajasthan at Jodhpur against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management and Jupiter Solar Power Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018 and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25/20/15% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending and at the stage of final arguments. The last date of hearing was 14.11.2024 and no further hearing date was intimated.MoreLess
- Tax disputeUnion of India & Ors. (CWP 13592/2019)Since 11 Sep 2019The next date of hearing has not yet been intimated.
At the filing before: Our Company (“Petitioner”) filed a petition on September 11, 2019, under Article 226 of the Constitution of India before the High Court of Judicature for Rajasthan at Jodhpur against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management and M/s Jupiter Solar Power Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018 and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25/20/15% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending and at the stage of final arguments. The last date of hearing was October 21, 2024 and no further hearing date was intimated.MoreLess
- Tax disputeUnion of India & Ors. (WP No. 7565 of 2019)Since 4 Jul 2019The next date of hearing has not yet been intimated.
At the filing before: Our Company (“Petitioner”) filed a petition on July 4, 2019 under Article 226 of the Constitution of India before the High Court of Judicature at Bombay against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management, Jupiter Solar Power Limited and IndoSolar Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018, and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending. Matter is at the stage of final arguments. The last date of hearing was 12.04.2024. The matter was listed on 19.01.2026 and the next date of hearing was 02.02.2026 for arguments. However, the matter did not get listed on 02.02.2026 and the next date of hearing was not intimated.MoreLess
- Tax disputeACME Solar Holdings Ltd. (SLP 24009-24010 OF 2018)Since 23 Aug 2018The matter is next listed for hearing on November 02, 2026.
At the filing before: Union of India (Ministry of Finance), Director General of Trade Remedies, Union of India (Ministry of Commerce & Industry) and Union of India (Ministry of New and Renewable Energy) (“Petitioners”) filed a special leave petition under Article 136 of the Constitution of India before the Supreme Court of India against our Company, Solar Energy Corporation of India (“SECI Limited”), Central Electricity Regulatory Commission, NTPC Vidyut Vyapar Nigam Limited, Grid Corporation of Odisha Limited, Orissa Discom, Central Electricity Supply Utility of Odisha Limited, North Eastern Electricity Supply Company of Odisha Limited, Western Electricity Supply Company of Odisha Limited, Southern Electricity Supply Company of Odisha Limited and Maharashtra State Electricity Distribution Company Limited (collectively, the “Respondents”), challenging the interim order dated July 23, 2018 (“Interim Order”) passed by the High Court of Orissa at Cuttack (“High Court”). An application dated November 28, 2017 was filed on December 15, 2017 by the Indian Solar Manufacturers Association before the Director General under Rule 5 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, seeking the imposition of ‘Safeguard Duty’ on imports of ‘solar cells’ to protect the domestic industry. Pursuant to such application, a detailed investigation was conducted by the Director General, and it was recommended to impose ‘Safeguard Duty’ on imports of ‘solar cells’ in terms of Rule 12 of the said Rules. By its Interim Order, the High Court restrained the Petitioners from issuing any notification under Rule 12 of the said Rules pursuant to the final findings of the Directorate General of Safeguards notified on July 16, 2018. The matter was last listed on 11.08.2025, and the next date of hearing was 04.11.2025. No further hearing date has been intimated since then.MoreLess
- Tax disputeUnion of India & Ors. (WP(C) 12817 of 2018)Since 20 Jul 2018The next date of hearing has not yet been intimated.
At the filing before: Our Company (“Petitioner”) filed a petition on July 20, 2018 under Article 226 of the Constitution of India before the High Court of Orissa, Cuttack, against the Director General of Trade Remedies, Union of India (Ministry of Commerce & Industry), Union of India (Ministry of Finance), Union of India (Ministry of Non and Renewable Energy), SECI Limited, Central Electricity Regulatory Commission, NTPC Vidyut Vyapar Nigam Limited, Grid Corporation of Odisha Limited, Orissa Discom, Central Electricity Supply Utility of Odisha Limited, North Eastern Electricity Supply Company of Odisha Limited, Western Electricity Supply Company of Odisha Limited and Maharashtra State Electricity Distribution Company Limited (“Respondents”) seeking appropriate writ or directions to quash the final findings under Rule 11 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, pursuant to a public notice no. F/22//1/2018- Directorate General of Trade Remedies dated July 16, 2018, issued by the Director General of Trade Remedies (“Respondent 1”) pursuant to which, it imposed safeguard duty at 25% ad valorem on the import of solar cells whether or not assembled in modules or panels into India from China PR and Malaysia. The matter is currently pending. Interim order was stayed by the SC. The matter was last listed on 19.09.2018 and has not been listed since then.MoreLess
- Tax disputeACME Solar Holdings Ltd(SLP(C) No. 023675 - 023676 / 2019)Since 7 Sep 2018The matter is next listed for hearing on November 02, 2026.
At the filing before: Jupiter Solar Power Limited (“Petitioner”) filed a petition under Article 136 of the Constitution of India before the Supreme Court of India against our Company, Director General of Trade Remedies, Union of India (Ministry of Commerce & Industry), Union of India (Ministry of Finance), Union of India (Ministry of New and Renewable Energy), SECI Limited, Central Electricity Regulatory Commission, NTPC Vidyut Vyapar Nigam Limited, Grid Corporation of Odisha Limited, Orissa Discom, Central Electricity Supply Utility of Odisha Limited, North Eastern Electricity Supply Company of Odisha Limited, Western Electricity Supply Company of Odisha Limited, Southern Electricity Supply Company of Odisha Limited, Maharashtra State Electricity Distribution Company Limited, Indosolar Limited, Hero Solar Energy Private Limited and Vikram Solar Limited (collectively, the “Respondents”) against the interim order dated July 23, 2018 passed by the High Court of Orissa at Cuttack (“HC”), wherein the HC granted an ex-parte stay by way of a non-speaking order restraining the Union of India, viz., Director General of Trade Remedies (“Respondent 2”), Union of India (Ministry of Commerce & Industry) (“Respondent 3”), Union of India (Ministry of Finance) (“Respondent 4”) and Union of India (Ministry of New and Renewable Energy) (“Respondent 5”), from issuing a notification levying safeguard duty on imports of solar cells, whether or not assembled in modules or panels, under Section 8B(1) of the Customs Tariff Act, 1975 read with Rule 12 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997. The matter is currently pending. The last date of hearing was August 14, 2025, and no further hearing date has been intimated since then.MoreLess
- Tax disputeUnion of India & Ors. (WP No.-3084/2019)Since 12 Apr 2019The next date of hearing has not yet been intimated.
At the filing before: Our Company (“Petitioner”) filed a petition dated April 12, 2019, under Article 226 of the Constitution of India before the High Court of Judicature at Bombay, Nagpur Bench, against the Union of India, Director General of Trade Remedies, Deputy Commissioner of Custom, Commissioner of Custom, Directorate General of Systems and Data Management, Jupiter Solar Power Limited and IndoSolar Limited (“Respondents”) challenging the final findings, F. No. 22/1/2018 – Directorate General of Trade Remedies dated July 16, 2018, issued by the Director General of Trade Remedies (“Respondent 2”) and legality of notification No. 01/2018 – Customs (SG) dated July 30, 2018, and instruction no. 14/2018 – Customs dated September 30, 2018, issued by Union of India (“Respondent 1”), respectively, along with the legality of bill of entries generated by the electronic data interchange system seeking to recover safeguard duty at the rate of 25% on the solar photovoltaic modules sought to be imported by the Petitioner. The matter is currently pending. Pleadings are yet to complete. Ad-interim stay granted vide order dated April 16, 2019. The matter is still pending and the last date of hearing was May 06, 2025 and no further hearing date was intimated. The tentative next date of hearing in the matter was April 22, 2026.MoreLess
- Tax disputeUnion of India & Ors. (WP(C) 12047 of 2019)Since 22 Aug 2019The next date of hearing has not yet been intimated.
At the filing before: Our Company filed a petition on August 22, 2019, before Andhra Pradesh High Court, wherein our Company has challenged final finding of DGTR dated July 16, 2018, and the safeguard notification July 30, 2018, issued by the Central Government under section 8 (B) of the Customs Tariff Act and determining the safeguard duty @ of 25% ad valorem on the imported solar cells and modules. The matter is currently pending. The matter was last listed on 27.08.2019 and no further hearing date was intimated.MoreLess
- Tax disputeSolar Energy Corporation of India Limited and Rajasthan Urja Vikas Nigam Limited Petition No.2205 of 2024Since 7 Feb 2024The matter is currently pending adjudication before APTEL.
At the filing before: The Rajasthan Electricity Regulatory Commission (RERC), by its final order dated November 13, 2025 in Petition No. 2205 of 2024, allowed Change in Law compensation of approximately Rs. 39.92 crores, comprising Rs. 30.98 crores towards Basic Customs Duty (BCD) and Rs. 8.94 crores towards Goods and Services Tax (GST), representing the reconciled and undisputed amounts between the parties. RERC also allowed carrying cost from the date of incurrence up to the date of the order amounting to approximately Rs. 7.50 crores, taking the total amount allowed to the Company to approximately Rs. 47.40 crores. The Company received the first annuity payment of Rs. 37,49,063 from SECI on January 12, 2026. Subsequently, ACME Aklera Power Technology Private Limited, a subsidiary of the Company, filed an appeal vide DFR No. 84 of 2026 before the Appellate Tribunal for Electricity (APTEL) against the said order, challenging the partial disallowance of compensation aggregating to Rs.7,82,90,098.04 (comprising Rs.6,06,83,542 towards import duties and Rs. 1,76,06,556.04 towards GST) claimed under the change in law provisions (Article 12) of the Power Purchase Agreement dated June 10, 2019 executed with Solar Energy Corporation of India Limited (SECI), along with the applicable carrying cost. The matter is currently pending adjudication before APTEL.MoreLess
- Tax disputeAdditional Commissioner (Appeals), CGST GurugramSince 16 Jun 2026The next date of hearing is still awaited.
At the filing before: Company has filed appeal with GST Appellate tribunal against the order of Additional Commissioner (Appeals), CGST Gurugram for demand in GST audit proceedings for Interest Rs. 6,62,230, Penalty Rs. 3,98,493 on account of non-payment of consideration to the supplier of goods or services within the period of 180 days.The matter is pendingMoreLess
- Tax disputeSuperintendent, Range-36, East-II, Central GST, GurugramSince 2 Apr 2026The next date of hearing is still awaited.
At the filing before: Company has filed appeal with the Commissioner (Appeal) against Order dated 29.12.2025 in the matter of ITC disallowance in respect of Import of goods claimed on the basis of TR-06 challan amounting to Rs. 2.08 Crores . The matter is pendingMoreLess
- Tax disputeCommissioner (Appeals), CGST JodhpurSince 11 Jun 2026Company to file Appeal with GSTAT.
At the filing before: GST Demand of tax of Rs. 1,36,86,394/- alongwith interest and penalty under Section 74 of the CGST Act, 2017 was confirmed on account of alleged misclassification of goods falling under Chapters 39, 61, 64, 65, 72, 73, 74, 76, 83, 89, 90 and 93 of GST Tariff as a composite supply of goods falling under Chapters 84, 85 and 94 of GST tariff and consequent availment of benefit of concessional rate of tax at 5% under Entry No. 234 (Schedule I) of Notification No. 01/2017-CT (Rate) dated 28.06.2017, as amended from time to time. First Appellate Authority taken the matter for fresh consideration. Personal Hearing conducted on 05.05.2026. Order rejecting appeal passed on 11.06.2026. Appeal with GSTAT to be filedMoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
None open at any quarter's end.
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- 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.
How money raised was used
Reported for the quarter to Sep 2026.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| QIPJun 2026, checked by CARE RATINGS LIMITED | 2,800.00 | – | – | No |
₹ 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.