Apar Industries CEO, chairman, board of directors and AGM
NSE: APARINDSBSE: 532259Electrical EquipmentMid Cap
Share price at the NSE close on 30 Oct 2026. Previous close ₹15,846.00.
30 Oct: open ₹16,199.00, high ₹16,199.00, low ₹15,560.00
- 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
- ₹65,647 Cr209th 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
- 47.67
- 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
- 7.70
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.38%
- 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.
- 20.6%
- 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.
- 23.8%
- 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.
- 0.10
- 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
- 2,17,73940.6% delivered
Apar Industries' chairperson and managing director and CEO is Kushal N. Desai and its managing director Chaitanya N. Desai, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 21 Sep 2026.
Apar Industries board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing director and CEOKushal N. Desai
- Managing directorChaitanya N. Desai
- Company SecretarySanjaya Kunder
7 directors4 independent3 executive
- Kushal N. Desai · Chairperson and managing director and CEOExecutive · joined Mar 1999 · reappointed Jan 2023 · 1 listed board · 2 committee seats
- Chaitanya N. Desai · Managing directorExecutive · joined May 1993 · reappointed Jan 2023 · 1 listed board · 1 committee seat
- Rajesh Narayan SehgalIndependent · joined Apr 2017 · reappointed Aug 2022 · 110 months as independent · 1 listed board · 1 as independent · 2 committee seats, 2 as chair
- Rishabh Kushal DesaiExecutive · joined May 2019 · reappointed May 2019 · 1 listed board
- Kaushal Jaysingh SampatIndependent · joined Jan 2022 · reappointed Jan 2022 · 56 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 2 as chair
- Nirupa Kiran BhattIndependent · joined Oct 2023 · reappointed Oct 2023 · 35 months as independent · 2 listed boards · 2 as independent · 3 committee seats
- Pitamber ShivnaniIndependent · joined Jan 2026 · reappointed Jan 2026 · 8 months as independent · 1 listed board · 1 as independent · 2 committee seats
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.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 24 Jul 20267 of 7 present4 independent · 23 days in between
- 30 Jun 20267 of 7 present4 independent · 32 days in between
- 28 May 20267 of 7 present4 independent
Audit Committee
Chair Rajesh Narayan Sehgal
Kaushal Jaysingh Sampat, Nirupa Kiran Bhatt, Kushal N. Desai, Pitamber Shivnani
- 24 Jul 20265 of 5 present4 independent · 56 days in between
- 28 May 20265 of 5 present4 independent
Nomination and remuneration committee
Chair Rajesh Narayan Sehgal
Kaushal Jaysingh Sampat, Nirupa Kiran Bhatt, Pitamber Shivnani
- 28 May 20264 of 4 present4 independent
Stakeholders Relationship Committee
Chair Rajesh Narayan Sehgal
Kushal N. Desai, Chaitanya N. Desai, Pitamber Shivnani
- 24 Jul 20264 of 4 present2 independent · 56 days in between
- 28 May 20264 of 4 present2 independent
Risk Management Committee
Chair Kushal N. Desai
Chaitanya N. Desai, Rajesh Narayan Sehgal, Kaushal Jaysingh Sampat, Nirupa Kiran Bhatt, Pitamber Shivnani, Vinayak K Lele, Ramesh S Iyer
- 24 Jul 20266 of 6 present4 independent · 56 days in between
- 28 May 20266 of 6 present4 independent
Corporate Social Responsibility Committee
Chair Kushal N. Desai
Chaitanya N. Desai, Nirupa Kiran Bhatt
- 24 Jul 20263 of 3 present1 independent · 56 days in between
- 28 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 Sep 2026.
- C N K & Associates LLPPeer-review certificate valid to Jul 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.
Apar Industries AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Apar Industries dividend history
Annual general meeting, 21 Sep 2026
1,01,065 shareholders on the register on 14 Sep 2026; present: 14 promoters and 57 others; votes counted by HEMANG MEHTA / H M MEHTA & ASSOCIATES.The company's voting result
To receive, consider and adopt: a. the Audited Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.43%
Turnout: all 86.51% · promoters 100.00% · institutions 85.68% · other public 0.26%
- To declare dividend at the rate of Rs. 60/- (600%) per Equity Share of face Value of Rs. 10/- each, fully paid up, for the financial year 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.38%
Turnout: all 86.54% · promoters 100.00% · institutions 85.79% · other public 0.26%
- To appoint a Director in place of Mr. Chaitanya Narendra Desai (DIN:00008091), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary97.06% for2.94% against
Against: promoters 0.00% · institutions 8.17% · other public 0.54%
Turnout: all 86.54% · promoters 100.00% · institutions 85.78% · other public 0.26%
- Payment of remuneration to the Cost Auditors of the Company for the Financial Year 2026-2027.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.99%
Turnout: all 86.54% · promoters 100.00% · institutions 85.78% · other public 0.26%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 30 Jul 2026, 1 resolution
1,01,486 shareholders on the register on 23 Jul 2026; present: 14 promoters and 42 others; votes counted by HEMANG MEHTA / H M MEHTA & ASSOCIATES.The company's voting result
- To approve raising of funds through issuance of securities of the Company upto Rs. 2,500 Crores.Special99.99% for0.01% against
Against: promoters 0.00% · institutions 0.03% · other public 0.63%
Turnout: all 87.86% · promoters 100.00% · institutions 89.66% · other public 0.15%
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, 14 Mar 2026, 1 resolution
89,681 shareholders on the register on 6 Feb 2026; votes counted by Hemang Mehta / H. M. Mehta & Associates.The company's voting result
- Appointment of Mr. Pitamber Shivnani (DIN: 05187407) as an Independent Director (Non-Executive) of the Company.Special99.95% for0.05% against
Against: promoters 0.00% · institutions 0.13% · other public 3.60%
Turnout: all 88.41% · promoters 100.00% · institutions 92.11% · other public 0.22%
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, 5 Aug 2025, 7 resolutions
1,13,529 shareholders on the register on 29 Jul 2025; present: 14 promoters and 54 others; votes counted by Hemang Mehta / H. M. Mehta & Associates.
To receive, consider and adopt: a. the Audited Financial Statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with the Report of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.95%
Turnout: all 85.97% · promoters 100.00% · institutions 90.23% · other public 0.15%
- To declare dividend at the rate of Rs. 51 (510%) per Equity Share of face Value of Rs. 10/- each, fully paid up, for the FY 2024-25.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.12%
Turnout: all 85.97% · promoters 100.00% · institutions 90.24% · other public 0.15%
- To appoint a Director in place of Mr. Kushal Narendra Desai (DIN: 00008084), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary92.28% for7.72% against
Against: promoters 0.00% · institutions 23.56% · other public 1.35%
Turnout: all 85.93% · promoters 100.00% · institutions 90.10% · other public 0.15%
- Re-appointment of M/s. C N K & Associates LLP, Chartered Accountants, as Statutory Auditors of the Company for a consecutive period of 5 years.Ordinary99.44% for0.56% against
Against: promoters 0.00% · institutions 1.70% · other public 2.91%
Turnout: all 85.97% · promoters 100.00% · institutions 90.23% · other public 0.15%
Appointment of Mr. Hemang Mehta, a proprietor of H. M. Mehta & Associates, Peer-reviewed Practicing Company Secretary, as Secretarial Auditor of the Company for a term of 5 (Five) consecutive years and fix their remuneration.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 3.63%
Turnout: all 85.97% · promoters 100.00% · institutions 90.23% · other public 0.15%
Appointment of Mr. Rishabh Kushal Desai (DIN: 08444660) as Whole-Time Director of the Company for a period of 5 (five) years with effect from September 1, 2025 to August 31, 2030 (both days inclusive) and fix the remuneration.MoreLess
Special93.65% for6.35% againstAgainst: promoters 0.00% · institutions 19.43% · other public 1.33%
Turnout: all 85.83% · promoters 100.00% · institutions 89.77% · other public 0.15%
- Payment of remuneration to the Cost Auditors of the Company for the FY 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 3.28%
Turnout: all 85.97% · promoters 100.00% · institutions 90.23% · other public 0.15%
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, 8 Mar 2025, 1 resolution
1,19,618 shareholders on the register on 31 Jan 2025; votes counted by HEMANG MEHTA / H. M. MEHTA & ASSOCIATES.The company's voting result
- Approval for payment of remuneration to Mr. Yuvraj C. Mehra, a Related Party holding office or place of profit.OrdinaryPromoters have an interest in it89.68% for10.32% against
Against: promoters 0.00% · institutions 10.33% · other public 5.92%
Turnout: all 27.83% · promoters 0.00% · institutions 89.53% · other public 0.41%
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, 18 Jan 2025, 4 resolutions
1,05,929 shareholders on the register on 13 Dec 2024; votes counted by HEMANG MEHTA / H. M. MEHTA & ASSOCIATES.
- Approval for termination of Apar Industries Limited Stock Option Plan 2007.Special99.98% for0.02% against
Against: promoters 0.00% · institutions 0.06% · other public 0.99%
Turnout: all 86.18% · promoters 100.00% · institutions 90.41% · other public 0.69%
- Approval of APAR Industries Limited - Employees Stock Appreciation Rights Plan 2024.Special87.82% for12.18% against
Against: promoters 0.00% · institutions 37.01% · other public 8.05%
Turnout: all 86.18% · promoters 100.00% · institutions 90.41% · other public 0.69%
- Approval for grant of Employee Stock Appreciation Rights to the Employees of the subsidiary company(ies) of the Company under ‘APAR Industries Limited - Employees Stock Appreciation Rights Plan 2024’.Special87.82% for12.18% against
Against: promoters 0.00% · institutions 37.01% · other public 5.46%
Turnout: all 86.18% · promoters 100.00% · institutions 90.41% · other public 0.69%
- Alteration to the Object Clause of the Memorandum of Association of the Company by inserting new Object Clause No. A (6) after Clause No. A (5).Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 5.38%
Turnout: all 86.18% · promoters 100.00% · institutions 90.41% · other public 0.69%
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, 27 Aug 2024, 4 resolutions
Present: 14 promoters and 52 others.
To receive, consider and adopt: na. the Audited Financial Statements of the Company for the financial year ended March 31, 2024, together with the Reports of the Board of Directors n and the Auditors thereon; andnb. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, together with the Report of the Auditors n thereon.MoreLess
Ordinary99.95% for0.05% againstAgainst: promoters 0.00% · institutions 0.15% · other public 0.13%
Turnout: all 86.32% · promoters 100.00% · institutions 90.21% · other public 1.05%
- To declare dividend at the rate of Rs. 51/- (510%) per Equity Share of face Value of Rs. 10/- each, fully paid up, for the financial year 2023-24.nOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 86.47% · promoters 100.00% · institutions 90.70% · other public 1.05%
- To appoint a Director in place of Mr. Rishabh K. Desai (DIN: 08444660), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary95.16% for4.84% against
Against: promoters 0.00% · institutions 14.62% · other public 0.35%
Turnout: all 86.47% · promoters 100.00% · institutions 90.68% · other public 1.05%
- Payment of remuneration to Cost Auditors of the Company for the Financial Year 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.55%
Turnout: all 86.47% · promoters 100.00% · institutions 90.68% · other public 1.05%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 9 Jan 2024, 1 resolution
- Appointment of Smt. Nirupa Kiran Bhatt (DIN: 02006089) as an Independent Director (Non-Executive) of the Company.Special99.86% for0.14% against
Against: promoters 0.00% · institutions 0.45% · other public 0.70%
Turnout: all 84.72% · promoters 100.00% · institutions 90.49% · 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 21 Sep 2026, 33 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt: a. the Audited Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.MoreLess
33 for0 against- To declare dividend at the rate of Rs. 60/- (600%) per Equity Share of face Value of Rs. 10/- each, fully paid up, for the financial year 2025-26.33 for0 against
- To appoint a Director in place of Mr. Chaitanya Narendra Desai (DIN:00008091), who retires by rotation and being eligible, offers himself for re-appointment.33 for0 against
- Payment of remuneration to the Cost Auditors of the Company for the Financial Year 2026-2027.25 for0 against
2 proposals not matched to one resolution
- 4) Approve remuneration of Rs. 145,000 payable to Rahul Ganesh Dugal & Co, as cost auditor for FY271 for0 against
- Approve remuneration of Rs. 145,000 payable to Rahul Ganesh Dugal & Co, as cost auditor for FY277 for0 against
Mutual fund votes, meeting of 30 Jul 2026, 32 fund houses
- To approve raising of funds through issuance of securities of the Company upto Rs. 2,500 Crores.32 for0 against
Mutual fund votes, meeting of 14 Mar 2026, 27 fund houses
1 proposal
- Appointment of Mr. Pitamber Shivnani (DIN: 05187407) as an Independent Director (Non-Executive) of the Company.27 for0 against
Mutual fund votes, meeting of 5 Aug 2025, 26 fund houses
8 proposals
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt: a. the Audited Financial Statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with the Report of the Auditors thereon.MoreLess
26 for0 against- To declare dividend at the rate of Rs. 51 (510%) per Equity Share of face Value of Rs. 10/- each, fully paid up, for the FY 2024-25.26 for0 against
- To appoint a Director in place of Mr. Kushal Narendra Desai (DIN: 00008084), who retires by rotation and being eligible, offers himself for re-appointment.
Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance concern: Dual position of Chairman & Managing Director may lead to Concentration of power in the hands of a single person.
- Baroda BNP Paribas Mutual FundCompliant with law, no concern has been identified regarding the profile, remuneration, time commitment and attendance performance of Mr. Kushal Narendra Desai. However, combining the position of MD with that of the Board chairman may result in concentration of powers in the hands of a single person.
- Edelweiss Mutual FundComplaint with law: No concern on the merits and attendance. Governance concern: Dual position of CMD. Concentration of power in the hands of a single person.
- Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundComplaint with law: No concern on the merits and attendance. Governance concern: Dual position of Chairman & MD may lead to Concentration of power in the hands of a single person.
19 for7 against - Re-appointment of M/s. C N K & Associates LLP, Chartered Accountants, as Statutory Auditors of the Company for a consecutive period of 5 years.26 for0 against
Appointment of Mr. Hemang Mehta, a proprietor of H. M. Mehta & Associates, Peer-reviewed Practicing Company Secretary, as Secretarial Auditor of the Company for a term of 5 (Five) consecutive years and fix their remuneration.MoreLess
26 for0 againstAppointment of Mr. Rishabh Kushal Desai (DIN: 08444660) as Whole-Time Director of the Company for a period of 5 (five) years with effect from September 1, 2025 to August 31, 2030 (both days inclusive) and fix the remuneration.MoreLess
Against Bank of India Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund
- Bank of India Mutual FundRishabh Desai, 33, is the son of Kushal Desai, promoter and Chairperson and Managing Director of the company. He has been associated with the company as Non-Executive Non-Independent Director since 7 May 2019 and is also Executive Director of Petroleum Specialities FZE, Sharjah, UAE, (PSF) which is a step down overseas wholly-owned subsidiary of APAR Industries Limited. He holds a Bachelor of Science degree from Babson College. He worked for a year in Ergon Inc., an oil refinery in Mississippi, USA in 2014. He joined Apar Industries from September 2015. Rishabh Desai drew a remuneration of Rs. 14.3 mn in FY25 as Executive Director of Petroleum Specialities FZE, Sharjah, UAE (PSF), a step-down wholly owned subsidiary of Apar Industries Limited. The company proposes to appoint him as Executive Director of Apar Industries Limited. We estimate his aggregate remuneration at Rs. 28.3 mn (Rs. 25.3 mn from Apar Industries and Rs. 3.4 mn from PSF) which is high given his experience. The company must cap the commission payable to him in absolute terms and disclose the performance metrics that determine his variable pay. The company must also cap the reimbursement of medical expenses at actuals for self and family. We do not support the resolution.
- HSBC Mutual FundA vote AGAINST the following nominee is warranted because: The board independence norms are not met (as per our reclassification) and Rishabh Desai is a non-independent director nominee.
- Invesco Mutual FundRishabh Desai, 33, is the son of Kushal Desai, promoter and Chairperson and Managing Director of the company. He has been associated with the company as Non-Executive Non-Independent Director since 7 May 2019 and is also Executive Director of Petroleum Specialities FZE, Sharjah, UAE, (PSF) which is a step down overseas wholly-owned subsidiary of APAR Industries Limited. He holds a Bachelor of Science degree from Babson College. He worked for a year in Ergon Inc., an oil refinery in Mississippi, USA in 2014. He joined Apar Industries from September 2015.Rishabh Desai drew a remuneration of Rs. 14.3 mn in FY25 as Executive Director of Petroleum Specialities FZE, Sharjah, UAE (PSF), a step-down wholly owned subsidiary of Apar Industries Limited. The company proposes to appoint him as Executive Director of Apar Industries Limited. We estimate his aggregate remuneration at Rs. 28.3 mn (Rs. 25.3 mn from Apar Industries and Rs. 3.4 mn from PSF) which is high given his experience. The company must cap the commission payable to him in absolute terms and disclose the performance metrics that determine his variable pay. The company must also cap the reimbursement of medical expenses at actuals for self and family. We do not support the resolution
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
22 for4 against- Payment of remuneration to the Cost Auditors of the Company for the FY 2025-26.5 for0 against
1 proposal not matched to one resolution
Ratification of remuneration of Rs. 1,32,000/- payable to M/s. Rahul Ganesh Dugal and Co., a Proprietary Firm of Cost Accountant, the Cost Auditor (having Firm Registration no. 103425 and Membership no. 36459), appointed by the Board of Directors of the Company, to conduct the audit of the cost records of the Company for the financial year ending March 31, 2026.MoreLess
21 for0 against
Mutual fund votes, meeting of 8 Mar 2025, 20 fund houses
1 proposal
- Approval for payment of remuneration to Mr. Yuvraj C. Mehra, a Related Party holding office or place of profit.
Against Groww Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant under Companies Act, 2013: Prior approval not sought. Governance & Transparency Concern: Basis of arriving at remuneration not disclosed; remuneration is not comparable with similar grade employees.
- Invesco Mutual FundYuvraj C. Mehra is the son in law of Kushal N. Desai, Chairperson and Managing Director & CEO of the company. He has about five years of experience in product management, AI, data, marketing, e-commerce, and digital transformation. Prior to joining Apar Industries Limited he was working with Reckitt Benckiser as Technical Innovation Lead. He holds a degree in Master of Business Administration / Artificial Intelligence from Northwestern University, USA, and Bachelor of Science in Systems Engineering & Design from university of Illinois, USA. The company seeks approval to appoint him as Senior Deputy General Manager – Information Technology and Automation with an annual remuneration of Rs. 5.51 mn capped at Rs. 12.0 mn during his tenure of appointment till 19 January 2030. The maximum proposed remuneration is comparable to the FY24 remuneration of the CFO and higher than the FY24 remuneration paid to the Company Secretary. While he is well qualified, the company must clarify how they have benchmarked his proposed remuneration. It is unclear if other employees at the same level of experience are in the same compensation bracket. Therefore, we are unable to support the resolution
17 for3 against
Mutual fund votes, meeting of 18 Jan 2025, 20 fund houses
6 proposals
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Approval for termination of Apar Industries Limited Stock Option Plan 2007.20 for0 against
- Approval of APAR Industries Limited - Employees Stock Appreciation Rights Plan 2024.
Against HDFC Mutual Fund
- HDFC Mutual FundExercise price of the ESOP is at a significant discount to current 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.
18 for1 against - Approval for grant of Employee Stock Appreciation Rights to the Employees of the subsidiary company(ies) of the Company under ‘APAR Industries Limited - Employees Stock Appreciation Rights Plan 2024’.
Against HDFC Mutual Fund
- HDFC Mutual FundExercise price of the ESOP is at a significant discount to current 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.
18 for1 against - Alteration to the Object Clause of the Memorandum of Association of the Company by inserting new Object Clause No. A (6) after Clause No. A (5).20 for0 against
2 proposals not matched to one resolution
To Authorize Board of Directors for introduction and implementation of ‘APAR Industries Limited - Employees Stock Appreciation Rights Plan 2024” (“ESAR 2024”/ “Plan”), to create and grant from time to time, in one or more tranches, employee stock appreciation rights (“ESARs”), to or for the benefit of eligible employee(s) working with the Company, in or outside India, as determined by the Board within the meaning of the Plan, exercisable into not more than 15,90,464 Equity shares (Fifteen Lakh Ninety Thousand Four Hundred and Sixty Four) of face value of Rs.10/- (Rupees Ten) each fully paid-upMoreLess
1 for0 againstTo Authorize Board of Directors to create, offer and grant from time to time, in one or more tranches, such number of employee stock appreciation rights (“ESARs”) under ‘APAR Industries Limited - Employees Stock Appreciation Rights Plan 2024’ (“ESAR 2024”/ “Plan”) within the limit prescribed therein, to or for the benefit of eligible employee(s) of any subsidiary company(ies) of the Company, whether in or outside IndiaMoreLess
1 for0 against
Mutual fund votes, meeting of 27 Aug 2024, 20 fund houses
6 proposals
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt: na. the Audited Financial Statements of the Company for the financial year ended March 31, 2024, together with the Reports of the Board of Directors n and the Auditors thereon; andnb. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, together with the Report of the Auditors n thereon.MoreLess
19 for0 against- To declare dividend at the rate of Rs. 51/- (510%) per Equity Share of face Value of Rs. 10/- each, fully paid up, for the financial year 2023-24.n20 for0 against
- To appoint a Director in place of Mr. Rishabh K. Desai (DIN: 08444660), who retires by rotation and being eligible, offers himself for re-appointment.20 for0 against
- Payment of remuneration to Cost Auditors of the Company for the Financial Year 2024-256 for0 against
2 proposals not matched to one resolution
- Accept Financial Statements and Statutory Reports1 for0 against
Ratification of remuneration of Rs. 1,32,000/- payable to M/s. Rahul Ganesh Dugal and Co., a Proprietary Firm of Cost Accountant, the Cost Auditor having Firm Registration no. 103425 and Membership no. 36459, appointed by the Board of Directors of the Company, to conduct the audit of the cost records of the Company for the financial year ending March 31, 2025.MoreLess
14 for0 against
Mutual fund votes, meeting of 9 Jan 2024, 17 fund houses
1 proposal
- Appointment of Smt. Nirupa Kiran Bhatt (DIN: 02006089) as an Independent Director (Non-Executive) of the Company.17 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines and stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake heldAPAR Brazil Ltda (formerly known as APAR Industries Latam Ltda)Since 19 Aug 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Fine or penaltyOffice of the State Tax officer- GujaratSince 10 Aug 2026
Order of Demand of Penalty No. ZD240826075006C Case ID No. AD2408260103476 dated 10.08.2026
E-way Bill tendered for Goods in movement was expired at the time of interception of Vehicle No. GJ37T4040 Tax Period Aug,2026 Penalty was imposed CGST of Rs. 8,44,052 And SGST Rs. 8,44,052 - Fine or penaltyJoint Commissioner of CustomsSince 4 Sep 2026
Oder of Demand of Redemption Fine and Penalty vide Order No CUS/APR/S49/159/2025-26 Group 4
Import of CO-POLYMER MS TYPE vide BE No.7774581 cleared under CTH 7210 7000. Obtained SIMS certificate but failed to produced an NOC from the Ministry of Steel (as per circular dated 20.10.2023). - Fine or penaltyThe Assistant Commissioner (AC), CGST & Central Excise (CE), Ranchi North DivisionSince 24 Jul 2026
Demand order by Commissioner V(27)122/Apar/ Adjn/ND/2019 20
Demand of Rs.5,267/- raised by Assistant commissioner, confirmed & Appeal is dismissed on wrong facts. Since Litigation Cost is much in going to GSTAT, We preferred to pay - Fine or penaltyState Tax officer- GujaratSince 10 Aug 2026
SCN in FORM GST DRC-01 issued vide reference No. ZD240826037105I
During GST scrutiny, it was observed that the vendor had not paid the applicable GST and that the vendor's GST registration had been cancelled. Consequently, a demand was raised for reversal of the ITC availed, along with applicable interest and penaltyMoreLess
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
- 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
- Yes
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- Yes
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 |
|---|---|---|---|---|---|
| QIPAug 2026, checked by CARE Ratings Limited | 2,500.00 | Funding the working capital requirement of the Company | 1,875.00 | 1,463.72 | No |
| QIPAug 2026, checked by CARE Ratings Limited | 2,500.00 | General Corporate Purposes | 597.28 | 448.42 | No |
| QIPAug 2026, checked by CARE Ratings Limited | 2,500.00 | Offer expenses | 27.72 | 27.72 | No |