Gujarat Mineral Development Corporation logo

Gujarat Mineral Development Corporation MD, chairman and AGM

NSE: GMDCLTDBSE: 532181Minerals & MiningSmall Cap

Gujarat Mineral Development Corporation Limited · Face value ₹2 · Listed Dec 1997 on NSE, Jan 1998 on BSE
Last close ₹411.65down ₹27.10 (6.18%)BSE ₹412.20

Share price at the NSE close on 30 Oct 2026. Previous close ₹438.75.

30 Oct: open ₹440.30, high ₹441.10, low ₹406.00

52-week range of traded prices to 30 Oct 2026
₹406.00Low, 30 Oct 2026₹771.90High, 17 Apr 2026
Market cap
₹13,090 Cr350th largest listed
P/E
19.79
P/B
1.85
Dividend yield
2.31%
ROE
9.6%
ROCE
6.0%
Debt to equity
0.05
Volume, NSE
37,67,534

Gujarat Mineral Development Corporation's chairperson is Hasmukh Adhia IAS Retd and its managing director Ajay Bhadoo IAS, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 30 Sep 2026.

Gujarat Mineral Development Corporation board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.

  • ChairpersonHasmukh Adhia IAS Retd
  • Managing directorAjay Bhadoo IAS
  • Company Secretary and Compliance OfficerJoel Evans

7 directors3 independent1 executive3 non-executive

  • Hasmukh Adhia IAS Retd · ChairpersonNon-executive · joined Jun 2023 · 2 listed boards
  • Ajay Bhadoo IAS · Managing directorExecutive · joined Sep 2026 · 1 listed board · 1 committee seat
  • Sandeep Kumar IASNon-executive · joined Jan 2026 · 1 listed board · 2 committee seats
  • Gauri Kumar IAS RetdIndependent · joined Jun 2019 · reappointed Jun 2024 · 87 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 3 as chair
  • Mamta Verma IASNon-executive · joined Sep 2024 · 1 listed board
  • Sharvil Pankajbhai PatelIndependent · joined Jan 2025 · reappointed Jan 2025 · 20 months as independent · 3 listed boards · 1 as independent · 3 committee seats, 1 as chair
  • Rajinder Khanna IPS RetdIndependent · joined Feb 2025 · reappointed Feb 2025 · 19 months as independent · 2 listed boards · 2 as independent · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

5 directors who left
  • Roopwant Singh, left 29 Sep 2026: Others
  • Shailesh Gandhi, left 31 Dec 2025: Tenure Completion
  • Arti Kanwar IAS, left 29 Dec 2025: Others
  • Nitin Chandrashanker Shukla, left 13 Oct 2024: Others
  • Satyanarayan Banwarilal Dangayach, left 13 Oct 2024: Others

Committees and meetings

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

  • Board

    • 31 Jul 20265 of 7 present2 independent · 77 days in between
    • 14 May 20264 of 7 present1 independent

  • Audit Committee

    Chair Gauri Kumar IAS Retd

    Sharvil Pankajbhai Patel, Rajinder Khanna IPS Retd, Sandeep Kumar IAS

    • 31 Jul 20263 of 4 present2 independent · 78 days in between
    • 13 May 20263 of 4 present2 independent

  • Nomination and remuneration committee

    Chair Rajinder Khanna IPS Retd

    Sharvil Pankajbhai Patel, Sandeep Kumar IAS

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair Sharvil Pankajbhai Patel

    Sandeep Kumar IAS, Ajay Bhadoo IAS

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Ajay Bhadoo IAS

    Rajinder Khanna IPS Retd, Sharvil Pankajbhai Patel

    • 3 Sep 20263 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair Ajay Bhadoo IAS

    Sharvil Pankajbhai Patel, Sandeep Kumar IAS

    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 auditor

Named in the results for the quarter to Mar 2026.

  • Dhirubhai Shah & Co LLPPeer-review certificate valid to Nov 2028

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.

Gujarat Mineral Development Corporation 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.Gujarat Mineral Development Corporation dividend history

Annual general meeting, 30 Sep 2026

2,56,736 shareholders on the register on 23 Sep 2026; present: 1 promoter and 53 others; votes counted by Manoj Rajaram Hurkat / Manoj Hurkat and Associates.The company's voting result

  1. To receive, consider and adopt the financial statements (standalone & consolidated) for the year ended on 31st March, 2026, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement together with the Reports of the Board of Directors and Auditors thereon and Comments of Comptroller and Auditor General of India.MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.38% · other public 6.03%

    Turnout: all 77.25% · promoters 100.00% · institutions 70.38% · other public 0.99%

  2. To declare Dividend on Equity Shares for the year 2025-26
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.01%

    Turnout: all 77.26% · promoters 100.00% · institutions 70.48% · other public 0.99%

  3. To fix up the remuneration of Statutory Auditors for the financial year 2026-27
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.05%

    Turnout: all 77.26% · promoters 100.00% · institutions 70.45% · other public 0.99%

  4. To appoint Shri Sandeep Kumar, IAS (DIN – 06576903 ) as Director on the Board of GMDC Ltd
    Ordinary
    96.02% for3.98% against

    Against: promoters 0.00% · institutions 95.63% · other public 76.77%

    Turnout: all 77.26% · promoters 100.00% · institutions 70.45% · other public 0.99%

  5. To ratify the remuneration payable to Cost Auditors of the Company for the financial year 2026-27
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.06%

    Turnout: all 77.26% · promoters 100.00% · institutions 70.45% · other public 0.99%

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

Annual general meeting, 25 Sep 2025, 8 resolutions

2,27,743 shareholders on the register on 18 Sep 2025; present: 1 promoter and 61 others; votes counted by MANOJ HURKAT AND ASSOCIATES / MANOJ HURKAT AND ASSOCIATES.The company's voting result

  1. To receive, consider and adopt the Financial Statements (Standalone and Consolidated) for the year ended on 31st March, 2025, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement together with the Reports of the Board of Directors and Auditors thereon and Comments of Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.51%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.76% · other public 0.77%

  2. To declare Dividend on Equity Shares for the year 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.37%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.87% · other public 0.77%

  3. To fix up the remuneration of Statutory Auditors for the financial year 2025-26.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.77% · other public 0.50%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.87% · other public 0.77%

  4. To appoint Smt. Mamta Verma, IAS (DIN01854315) as Director on the Board of GMDC Ltd
    Ordinary
    97.99% for2.01% against

    Against: promoters 0.00% · institutions 78.93% · other public 4.41%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.87% · other public 0.77%

  5. To appoint Dr. Sharvil Patel, (DIN 00131995 ) as Independent Director on the Board of GMDC Ltd
    Special
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 7.01% · other public 6.79%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.87% · other public 0.77%

  6. To appoint Shri Rajinder Khanna, IPS (Retd.) (DIN 10961416) as Independent Director on the Board of GMDC Ltd
    Special
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 4.50% · other public 4.16%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.87% · other public 0.77%

  7. To ratify the remuneration payable to Cost Auditors of the Company for the the nancial year 2025-26
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.87% · other public 0.77%

  8. To approve appointment of M/s Manoj Hurkat and Associates, Practicing Company Secretaries as Secretarial Auditor of the Company for a period of 5 years commencing from FY 2025-26 till FY 2029-30
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 1.31% · other public 4.17%

    Turnout: all 76.10% · promoters 100.00% · institutions 71.87% · other public 0.77%

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 Sep 2024, 6 resolutions

Present: 1 promoter and 57 others.

  1. To receive, consider and adopt the Financial Statements standalone & consolidated for the year ended on March 31, 2024.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.49%

    Turnout: all 75.92% · promoters 100.00% · institutions 42.35% · other public 0.99%

  2. To declare dividend on quity shares for the year ended on 31st March, 2024.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.45%

    Turnout: all 75.92% · promoters 100.00% · institutions 42.42% · other public 0.99%

  3. To fixup the remuneration of Statutory Auditors for the year 2024-25.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.45% · other public 0.75%

    Turnout: all 75.92% · promoters 100.00% · institutions 42.42% · other public 0.99%

  4. Extension of tenure of Smt. Gauri Kumar, IAS retd as Independent Director
    Special
    98.93% for1.07% against

    Against: promoters 0.00% · institutions 47.65% · other public 0.64%

    Turnout: all 75.92% · promoters 100.00% · institutions 42.42% · other public 0.99%

  5. Seeking consent of the Shareholders for the contribution under Section 181 of the Companies Act, 2013.
    Ordinary
    98.15% for1.85% against

    Against: promoters 0.00% · institutions 82.23% · other public 1.09%

    Turnout: all 75.92% · promoters 100.00% · institutions 42.42% · other public 0.99%

  6. Retification of remuneration payable to cost auditors of the Company for the Financial Year 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.62%

    Turnout: all 75.92% · promoters 100.00% · institutions 42.42% · other public 0.99%

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, 30 Sep 2023, 7 resolutions

Present: 1 promoter and 66 others.

  1. To receive, consider and adopt the financial statements (standalone & consolidated) for the year ended on March 31, 2023
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.33%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  2. To declare dividend on Equity shares for the year ended 31st March, 2023
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  3. To fix up the remuneration of Statutory Auditors for the year 2023-24 to be appointed by Comptroller and Auditor General of India
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 3.00% · other public 0.26%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  4. Appointment of Dr. Hasmukh Adhia, IAS (Retd.) (DIN 00093974) Principal Advisor to Hon.ble Chief Minister, Gujarat as Director and Chairman on the Board of Directors of GMDC Ltd
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 2.36% · other public 3.56%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  5. Appointment of Shri S. J. Haider, IAS (DIN-02879522) as Director of GMDC Ltd.
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 2.36% · other public 0.47%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  6. Appointment of Ms. Arti Kanwar, IAS (DIN-03535973) as Director of GMDC Ltd
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 2.36% · other public 2.70%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  7. Ratification of remuneration payable to Cost Auditors of the Company for the financial year 2023-24
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.95%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

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, 30 Sep 2022, 5 resolutions

Present: 2 promoters and 122 others.

  1. To receive, consider and adopt the Audited Financial Statements of the Corporation (Standalone and Consolidated) for the year ended on March 31, 2022, including the Balance Shhet, Profit and Loss Statement and Cash Flow Statement as at that date together with the Report of the Board of Directors and Aduitors and C & A G thereonMoreLess
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.22% · other public 1.35%

    Turnout: all 77.52% · promoters 100.00% · institutions 58.90% · other public 0.88%

  2. To declare dividend on Equity Shares for the year ended 31st March, 2022
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.35%

    Turnout: all 77.54% · promoters 100.00% · institutions 59.20% · other public 0.88%

  3. To fix up the remuneration of Statutory Auditors for the year 2022-23 to be appointed by the Comptroller & Auditor General of India
    Ordinary
    99.70% for0.30% against

    Against: promoters 0.00% · institutions 6.72% · other public 1.66%

    Turnout: all 77.54% · promoters 100.00% · institutions 59.20% · other public 0.88%

  4. Appointment of Shri Raj Kumar, IAS (DIN 00294527), Additional Chief Secretary, Industries and Mines Department as Director and Chairman of the Company
    Ordinary
    99.31% for0.69% against

    Against: promoters 0.00% · institutions 15.85% · other public 1.56%

    Turnout: all 77.54% · promoters 100.00% · institutions 59.20% · other public 0.88%

  5. To ratify the remuneration of Cost Auditors for financial year 2022-23
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.36%

    Turnout: all 77.54% · promoters 100.00% · institutions 59.20% · other public 0.88%

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 Nov 2021, 4 resolutions

Present: 42 promoters and 0 others.

  1. To receive, consider and adopt the financial statements (Standalone & Consolidated) for the year ended on March 31, 2021, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement as at that date together with the Report of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.10%

    Turnout: all 75.28% · promoters 100.00% · institutions 44.76% · other public 0.59%

  2. To Declare Dividend on Equity Shares for the year 2020-21.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.28% · promoters 100.00% · institutions 44.76% · other public 0.59%

  3. To fix up the remuneration of Statutory Auditors for the year 2021-22.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.28% · promoters 100.00% · institutions 44.76% · other public 0.59%

  4. To ratify the remuneration of Cost Auditors.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.36%

    Turnout: all 75.28% · promoters 100.00% · institutions 44.76% · other public 0.59%

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, 31 Dec 2020, 6 resolutions

Present: 1 promoter and 50 others.

  1. To receive, consider and adopt the financial statements (standalone & consolidated) for the year ended on March 31, 2020, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement as at that date together with the Report of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.62% for0.38% against

    Against: promoters 0.00% · institutions 37.13% · other public 0.02%

    Turnout: all 74.78% · promoters 100.00% · institutions 18.71% · other public 0.12%

  2. Declaration of Dividend on Equity Shares.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 74.78% · promoters 100.00% · institutions 18.71% · other public 0.12%

  3. To fix up the remuneration of Statutory Auditors for the year 2020-21.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.10%

    Turnout: all 74.78% · promoters 100.00% · institutions 18.71% · other public 0.12%

  4. Special Resolution for re-appointment of Prof. Shailesh Gandhi (DIN: 02685385) as an Independent Director
    Special
    99.60% for0.40% against

    Against: promoters 0.00% · institutions 39.68% · other public 0.07%

    Turnout: all 74.78% · promoters 100.00% · institutions 18.71% · other public 0.12%

  5. To consider and if thought fit, to pass with or without modifications, if any, the following resolution as an Ordinary Resolution for seeking consent of the shareholders for the contribution under Section 181 of the Companies Act, 2013MoreLess
    Ordinary
    99.62% for0.38% against

    Against: promoters 0.00% · institutions 37.95% · other public 0.35%

    Turnout: all 74.78% · promoters 100.00% · institutions 18.71% · other public 0.12%

  6. To consider and if thought fit, to pass with or without modifications, if any, the following resolution as an Ordinary Resolution to ratify the remuneration of Cost Auditors for the financial year ending March 31, 2021.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.10%

    Turnout: all 74.78% · promoters 100.00% · institutions 18.71% · other public 0.12%

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, 30 Sep 2019, 7 resolutions

Present: 1 promoter and 51 others.

  1. To receive, consider and adopt the Audited Financial Statements of the Company (Standalone and Consolidated) for the year ended on March 31, 2019, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity, Cash Flow Statement as at that date together with the Report of the Board of Directors, and Auditors and C & AG thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.48%

    Turnout: all 84.03% · promoters 100.00% · institutions 74.47% · other public 0.07%

  2. To declare dividend on Equity Shares for the year ended 31st March, 2019
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.63%

    Turnout: all 84.04% · promoters 100.00% · institutions 74.55% · other public 0.07%

  3. To fix up the remuneration of Statutory Auditors for the financial year 2019-20 to be appointed by the Comptroller & Auditor General of India
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.63%

    Turnout: all 84.04% · promoters 100.00% · institutions 74.55% · other public 0.07%

  4. Resolution for appointment of Smt Gauri Kumar, IAS (Retd.) (DIN: 01585999) as Woman Independent Director on the board of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.95%

    Turnout: all 84.04% · promoters 100.00% · institutions 74.55% · other public 0.07%

  5. Resolution for re-appointment of Shri Nitin Chandrashanker Shukla (DIN: 00041433) as an Independent Director on the board of the Company
    Special
    94.69% for5.31% against

    Against: promoters 0.00% · institutions 44.50% · other public 8.27%

    Turnout: all 84.04% · promoters 100.00% · institutions 74.55% · other public 0.07%

  6. To re-appoint Shri. Satyanarayan Banwarilal Dangayach (DIN: 01572754) as an Independent Director on the board of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.05% · other public 8.27%

    Turnout: all 84.04% · promoters 100.00% · institutions 74.55% · other public 0.07%

  7. To ratify the remuneration of Cost Auditors for financial year 2019-20
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.67%

    Turnout: all 84.04% · promoters 100.00% · institutions 74.55% · other public 0.07%

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 30 Sep 2026, 13 fund houses

  • To receive, consider and adopt the financial statements (standalone & consolidated) for the year ended on 31st March, 2026, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement together with the Reports of the Board of Directors and Auditors thereon and Comments of Comptroller and Auditor General of India.MoreLess
    13 for0 against
  • To declare Dividend on Equity Shares for the year 2025-26
    13 for0 against
  • To fix up the remuneration of Statutory Auditors for the financial year 2026-27
    13 for0 against
  • To appoint Shri Sandeep Kumar, IAS (DIN – 06576903 ) as Director on the Board of GMDC Ltd
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    5 for8 against
  • To ratify the remuneration payable to Cost Auditors of the Company for the financial year 2026-27
    13 for0 against

Mutual fund votes, meeting of 25 Sep 2025, 12 fund houses

  • To receive, consider and adopt the Financial Statements (Standalone and Consolidated) for the year ended on 31st March, 2025, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement together with the Reports of the Board of Directors and Auditors thereon and Comments of Comptroller and Auditor General of India.MoreLess
    12 for0 against
  • To declare Dividend on Equity Shares for the year 2024-25.
    12 for0 against
  • To fix up the remuneration of Statutory Auditors for the financial year 2025-26.
    12 for0 against
  • To appoint Smt. Mamta Verma, IAS (DIN01854315) as Director on the Board of GMDC Ltd
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundDelayed shareholders’ approval.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo issue on merit/eligibility or competence of appointee. Non-Compliant: Directorship has ceased in terms of Section 161 of the Companies Act, 2013, since approval not sought in AGM 2024; Delayed shareholders’ approval under SEBI LODR 2015.
    6 for6 against
  • To appoint Dr. Sharvil Patel, (DIN 00131995 ) as Independent Director on the Board of GMDC Ltd
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundSeeking shareholders’ approval for appointment of Independent Directors by way of Ordinary Resolution instead of Special Resolution. Terms and Conditions of appointment of proposed Independent Director not disclosed on the website of the Company. Governance concern: Delayed Approval of shareholders.
    • Axis Mutual FundDr. Sharvil Patel, 46, is Managing Director, Zydus Lifesciences Limited. He holds a specialization in Chemical and Pharmaceutical Sciences from the University of Sunderland, U.K., where he also earned his doctorate for research on breast cancer at Johns Hopkins, USA. His appointment as Independent Director is in line with statutory requirements. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. The company has sought approval for his appointment via an ordinary resolution. Based on the amendments to SEBI LODR effective 1 January 2022, we believe shareholder approval should have been sought via a special resolution. Hence, we do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-Compliance with SEBI LODR Regulations: Seeking shareholders’ approval for appointment of IDs by way of ‘Ordinary Resolution’ instead of ‘Special Resolution’. Terms and Conditions of appointment of proposed ID not disclosed on the website of the Company. Governance concern: Delayed Approval of shareholders.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundNon-Compliance with SEBI LODR Regulations: Seeking shareholders’ approval for appointment of IDs by way of ‘Ordinary Resolution’. Governance concern: Delayed Approval of shareholders.
    3 for9 against
  • To appoint Shri Rajinder Khanna, IPS (Retd.) (DIN 10961416) as Independent Director on the Board of GMDC Ltd
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundSeeking shareholders’ approval for appointment of Independent Directors by way of Ordinary Resolution instead of Special Resolution. Terms and Conditions of appointment of proposed Independent Director not disclosed on the website of the Company. Governance concern: Delayed Approval of shareholders.
    • Axis Mutual FundRajinder Khanna, 70, is a retired IPS Officer and former Additional National Security Advisor (NSA) of India. He is former Chief of the Research and Analysis Wing (R&AW) and Secretary of the National Security Council Secretariat. He holds a B.A. in Economics and an MBA. His appointment as Independent Director is in line with statutory requirements. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. The company has sought approval for his appointment via an ordinary resolution. Based on the amendments to SEBI LODR effective 1 January 2022, we believe shareholder approval should have been sought via a special resolution. Hence, we do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-Compliance with SEBI LODR Regulations: Seeking shareholders’ approval for appointment of IDs by way of ‘Ordinary Resolution’ instead of ‘Special Resolution’. Terms and Conditions of appointment of proposed ID not disclosed on the website of the Company. Governance concern: Delayed Approval of shareholders.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundNon-Compliance with SEBI LODR Regulations: Seeking shareholders’ approval for appointment of IDs by way of ‘Ordinary Resolution’. Governance concern: Delayed Approval of shareholders.
    3 for9 against
  • To ratify the remuneration payable to Cost Auditors of the Company for the the nancial year 2025-26
    12 for0 against
  • To approve appointment of M/s Manoj Hurkat and Associates, Practicing Company Secretaries as Secretarial Auditor of the Company for a period of 5 years commencing from FY 2025-26 till FY 2029-30
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundTransparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
    6 for6 against

Mutual fund votes, meeting of 27 Sep 2024, 9 fund houses

6 proposals
  • To receive, consider and adopt the Financial Statements standalone & consolidated for the year ended on March 31, 2024.
    9 for0 against
  • To declare dividend on quity shares for the year ended on 31st March, 2024.
    9 for0 against
  • To fixup the remuneration of Statutory Auditors for the year 2024-25.
    9 for0 against
  • Extension of tenure of Smt. Gauri Kumar, IAS retd as Independent Director
    Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundMs. Gauri Kumar, 69, is a retired IAS Officer. She is Founder, Scholar Planet, an Ed tech startup. She retired as Secretary (Coordination and Public Grievances), Cabinet Secretariat in 2015 and served as Member/Chairperson of the Public Enterprises Selection Board from 2015-18 post her retirement. Ms. Gauri Kumar serves on the boards of four listed companies (including GMDC). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. Further, we believe that, as a Founder with her own company, her responsibilities are equivalent to a whole-time directorship. Therefore, her high number of directorships on listed companies are not in keeping with the spirit of the regulations. Further, she has attended four out of six meetings (67%) held in FY24 and ten out of fifteen meetings (67%) in the previous three years. We expect directors to attend all board meetings; else, at the very least, 75% of the board meetings over a three-year period. Hence, we do not support her reappointment.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on the merits of proposed appointee. Non-Compliance with the Companies Act, 2013: Proposed second term is not consecutive after completion of first term.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    3 for6 against
  • Seeking consent of the Shareholders for the contribution under Section 181 of the Companies Act, 2013.
    Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundThe average net profits of the company for the three immediately preceding financial years is Rs. 10.6 bn: 5% of net profit is Rs.0.5 bn. The company proposes to contribute an amount exceeding Rs. 0.5 bn, subject to a maximum of Rs.1.05 bn in FY25. The quantum of the proposed contribution is high compared to the size of the company (12.6% of FY24 PBT), and there are no details regarding the beneficiaries of the contributions. The company donated Rs. 26.3 mn over and above the CSR spends of Rs.163.8 mn in FY24. We believe the companies should make charitable contributions within the 5% limit prescribed under section 181. Alternately the company should consider paying this as dividend and let its shareholders make charitable donations if they desire. We do not support the resolution.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Inadequate disclosure regarding the organization(s) to which the Company intends to donate.
    • HDFC Mutual FundApproval is sought to make contributions in excess of the regulatory limit
    • ICICI Prudential Mutual FundDue to lack of clarity, the AMC has voted against the resolution.
    • Kotak Mahindra Mutual FundThe average net profits of the company for the three immediately preceding financial years is Rs. 10.6 bn: 5% of net profit is Rs.0.5 bn. The company proposes to contribute an amount exceeding Rs. 0.5 bn, subject to a maximum of Rs.1.05 bn in FY25. The quantum of the proposed contribution is high compared to the size of the company (12.6% of FY24 PBT), and there are no details regarding the beneficiaries of the contributions. The company donated Rs. 26.3 mn over and above the CSR spends of Rs.163.8 mn in FY24. We believe the companies should make charitable contributions within the 5% limit prescribed under section 181. We do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    0 for9 against
  • Retification of remuneration payable to cost auditors of the Company for the Financial Year 2024-25.
    9 for0 against

Mutual fund votes, meeting of 30 Sep 2023, 1 fund house

7 proposals
  • To receive, consider and adopt the financial statements (standalone & consolidated) for the year ended on March 31, 2023
    1 for0 against
  • To declare dividend on Equity shares for the year ended 31st March, 2023
    1 for0 against
  • To fix up the remuneration of Statutory Auditors for the year 2023-24 to be appointed by Comptroller and Auditor General of India
    1 for0 against
  • Appointment of Dr. Hasmukh Adhia, IAS (Retd.) (DIN 00093974) Principal Advisor to Hon.ble Chief Minister, Gujarat as Director and Chairman on the Board of Directors of GMDC Ltd
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundBoard is Non-Compliant with Section 152(6) of Companies Act: The Company does not have any retiring directors on the Board. Governance concern: Delayed shareholders’ approval. No concern on merit of proposed appointee.
    0 for1 against
  • Appointment of Shri S. J. Haider, IAS (DIN-02879522) as Director of GMDC Ltd.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundBoard is Non-Compliant with Section 152(6) of Companies Act: The Company does not have any retiring directors on the Board. No concern on merit of proposed appointees.
    0 for1 against
  • Appointment of Ms. Arti Kanwar, IAS (DIN-03535973) as Director of GMDC Ltd
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundBoard is Non-Compliant with Section 152(6) of Companies Act: The Company does not have any retiring directors on the Board. No concern on merit of proposed appointees.
    0 for1 against
  • Ratification of remuneration payable to Cost Auditors of the Company for the financial year 2023-24
    1 for0 against

Mutual fund votes, meeting of 29 Nov 2021, 1 fund house

4 proposals
  • To receive, consider and adopt the financial statements (Standalone & Consolidated) for the year ended on March 31, 2021, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement as at that date together with the Report of the Board of Directors and Auditors thereon.MoreLess
    1 for0 against
  • To Declare Dividend on Equity Shares for the year 2020-21.
    1 for0 against
  • To fix up the remuneration of Statutory Auditors for the year 2021-22.
    1 for0 against
  • To ratify the remuneration of Cost Auditors.
    1 for0 against

Mutual fund votes, meeting of 31 Dec 2020, 3 fund houses

6 proposals
  • To receive, consider and adopt the financial statements (standalone & consolidated) for the year ended on March 31, 2020, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement as at that date together with the Report of the Board of Directors and Auditors thereon.MoreLess
    0 for0 against

    3 abstained

  • Declaration of Dividend on Equity Shares.
    0 for0 against

    3 abstained

  • To fix up the remuneration of Statutory Auditors for the year 2020-21.
    0 for0 against

    3 abstained

  • Special Resolution for re-appointment of Prof. Shailesh Gandhi (DIN: 02685385) as an Independent Director
    0 for0 against

    3 abstained

  • To consider and if thought fit, to pass with or without modifications, if any, the following resolution as an Ordinary Resolution for seeking consent of the shareholders for the contribution under Section 181 of the Companies Act, 2013MoreLess
    0 for0 against

    3 abstained

  • To consider and if thought fit, to pass with or without modifications, if any, the following resolution as an Ordinary Resolution to ratify the remuneration of Cost Auditors for the financial year ending March 31, 2021.MoreLess
    0 for0 against

    3 abstained

Mutual fund votes, meeting of 30 Sep 2019, 2 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 the Audited Financial Statements of the Company (Standalone and Consolidated) for the year ended on March 31, 2019, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity, Cash Flow Statement as at that date together with the Report of the Board of Directors, and Auditors and C & AG thereonMoreLess
    1 for0 against
  • To declare dividend on Equity Shares for the year ended 31st March, 2019
    2 for0 against
  • To fix up the remuneration of Statutory Auditors for the financial year 2019-20 to be appointed by the Comptroller & Auditor General of India
    2 for0 against
  • Resolution for appointment of Smt Gauri Kumar, IAS (Retd.) (DIN: 01585999) as Woman Independent Director on the board of the Company
    2 for0 against
  • Resolution for re-appointment of Shri Nitin Chandrashanker Shukla (DIN: 00041433) as an Independent Director on the board of the Company
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST Nitin Chandrashanker Shukla (Item 5) is warranted given that he failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation.
    1 for1 against
  • To re-appoint Shri. Satyanarayan Banwarilal Dangayach (DIN: 01572754) as an Independent Director on the board of the Company
    2 for0 against
  • To ratify the remuneration of Cost Auditors for financial year 2019-20
    2 for0 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against

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

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved
11Dec 2422Mar 2500Jun 2500Sep 2500Dec 2500Mar 2600Jun 2611Sep 26

Open at the quarter's end

0Dec 240Mar 250Jun 250Sep 250Dec 250Mar 260Jun 260Sep 26
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
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.