Heritage Foods MD, chairman and AGM
NSE: HERITGFOODBSE: 519552Food ProductsSmall Cap
Share price at the NSE close on 30 Oct 2026. Previous close ₹353.95.
30 Oct: open ₹353.95, high ₹356.80, low ₹346.60
- 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
- ₹3,298 Cr948th 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
- 28.70
- 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
- 2.90
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.70%
- 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.
- 10.5%
- 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.
- 10.4%
- 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.
- 0.30
- 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
- 1,53,07848.2% delivered
Heritage Foods' chairperson is ANGARA VENKATA GIRIJAKUMAR and its managing director NARA BHUVANESWARI, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 23 Jul 2026.
Heritage Foods 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
- ChairpersonANGARA VENKATA GIRIJAKUMAR
- Managing directorNARA BHUVANESWARI
- Company Secretary and Compliance OfficerUmakanta Barik
6 directors3 independent3 executive
- APARNA SURABHIIndependent · joined Jan 2019 · reappointed Apr 2024 · 92 months as independent · 3 listed boards · 3 as independent · 7 committee seats, 3 as chair
- MUTHU RAJU PARAVASA RAJU VIJAY KUMARIndependent · joined Nov 2021 · reappointed Nov 2021 · 59 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
- ANGARA VENKATA GIRIJAKUMAR · ChairpersonIndependent · joined Jun 2023 · reappointed Jun 2023 · 40 months as independent · 1 listed board · 1 as independent · 4 committee seats
- NARA BHUVANESWARI · Managing directorExecutive · joined Dec 1994 · reappointed Apr 2024 · 1 listed board · 2 committee seats
- NARA BRAHMANIExecutive · joined Apr 2013 · reappointed Apr 2024 · 1 listed board · 2 committee seats
- MUDDANA SAMBASIVA RAOExecutive · joined Apr 2025 · 1 listed board · 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.
1 director who left
- RAJESH THAKUR AHUJA, left 22 Mar 2026: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 16 Jul 20266 of 6 present3 independent · 65 days in between
- 11 May 20266 of 6 present3 independent
Audit Committee
Chair APARNA SURABHI
MUTHU RAJU PARAVASA RAJU VIJAY KUMAR, ANGARA VENKATA GIRIJAKUMAR, NARA BRAHMANI
- 16 Jul 20264 of 4 present3 independent · 65 days in between
- 11 May 20263 of 3 present3 independent
Nomination and remuneration committee
Chair MUTHU RAJU PARAVASA RAJU VIJAY KUMAR
APARNA SURABHI, ANGARA VENKATA GIRIJAKUMAR
No meeting listed in the filing.
Stakeholders Relationship Committee
Chair APARNA SURABHI
NARA BHUVANESWARI, ANGARA VENKATA GIRIJAKUMAR
No meeting listed in the filing.
Risk Management Committee
Chair APARNA SURABHI
NARA BHUVANESWARI, ANGARA VENKATA GIRIJAKUMAR
- 16 Jul 20263 of 3 present2 independent
Corporate Social Responsibility Committee
Chair NARA BHUVANESWARI
ANGARA VENKATA GIRIJAKUMAR, MUDDANA SAMBASIVA RAO
- 16 Jul 20263 of 3 present1 independent
Management Committee
Chair NARA BHUVANESWARI
APARNA SURABHI, MUTHU RAJU PARAVASA RAJU VIJAY KUMAR, ANGARA VENKATA GIRIJAKUMAR
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.
- Walker Chandiok & Co LLPPeer-review certificate valid to May 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.
Heritage Foods 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.Heritage Foods dividend history
Annual general meeting, 23 Jul 2026
1,28,020 shareholders on the register on 15 Jul 2026; present: 3 promoters and 91 others; votes counted by A Ravi Shankar / Ravi & Subramanyam Company Secretaries.The company's voting result
- Adoption of the Audited Standalone Financial Statements of the Company together with the Reports of the Board of Directors and the Auditors thereon for the financial year ended March 31, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.70% · promoters 100.00% · institutions 82.57% · other public 24.66%
- Adoption of the Audited Consolidated Financial Statements of the Company together with the Report of the Auditors thereon for the financial year ended March 31, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.70% · promoters 100.00% · institutions 82.57% · other public 24.66%
- Declaration of Final Dividend on equity shares at the rate of 50 Percentage i.e. Rs.2.50 per equity share of face value of Rs.5 each for the financial year ended March 31, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.72% · promoters 100.00% · institutions 82.79% · other public 24.66%
- Re-appointment of Director Retiring by RotationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 60.71% · promoters 100.00% · institutions 82.79% · other public 24.64%
- Re-Appointment of Mr. Muthu Raju Paravasa Raju Vijay Kumar (DIN: 05170323) as Non-Executive Independent Director of the CompanySpecial99.79% for0.21% against
Against: promoters 0.00% · institutions 1.83% · other public 0.01%
Turnout: all 60.71% · promoters 100.00% · institutions 82.79% · other public 24.64%
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 Jul 2025, 6 resolutions
1,34,494 shareholders on the register on 23 Jul 2025; present: 4 promoters and 79 others; votes counted by Khusboo Laxmi Bhagat / KLB & Associates.The company's voting result
- Consideration of the Financial statements and the reports of the Board of Directors’ and auditors’ thereonOrdinary99.89% for0.11% against
Against: promoters 0.00% · institutions 0.90% · other public 0.00%
Turnout: all 61.02% · promoters 100.00% · institutions 77.06% · other public 25.40%
- Declaration of Final DividendOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 61.03% · promoters 100.00% · institutions 77.19% · other public 25.40%
- Re-appointment of Director Retiring by RotationOrdinaryPromoters have an interest in it99.60% for0.40% against
Against: promoters 0.00% · institutions 3.34% · other public 0.01%
Turnout: all 61.03% · promoters 100.00% · institutions 77.19% · other public 25.40%
- Increase in borrowing limits of the Company under Section 180(1)(c) of the Companies Act, 2013Special99.74% for0.26% against
Against: promoters 0.00% · institutions 2.15% · other public 0.01%
Turnout: all 61.03% · promoters 100.00% · institutions 77.19% · other public 25.40%
- Creation / modification of Charges on the movable and immovable properties of the Company, both present and future, in respect of borrowings under Section 180(1)(a) of the Companies Act, 2013Special99.75% for0.25% against
Against: promoters 0.00% · institutions 2.15% · other public 0.01%
Turnout: all 61.03% · promoters 100.00% · institutions 77.19% · other public 25.40%
- Appointment of Secretarial Auditor of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.93% · promoters 100.00% · institutions 76.10% · other public 25.40%
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, 1 May 2025, 2 resolutions
1,36,584 shareholders on the register on 28 Mar 2025; votes counted by A Ravi Shankar / Ravi & Subramanyam, Company Secretaries.The company's voting result
- Appointment of Dr. Muddana Sambasiva Rao (DIN:01887410) as a Director of the CompanySpecial99.86% for0.14% against
Against: promoters 0.00% · institutions 1.06% · other public 0.01%
Turnout: all 61.79% · promoters 100.00% · institutions 76.62% · other public 25.86%
- Appointment of Dr. Muddana Sambasiva Rao, (DIN:01887410) as a Whole-time Director of the Company for a term of 5 consecutive years commencing from April 1, 2025, and payment of remunerationSpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.94% · other public 0.01%
Turnout: all 61.79% · promoters 100.00% · institutions 76.62% · other public 25.86%
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, 21 Aug 2024, 3 resolutions
Present: 5 promoters and 64 others.
To receive, consider and adopt:nThe Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, the Reports of the Board of Directors and Auditor’s thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.05% · promoters 100.00% · institutions 66.62% · other public 25.30%
- To declare final dividend on equity shares at the rate of (50%) i.e. Rs.2.50/- per equity share of face value of Rs.5/- each for the Financial Year ended March 31, 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.23% · promoters 100.00% · institutions 68.52% · other public 25.30%
Re-appointment of Director Retiring by Rotation in accordance with the provisions of Section 152(6) read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and not opted for re-appointment.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.23% · promoters 100.00% · institutions 68.52% · other public 25.30%
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 2024, 3 resolutions
- Re-Appointment of Smt. Aparna Surabhi (DIN: 01641633) as Non-Executive Independent Woman Director of the CompanySpecial92.03% for7.97% against
Against: promoters 0.00% · institutions 41.78% · other public 0.04%
Turnout: all 66.46% · promoters 100.00% · institutions 90.05% · other public 27.99%
- Re-Appointment of Smt. N. Bhuvaneswari (DIN: 00003741) as Whole-time Director designated as Vice-Chairperson and Managing Director of the CompanySpecialPromoters have an interest in it83.01% for16.99% against
Against: promoters 0.00% · institutions 89.13% · other public 0.04%
Turnout: all 66.46% · promoters 100.00% · institutions 90.05% · other public 27.99%
- Re-Appointment of Smt. N. Brahmani (DIN: 02338940) as Whole-time Director designated as Executive Director of the CompanySpecialPromoters have an interest in it83.01% for16.99% against
Against: promoters 0.00% · institutions 89.13% · other public 0.04%
Turnout: all 66.46% · promoters 100.00% · institutions 90.05% · other public 27.99%
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, 22 Aug 2023, 9 resolutions
Present: 5 promoters and 70 others.
To receive, consider and adopt:nThe Audited Standalone & Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023, the Reports of the Board of Directors and Auditor’s thereon;MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 69.81% · promoters 99.53% · institutions 94.10% · other public 29.40%
- To declare a dividend at the rate of (50%) i.e. Rs.2.50/- per equity share of face value of Rs.5/- each for the financial year ended on March 31, 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 69.82% · promoters 99.53% · institutions 94.14% · other public 29.40%
- To appoint a Director in place of Smt. N. Brahmani (DIN: 02338940) who retires by rotation and being eligible, offers herself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.01% · other public 0.00%
Turnout: all 69.80% · promoters 99.53% · institutions 94.14% · other public 29.34%
To appoint Mr. Angara Venkata Girija Kumar (DIN: 02921377) as a Non-Executive Independent Director of the company for a term of 5 (five) consecutive years with effect from June 01, 2023 to May 31, 2028MoreLess
Special99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.15% · other public 0.00%
Turnout: all 69.80% · promoters 99.53% · institutions 94.14% · other public 29.34%
- Approval of request received from Mrs. Durga Ramakrishna N P, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” categoryOrdinary99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.21%
Turnout: all 69.74% · promoters 99.34% · institutions 94.14% · other public 29.40%
- Approval of request received from Mrs. Neelima N P, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” category.Ordinary99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.21%
Turnout: all 69.82% · promoters 99.53% · institutions 94.14% · other public 29.40%
- Approval of request received from Mr. N P Ramakrishna, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” categoryOrdinary99.92% for0.08% against
Against: promoters 0.00% · institutions 0.00% · other public 0.48%
Turnout: all 69.81% · promoters 99.53% · institutions 94.14% · other public 29.37%
- Approval of request received from Mrs. Kathya N P, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” category.Ordinary99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.21%
Turnout: all 69.82% · promoters 99.53% · institutions 94.14% · other public 29.40%
- Approval of request received from Mr. Sivasankara Prasad Alapati, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” categoryOrdinary99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.21%
Turnout: all 69.82% · promoters 99.53% · institutions 94.14% · other public 29.40%
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 Jul 2022, 4 resolutions
Present: 6 promoters and 44 others.
To receive, consider and adopt the Audited Standalone and consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022, the Reports of the Board of Directors and Auditor’s thereonMoreLess
Ordinary99.93% for0.07% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.34%
Turnout: all 67.81% · promoters 99.52% · institutions 93.96% · other public 29.95%
- To declare final dividend at the rate of (50%) i.e. Rs.2.50/- per equity share of face value of Rs.5/- each for the financial year ended on March 31, 2022.Ordinary99.93% for0.07% against
Against: promoters 0.00% · institutions 0.00% · other public 0.35%
Turnout: all 67.83% · promoters 99.52% · institutions 94.10% · other public 29.95%
- To appoint a Director in place of Dr. V. Nagaraju Naidu (DIN: 00003730) who retires by rotation and being eligible, offers himself for re-appointment.Ordinary96.72% for3.28% against
Against: promoters 0.00% · institutions 14.21% · other public 0.36%
Turnout: all 67.83% · promoters 99.52% · institutions 94.10% · other public 29.95%
- To re-appoint the Statutory Auditors of the Company and fix their remuneration for a second and final term of five consecutive years.Ordinary99.93% for0.07% against
Against: promoters 0.00% · institutions 0.00% · other public 0.35%
Turnout: all 67.83% · promoters 99.52% · institutions 94.10% · other public 29.95%
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, 29 Apr 2022, 1 resolution
Continuation of directorship of Dr. V Nagaraja Naidu (DIN: 00003730), Non-Executive Director of the Company in terms of Regulation 17(1A) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018.MoreLess
Special99.98% for0.02% againstAgainst: promoters 0.00% · institutions 0.09% · other public 0.01%
Turnout: all 69.18% · promoters 99.33% · institutions 92.30% · other public 32.10%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.
Mutual fund votes, meeting of 23 Jul 2026, 8 fund houses
- Adoption of the Audited Standalone Financial Statements of the Company together with the Reports of the Board of Directors and the Auditors thereon for the financial year ended March 31, 20268 for0 against
- Adoption of the Audited Consolidated Financial Statements of the Company together with the Report of the Auditors thereon for the financial year ended March 31, 20268 for0 against
- Declaration of Final Dividend on equity shares at the rate of 50 Percentage i.e. Rs.2.50 per equity share of face value of Rs.5 each for the financial year ended March 31, 20268 for0 against
- Re-appointment of Director Retiring by Rotation8 for0 against
- Re-Appointment of Mr. Muthu Raju Paravasa Raju Vijay Kumar (DIN: 05170323) as Non-Executive Independent Director of the Company
Against Angel One Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance concern: The remuneration practice of the Company is appears to be excessive. Mr. M P Vijay Kumar being the Nomination & Remuneration Committee chairman is responsible to ensure that the remuneration of the Company is in a fair and reasonable.
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concerns identified w.r.t. merit, profile, time commitments and independence of the proposed director. Governance concern: The remuneration practice of the Company is appears to be excessive. Mr. M P Vijay Kumar being the NRC chairman is responsible to ensure that the remuneration of the Company is in a fair and reasonable.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
4 for4 against
Mutual fund votes, meeting of 31 Jul 2025, 7 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Consideration of the Financial statements and the reports of the Board of Directors’ and auditors’ thereon7 for0 against
- Declaration of Final Dividend7 for0 against
- Re-appointment of Director Retiring by Rotation
Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Remuneration paid to Executive Directors (EDPs) appears excessive and unfair i.e. significantly high when compared with Peer Company, intra-board remuneration practice and industry benchmark.
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Remuneration paid to Executive Directors (EDPs) appears excessive and unfair i.e. significantly high when compared with Peer Company, intra-board remuneration practice and industry benchmark.
4 for3 against - Increase in borrowing limits of the Company under Section 180(1)(c) of the Companies Act, 20131 for0 against
- Creation / modification of Charges on the movable and immovable properties of the Company, both present and future, in respect of borrowings under Section 180(1)(a) of the Companies Act, 2013
Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Majority of the Existing Borrowing Limit is unutilized and no specific reason / justification provided for the proposed increase without utilizing the existing limit.
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance Concern: Majority of the Existing Borrowing Limit is unutilized and no specific reason / justification provided for the proposed increase without utilizing the existing limit.
4 for3 against - Appointment of Secretarial Auditor of the Company7 for0 against
1 proposal not matched to one resolution
To borrow from time to time, at their discretion for the purpose of the business of the Company, from any one or more banks, financial institutions and other persons, firms, bodies corporate, as it may consider fit, any sum or sums of monies, as the Board may deem fit, notwithstanding that the money(ies) to be borrowed together with the money(ies) already borrowed by the Company (apart from temporary loan obtained or to be obtained from the Company’s Bankers in the ordinary course of business) may exceed the aggregate of the paid-up Capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided that the total amount so borrowed by the Board shall not at any time exceed Rs. 800 Crores.MoreLess
Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Majority of the Existing Borrowing Limit is unutilized and no specific reason / justification provided for the proposed increase without utilizing the existing limit.
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance Concern: Majority of the Existing Borrowing Limit is unutilized and no specific reason / justification provided for the proposed increase without utilizing the existing limit.
3 for3 against
Mutual fund votes, meeting of 1 May 2025, 7 fund houses
2 proposals
- Appointment of Dr. Muddana Sambasiva Rao (DIN:01887410) as a Director of the Company7 for0 against
- Appointment of Dr. Muddana Sambasiva Rao, (DIN:01887410) as a Whole-time Director of the Company for a term of 5 consecutive years commencing from April 1, 2025, and payment of remuneration
Against Mirae Asset Mutual Fund
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
6 for1 against
Mutual fund votes, meeting of 21 Aug 2024, 4 fund houses
3 proposals
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt:nThe Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, the Reports of the Board of Directors and Auditor’s thereon.MoreLess
4 for0 against- To declare final dividend on equity shares at the rate of (50%) i.e. Rs.2.50/- per equity share of face value of Rs.5/- each for the Financial Year ended March 31, 20244 for0 against
1 proposal not matched to one resolution
Re-appointment of Dr. V. Nagaraja Naidu (DIN: 00003730), Director liable to retire by rotation, who does not offer himself for reappointment be not re-appointed as a Director of the Company and the vacancy so caused on the Board of the Company be not filled - up.MoreLess
4 for0 against
Mutual fund votes, meeting of 14 Mar 2024, 7 fund houses
3 proposals
- Re-Appointment of Smt. Aparna Surabhi (DIN: 01641633) as Non-Executive Independent Woman Director of the Company
Against Bandhan Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundComplaint with law. Governance Concern: Same Chairperson of Audit Committee and Nomination & Remuneration Committee, Director’s role, as NRC Chairperson, Excessive remuneration paid to EDs.
- Kotak Mahindra Mutual FundMrs. Surabhi serving as the Chairperson of both Audit Committee as well as Nomination & Remuneration Committee simultaneously is not a good governance practice as it may lead to concentration of power in hands of single individual. Hence voting against.
3 for4 against - Re-Appointment of Smt. N. Bhuvaneswari (DIN: 00003741) as Whole-time Director designated as Vice-Chairperson and Managing Director of the Company
Against Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Sundaram Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundComplaint with law. Governance Concern: Excessive remuneration compared with peer and No cap on Variable pay.
- DSP Mutual Fund, Sundaram Mutual FundMs. N. Bhuvaneswari, 62, is promoter and Managing Director. She received Rs. 47.9 mn as remuneration in FY23. We estimate her FY24 remuneration at Rs. 61.4 mn and FY25 remuneration at Rs. 70.3 mn. Her remuneration structure is open-ended with no cap on her overall remuneration. The estimated annual remuneration is not commensurate with the size and complexity of the business and high as compared to peers. The company must consider putting a cap on the absolute commission payable to directors and define performance metrics for variable pay. Further, overall promoter remuneration aggregated to Rs. 86.2 mn in FY23: which is high at 10.5% of PBT. Therefore, we do not support the resolution.
- Kotak Mahindra Mutual FundThe Company has proposed a variable pay of 5% of net profit to Mrs. N. Bhuvaneshwari in a financial year . However, their remuneration structure is open-ended. The resolution states that in any financial year during the tenure, if the company incurs a loss or its profits are inadequate, the remuneration will be paid by way of salary, benefits and perquisite allowance. The estimated annual remuneration may not be commensurate with the size and complexity of the business and could be high as compared to peers. Overall promoter remuneration aggregated to Rs. 86.2 mn in FY23: which is high at 10.5% of PBT. Hence voting against.
1 for6 against - Re-Appointment of Smt. N. Brahmani (DIN: 02338940) as Whole-time Director designated as Executive Director of the Company
Against Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Sundaram Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundComplaint with law. Governance Concern: Excessive remuneration compared with peer and No cap on Variable pay.
- DSP Mutual Fund, Sundaram Mutual FundN. Bramhani, 36, is part of the promoter group. She received Rs. 38.3 mn as remuneration in FY23. We estimate her FY24 remuneration at Rs. 48.8 mn and FY25 remuneration at Rs. 51.0 mn. Her remuneration structure is open-ended with no cap on her overall remuneration. The estimated annual remuneration is not commensurate with the size and complexity of the business and high as compared to peers. The company must consider putting a cap on the absolute commission payable to directors and define performance metrics for variable pay. Further, overall promoter remuneration aggregated to Rs. 86.2 mn in FY23: which is high at 10.5% of PBT. Therefore, we do not support the resolution.
- Kotak Mahindra Mutual FundThe Company has proposed a variable pay of 4% of net profit to Mrs. N. Brahmani in a financial year . However, their remuneration structure is open-ended. The resolution states that in any financial year during the tenure, if the company incurs a loss or its profits are inadequate, the remuneration will be paid by way of salary, benefits and perquisite allowance. The estimated annual remuneration may not be commensurate with the size and complexity of the business and could be high as compared to peers. Overall promoter remuneration aggregated to Rs. 86.2 mn in FY23: which is high at 10.5% of PBT. Hence voting against.
1 for6 against
Mutual fund votes, meeting of 22 Aug 2023, 5 fund houses
9 proposals
To receive, consider and adopt:nThe Audited Standalone & Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023, the Reports of the Board of Directors and Auditor’s thereon;MoreLess
5 for0 against- To declare a dividend at the rate of (50%) i.e. Rs.2.50/- per equity share of face value of Rs.5/- each for the financial year ended on March 31, 2023.5 for0 against
- To appoint a Director in place of Smt. N. Brahmani (DIN: 02338940) who retires by rotation and being eligible, offers herself for re-appointment.5 for0 against
To appoint Mr. Angara Venkata Girija Kumar (DIN: 02921377) as a Non-Executive Independent Director of the company for a term of 5 (five) consecutive years with effect from June 01, 2023 to May 31, 2028MoreLess
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundApproval of ID proposed through Ordinary Resolution
4 for1 against- Approval of request received from Mrs. Durga Ramakrishna N P, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” category5 for0 against
- Approval of request received from Mrs. Neelima N P, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” category.5 for0 against
- Approval of request received from Mr. N P Ramakrishna, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” category5 for0 against
- Approval of request received from Mrs. Kathya N P, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” category.5 for0 against
- Approval of request received from Mr. Sivasankara Prasad Alapati, Person belonging to the Promoter Group for reclassification from “Promoter Group” category to “Public” category5 for0 against
Mutual fund votes, meeting of 29 Jul 2022, 3 fund houses
4 proposals
To receive, consider and adopt the Audited Standalone and consolidated Financial Statements of the Company for the Financial Year ended March 31, 2022, the Reports of the Board of Directors and Auditor’s thereonMoreLess
3 for0 against- To declare final dividend at the rate of (50%) i.e. Rs.2.50/- per equity share of face value of Rs.5/- each for the financial year ended on March 31, 2022.3 for0 against
- To appoint a Director in place of Dr. V. Nagaraju Naidu (DIN: 00003730) who retires by rotation and being eligible, offers himself for re-appointment.3 for0 against
- To re-appoint the Statutory Auditors of the Company and fix their remuneration for a second and final term of five consecutive years.3 for0 against
Mutual fund votes, meeting of 29 Apr 2022, 4 fund houses
1 proposal
Continuation of directorship of Dr. V Nagaraja Naidu (DIN: 00003730), Non-Executive Director of the Company in terms of Regulation 17(1A) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018.MoreLess
4 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 boughtPeanutbutter and Jelly LimitedSince 27 Jul 2026
20.00% bought in the quarter; holding 71.00%, from 51.00%
- Tax disputeAssessment Unit, Income Tax DepartmentSince 22 Sep 2022The case is pending for disposal with Commissioner of Income Tax (Appeals).
At the filing before: The Company has received an assessment order with a demand of Rs.2.80 million on account of disallowance of CSR expenditure claimed under Section 80G pertaining to Assessment Year 2020-21. Appeal has filed before the Commissioner of Income Tax (Appeals).MoreLess
- Tax disputeAssessment Unit, Income Tax DepartmentSince 2 Mar 2023The case is pending for disposal with Commissioner of Income Tax (Appeals).
At the filing before: The Company has received penalty proceedings u/s 271D with a demand of Rs.2.24 million in respect of acceptance of security deposits in cash pertaining to Assessment Year 2020-21. Appeal has filed before the Commissioner of Income Tax (Appeals).MoreLess
- Tax disputeAndhra Pradesh General Sale Tax DepartmentSince 7 Feb 2013The matter is pending before hon’ble High Court of Telangana
At the filing before: The company has received demand alleging short payment of purchase tax levied on milk amounting to Rs.9.51 million for the financial year 2001-02. The writ petition was filed before the Hon’ble High court of Telangana.MoreLess
- Tax disputeAndhra Pradesh General Sales Tax DepartmentSince 24 Apr 2014The matter is pending before hon’ble High Court of Telangana
At the filing before: The company has received demand alleging excess claim of Input Tax Credit amounting to Rs.4.69 million for the financial year 2008-09. The writ petition was filed before the Hon’ble High court of Telangana.MoreLess
- Tax disputeThe Central Sales Tax Department, KarnatakaSince 1 Aug 2015
We have received the rectification assessment order dated 29/06/2026 on 01/07/2026 for FY 2010-11. The order reflects a receivable of Rs. 1.2 million. We have filed the refund application on 10/07/2026. The refund has been processed by the department and obtained the signature on e-payment acknowledgement on 29/09/2026, the refund has been received on 06-10-2026.MoreLess
At the filing before: The company has received demand alleging short receipt of ‘F’ forms amounting to Rs.4.47 million for the financial year from 2010-11 to 2012-13. The Company has submitted letters along with Form-F details to the Assistant Commissioner of Commercial Taxes, Bengaluru (Audit-3.6) on 23-10-2025 and the same is pending before the Assistant Commissioner of Commercial Taxes, Bengaluru (Audit-3.6).MoreLess
- Tax disputeTelangana Sales Tax DepartmentSince 25 Feb 2020The matter is pending before hon’ble High Court of Telangana
At the filing before: The company has received demand alleging entry tax on goods in local area amounting to Rs.10.37 million for the financial year from 2011-12 to 2017-18. The writ petition was filed before the Hon’ble High court of Telangana and stayed order granted by the Hon’ble High court of Telangana against deposit of 25% demand amount.MoreLess
- Tax disputeAndhra Pradesh Sales Tax DepartmentSince 20 Sep 2021The matter is pending before hon’ble High Court of Andhra Pradesh.
At the filing before: The company has received demand alleging entry tax on goods in local area amounting to Rs.3.77 million for the financial year from 2014-15 to 2017-18. The writ petition was filed before the Hon’ble High court of Andhra Pradesh and stay order granted by the Hon’ble High court of Andhra Pradesh against deposit of 25% demand amount.MoreLess
7 more
- Tax disputeAdditional Commissioner, Central Goods and Services Tax, TirupatiSince 18 Sep 2021
The Company filed an appeal before the Appellate Commissioner CGST on 02/09/2025 for the interest amount of Rs.13.62 million (From the date of deposit of Tax to till the date of filing the refund application) attended the virtual personal hearing on 09/02/2026. The appellate commissioner has passed an order dated 31-07-2026 and rejected the interest appeal stating the reason that "No specific findings were given by the Hon’ble High Court regarding the interest payment”. We filed the interest appeal before GSTAT on 01/10/2026 for interest amounting to Rs.1.40 Cr against the rejection order passed by the Appellate commissioner. The due date for filing is 30-10-2026.MoreLess
At the filing before: Flavoured Milk GST Tariff Litigation: Demand of differential GST of Rs.35.18 million for the period from July 2007 to March 2020, along with a penalty of Rs.35.28 million plus applicable interest. The Hon’ble High court had disposed of the WP in favor of the Company on 29-01-2025 by setting aside the demand and court ruled that flavored milk falls under Tariff Heading No. 0402 9990, which attracted the tax rate of 2.5% CGST and 2.5% SGST and directed to file the refund application for the differential tax already paid. The Company has filed the refund application. The refund withheld order passed on 22/04/2025. The Company filed the petition before the Hon’ble High court of AP against the refund withholding orders during July’2025. Consequent to dismissal of GST Department’s SLP by the Hon’ble Supreme Court the Refund claim has been processed on 13/08/2025 amounting Rs.45.34 million plus Interest amount of Rs.0.80 million from the expiry of 60 days from the date of filing of the refund application.MoreLess
- Tax disputeAssistant Commissioner, Central Goods and Services Tax, West Division -6, Bengaluru, KarnatakaSince 30 Dec 2024
1. We received the RFD-06 on 27/04/2026 for refund claim of Rs. 5.03 million and rejected the interest claim made by us from the date of payment of tax to till the date of refund. We will be filing an Appeal for the Interest on or before the due date (26/07/2026). 2. We have received refund rejection order in RFD-06 on 29/04/2026 amounting to Rs. 0.49 million towards refund claim of differential tax for the period from Apr’21 to oct’21 plus interest amount on limitation grounds. We will be filling an Appeal on or before the due date (28/07/2026).MoreLess
At the filing before: The Company has received OIO (Order in Original) dated 23-12-2024 demand of differential GST and penalty amounting to Rs.10.05 million on Flavoured Milk supplies from July’17 to Mar’21. The company has filed an appeal before the Commissioner appeals on 20/02/2025. The appeal has been allowed, and favorable order has been passed by setting the aside the OIO (Order in Original) passed by the Asst. Commissioner, CGST. The Virtual Personal hearing was completed on 18/11/2025 against the appeal and requested to drop the demand since the matter has been already decided in favor of taxpayers by various High Courts and dismissal of GST department SLP by the Supreme Court The GST and interest application to be filed in Karnataka for differential GST paid on Flavoured Milk. We must file two separate applications against order and voluntary period 1.Jul 2017 to Mar 2021 Rs.2.01 million (interest) 2.Apr 2021 to Oct 2021 Rs.0.69 million (0.49 GST + 0.20 Interest)MoreLess
- Tax disputeTelangana state Sales Tax DepartmentSince 28 Feb 2025The Company has filed the refund application for Rs.7.93 million and filed an appeal before TG Sales Tax Tribunal for the balance ITC refund claim on 17-02-2025. The appeal has been allowed.At the filing before: The Company has received order 06/01/2025 from Addl., Commissioner (ST) Legal, by setting aside the ITC claim of Rs 12.71 million allowing only Rs.7.93 million.
- Tax disputeTelangana State, CGSTSince 24 Sep 2025
The Company has received unfavorable order rejecting the appeal on 29/05/2026 through speed post. The order copy is uploaded to the GST portal on 16/06/2026. We have filed an appeal before the GST Appellate Tribunal on 20/08/2026 (due date was 28/08/2026).MoreLess
At the filing before: The Company filed an appeal on 24/09/2025 for the interest amount of Rs.5.05 million (From the date of deposit of Tax to till the date of filing the refund application). Virtual PH was completed on 19/01/2026 with the Additional Commissioner Appeals, CGST.MoreLess
- Tax disputeTamilnadu State, CGSTSince 11 Feb 2026The Interest appeal is pending before the Additional Commissioner Appeals, CGST.At the filing before: The Company filed an appeal on 11/02/2026 for the interest amount of Rs.2.83 million (From the date of deposit of Tax to till the date of filing the refund application).
- Tax disputeHaryana Entry TaxSince 23 Apr 2026
The Company has submitted the reply dated 29/04/2026 stating that the entry tax is not leviable on the goods transported to Haryana as per the provisions of the Haryana Entry Tax Act and rules made there under along with supporting documents with detailed clarification for rectification/ revision order. We have received the Certified Copy of the order confirming the demand amount of Rs.57.19 Lakhs. The Consultant has advised opting amnesty scheme with a payment of Rs.24.60 Lakhs as full and final settlement and the payment has been made under the Amnesty scheme on 26-08-2026. The application has been made under one time settlement scheme on 26/08/2026, waiting for the orders.MoreLess
At the filing before: The Company has received order dated 06/04/2026 on 23/04/2026 from Excise and Taxation Officer, Gurugram demanding entry tax amounting to Rs.57,18,511 certain notified goods imported to the Haryana. for assessment years FY 2015-16, 2016-17 & 2017-18 (up to Jun 17).MoreLess
- Tax disputeService Tax, Hyderabad, TelanganaSince 30 Jun 2026
The authorized representatives of the Company have attended the PH on 08-07-2026 and reiterated the submissions made in reply to the SCN and submitted the further documents though written submissions dated 08-07-2026 requested to drop the further proceedings. We received the Order in Original on 11/08/2026 without any demand and dropped all further proceedings.MoreLess
At the filing before: The Company has received the PH Intimation to attend the PH on 08-07-2026 before the principal commissioner, of Central tax, Hyderabad against the SCN issued during the year 2018 with respect to Service tax on Executive Directors remuneration for FY 2013-14 to 2017-18 (up to Jun 2017)MoreLess
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
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.