Shanthi Gears logo

Shanthi Gears CEO, chairman, board of directors and AGM

NSE: SHANTIGEARBSE: 522034Industrial ManufacturingSmall Cap

Shanthi Gears Limited · Face value ₹1 · Listed Feb 1987 on BSE, Jan 1996 on NSE
Last close ₹469.10down ₹22.10 (4.50%)BSE ₹467.70

Share price at the NSE close on 30 Oct 2026. Previous close ₹491.20.

30 Oct: open ₹493.70, high ₹500.80, low ₹466.65

52-week range of traded prices to 30 Oct 2026
₹384.00Low, 18 Aug 2026₹743.00High, 10 Sep 2026
Market cap
₹3,599 Cr925th largest listed
P/E
62.03
P/B
8.00
Dividend yield
1.07%
ROE
13.2%
ROCE
14.6%
Debt to equity
0.00
Volume, NSE
30,92949.4% delivered

Shanthi Gears' chairperson is MURUGAPPAN ARUNACHALAM MURUGAPPAN ARUN and its chief executive M KARUNAKARAN, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 29 Jul 2026.

Shanthi Gears 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

  • ChairpersonMURUGAPPAN ARUNACHALAM MURUGAPPAN ARUNRelated to the promoter
  • Chief executiveM KARUNAKARAN
  • Company Secretary and Compliance OfficerWalter Vasanth P J

8 directors4 independent1 executive3 non-executive

  • MURUGAPPAN ARUNACHALAM MURUGAPPAN ARUN · ChairpersonNon-executive · joined Feb 2021 · reappointed Jul 2024 · 65 months as independent · 4 listed boards · 4 committee seats, 2 as chair
  • SANGAMPALAYAM KANDASAMI SUNDARARAMANIndependent · joined Feb 2018 · reappointed Jul 2023 · 101 months as independent · 5 listed boards · 2 as independent · 7 committee seats, 4 as chair
  • M KARUNAKARAN · Chief executiveExecutive · joined Feb 2021 · reappointed Feb 2024 · 65 months as independent · 1 listed board · 1 committee seat
  • MUKESH AHUJANon-executive · joined Oct 2021 · reappointed Jul 2026 · 56 months as independent · 2 listed boards
  • ARUN VENKATACHALAMNon-executive · joined May 2023 · reappointed Jul 2025 · 40 months as independent · 1 listed board · 1 committee seat
  • VENKATARAMANI ANATHARAMAKRISHNANIndependent · joined May 2024 · 30 months as independent · 4 listed boards · 3 as independent · 6 committee seats
  • ARUNA THANGARAJIndependent · joined Jul 2025 · 14 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • K ILANGOIndependent · joined May 2026 · 2 months as independent · 3 listed boards · 3 as independent · 2 committee seats, 1 as chair

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

2 directors who left
  • LAKSHMINARAYANAN RAMKUMAR, left 6 May 2026: Tenure Completion
  • SOUNDARA KUMAR, left 30 Jul 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 3 Sep 20267 of 8 present3 independent · 35 days in between
    • 29 Jul 20268 of 8 present4 independent · 15 days in between
    • 13 Jul 20268 of 8 present4 independent · 38 days in between
    • 4 Jun 20267 of 8 present3 independent · 29 days in between
    1 earlier meeting
    • 5 May 20267 of 9 present4 independent

  • Audit Committee

    Chair SANGAMPALAYAM KANDASAMI SUNDARARAMAN

    VENKATARAMANI ANATHARAMAKRISHNAN, ARUNA THANGARAJ, ARUN VENKATACHALAM

    • 29 Jul 20264 of 4 present4 independent · 54 days in between
    • 4 Jun 20263 of 4 present3 independent · 29 days in between
    • 5 May 20264 of 4 present4 independent

  • Nomination and remuneration committee

    Chair VENKATARAMANI ANATHARAMAKRISHNAN

    MURUGAPPAN ARUNACHALAM MURUGAPPAN ARUN, SANGAMPALAYAM KANDASAMI SUNDARARAMAN

    • 29 Jul 20263 of 3 present2 independent
    • 4 Jun 20262 of 3 present1 independent
    • 5 May 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair SANGAMPALAYAM KANDASAMI SUNDARARAMAN

    ARUN VENKATACHALAM, M KARUNAKARAN

    No meeting listed in the filing.

  • Risk Management Committee

    Chair ARUN VENKATACHALAM

    MUKESH AHUJA, M KARUNAKARAN, K ILANGO

    • 29 Jul 20264 of 4 present1 independent · 133 days in between
    • 17 Mar 20264 of 4 present1 independent

  • Corporate Social Responsibility Committee

    Chair ARUNA THANGARAJ

    MURUGAPPAN ARUNACHALAM MURUGAPPAN ARUN, SANGAMPALAYAM KANDASAMI SUNDARARAMAN, M KARUNAKARAN

    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.

  • M S K A & AssociatesPeer-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.

Shanthi Gears 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.Shanthi Gears dividend history

Annual general meeting, 29 Jul 2026

29,221 shareholders on the register on 22 Jul 2026; present: 2 promoters and 94 others; votes counted by R Sridharan / R Sridharan & Associates.The company's voting result

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2026, Reports of the Board of Directors and Independent Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.25% · promoters 99.99% · institutions 89.86% · other public 33.54%

  2. Declaration of Dividend
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.25% · promoters 99.99% · institutions 89.86% · other public 33.54%

  3. Re-appointment of Mr. Mukesh Ahuja as Director who retires by rotation
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.25% · promoters 99.99% · institutions 89.86% · other public 33.54%

  4. Commission payable to Non-Executive Directors for the financial year from FY 2025-26 to FY 2029-2030
    Special
    99.99% for0.01% against

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

    Turnout: all 82.25% · promoters 99.99% · institutions 89.86% · other public 33.54%

  5. Appointment of Mr. K Ilango as Non-Executive & Independent Director of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 82.25% · promoters 99.99% · institutions 89.86% · other public 33.54%

  6. Payment of commission to Mr. M A M Arunachalam for the financial year 2025-26
    SpecialPromoters have an interest in it
    96.32% for3.68% against

    Against: promoters 0.00% · institutions 99.99% · other public 0.29%

    Turnout: all 82.25% · promoters 99.99% · institutions 89.86% · other public 33.54%

  7. Ratification of remuneration payable to Cost Auditor
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 82.25% · promoters 99.99% · institutions 89.86% · other public 33.54%

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, 17 Sep 2025, 2 resolutions

30,334 shareholders on the register on 8 Aug 2025; votes counted by M D SELVARAJ / MDS AND ASSOCIATES LLP.The company's voting result

  1. Approval for appointment of Ms Aruna Thangaraj as Non Executive and Independent Director of the Company from 30th July 2025 to 29th July 2030
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.85%

    Turnout: all 73.72% · promoters 100.00% · institutions 89.08% · other public 0.42%

  2. Approval for payment of remuneration to Mr M A M Arunachalam for the financial year 2024 to 2025
    SpecialPromoters have an interest in it
    99.80% for0.20% against

    Against: promoters 0.00% · institutions 4.38% · other public 7.00%

    Turnout: all 73.72% · promoters 100.00% · institutions 89.08% · other public 0.42%

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

Annual general meeting, 30 Jul 2025, 6 resolutions

30,508 shareholders on the register on 23 Jul 2025; present: 2 promoters and 118 others; votes counted by M.R.L. Narasimha / M.R.L. Narasimha.The company's voting result

  1. Adoption of the Audited Financial Statements of the Company for the financial year ended 31st March 2025, the Report of the Board of Directors and the Auditor’s Report thereon.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 77.58% · promoters 100.00% · institutions 88.84% · other public 15.16%

  2. Declaration of final dividend of Rs.2/- per share (@ 200%) including the Interim Dividend of Rs.3/- per equity share (@300%), already declared and paid.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 77.59% · promoters 100.00% · institutions 89.21% · other public 15.16%

  3. Re - appointment of Mr. Arun Venkatachalam (DIN-09511997) as a Director, who retires by rotation at the 52nd Annual General Meeting, be and is hereby re-appointed as Director of the Company liable to retire by rotation.MoreLess
    OrdinaryPromoters have an interest in it
    99.76% for0.24% against

    Against: promoters 0.00% · institutions 5.64% · other public 0.11%

    Turnout: all 77.59% · promoters 100.00% · institutions 89.21% · other public 15.16%

  4. Seeking consent of the shareholders for alteration of the Articles of Association of the Company by replacing the existing set of Articles of Association of the Company with a new set of Articles of Association, in conformity with the provisions of the Companies Act, 2013 and the applicable SEBI Listing Regulations.MoreLess
    Special
    99.63% for0.37% against

    Against: promoters 0.00% · institutions 6.21% · other public 2.26%

    Turnout: all 77.57% · promoters 100.00% · institutions 88.66% · other public 15.16%

  5. To appoint M/s. Sridharan & Sridharan Associates, Company Secretaries (Firm Registration number – P2022TN093500) as Secretarial Auditors of the Company for a term of 5 (Five) consecutive years, from Financial Year 2025-26 till Financial Year 2029-30.MoreLess
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 77.59% · promoters 100.00% · institutions 89.21% · other public 15.16%

  6. To appoint Mr. B Venkateswar, Cost Accountant having Membership No. 27622 and holding Registration No.100753 as Cost Auditor of the Company for the Financial Year 2025-26 and to fix the remuneration.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 77.59% · promoters 100.00% · institutions 89.21% · other public 15.16%

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 2024, 5 resolutions

Present: 2 promoters and 100 others.

  1. Approval of the Audited Financial Statements of the Company for the financial year ended 31st March 2024, the Reports of the Board of Directors and the Auditors thereon.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.40%

    Turnout: all 74.70% · promoters 100.00% · institutions 96.30% · other public 1.22%

  2. Declaration of the Final Dividend of Rs.2.00/- (Two Rupees only) per share on the equity share capital of the Company for the financial year ended 31st March 2024.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.40%

    Turnout: all 74.71% · promoters 100.00% · institutions 96.63% · other public 1.22%

  3. Re-appointment of Mr. M A M Arunachalam (DIN: 00202958) as Director of the Company liable to retire by rotation.
    OrdinaryPromoters have an interest in it
    99.42% for0.58% against

    Against: promoters 0.00% · institutions 11.00% · other public 1.46%

    Turnout: all 74.71% · promoters 100.00% · institutions 96.63% · other public 1.22%

  4. Appointment of Mr. A Venkataramani (DIN: 00277816) as an Independent Director of the Company for the first term of five consecutive years commencing from 09th May, 2024 till 10th May, 2029 (both days inclusive).MoreLess
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.11% · other public 1.46%

    Turnout: all 74.71% · promoters 100.00% · institutions 96.63% · other public 1.22%

  5. Ratification of Remuneration payable to Cost Auditor of the Company Mr. B Venkateswar, Cost Accountant having Membership No. 27622 for FY 2024-25.
    Ordinary
    96.12% for3.88% against

    Against: promoters 0.00% · institutions 73.65% · other public 1.40%

    Turnout: all 74.71% · promoters 100.00% · institutions 96.63% · other public 1.22%

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.

Postal ballot, 16 Mar 2024, 1 resolution
  1. Re-appointment of Mr. M Karunakaran as Chief Executive Officer and Whole-time Director and the terms of remuneration thereof.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 74.60% · promoters 99.99% · institutions 96.82% · other public 1.12%

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, 26 Jul 2023, 7 resolutions

Present: 4 promoters and 90 others.

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2023, the Report of the Board of Directors and the Auditor’s Report
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.72% · promoters 100.00% · institutions 89.35% · other public 5.16%

  2. Declaration of final dividend of Rs.2/- per share (@ 200%) for the financial year 2022-23
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.73% · promoters 100.00% · institutions 89.77% · other public 5.16%

  3. Re-appointment of Mr. Mukesh Ahuja (DIN-09364667), as a Director who retires by rotation at the 50th Annual General Meeting, be and is hereby re-appointed as Director
    Ordinary
    99.13% for0.87% against

    Against: promoters 0.00% · institutions 16.52% · other public 0.00%

    Turnout: all 75.73% · promoters 100.00% · institutions 89.77% · other public 5.16%

  4. Appointment of M/s. M S K A & Associates, Chartered Accountants (Firm Registration no. 008072S) as the Statutory Auditors of the Company.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.73% · promoters 100.00% · institutions 89.77% · other public 5.16%

  5. Appointment of Mr. Arun Venkatachalam (DIN-09511997), as a non-executive Director of the Company liable to retire by rotation
    Ordinary
    99.13% for0.87% against

    Against: promoters 0.00% · institutions 16.52% · other public 0.00%

    Turnout: all 75.73% · promoters 100.00% · institutions 89.77% · other public 5.16%

  6. Reappointment of Mr. S K Sundararaman (DIN-00002691) as an Independent Director of the Company to hold office for a second term of five consecutive years commencing
    Special
    99.06% for0.94% against

    Against: promoters 0.00% · institutions 17.97% · other public 0.00%

    Turnout: all 75.73% · promoters 100.00% · institutions 89.77% · other public 5.16%

  7. Ratification of Remuneration payable to Cost Auditor of the Company Mr. B Venkateswar, Cost Accountant having Membership No. 27622
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.73% · promoters 100.00% · institutions 89.77% · other public 5.16%

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 Jul 2022, 6 resolutions

Present: 1 promoter and 57 others.

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2022, the Report of the Board of Directors and the Auditor's Report thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 73.76% · promoters 100.00% · institutions 79.97% · other public 0.55%

  2. The interim dividend of Rs.2.50/- (Two Rupees and Fifty Paise Only) per equity share declared by the Board of Directors on 3rd February 2022 for the financial year 2021-22 and paid to those Members whose names appeared on the Register of Members as on 15th February, 2022, being the record date fixed for the purpose, be and is hereby confirmed as final dividend for the financial year ended 31st March, 2022.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.65%

    Turnout: all 73.76% · promoters 100.00% · institutions 79.97% · other public 0.55%

  3. Re-appointment of Mr. M A M Arunachalam (holding DIN00202958) as a Director who retires by rotation at the 49th Annual General Meeting, be and is hereby re-appointed as Director of the Company liable to retire by rotationMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 73.76% · promoters 100.00% · institutions 79.97% · other public 0.55%

  4. Appointment of Mr. Mukesh Ahuja (holding DIN 09364667) as a Director of the Company, liable to retire by rotation.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 73.76% · promoters 100.00% · institutions 79.97% · other public 0.55%

  5. Appointment of Mr. L. Ramkumar (holding DIN 00090089) as an Independent Director of the Company for a term of four consecutive years with effect from 7th May, 2022 to 6th May, 2026 (both days inclusive).MoreLess
    Special
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 8.01% · other public 2.02%

    Turnout: all 73.76% · promoters 100.00% · institutions 79.97% · other public 0.55%

  6. Ratification of Remuneration payable to Cost Auditor Mr. B Venkateswar, Cost Accountant having Membership No.27622 and holding Registration No.100753
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.75%

    Turnout: all 73.77% · promoters 100.00% · institutions 79.97% · other public 0.60%

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 Jul 2021, 7 resolutions

Present: 1 promoter and 56 others.

  1. Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2021, the Report of the Board of Director's and the Auditor's Report thereon.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.26% · promoters 99.99% · institutions 82.38% · other public 0.24%

  2. Interim dividend of Rs.1.50/- (One Rupee and Fifty Paise Only) per equity share declared by the Board of Directors on 10th February, 2021 for the financial year 2020-21 and paid to those Members whose names appeared on the Register of Members as on 23rd February, 2021, being the record date fixed for the purpose, be and is hereby confirmed as final dividend for the financial year ended 31st March,2021MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.26% · promoters 99.99% · institutions 82.38% · other public 0.24%

  3. Re-appointment of Mr. L Ramkumar (DIN 00090089), as Director of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.20%

    Turnout: all 75.26% · promoters 99.99% · institutions 82.38% · other public 0.24%

  4. Appointment of Mr. M A M Arunachalam (DIN 00202958), as Director of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.98%

    Turnout: all 75.26% · promoters 99.99% · institutions 82.38% · other public 0.24%

  5. Appointment of Mr. M Karunakaran (DIN 09004843), as a Director of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.21%

    Turnout: all 75.26% · promoters 99.99% · institutions 82.38% · other public 0.24%

  6. Appointment of Mr. M Karunakaran (DIN 09004843) as Whole-time Director of the Company and the terms of remuneration thereof.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.21%

    Turnout: all 75.26% · promoters 99.99% · institutions 82.38% · other public 0.24%

  7. Ratification of Remuneration to Cost Auditor Mr.B Venkateswar, Cost Accountant having Membership No.27622 holding Registration No.100753.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.26% · promoters 99.99% · institutions 82.38% · other public 0.24%

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 29 Jul 2026, 1 fund house

  • Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2026, Reports of the Board of Directors and Independent Auditors thereon
    1 for0 against
  • Declaration of Dividend
    1 for0 against
  • Re-appointment of Mr. Mukesh Ahuja as Director who retires by rotation
    1 for0 against
  • Commission payable to Non-Executive Directors for the financial year from FY 2025-26 to FY 2029-2030
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with Law. Governance concern: The Company has not placed any absolute cap on the total commission payable or on the maximum commission for an individual director, apart from the statutory limit of 1% of net profits; Remuneration practice of the Company is skewed in favour of Promoter NED Chairperson.
    0 for1 against
  • Appointment of Mr. K Ilango as Non-Executive & Independent Director of the Company
    1 for0 against
  • Payment of commission to Mr. M A M Arunachalam for the financial year 2025-26
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance and Transparency Concern: Proposed commission to a single NED appears excessive when compared with other NEDs and remuneration paid to ED. Not adequately justified by the Company with objective data. Also, the NED is himself the member of the NRC.
    0 for1 against
  • Ratification of remuneration payable to Cost Auditor
    1 for0 against

Mutual fund votes, meeting of 17 Sep 2025, 1 fund house

  • Approval for appointment of Ms Aruna Thangaraj as Non Executive and Independent Director of the Company from 30th July 2025 to 29th July 2030
    1 for0 against
  • Approval for payment of remuneration to Mr M A M Arunachalam for the financial year 2024 to 2025
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance and Transparency Concern: Proposed commission to a single NED appears excessive when compared with other NEDs and remuneration paid to ED. Not adequately justified by the Company with objective data.
    0 for1 against

Mutual fund votes, meeting of 30 Jul 2025, 2 fund houses

6 proposals

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

  • Adoption of the Audited Financial Statements of the Company for the financial year ended 31st March 2025, the Report of the Board of Directors and the Auditor’s Report thereon.
    2 for0 against
  • Declaration of final dividend of Rs.2/- per share (@ 200%) including the Interim Dividend of Rs.3/- per equity share (@300%), already declared and paid.
    2 for0 against
  • Re - appointment of Mr. Arun Venkatachalam (DIN-09511997) as a Director, who retires by rotation at the 52nd Annual General Meeting, be and is hereby re-appointed as Director of the Company liable to retire by rotation.MoreLess
    2 for0 against
  • Seeking consent of the shareholders for alteration of the Articles of Association of the Company by replacing the existing set of Articles of Association of the Company with a new set of Articles of Association, in conformity with the provisions of the Companies Act, 2013 and the applicable SEBI Listing Regulations.MoreLess
    Against Bank of India Mutual Fund, Motilal Oswal Mutual Fund
    • Bank of India Mutual FundCompliant with law. Governance & Transparency Concern: Updated AoA not disclosed / cannot be located.
    • Motilal Oswal Mutual FundCompliant with law. Governance & Concern: Provision to appoint Alternate Directors.
    0 for2 against
  • To appoint M/s. Sridharan & Sridharan Associates, Company Secretaries (Firm Registration number – P2022TN093500) as Secretarial Auditors of the Company for a term of 5 (Five) consecutive years, from Financial Year 2025-26 till Financial Year 2029-30.MoreLess
    2 for0 against
1 proposal not matched to one resolution
  • Ratification of remuneration of Rs. 80,000/- plus applicable taxes payable to Mr. B Venkateswar, Cost Accountant having Membership No. 27622 and holding Registration No.100753 appointed by the Board of Directors of the Company to conduct the audit of the cost records of the Company for the financial year 2025-26.MoreLess
    2 for0 against

Mutual fund votes, meeting of 29 Jul 2024, 1 fund house

5 proposals
  • Approval of the Audited Financial Statements of the Company for the financial year ended 31st March 2024, the Reports of the Board of Directors and the Auditors thereon.
    1 for0 against
  • Declaration of the Final Dividend of Rs.2.00/- (Two Rupees only) per share on the equity share capital of the Company for the financial year ended 31st March 2024.
    1 for0 against
  • Re-appointment of Mr. M A M Arunachalam (DIN: 00202958) as Director of the Company liable to retire by rotation.
    1 for0 against
  • Appointment of Mr. A Venkataramani (DIN: 00277816) as an Independent Director of the Company for the first term of five consecutive years commencing from 09th May, 2024 till 10th May, 2029 (both days inclusive).MoreLess
    1 for0 against
  • Ratification of Remuneration payable to Cost Auditor of the Company Mr. B Venkateswar, Cost Accountant having Membership No. 27622 for FY 2024-25.
    1 for0 against

Mutual fund votes, meeting of 16 Mar 2024, 3 fund houses

1 proposal
  • Re-appointment of Mr. M Karunakaran as Chief Executive Officer and Whole-time Director and the terms of remuneration thereof.
    3 for0 against

Mutual fund votes, meeting of 26 Jul 2023, 2 fund houses

7 proposals
  • Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2023, the Report of the Board of Directors and the Auditor’s Report
    2 for0 against
  • Declaration of final dividend of Rs.2/- per share (@ 200%) for the financial year 2022-23
    2 for0 against
  • Re-appointment of Mr. Mukesh Ahuja (DIN-09364667), as a Director who retires by rotation at the 50th Annual General Meeting, be and is hereby re-appointed as Director
    2 for0 against
  • Appointment of M/s. M S K A & Associates, Chartered Accountants (Firm Registration no. 008072S) as the Statutory Auditors of the Company.
    2 for0 against
  • Appointment of Mr. Arun Venkatachalam (DIN-09511997), as a non-executive Director of the Company liable to retire by rotation
    2 for0 against
  • Reappointment of Mr. S K Sundararaman (DIN-00002691) as an Independent Director of the Company to hold office for a second term of five consecutive years commencing
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundNon-compliant with Law: Proposed re-appointment of Independent Director will exceed 10 years of total association at the end of proposed term. Governance Concern: Holding two full time positions.
    1 for1 against
  • Ratification of Remuneration payable to Cost Auditor of the Company Mr. B Venkateswar, Cost Accountant having Membership No. 27622
    2 for0 against

Mutual fund votes, meeting of 25 Jul 2022, 1 fund house

6 proposals
  • Adoption of Audited Financial Statements of the Company for the financial year ended 31st March, 2022, the Report of the Board of Directors and the Auditor's Report thereon
    1 for0 against
  • The interim dividend of Rs.2.50/- (Two Rupees and Fifty Paise Only) per equity share declared by the Board of Directors on 3rd February 2022 for the financial year 2021-22 and paid to those Members whose names appeared on the Register of Members as on 15th February, 2022, being the record date fixed for the purpose, be and is hereby confirmed as final dividend for the financial year ended 31st March, 2022.MoreLess
    1 for0 against
  • Re-appointment of Mr. M A M Arunachalam (holding DIN00202958) as a Director who retires by rotation at the 49th Annual General Meeting, be and is hereby re-appointed as Director of the Company liable to retire by rotationMoreLess
    1 for0 against
  • Appointment of Mr. Mukesh Ahuja (holding DIN 09364667) as a Director of the Company, liable to retire by rotation.
    1 for0 against
  • Appointment of Mr. L. Ramkumar (holding DIN 00090089) as an Independent Director of the Company for a term of four consecutive years with effect from 7th May, 2022 to 6th May, 2026 (both days inclusive).MoreLess
    Against Bank of India Mutual Fund
    • Bank of India Mutual FundL Ramkumar, 66, is the Non-Executive Chairperson, Shanthi Gears Limited and was previously the MD of the holding company, Tube Investments of India Limited till August 2018. His association with Tube Investments of India Limited spans over twenty-eight years. He has been on the board since 3 September 2012. His association with the holding company spans nearly three decades. Further, he will complete ten years on the board of Shanthi Gears on 2 September 2022 – we consider him as non-Independent since his redesignation as Independent Director is within six months of completion of ten years on the board. The company must continue classifying him as Non-Executive Non-Independent Director.
    0 for1 against
  • Ratification of Remuneration payable to Cost Auditor Mr. B Venkateswar, Cost Accountant having Membership No.27622 and holding Registration No.100753
    1 for0 against

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

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeOffice of the Assistant Commissioner of GST and Central Excise, Coimbatore-IISince 5 Feb 2025
    Attended first personal hearing on 30th October, 2025. Second / Next personal hearing posted on 21st October, 2026.
    At the filing before: Appeal was made on 22.04.2025 against the order u/s 74 of CGST Act, 2017 by the Assistant Commissioner of Customs and Central Excise, Coimbatore on 05.02.2025 imposing a penalty of Rs.2,02,13,832/- for wrong availment of concessional rate of GST on supply of goods and Short Payment of GST.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
00Dec 2411Mar 2500Jun 2500Sep 2522Dec 2500Mar 2600Jun 2600Sep 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
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.