Shilpa Medicare MD, chairman and AGM
NSE: SHILPAMEDBSE: 530549Pharmaceuticals & BiotechnologySmall Cap
Share price at the NSE close on 28 Oct 2026. Previous close ₹904.70.
28 Oct: open ₹909.00, high ₹937.30, low ₹906.00
- Under NSE's long-term additional surveillance, stage I, on the list for 28 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
- 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
- ₹18,228 Cr637th 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
- 61.31
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: 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, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹30 crore of one-off items, the largest of them in the quarter to Mar 2026.
- 68.31
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 7.03
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.06%
- 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.
- 12.0%
- ROE without one-offsReturn on equity without one-off items. Core profit, 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 less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹30 crore of one-off items, the largest of them in the quarter to Mar 2026.
- 10.8%
- 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.
- 10.9%
- 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 Mar 2026.
- 0.25
- 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
- 5,73,68452.2% delivered
Shilpa Medicare's chairperson is OM PRAKASH INNANI and its managing director VISHNUKANT CHATURBHUJ BHUTADA, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 11 Sep 2026.
Shilpa Medicare 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
- ChairpersonOM PRAKASH INNANIRelated to the promoter
- Managing directorVISHNUKANT CHATURBHUJ BHUTADA
- Company Secretary and Compliance OfficerRitu Tiwary
6 directors3 independent2 executive1 non-executive
- OM PRAKASH INNANI · ChairpersonNon-executive · joined Mar 1988 · reappointed Sep 2025 · 1 listed board
- VISHNUKANT CHATURBHUJ BHUTADA · Managing directorExecutive · joined Nov 1987 · reappointed Sep 2024 · 1 listed board
- SHARATH REDDY KALAKOTAExecutive · joined Oct 2019 · reappointed Sep 2025 · 1 listed board
- HETAL MADHUKANT GANDHIIndependent · joined Sep 2021 · reappointed Sep 2024 · 60 months as independent · 6 listed boards · 5 as independent · 2 committee seats, 2 as chair
- ANITA BANDYOPADHYAYIndependent · joined Sep 2022 · reappointed Sep 2025 · 48 months as independent · 3 listed boards · 3 as independent · 1 committee seat, 1 as chair
- ASHRAF LOUTFY ABDELHAMID ALLAMIndependent · joined Aug 2025 · reappointed Sep 2025 · 13 months as independent · 1 listed board · 1 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.
1 director who left
- KAMAL KISHORE SHARMA, left 23 Sep 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 5 Aug 20266 of 6 present3 independent · 74 days in between
- 22 May 20265 of 6 present3 independent
Audit Committee
Chair HETAL MADHUKANT GANDHI
OM PRAKASH INNANI, ANITA BANDYOPADHYAY, ASHRAF LOUTFY ABDELHAMID ALLAM
- 5 Aug 20264 of 4 present3 independent · 74 days in between
- 22 May 20263 of 4 present2 independent
Nomination and remuneration committee
Chair ANITA BANDYOPADHYAY
OM PRAKASH INNANI, HETAL MADHUKANT GANDHI
- 27 Jul 20262 of 3 present2 independent · 95 days in between
- 22 Apr 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair OM PRAKASH INNANI
VISHNUKANT CHATURBHUJ BHUTADA, ANITA BANDYOPADHYAY
No meeting listed in the filing.
Risk Management Committee
Chair SHARATH REDDY KALAKOTA
VISHNUKANT CHATURBHUJ BHUTADA, ASHRAF LOUTFY ABDELHAMID ALLAM
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair ANITA BANDYOPADHYAY
VISHNUKANT CHATURBHUJ BHUTADA, SHARATH REDDY KALAKOTA
- 31 Jul 20263 of 3 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- BNPS AND ASSOCIATES 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.
Shilpa Medicare 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.Shilpa Medicare dividend history
Annual general meeting, 11 Sep 2026
80,572 shareholders on the register on 4 Sep 2026; present: 19 promoters and 29 others; votes counted by Santosh Kumar Gunemoni / VCAN & Associates.The company's voting result
To receive, consider and adopt the audited standalone and consolidated financial statements of the company for the financial year ended 31 March 2026, together with the report of Board of Directors and Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 57.60% · promoters 100.00% · institutions 69.30% · other public 9.19%
- To declare final dividend of Rs. 0.60/- per equity shares for the financial year ended March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 57.70% · promoters 100.00% · institutions 69.79% · other public 9.19%
- To appoint a Director in place of Mr. Sharath Reddy Kalakota (DIN:03603460), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary99.38% for0.62% against
Against: promoters 0.00% · institutions 2.59% · other public 0.00%
Turnout: all 57.70% · promoters 100.00% · institutions 69.79% · other public 9.19%
- Ratification of remuneration of Cost Auditors.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 57.70% · promoters 100.00% · institutions 69.79% · other public 9.19%
- Payment of Commission to Mr. Madhav Vishnukant Bhutada (DIN No: 08222055), Non- Executive Director of Shilpa Biologicals Private Limited, a Material Subsidiary.OrdinaryPromoters have an interest in it88.80% for11.20% against
Against: promoters 0.00% · institutions 33.37% · other public 0.03%
Turnout: all 41.41% · promoters 59.41% · institutions 69.79% · other public 9.19%
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, 22 Jun 2026, 1 resolution
53,586 shareholders on the register on 15 May 2026; votes counted by Santhosh Kumar Gunemoni / VCAN & Associates.The company's voting result
- Shifting of Registered Office of The Company from One State to Another State and To Alter the Situation Clause of the Memorandum of Association.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 54.87% · promoters 99.61% · institutions 69.10% · other public 2.69%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 8 Nov 2025, 2 resolutions
52,546 shareholders on the register on 3 Oct 2025; votes counted by Santosh Kumar Gunemoni / VCAN & Associates.The company's voting result
- Reclassification of Mr. Suraj Kumar Inani, a member of Promoter group from “Promoter group” category to “Public” categoryOrdinary97.16% for2.84% against
Against: promoters 0.00% · institutions 11.86% · other public 0.06%
Turnout: all 51.22% · promoters 80.38% · institutions 66.02% · other public 9.18%
- Reclassification of Ms. Priya Inani, a member of Promoter group from “Promoter group” category to “Public” category.Ordinary97.16% for2.84% against
Against: promoters 0.00% · institutions 11.86% · other public 0.06%
Turnout: all 51.22% · promoters 80.38% · institutions 66.02% · other public 9.18%
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, 23 Sep 2025, 10 resolutions
51,999 shareholders on the register on 17 Sep 2025; present: 46 promoters and 86 others; votes counted by Santosh Kumar Gunemoni / VCAN & Associates.The company's voting result
To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended 31 March 2025, together with the report of board of directors and auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 55.49% · promoters 90.75% · institutions 65.06% · other public 8.81%
- To declare dividend of 1.00/- per equity shares for the financial year ended 31 March 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
- To appoint a Director in place of Mr. Omprakash Inani (DIN:08189713) who retires by rotation and being eligible, offers himself for re-appointmentOrdinaryPromoters have an interest in it99.72% for0.28% against
Against: promoters 0.00% · institutions 1.29% · other public 0.02%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
- Ratification of remuneration of Cost AuditorsOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
- Re-appointment of Mr. Sharath Reddy Kalakota (DIN: 03603460) as a Whole Time Director of the Company.Ordinary99.95% for0.05% against
Against: promoters 0.00% · institutions 0.23% · other public 0.02%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
- Re-Appointment of Dr. Anita Bandyopadhyay (DIN:08672071), as a Women Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
- Appointment of Mr. Ashraf Loutfy Abdelhamid Allam (DIN: 11192531), as an Independent Director of the CompanySpecial99.91% for0.09% against
Against: promoters 0.00% · institutions 0.41% · other public 0.03%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
- Revision in remuneration of Mr. Keshav Bhutada (DIN: 08222057) as Executive Director & CEO in Shilpa Pharma Lifesciences Ltd., a material subsidiary w.e.f 24th May 2024SpecialPromoters have an interest in it99.33% for0.67% against
Against: promoters 0.00% · institutions 2.02% · other public 0.07%
Turnout: all 37.17% · promoters 49.29% · institutions 65.18% · other public 8.81%
- To consider appointment of Mr. D S Rao, Practicing Company Secretary, as Secretarial Auditor of the Company for a period of five years from the ensuing AGMOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
- Issue of Bonus SharesOrdinary98.89% for1.11% against
Against: promoters 0.00% · institutions 5.07% · other public 0.02%
Turnout: all 55.51% · promoters 90.75% · institutions 65.18% · other public 8.81%
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, 17 Sep 2024, 9 resolutions
Present: 23 promoters and 44 others.
To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended 31 March 2024, together with the report of board of directors and auditors thereon.nMoreLess
Ordinary99.78% for0.22% againstAgainst: promoters 0.00% · institutions 1.05% · other public 0.00%
Turnout: all 52.12% · promoters 90.54% · institutions 62.20% · other public 2.82%
- To appoint a Director in place of Mr. Omprakash Inani (DIN No.08189713) who retires by rotation and being eligible, offers himself for re-appointment.OrdinaryPromoters have an interest in it99.43% for0.57% against
Against: promoters 0.00% · institutions 2.28% · other public 0.00%
Turnout: all 43.52% · promoters 71.08% · institutions 62.35% · other public 2.82%
- Ratification of remuneration of Cost Auditors.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 52.15% · promoters 90.54% · institutions 62.35% · other public 2.82%
- Reappointment of Mr. Hetal Madhukant Gandhi (DIN: 00106895) as an Independent Director of the Company.Special90.07% for9.93% against
Against: promoters 0.00% · institutions 47.35% · other public 0.00%
Turnout: all 52.15% · promoters 90.54% · institutions 62.35% · other public 2.82%
- Reappointment of Mr. Vishnukant Chaturbhuj Bhutada (DIN: 01243391) as Managing Director of Shilpa Medicare Limited and Shilpa Pharma Lifesciences Limited, a Material SubsidiarySpecialPromoters have an interest in it88.16% for11.84% against
Against: promoters 0.00% · institutions 36.60% · other public 0.00%
Turnout: all 33.81% · promoters 49.17% · institutions 62.35% · other public 2.82%
- Re-designation of Mr Keshav Bhutada as Executive Director in Shilpa Pharma Lifesciences Ltd w.e.f 19th June 2024.SpecialPromoters have an interest in it94.44% for5.56% against
Against: promoters 0.00% · institutions 17.19% · other public 0.00%
Turnout: all 33.81% · promoters 49.17% · institutions 62.35% · other public 2.82%
- Reappointment of Mr. Madhav Bhutada (Din no: 08222055), as Managing Director, Shilpa Biocare Private Limited.SpecialPromoters have an interest in it94.44% for5.56% against
Against: promoters 0.00% · institutions 17.19% · other public 0.00%
Turnout: all 33.81% · promoters 49.17% · institutions 62.35% · other public 2.82%
- Payment of Remuneration/Commission to Non-Executive DirectorsSpecial96.30% for3.70% against
Against: promoters 0.00% · institutions 17.19% · other public 4.40%
Turnout: all 52.15% · promoters 90.54% · institutions 62.35% · other public 2.82%
- Payment of Remuneration to Hetal Madhukant Gandhi, Independent Director in excess of payment made to all other Non-Executive Directors.Special89.47% for10.53% against
Against: promoters 0.00% · institutions 50.19% · other public 0.31%
Turnout: all 52.15% · promoters 90.54% · institutions 62.35% · other public 2.82%
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, 13 Mar 2024, 1 resolution
- To approve issue of securities of the company by way of Qualified Institutions Placement (QIP).Special99.45% for0.55% against
Against: promoters 0.00% · institutions 10.98% · other public 2.25%
Turnout: all 49.44% · promoters 90.41% · institutions 20.62% · other public 5.49%
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, 5 Feb 2024, 2 resolutions
- Reclassification of Mr. Suraj Innani from Promoter group category to Public CategoryOrdinary99.85% for0.15% against
Against: promoters 0.00% · institutions 10.00% · other public 8.26%
Turnout: all 40.66% · promoters 80.08% · institutions 6.60% · other public 0.12%
- Reclassification of Ms. Priya Innani from Promoter group category to Public CategoryOrdinary99.85% for0.15% against
Against: promoters 0.00% · institutions 10.00% · other public 8.26%
Turnout: all 40.66% · promoters 80.08% · institutions 6.60% · 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, 29 Sep 2023, 3 resolutions
Present: 15 promoters and 47 others.
- To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31 March 2023 and reports of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.09%
Turnout: all 47.85% · promoters 90.41% · institutions 9.70% · other public 4.29%
- To appoint a Director in place of Mr. Om Prakash Inani (DIN No.08189713) who retires by rotation and being eligible, offers himself for re-appointmentOrdinary99.86% for0.14% against
Against: promoters 0.00% · institutions 7.00% · other public 0.20%
Turnout: all 47.87% · promoters 90.41% · institutions 9.98% · other public 4.29%
- Ratification of remuneration of Cost AuditorsOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 47.87% · promoters 90.41% · institutions 9.98% · other public 4.29%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
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 11 Sep 2026, 11 fund houses
To receive, consider and adopt the audited standalone and consolidated financial statements of the company for the financial year ended 31 March 2026, together with the report of Board of Directors and Auditors thereonMoreLess
11 for0 against- To declare final dividend of Rs. 0.60/- per equity shares for the financial year ended March 31, 2026.11 for0 against
- To appoint a Director in place of Mr. Sharath Reddy Kalakota (DIN:03603460), who retires by rotation and being eligible, offers himself for re-appointment.11 for0 against
- Ratification of remuneration of Cost Auditors.11 for0 against
- Payment of Commission to Mr. Madhav Vishnukant Bhutada (DIN No: 08222055), Non- Executive Director of Shilpa Biologicals Private Limited, a Material Subsidiary.
Against Angel One Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance concern & Transparency: No absolute cap on the proposed commission.
- Groww Mutual FundCompliant with law. Governance concern & Transparency: No absolute cap on the proposed commission.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
- Motilal Oswal Mutual Fund"Compliant with law. Governance concern & Transparency: No absolute cap on the proposed commission. "
7 for4 against
Mutual fund votes, meeting of 22 Jun 2026, 10 fund houses
- Shifting of Registered Office of The Company from One State to Another State and To Alter the Situation Clause of the Memorandum of Association.10 for0 against
Mutual fund votes, meeting of 8 Nov 2025, 9 fund houses
4 proposals
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Reclassification of Mr. Suraj Kumar Inani, a member of Promoter group from “Promoter group” category to “Public” category1 for0 against
- Reclassification of Ms. Priya Inani, a member of Promoter group from “Promoter group” category to “Public” category.1 for0 against
2 proposals not matched to one resolution
To reclassify Mr. Suraj Kumar Inani S/o Mr. Kamal Kishore Inani, R/o Flat No 902, 9th floor, Block B, Tower 2, NCC Urban Gardenia, VTC Gachibowli, Sub District Serilingampally, Dist. K. V Rangareddy, Telangana - 500 032, holding 78,41,390 no of equity shares (4.01% of the total shareholding of the Company) from Promoter Group category to Public category.MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Immediate relative of promoters continuing in the promoter category. Transparency Concern: Lack of clarity regarding whether persons related to the outgoing promoters have complied with the re-classification conditions.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundGovernance Concern: Immediate relative of promoters continuing in the promoter category. Transparency Concern: Lack of clarity regarding whether persons related to the outgoing promoters have complied with the SEBI LODR conditions
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
3 for5 againstTo reclassify Ms. Priya Inani W/o Mr. Suraj Kumar Inani R/o Flat No 902, 9th floor, Block B, Tower 2, NCC Urban Gardenia, VTC Gachibowli, Sub District : Serilingampally, Dist. K. V Rangareddy, Telangana - 500 032, holding 1,61,392 no of equity shares (0.08% of the total shareholding of the Company) from Promoter Group category to Public category.MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundTransparency Concern: Lack of clarity regarding whether persons related to the outgoing promoters have complied with the re-classification conditions.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundTransparency Concern: Lack of clarity regarding whether persons related to the outgoing promoters have complied with the SEBI LODR conditions.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
3 for5 against
Mutual fund votes, meeting of 23 Sep 2025, 10 fund houses
10 proposals
To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended 31 March 2025, together with the report of board of directors and auditors thereon.MoreLess
10 for0 against- To declare dividend of 1.00/- per equity shares for the financial year ended 31 March 202510 for0 against
- To appoint a Director in place of Mr. Omprakash Inani (DIN:08189713) who retires by rotation and being eligible, offers himself for re-appointment10 for0 against
- Ratification of remuneration of Cost Auditors10 for0 against
- Re-appointment of Mr. Sharath Reddy Kalakota (DIN: 03603460) as a Whole Time Director of the Company.10 for0 against
- Re-Appointment of Dr. Anita Bandyopadhyay (DIN:08672071), as a Women Independent Director of the Company10 for0 against
- Appointment of Mr. Ashraf Loutfy Abdelhamid Allam (DIN: 11192531), as an Independent Director of the Company10 for0 against
- Revision in remuneration of Mr. Keshav Bhutada (DIN: 08222057) as Executive Director & CEO in Shilpa Pharma Lifesciences Ltd., a material subsidiary w.e.f 24th May 2024
Against Angel One Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance concern: Skewed remuneration. No justification for employing relatives in such positions.
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Skewed remuneration. No justification for employing relatives in such positions.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
6 for4 against - To consider appointment of Mr. D S Rao, Practicing Company Secretary, as Secretarial Auditor of the Company for a period of five years from the ensuing AGM10 for0 against
- Issue of Bonus Shares10 for0 against
Mutual fund votes, meeting of 17 Sep 2024, 6 fund houses
9 proposals
To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended 31 March 2024, together with the report of board of directors and auditors thereon.nMoreLess
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed the financials of its subsidiaries for FY 2023-24 on its website.
4 for2 against- To appoint a Director in place of Mr. Omprakash Inani (DIN No.08189713) who retires by rotation and being eligible, offers himself for re-appointment.
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Board non-compliant w.r.t section 152.
4 for2 against - Ratification of remuneration of Cost Auditors.6 for0 against
- Reappointment of Mr. Hetal Madhukant Gandhi (DIN: 00106895) as an Independent Director of the Company.
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Excessive time commitment. Uncertain term of appointment, can potentially exceed 5 years.
3 for3 against - Reappointment of Mr. Vishnukant Chaturbhuj Bhutada (DIN: 01243391) as Managing Director of Shilpa Medicare Limited and Shilpa Pharma Lifesciences Limited, a Material Subsidiary
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Governance concerns: Skewed and excessive remuneration. The board is non-compliant w.r.t section 152.
3 for3 against - Re-designation of Mr Keshav Bhutada as Executive Director in Shilpa Pharma Lifesciences Ltd w.e.f 19th June 2024.
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-compliance with Companies Act, 2013: Prior shareholders’ approval not obtained. Governance concern: Skewed remuneration practice. No justification for employing relatives in such positions.
3 for3 against - Reappointment of Mr. Madhav Bhutada (Din no: 08222055), as Managing Director, Shilpa Biocare Private Limited.
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Skewed remuneration practice. No justification for employing relatives in such positions
3 for3 against - Payment of Remuneration/Commission to Non-Executive Directors
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Skewed remuneration practice.
3 for3 against - Payment of Remuneration to Hetal Madhukant Gandhi, Independent Director in excess of payment made to all other Non-Executive Directors.
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: the Board has Fixed remuneration for Mr. Hetal Madhukant Gandhi ID, Remuneration proposed to be paid significantly higher than other NEDs. No justification provided for excessive remuneration and why only Mr. Hetal Madhukant Gandhi.
3 for3 against
Mutual fund votes, meeting of 13 Mar 2024, 3 fund houses
1 proposal
- To approve issue of securities of the company by way of Qualified Institutions Placement (QIP).3 for0 against
Mutual fund votes, meeting of 5 Feb 2024, 2 fund houses
2 proposals
- Reclassification of Mr. Suraj Innani from Promoter group category to Public Category
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Immediate relative of promoters continuing in the promoter category. Lack of clarity regarding whether persons related to the outgoing promoters have complied with the SEBI LODR conditions
0 for2 against - Reclassification of Ms. Priya Innani from Promoter group category to Public Category
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Immediate relative of promoters continuing in the promoter category. Lack of clarity regarding whether persons related to the outgoing promoters have complied with the SEBI LODR conditions
0 for2 against
Mutual fund votes, meeting of 29 Sep 2023, 1 fund house
3 proposals
- To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31 March 2023 and reports of Directors and Auditors thereon1 for0 against
- To appoint a Director in place of Mr. Om Prakash Inani (DIN No.08189713) who retires by rotation and being eligible, offers himself for re-appointment
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance concern: Board non-compliant w.r.t sec 152.
0 for1 against - Ratification of remuneration of Cost Auditors1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines, tax disputes and stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake heldNILSince 30 Sep 2026
0.00% bought in the quarter; holding 0.00%, from 0.00%
- Fine or penaltyNILSince 30 Sep 2026
NIL
- Tax disputeOffiice of the Commissioner of Commercial taxes (Enforsment ) BangaloreSince 13 Dec 2024Case has been closed and order in favour of the Company.
At the filing before: The Company has prefered Appeal againt the order passed by Asst. Commissioner of Commercial taxes - Audit -3 Kalaburgi before the Honarable "Joint Commissioner of Commercial Tax (Appeal ) Kalaburgi Division - Kulbargi -Awaiting personal hearingMoreLess
- Tax disputeUnion of India - VizianagaramSince 2 Aug 2021
Closed – Order in favour of the Company. Subsequently, the department challenged the High Court order and filed a Special Leave Petition (SLP) before the Hon’ble Supreme Court. The Company is in the process of filing a caveat.MoreLess
At the filing before: The Company had filed an Advance Ruling application in respect of the transfer of its R&D business from Vizag to Bangalore, which was initially decided in favour of the Company. Subsequently, the Department challenged the ruling before the Appellate Authority for Advance Ruling (AAAR), which passed an order in favour of the Department.MoreLess
- Tax disputeOffice of Deputy Commissioner of Income Tax BallerySince 23 Jun 2025Write filed before the Honerable High Court of Kalaburagi. Admission is Awaited.
- Tax disputeOffice of Deputy Commissioner of Income Tax BallerySince 25 Jun 2026Company is process of filing write before Honerable Hig Court of Kalaburagi.
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- Yes
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.