Mazagon Dock Shipbuilders Limited has informed the Exchange regarding Proceedings of 92nd Annual General Meeting held through VC/ OAVM on September 26, 2025.
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Mazagon Dock Shipbuilders held its 92nd AGM on September 26, 2025, via video conferencing, chaired by Capt. Jagmohan (Retd.), Chairman & Managing Director. A total of 88 members attended, and the Government of India (through the President's authorized representative) holds 81.22% of the company's paid-up capital. The Statutory Auditors' reports and CAG comments on financial statements for FY25 contained no qualifications, reservations, or adverse remarks. The AGM considered adoption of FY25 financial statements, confirmation of interim dividends already paid (₹19/share and ₹3/share), and declaration of a final dividend of ₹7.1 per share. Several director appointments were tabled, including Capt. Jagmohan as CMD, Shri Ruchir Agrawal as Director (Finance), Cmde. S B Jamgaonkar as Director (Submarine & Heavy Engineering), and three new Independent Directors. The company acknowledged non-compliance with SEBI LODR board composition rules (shortfall of Independent Directors including an Independent Woman Director since late 2024), attributing it to delays in appointments by the Ministry of Defence.
Shareholders will receive a total dividend of ₹29.1 per share for FY25, including the newly declared final dividend of ₹7.1 per share. Multiple board-level appointments signal governance restructuring, though the acknowledged non-compliance with independent director requirements under SEBI norms could attract regulatory scrutiny, though the company has explained it is beyond its control as a Government Company.