The total holding of Non Executive, Independent Directors is close to 3%. Some of this 3% was to clear up the indirect holding structure, for instance Mr. Abhiram Seth’s purchase last year.
But yes, at least half of these holdings, I assume, were also allocated until 2013-14, when they were issuing massive ESOPs to themselves. Definitely a bad practice. We have discussed it multiple times in this thread.
This is the total Shareholding of all Promoters and Key Managerial Persons. About 46%.
Ion Exchange Shareholding.xlsx (12.1 KB)
If your question was on independence, none of the Independent Directors have any direct relationship to any of the KMPs or Promoters.